Describe How a Flexible Budget Is Useful in Planning for an Organization

question 3

Essay

Describe how a flexible budget is useful in planning for an organization.

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Definitions:

Off-peak Pricing

A pricing strategy that offers discounts during times of lower demand to encourage usage or purchases.

People-based Services

Services that are heavily reliant on human interaction and expertise, as opposed to being automated or provided by machines.

Nonprofit Organizations

Organizations that operate for charitable, educational, cultural, or social welfare purposes, using surplus revenues to further achieve their goals rather than distributing them as profit or dividends.

Revenue Over Expenses

A financial metric indicating profitability, where income surpasses the costs incurred in generating it.