The Discussion Board (DB) is part of the core of online learning. Classroom discussion in an online environment requires the active participation of students and the instructor to create robust interaction and dialogue. Every student is expected to create an original response to the open-ended DB question as well as engage in dialogue by responding to posts created by others throughout the week. At the end of each unit, DB participation will be assessed based on both level of engagement and the quality of the contribution to the discussion.
At a minimum, each student will be expected to post an original and thoughtful response to the DB question and contribute to the weekly dialogue by responding to at least two other posts from students. The first contribution must be posted before midnight (Central Time) on Wednesday of each week. Two additional responses are required after Wednesday of each week. Students are highly encouraged to engage on the Discussion Board early and often, as that is the primary way the university tracks class attendance and participation.
The purpose of the Discussion Board is to allow students to learn through sharing ideas and experiences as they relate to course content and the DB question. Because it is not possible to engage in two-way dialogue after a conversation has ended, no posts to the DB will be accepted after the end of each unit.
For this assignment, you must write 4–5 paragraphs that you will deliver to the ICBI board (discussed in the IP 3 assignment) on the need for a budget contingency plan. Please think of 2 scenarios or events that could happen in which a budget contingency plan is needed. You must answer the following:
- Explain the need for a budget contingency plan
- Identify two (2) events or problems that could occur in which a budget contingency plan is needed.
- Add three (3) budgeting guidelines to prevent the risks or problems you identified in question #2.
In your own words, please post a response to the Discussion Board and comment on at least two other postings. You will be graded on the quality of your postings.
Response to this post below:
Note Importante : “Posted By Classmate need to be response”
Because many budgets or parts of a budget use estimates and projections there are no guarantees that the budget will play out like it was written out. Having a budget contingency plan helps cushion this effect and make unexpected expenses a bit easier to handle as well as maintaining a balanced budget. Without a budget contingency plan a company should expect a time where they will lose money and resources to a unforeseen event that hinders the company.
Any adverse financial situation can come up that would make a budget contingency plan necessary. For ICBI two of these situations could be economic downturns and natural disasters. If the economy starts to tank as it did in 2009 then ICBI could see a large unexpected loss in revenue. This could be detrimental to the budget and make it almost impossible to keep the budget balanced. A natural disaster could also be detrimental to a company and its budget. Most companies have some form insurance to help pay for physical damages and other costs associated with a natural disaster, but a company can see expenses in the form of time lost doing business, man hours needed to reorganize the company and so forth.
Guidelines on how to implement a contingency plan for the budget will also be necessary to ensure the contingency plan will be carried out as smoothly as possible. First in order to know whether or not a contingency plan should be taken into effect the sales forecast within the budget should be reviewed again if there is a natural disaster or economic downturn to see how bad the loss in revenue will be (Johnson, n.d.). Next the amount of loss should be assessed. If the amount of loss is great enough then the budget contingency plan should be put into effect (Johnson, n.d.). The budget contingency plan should incorporate a reserve contigency fund to help ease some of the financial burden. Finally if the budget’s project loss is still greater then the funds within the contingency fund then ICBI will need to make adjustments in order to close the gap. This can include taking out additional loans, making employee cuts, or other cost saving measures.
Johnson, R. (n.d) Mainting company stability. Evancarmichael. Retrieved from http://www.evancarmichael.com/Human-Resources/4813/Maintaining-Company-Stability–Contingency-Planning.html
0 comments