PROJECT MANAGEMENT Essay Example | Topics and Well Written Essays - 750 words

PROJECT MANAGEMENT - Essay Exampleontingency to entertain the risk of incurring unidentifiable but normally occurring costs within the defined scope (What is woo Baseline, n.d.).This is referred to as a financial plan prepared for every major expense category, such as administrative cost, financing cost, production cost ( Cost Budget Budget, n.d.). It essentially contains the list of all mean and expected revenues and expenses which is defined by Sullivan & Sheffrin (2004) as the plan for saving and sp closureing.This is considered as one of the vital plans to be taken up before starting to operate a business because this report helps in the fit allocation of resources, evaluates performance and formulates plans (Ward, n.d.).Cash flow report is also called as the statement of bullion flows or funds flow statement (Helfert, 2001). Previous accountants termed this as the flow of funds statement (Bodie, Kane & Marcus, 2004). This report primarily tackles on the change of cash all throughout a business year. The change of cash involves troika major categories operating cash flow, investing cash flow, and financing cash flow (Comiskey & Mulford, 2000). It is further defined by Erich Helfert (2001) as the financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents, and breaks the analysis down to operating, investing, and financing activities. This report has been employed by companies because it eliminates allocations which might be derived from different be methods, such as various timeframes for depreciating fixed assets (Epstein & Jermakowicz, 2008).This report is usually used by companies to posit the costs of multiple resources for all periods during which the resources are available between a specified start and end time (Resource Costs Summary Analysis, n.d.). It is quite helpful to minimize certain unnecessary expenditures and to take on out practical and long-term