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Steps in Preparing an Operating Budget Financial Planning Models and Sensitivity Analysis:
Financial planning models and sensitivity analysis refers to mathematically representing all the relationships among the different factors having an impact on the master budget, such as financing activities and operating activities.
Master Budget is an expression of the financial and operating plans for the management of a firm for a stipulated time, generally a specific fiscal year, and comprises of a set of budgeted monetary statements. It includes financing as well as operating decisions, such as how utilize limited resources in the best way or how to access funds for various resources. Steps in preparing an operating budget include identifying the issue and uncertainties, making predictions, obtaining information, etc.
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Why is it Important?
Operating budget is an important aspect of the master budget, and includes the budgeted income statement as well as the supporting budget schedules. It is important for spotting the problem areas, gathering information, choosing alternative and making decisions, evaluating performance and implementing the decision. The logical steps in operating budget preparation include preparing the following:
- Revenues budget
- Production budget in units
- Budget for direct material purchases
- Budget for direct material usage
- Budget for direct manufacturing labor expenses
- Budget for manufacturing overhead expenses
- Activity-based budgeting (ABB)
- Budgeted income statement
- Budget for non-manufacturing expenses
- Budget for cost of items sold
- Budget for ending inventories
- Budgeted cost of all activities needed for production and sale of items and services
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