Number of budget versions produced before final approval

This measure calculates the approximate number of budget versions that are produced during the budget cycle before approval of the final budget. It is part of a set of Process Efficiency measures that help companies optimize their "perform planning/budgeting/forecasting" process by minimizing waste and refining resource consumption.

Benchmark Data

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Measure Category:
Process Efficiency
Measure Id:
100892
Total Sample Size:
1,483 All Companies
Performers:
25th
Median
75th
Key Performance
Indicator:
No

Compute this Measure

Units for this measure are budget versions.

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Number of budget versions produced before final approval

Key Terms

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Process efficiency

Process efficiency represents how well a process converts its inputs into outputs. A process that converts 100% of the inputs into outputs without waste is more efficient than one that converts a similar amount of inputs into fewer outputs.

Measure Scope

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Cross Industry (7.2.1)

  • 9.1.1.1 - Develop and maintain budget policies and procedures (10771) - Formulating financial budgetary guidelines and strategies. Develop a framework for rules and regulations regarding budgets. Create a step-by-step process to achieve financial goals.
  • 9.1.1.2 - Prepare periodic budgets and plans (10772) - Creating reports on a quarterly or annual basis for fund allocation. Create a financial statement that estimates revenues and expenses over a specific period of time. (Leverage budget methods such as cost-based and zero-based budgeting techniques, in light of the periodic targets outlined during Develop and maintain budget policies and procedures [10771].)
  • 9.1.1.3 - Operationalize and implement plans to achieve budget (20135) - Putting budgeting plans into practical use keeping within designated forecasting parameters.
  • 9.1.1.4 - Prepare periodic financial forecasts (10773) - Creating estimates of the projected income and expenses required over a predetermined time frame. Develop the projections of profit and loss statements, balance sheets, and the cash flow forecast.
  • 9.1.1.5 - Perform variance analysis against forecasts and budgets (20136) - Conducting a quantitative analysis between what was forecasted and budgeted and actual financial behavior.