The budgeting process and the end product, the budget, comprise two essential elements of multinational management: planning and control. Planning is the primary function of the budgeting process and the result, the budget, provides the basis for subsequent monitoring and control of activities. For a multinational firm, with geographically dispersed subsidiaries to coordinate and control, an ineffective planning and control system can be disastrous.
For the typical multinational firm, the budgeting process is the primary period of planning at both corporate and subsidiary levels. During the planning phase, the subsidiaries establish short-term goals and objectives, devise appropriate operating strategies, and prepare a budget document for subsequent monitoring, control, and evaluation of operations. Although the budgeting process is an important element of success, very little is known about the methods which multinational firms employ to ensure that the subsidiaries present a......

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Title: Budgeting Within The Business Organization
Approximate Word Count: 2825
Approximate Pages: 12 (250 words per double-spaced page)

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