Exploration of Effective Practices for Budget Monitoring and Risk Management in Manufacturing Enterprises
This paper aims to explore effective practices for budget monitoring and risk management in manufacturing enterprises.With the intensification of global market competition and the increase of economic uncertainty,manufacturing enterprises face increasingly severe challenges and need to effectively manage budgets and mitigate risks to maintain competitive advantages and sustainable development.This study firstly elucidates the concepts of budget monitoring and risk management,and emphasizes their importance in manufacturing enterprises.Secondly,it discusses methods and tools for budget formulation and risk identification,including the budget-making process,risk identification techniques,and relevant models.In terms of budget execution and cost control,it delves into the challenges of budget execution and strategies of cost control,as well as their interrelation.For the budget monitoring and performance evaluation,relevant indicators and methods are proposed,and their relationship with budget execution and performance evaluation is explored.Regarding the risk management and prevention,the process and methods of risk management are introduced,along with discussions on implementing risk prevention measures to reduce the impact of uncertainty.Finally,the paper concludes with a summary and outlook on future directions.
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