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The Importance of Budgeting in Every Organization

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The Importance of Budgeting in Every Organization essay

Budget is defined as a financial plan meant for a specified period of time. It estimates cash flows, expenditure as well as outlining organizational strategic plans in measurable terms. Therefore the budget, therefore, gives detailed information on how various capital has been allocated for specified purpose regarding the different proposals provided.

Budgeting is an essential instrument therefore for every organization. It helps in planning for either short term or even long term objectives (Secretariat, C. (2001). Budgeting is an essential factor if an organization wishes to obtain a grant or funding from various organizations like the NGOs or government agencies. This is because such organization which grant the funding advocate for transparency and accountability of the funds they grant. To enhance the effectiveness in terms of accountability or responsibility and transparency, budgeting is crucial since it outlines the resource allocation for every need.

Clinical research entails the process of scientific investigation hence help to find preventive and diagnostic solutions. Conducting such research may be extremely expensive, and therefore need to seek funding is critical (Matula, M. A. (2002). To demonstrate transparency and accountability as a research analyst and firm, budgeting is essential since it will indicate the means on how we allocate the funds we get as a grant.

A clinical research firm seeks for funding on a selected Requests for Applications (RFAs) known as Socioeconomic Disparities in Health and Mortality at Older Ages with a funding opportunity announcement (FOA) number RFA-AG-18-011.

The funding opportunity for this RFAs was announced in the National Institutes of Health. It is aimed at supporting various studies that primarily identify the mechanisms, explanations and also modifiable risk factors which are underlying on the current trends of growing inequalities regarding morbidity and mortality through income, geographic location, education at older ages in the United States of America. The open dates for this RFAs are subjected to be on 20th September 2017 with the closing dates being 20th October 2017.

Of late, in the United States of America, there have increased inequalities in morbidity which various diseased state, poor health or disability and increased mortality rate at older ages, and therefore a solution to the problem is critical (Adler, N. E., & Newman, K. (2002). The research firm needs to conduct research based on such social, economic disparities so as to find the risks of the situation as well as the search for solutions in terms of viable mechanisms to handle the cases.

The research period will be conducted in a time span of one year which will include a collection of data and information across the region of United States so as to have concrete data regarding the problem. To conduct the entire research and clinical trials, the estimated budget will be US$ 1 million dollars.

The budget will be based on two groups which include the direct costs and the indirect costs. The direct costs will include the personal salaries and employee benefits, the supplies of the needed materials for effective research, travel expenses, acquisition of various equipment’s, telephone and lastly postage expenses. The indirect costs include various overhead costs and maintenance and also depreciation costs.

Personal salaries and employee benefits are essential to the success of the research since, without the proper motivation of these employees, there will be a lack of efficiency in conducting and arriving at concrete and positive results. These individuals contribute in a substantive way to the scientific development and the execution of the project hence the need for motivation. The equipment for the project will include the items of property which are estimated to have an acquisition cost of $5,000 and more. Travel expenses must also be included since the research involves traveling to conduct essential data. Materials and supplies are the materials to be used in the study hence critical factors to consider, equipment or rental costs, renovations costs.

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The Importance of Budgeting in Every Organization. (2018, November 05). GradesFixer. Retrieved October 7, 2022, from https://gradesfixer.com/free-essay-examples/the-importance-of-budgeting-in-every-organization/
“The Importance of Budgeting in Every Organization.” GradesFixer, 05 Nov. 2018, gradesfixer.com/free-essay-examples/the-importance-of-budgeting-in-every-organization/
The Importance of Budgeting in Every Organization. [online]. Available at: <https://gradesfixer.com/free-essay-examples/the-importance-of-budgeting-in-every-organization/> [Accessed 7 Oct. 2022].
The Importance of Budgeting in Every Organization [Internet]. GradesFixer. 2018 Nov 05 [cited 2022 Oct 7]. Available from: https://gradesfixer.com/free-essay-examples/the-importance-of-budgeting-in-every-organization/
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