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Group, both static and flexible budgets are key to helping us in various ways.
Group, both static and flexible budgets are key to helping us in various ways. While static budgets are very limited in their flexibility (no pun intended), they offer a wide range of planning and forecasting benefits, especially as you pointed out, to upper levels of the company. Flexible budgets, on the other hand, are a great tool when we want to play a game of "what if". Well, not a game, but certainly in the decision making process. :0) I've used these extensively, especially when making decisions about increasing or decreasing production, moving a product line in/out of a business, changing product costs, etc, etc.
Group, what other advantages and disadvantages do each of these tools offer?
Static and Flexible BudgetsStatic budgets advantages- They are easy to follow and implement since they don’t need continuous updates.When variance analysis is done they offer show insights...