Strategic Planning Versus Budgeting
As you have been introduced to this week, there is a wide range of budgeting options available to managers throughout the organization (including HR managers), and it is crucial to be able to differentiate between the various types and purposes of budgets in order to select the one that will best meet a particular need. This Application includes two separate components that will help you differentiate between and evaluate the diverse techniques.
First, prepare a 1- to 2-page paper on the relationship between strategic planning and budgeting. What is the role of each? How do they differ? Find specific examples to support your responses within the context of Human Resource management.
Second, prepare a graphic illustrating at least five different budget types, and their uses and key features. Focus your thoughts within the context of the HR department and where appropriate refer to the HR sub-functions such as staffing, rewards, and employee development. You may opt to design a table, create a mind map, or choose another form of presentation that illustrates the concepts in a way that is meaningful and useful for your personal reference.
Submit your paper and graphic in one document by Day 7.