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1.
The experience and judgment of the executive accounts for small but important tasks to
Individuals closer to the work are apt to have a more accurate idea of resource
requirements
likelihood that they will accept the result with a minimum of aversion
experience.
The most important task for top management to do in bottom-up budgeting is:
the lower-level management overstate budget and the Top management needs to verify if
budget is realistic.
followed the bottom-up rule. Especially in a bidding project, the bottom-up regulation
could let our high-class supervisors know how much money we should tender for it and
how much profit we should earn. However, this is an ideal situation. Frankly, high-class
supervisors usually cut our budget plan because they wanted to win the bidding project.
We all knew that our supervisors would cut our budget plan. So, we usually provided a
little higher price budget plan for our supervisors to let them cut.
10.
Risk analysis:
Assume the probability distributions that characterize key parameters and variables
associated with a decision use to estimate the risk profiles of the outcomes of the
decision.
Simulation software:
Outcome: is a risk profile used to assess the decision + other relevant factors (e.g.
risk analysis. If my previous company should make a risk analysis, it should create a new
department that consists of risk analysis experts. Those experts should include different
level, different department, and experienced workers. And my previous should buy some
software to let those experts calculate the possibility of a risk. So, this risk analysis
system might be a high price. But we usually made a more accessible risk analysis before
we made any decision. Those risk analyses were created by our normal sense or from our