FINANCIAL PLANNING AND CONTROLLING

OUTCOME 2:

TASK 1

1.0INTRODUCTION

In order to do task 1, I have decided to form a company and manage to invent an equipment or component which is marketable. differently it is also involved several aspects of the business decisions such as marketing, yieldion and finance functions, and take place managerial decisions as consideration too. This project is about gratings fabrications which ar widely workout in chemical plants; columns, tanks and vessel, anele platform and building. Therefore this product is marketable in constructions field and especially in oil and gases industries

1.1 Planning and authorisationling
Basically, planning and controlling are two kinda distinct concepts. Planning involves developing objectives and preparing various budgets to achieve those objectives. Control involves the steps taken by management to increase the likeliness that the objectives set down at the planning stages are reach and that all parts of the organization are working unitedly towards that goal. To be completely effective, a good budgeting system moldiness provide for both planning and control. Good planning without effective control is time wasted.1
Planning is a puzzle out of determine the organizations objective and deciding how to accomplish them. Its specify what should be done, by whom, where, when and how.








1.2Types of Planning
Generally there are 3 types of planning;
strategical plans
Operational plans
Tactical plans

1.2.1Strategic Planning
Alternatively known as Long-Range Planning or Corporate Planning. Its a plan that establish the foresightful range objective and overall strategy or racetrack of action by which the firm fulfill its missions. Generally sulk periods ranging from 2 to 10 years.2 Sizer (1989) states that long-range planning may be defined as a systematic and formalized process for purposely directing and controlling future operations towards craved objectives for periods extending beyond one year.

1.2.2...If you want to get a ripe essay, order it on our website: Orderessay



If you want to get a full essay, wisit our page: write my essay .