Don Quixote by Miguel de CervantesSpanish novelist, poet & playwright (1547 1616)Aprediction of a future financial stateAtool to guide, coordinate and controlthe firms actions toward achievingthe firms objectives HToprac2011 - 20233 Long-termAfocus (2 10 years)general guide for managing the firm Usuallytop-down Addressessuch issues as: Developing new products Expanding & developing markets Adding capacity (new plants, offices) Financing all of the above HToprac2011 - 20234 Short-term Anfocus (rolling 4 quarters)expression of commitment Combinestop-down and bottom-up Begins with the sales (demand) forecast Add in the expense forecast Develop pro-forma income statement HToprac2011 - 20235 Themost important ingredient Too high? Excess inventory Too low? Inventory shortages Developedfrom sales teamsestimates, economic indicators &managements judgment HToprac2011 - 20236 Basedon the sales forecast and prioryear commitments Considerslead-times, raw materialsrequirements, labor requirements,productive capacity, etc. Expensesmay be variable or fixed HToprac2011 - 20237DollarsSalesTime HToprac2011 - 20238DollarsSalesExpensesTime HToprac2011 - 20239 Variableexpenses are those that riseand fall along with sales: COGS Sales commissions ...
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