Discuss the differences between efficiency and effectiveness.
Chapter 16 Management Control Process
After studying this chapter, you should be able to do the following:
1. Define a budget and describe how management uses them.
2. Explain the concept of management control and how budgeting is used as part of it.
3. List sources of differences between budgeted and actual amounts.
4. Explain the budgeting process.
5. List the major types of budgets and describe how they are used.
6. Describe the concept of zero-base budgeting.
7. Explain how benchmarking is performed at the department level.