Objective-and-task budgeting
Objective-and-task budgeting is a budgeting technique that involves setting specific objectives and tasks for a company or organization, and then creating a budget based on those objectives and tasks. This approach focuses on aligning the budget with the strategic goals of the organization, rather than simply looking at past expenses and revenues.
For example, a marketing department might set objectives such as increasing brand awareness and generating leads. They would then create tasks such as running social media campaigns, hosting events, and creating content to achieve those objectives. The budget would be based on the resources needed to complete those tasks effectively.
This approach can help ensure that resources are allocated efficiently and effectively towards achieving the organization’s goals. By focusing on specific objectives and tasks, companies can prioritize their spending and track the impact of their investments more accurately.
- Objective: Increase brand awareness
- Tasks:
- Run social media campaigns
- Host events
- Create content
Overall, objective-and-task budgeting can be a valuable tool for organizations looking to improve their budgeting processes and align their spending with their strategic objectives.
For more information, you can visit Wikipedia.