Identify and Describe 1st Order Cybernetics and 2nd Order Cybernetics

question 32

Essay

Identify and describe 1st order cybernetics and 2nd order cybernetics. What do they have in common and how are they different? Note the importance of reciprocal determinism and explain how it impacts the family.

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Definitions:

Budgeted Goals

Objectives set during the budgeting process that financial and operational plans aim to achieve within a specific time frame.

Cash Budget

A cash budget is a financial plan that estimates the cash inflows and outflows over a specific period, helping businesses manage their liquidity and financial stability.

Minimum Cash Balance

The least amount of cash a business decides to keep on hand to meet immediate needs, often set as a part of cash management policies.

Cash Excess

Cash excess refers to the situation where a company or individual has more liquid cash available than is necessary for current operations or investments.