Budget are rewards are based off performance

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Question

Some characteristics of a performance based budget are the rewards are based off the performance. Goals are set and must be achieved. Having these objectives laid out in your strategic plan would be the best way to make sure that you achieve goals. With that being said there are pro and cons to performance based budgeting. When things are set properly and followed to things work well. On the flip side if you don't monitor your objectives closely it can get lost and things can be missed making you miss key moments. In the field that I am currently working used a style of performance based budgeting. In the hotel industry our performance can affect the business. Poor performance can make guest not want to stay at the hotel, which does not make money and affects the revenue for the year. Those numbers are taken into consideration from the prior year when making our budget for the next year. If we aren't making money we cannot expect an increase our budget the next year.

Reference no: EM133825712

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