The Impact of a Budget

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This discussion will focus on your reflections on the importance of the budget.

In your initial post, write a summary of how a budget can impact a project that you are working on at home or at work—from managing your personal finances or completing a home renovation project. For example, imagine that you have a budget for home renovations and you run into some complications with the project. What will your plan of action be? Focus on the impact of not having a budget. Be sure to acknowledge any sources you use.

In your responses to your peers, comment on someone else’s reflection on the budget process. Do you agree with their approach to creating their budget? Why or why not? If their approach is different from yours, why do you think you used a different approach to creating a budget?

please Respond to this post:

My job decided to open up a pop up food business next to the food shop but the catch was it is a high end place. We would only server wine, Schells beer, soups , and salads.We had a budget set up and was told not to go over it and try to saty under the budget just in case a complication happened and we would have the funds to cover it. The three factors we used was time, budget,and quality. We were set to open up in four months, with the budget allowing us to be ready by that time. The qaulity had to do with the brands of beer, wine, and how we showcased the environment. Nothing could have moved forward without the funding and the necessary planning it took to open up.

The complication that popped up for us was that our computer system was not and will not be compatible to transfer over. So we decided this was a problem and had to look at other ideas that would not cost us the rest of the budget. So we decided to go old school and not tax te beer or wine, only the soup and salad. We did everything manually. Without the Internet people telling us the impact this could of had on us we would have been spending the rest of the budget. By giving us the idea on how to take a short cut and do manual costs delivered we were able to open up sooner and efficiently without spending the enitre budget.

This is an exclusive conversation between JRC2011 and Microtutor_Burchu. Others are not able to reply here.
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