What Does Management by Exception Refer to in the Budgeting

question 86

Multiple Choice

What does management by exception refer to in the budgeting process?

• A)Rewarding exceptional effort
• B)Delegating responsibility, leaving management free for other things
• C)Concentrating most of management's efforts on those who do not achieve the budget
• D)Motivating staff to boost the reputation of the business

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Definitions:

Strategic Plans

Detailed, carefully crafted outlines of how an organization intends to achieve its long-term goals and objectives.

Single-use Plans

Plans devised for a specific situation or project and intended to be used only once, not applicable to recurring situations.

Procedures

Systematic instructions or steps designed to perform a specific task or process effectively and efficiently.

Policies

Established guidelines or rules that govern the decision-making process and actions within an organization.