Without major federal investment, the chip shortage will not be solved
debrahbuffet0401 August 2, 2022 Software environmental protection agency http://chiefmanagementofficer.blog/environmental-protection-agency/without-major-federal-investment-the-chip-shortage-will-not-be-solved
By Mark Muro, Robert Maxim
Intelҳ recent announcement that it plans to build a $20 billion semiconductor plant outside Columbus, Ohio unleashed euphoric headlines, withPresident Joe Biden calling it a ӧame changerԼ/span> that would begin to revive the Midwestҳ industrial sector and address supply chain bottlenecks that have led to the current computer chip shortage.ࠠ
But for all the excitement, it bears noting that Intelҳ plans are the latest development in a long and often painful saga that is now challenging the U.S. to work out a solution to the nationҳ broader chip problems. Addressing those issues will require urgent action, including passage of the pending America COMPETES Act and its important CHIPS for America Fund.༯span>
Semiconductor devices matter because they power and control virtually the entirety of todayҳ digital economy, ranging from cars and computers to artificial intelligence. As such, semiconductors have become an essential general purpose technology, which means that their continued availability and improvement through reliable supply chains and innovation will be essential to developing modern technologies that improve lives.༯span>
The problem is that the nationҳ semiconductor industry has again become fragile. The U.S. created the industry in the 1960s, but lost global leadership in it in the 1970s. After regaining footing in the 1980s, the nation is again now watching the industry erode due to өnattentiveness,Ԡas the Information Technology and Innovation Foundationҳ (ITIF) Stephen Ezell has written.༯span>༯span>
As Ezell showed, stability and continuous innovation in advanced technology products require constant vigilance and a strong industrial strategy, given constant competition from other nations. In the 1980s, for instance, the U.S. responded to Japanҳ aggressive push for semiconductor dominance with new investments in research and development, as well as initiatives such as SEMATECH, a public-private research consortium that provided nearly $900 million in federal funding to semiconductor firms between 1986 and 1996. These movesסlong with the embrace of a ӦablessԠproduction model, by which firms emphasized innovative design and outsourced much of their manufacturing capacity to Taiwan, South Korea, and, increasingly, Chinaעrought about at least a temporary recovery of the U.S. semiconductor industry in the 1990s.༯span>
Since then, however, the longer-term consequences of offshoring combined with aggressive foreign competition have again degraded the U.S. semiconductor industry. While the 1990s saw a significant expansion in U.S. innovation capacity in semiconductors, the nationҳ production capacity continued to decline. In some cases, this owed to foreign countries out-competing the U.S. on labor costs. But more can be attributed to the significant subsidies foreign governments have been providing to build and maintain fabrication plansס level of support that the U.S. hasnҴ matched.࠼/span>
As a result, companies such as Taiwan Semiconductor Manufacturing Company became global leaders in semiconductor production, while the U.S. largely lost its production edge. In 1990, the U.S. accounted for 37% of global semiconductor manufacturing capacity; by 2020, that number had fallen to 12%.༯span>
The U.S. semiconductor industry has not only lost its production leadership, but also the Ӭearn by doingԼ/span> processes that go with manufacturing. Numerous expertsײanging from Gary Pisano and Willy Shih to James Bessen to Alex Williams and Hassan Khan of Employ Americaרave shown that such learning allows constant product and process improvement, elevating competitiveness. This expertise is particularly important for firms on the cutting edge of product development or that are designing chips for emerging technology products such as autonomous vehicles. Generating such advances requires not just substantial iteration between designers and manufacturers, but often also new manufacturing technologies to develop and produce new chips at scale. At the same time, emerging technology products are increasingly employing customized chip designs that are best leveraged by collocating design and production.࠼/span>༯span>
For a country like the U.S., which is consistently on the frontier of possibilities in production, such learning loss can undercut the nationҳ innovation strength by both locking it out of the next generation of semiconductor technologies and compromising its ability to be a global leader in emerging technologies in other domains. This stagnation is can be seen in the sideways track of U.S. semiconductor industry employment (see Figure 2).༯span>
All of which is why the excitement surrounding Intelҳ announcement in Ohiohile hugely welcomeust not divert attention from the broader and deeper campaign needed to rebuild U.S. semiconductor preeminence. As the current chip shortage revealed, decades of inattention have now created a crisis, showing the urgent need for substantial investment not just in scaling up the nationҳ fragile production capacity but reinvigorating semiconductor research and development.༯span>
The first steps in this project can begin immediately: The House of Representatives should move to pass the months-delayed America COMPETES Act (its rebrand of the Senateҳ U.S. Innovation and Competition Act), and send it on to the House-Senate conference needed to pass it.ࠠ
Central to that act is the CHIPS for America Fund, which would provide over $50 billion to support domestic semiconductor manufacturing. Just under 80% of that funding ($39 billion) would go toward incentive programs to defray the costs of constructing facilities focused on semiconductor fabrication, assembly, and testing. A little over 20% of the fund ($11 billion) would go to funding research and development programs for advanced microelectronics. This would not only support research on the next generation of semiconductor design, but would also support breakthroughs in semiconductor manufacturing.༯span>
CHIPS for America funding would also go toward establishing a National Semiconductor Technology Center for research on semiconductor design and manufacturing, as well as supporting startups and workforce development programs in the semiconductor space. It would also support programs aimed at enhancing domestic capabilities in advanced packaging (the process of using semiconductor assembly to drive further performance improvements), and provide funding for microelectronics research at the National Institute of Standards and Technology. In addition, the fund would support the creation of a new Manufacturing USA institute focused on semiconductor manufacturing.࠼/span>
Other programs in the Houseҳ America COMPETES Act and the Senateҳ U.S. Innovation and Competition Act will also help in rebuilding the nationҳ semiconductor competitiveness. A new Directorate of Technology and Innovation at the National Science Foundation could accelerate research and development and promote STEM workforce development. And a set of regional technology and innovation hubs could drive the emergence of deeper advanced technology ecosystems in promising regionsװotent sites for new semiconductor production.༯span>
While the CHIPS for America Fund and broader innovation legislation are a critical start, the bills by themselves wonҴ transform Americaҳ semiconductor production competitiveness or alleviate supply chain challenges. The country needs to go further.༯span>
For one thing, the America COMPETES Act does little to distinguish between investments that were already planned and those that may not have happened absent government funding. In this regard, the actҳ provisions will need to be carefully implemented to induce new plant development and avoid becoming a windfall to companies for investments they were already planning to make. Likewise, as the United States International Trade Commission has noted, most back-end semiconductor assembly, testing, and packaging is outsourced to low-wage countries. If the U.S. wants to ensure a truly domestic supply chain, it will be necessary to invest in those capabilities as well.༯span>
Additionally, while the CHIPS for America Fundҳ investments are significant compared to the nationҳ relative underinvestment over the past three decades, they still significantly lag the investments that other nations, particularly China, are making into this crucial technology. ITIF found that China supports its semiconductor industry to the tune of hundreds of billions of dollars in the form of subsidies, direct government ownership, preferential tax policies, and below-market financing, as well as through more nefarious means such as intellectual property theft, forced joint ventures, and forced technology transfer. It will be difficult for the U.S. to keep up with such tactics without even more significant investments. Steady, ongoing investment support will be necessary for yearsot to mention trade policies aimed at ensuring that global competition in this industry plays out on private-enterprise-led, rules-governed terms, as World Trade Organization member nations have committed to.࠼/span>
Moving forward, policymakers should consider a steady stream of ideas that would move the U.S. more explicitly toward what Williams and Khan call a true өndustrial policyԗone that stresses both innovation and production. Such a strategy would pursue strong, government-led investments that create a diversity of good jobs in multiple manufacturing regions. As part of that, policymakers could enact a new generation of government purchasing agreements that guarantee a minimum demand of domestically produced advanced chips at any given time. Policymakers may also want to address stock buybacks and other forms of short-term financial engineering that have become commonplace across many industries, including semiconductors, and which undercut research and development investment and bias decisionmaking toward short-term returns.࠼/span>
In short, if the U.S. wants to establish a domestic supply of semiconductors that both supports national security and improves overall supply chain resilience, policymakers will need to begin to move away from the short-term thinking that got us into the current situation.࠼/span>
Intelҳ Ohio announcement is a noteworthy development, but it does not by itself forecast a return to U.S. preeminence in semiconductor manufacturing. What would achieve that would be the hard work of building out a multiyear strategy to genuinely restore U.S. semiconductor production and learning at the technology frontier. Work like that can begin now with the CHIPS for America Fund and the America COMPETES Act, and should continue in the coming years as a sustained national priority.
-----------------------------------
By: Mark Muro, Robert Maxim
Title: The chip shortage wonҴ be fixed without major federal investment
Sourced From: www.brookings.edu/blog/the-avenue/2022/02/01/the-chip-shortage-wont-be-fixed-without-major-federal-investment/
Published Date: Tue, 01 Feb 2022 17:56:55 +0000
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What Is Public Relations?
lahayjune1215 Software marketing http://chiefmarketingofficer.blog/marketing/what-is-public-relations
Public relations is the management and dissemination of information for a particular organization, business, or institution. This process is controlled internally, rather than being handled externally by third parties. Ultimately, public relations is a cost-effective way to spread information about a company or organization. But what exactly is public relations? This article discusses some of the basics of this type of communication. It is not an exact science. Regardless of the purpose of your public relations efforts, it is essential to keep the following tips in mind:
It is a set of techniques and strategies related to how information is disseminated to the public
In marketing, public relations can be used to promote products or services, or to raise awareness about new ones. For example, the California Raisin Advisory Board has used public relations to promote the California Dancing Raisins, a candy made famous by the Ray Charles band. The Campbell Soup Company has used public relations to boost secondary demand for its soup, and even to increase its overall sales by releasing a recipe booklet. Public relations programs can also work to identify new uses for existing products, such as in the restaurant industry.
Public relations focuses on creating positive impressions about a company. Often times, this can be done by establishing a positive brand image. Positive public relations can make a brand seem successful, relevant, and honest. Public relations also helps a company develop an image that attracts customers and promotes a positive perception of the organization.
Research-based public relations is another way to create public relations. In the research-based model, the communicator uses data from behavioral science to determine the public's thoughts and attitudes. Then he incorporates these data into his message, in hopes of persuading the public. Similarly, research-based public relations focuses on how to persuade the public that a particular product or service is desirable.
Whileadvertising is a type of marketing, public relations is more comprehensive and uses all channels to spread the message. For instance, public relations aims to create awareness about new products and services and change consumer behavior by introducing them through sensitive situations and special events. For a new product, public relations helps introduce it in a new way, thereby reducing the likelihood of adverse reactions.
It is controlled internally
Previously, the Public Relations department was only a small part of the large corporation, with the job of handling non-functional activities. Today, more companies realise the importance of "Relations" within the company, and PR is one of these. The following is an overview of the different functions that Public Relations plays within a company. This article will focus on the four main functions of the PR department and how they are interrelated.
The primary functions of the public relations department are to advise management on image issues, guide the company through social welfare activities, and promote sales. Different tools are used for public relations, including news. News is used to create an image for the company among consumers, who form their opinions based on what they learn. Public relations also plays an important role in crisis situations. In these situations, public relations professionals work to prevent the negative effects of such crises.
It is not an exact science
Although public relations practitioners may swear by statistical and scientific techniques, it's impossible to prove that their strategies will always work. While public relations is becoming more knowledge-based, measurable, and accountable, it will always have to contend with human nature. No strategy is 100% effective, so the best public relations professionals must be agile and ready to adapt. There are, however, a few things public relations practitioners can rely on.
While public relations provides a variety of opportunities for clients, it is important to remember that journalists are not under the PR professional's control. They are ultimately in charge of the content they publish, and stories can be cut because of competing priorities or breaking dues. Because of this, clients must understand that PR professionals can't control every aspect of a story and that the media outlet has their own schedule. While this can be frustrating, understanding that journalists do not follow a strict schedule is key to a successful PR campaign.
It is a cost effective technique
In addition to its many benefits,public relations can also be an inexpensive addition to a marketing strategy. A good public relations strategy helps the company to communicate its aims and objectives to all relevant stakeholders. This can affect branding, marketing, and crisis management. Companies with a consistent message and goal are more likely to be perceived positively. Below are some ways to incorporate PR into yourmarketing strategy:
Press releases. Press releases are an excellent way to get your name in front of as many customers as possible. They can be used in print, online, on television, or on radio. These strategies help make your company stand out from the crowd. But how do you get press coverage? You can use paid or earned media campaigns to promote your business. You can even invest inPR software that helps you keep track of all of your activities and ensure consistency.
Public relations writing. This type of marketing strategy is a great way to reach a broad audience while maintaining control over a business's brand image. PR writers use multiple channels to convey a message to a wide audience. The audience benefits both the creator and recipient. They also have access to a wide range of channels and are adept at managing public perception. PR is a cost effective technique that can increase a brand's credibility in the eyes of customers.
Press releases and press kits are just two of the media tools used for public relations. Managing risks and crisis situations requires more technical expertise. Issues management is another important part of public relations, and consists of researching the public perception of the business and its products. Then, using PR, the company can promote solutions and highlight risks and issues. The fundamental concept behind public relations is that companies are much more than a product. Having the right image is essential to staying competitive in the market.
It requires a multicultural perspective
When implementing a multicultural perspective, PR practitioners must recognize and avoid the pitfalls of ethnocentrism. Ethnicity refers to a bias towards a specific culture and is often motivated by the belief that a certain way of doing things is superior to other cultures. The importance of a multicultural perspective in public relations cannot be understated. To fully benefit from its potential, diversity should be acknowledged and appreciated in all communications.
Consequently, public relations students and professionals need to develop the necessary skills to communicate with diverse audiences. They must learn to create content and design messages for diverse audiences. In a public relations writing class, one student developed a culturally-inclusive assignment that required her students to use the perspectives of diverse populations to write social media content and develop a blog editorial calendar. In this assignment, students learned about multicultural populations and their cultural practices in foreign countries.
Although public relations students and practitioners rarely receive training in diversity, there are resources that can help them build their cultural competency. There are Hispanic PR Wire News, U.S. Asian PR Wire News, Black PR Wire News, and others. Diversity education also helps practitioners develop expertise in working with diverse groups. This knowledge and expertise are called competencies and include personal attributes required to effectively deal with diverse populations. Tilford Research Group provides a list of specific knowledge and attributes practitioners need to have to become more inclusive.
The concept of culture is fundamentally different in each society. Therefore, public relations practitioners need to have an introspective understanding of the socialization of different cultures in order to build their skills and make sure their messages resonate with the publics in their respective environments. Furthermore, students need to develop keen research skills to ensure that their communication strategies are culturally-sensitive and effective. In this way, they can improve productivity and effectiveness. This knowledge can be a valuable asset to any organization.
UGREEN HiTuneX6 Earbuds With ANC – Full Review
whelehanforrest78 Software videos http://commercialtwowayradios.com/videos/ugreen-hitunex6-earbuds-with-anc-full-reviewStill Standing
rodlachiatto717 Software videos http://chiefmarketingofficer.blog/videos/-still-standing
Dong Ho is a traditional Vietnamese folk art. These paintings used to be a common part of home decor during each Vietnamese New Year. Today, just two family lines are left making this art in Dong Ho village.
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Meet One Of The Last Families Still Making Vietnamese Dong Ho Art | Still Standing
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By: Business Insider
Title: Meet One Of The Last Families Still Making Vietnamese Dong Ho Art | Still Standing
Sourced From: www.youtube.com/watch?v=RbVr9ZCmzJM
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The Role of the Chief Marketing Officer
annemariezebra1964 Software chief marketing officer http://chiefmarketingofficer.blog/chief-marketing-officer/the-role-of-the-chief-marketing-officer
TheChief Marketing Officer (CMO) is a key executive in a company. Responsible for customer acquisition and retention, the CMO oversees public relations, and makes informed decisions aboutmarketing operations. His/her role also includes collaborating with other C-level executives. This article will explain the role of the CMO. This role is also known as the global marketing officer or marketing director. In general, the role of the CMO is to promote the brand, increase sales, and boost brand awareness.
CMO is responsible for customer acquisition and retention
As a marketing executive, the role of a CMO varies. It varies according to the company's focus on enterprise versus consumer marketing. While CMOs in consumer-focused companies may be primarily responsible for organic or direct user acquisition, their roles tend to overlap. As the CMO is expected to hold the most power when it comes to implementing changes, they also must work closely with the head of sales and other departments.
In addition to customer acquisition and retention, the role of a CMO may includePR and internal comms. The CMO will implement marketing campaigns to improve customer experience and ensure that messaging is consistent across the organisation. The world of marketing has evolved significantly due to social and digital media. Customers now provide feedback to businesses in real-time, and customers use social media to voice their opinions and complains. The CMO must be adept at communicating the company's value in these increasingly diverse and increasingly integrated environments.
A revenue-driven CMO will focus on maximizing the results of marketing campaigns. This means not only measuring and reporting on marketing metrics, but also monitoring different aspects of the marketing strategy and making changes geared toward revenue growth. In addition to the above three priorities, the CMO will likely have other objectives, such as profitable growth and improving operational efficiency. Additional objectives include measuring the effectiveness of advertising, relating marketing to sales, and improving media buying effectiveness.
Because of the many tasks involved in marketing, a CMO is unlikely to be able to finish all of the work they need to get done. According to a recent Deloitte study, many CMOs are also responsible for social media campaigns, market research, direct marketing, PR, and other marketing efforts. Most CMOs are not able to keep up with everything, and will never have enough time to do it all.
A successful CMO is capable of setting aggressive revenue goals, implementing successful marketing campaigns, and monitoring and improving key metrics in the ecommerce subscription business. In addition to having analytical and big-picture thinking skills, the ideal candidate should also have leadership qualities. A successful marketing campaign will be delivered across all channels with the right message and at the appropriate time. Furthermore, marketing campaigns need to be tested at various stages in order to ensure they're effective.
He/she oversees public relations
A Chief Marketing Officer makes an average salary of $150,198 per year. Their salary is highly dependent on their education and experience. A bachelor's degree in marketing or business administration is typically required. Related degrees are also acceptable. The director is responsible for overseeing projects, collaborating with internal and external parties, and developing and implementing company standards. A chief marketing officer may also be involved in other marketing functions such as product development or public relations.
The chief marketing officer (CMO) is a C-level executive who oversees thepublic relations efforts of a company. Their job description is to ensure all public communications are aligned with the company's brand identity and current marketing campaigns. Chief Marketing Officers work with other C-level executives, including the CEO, chief information officer, chief operating officer, and chief financial officer. Together with their counterparts, they make critical decisions regarding new product development and pricing, as well as the direction of the company's brand.
He/she collaborates with other C-level executives
A C-level executive is the highest-ranking person in a company. They usually have a high salary and make important decisions that affect the entire business. Those with C-level titles usually have many years of experience and often have a graduate degree. These people generally report to the chief executive officer (CEO) and other C-level executives. These executives have the authority to make key decisions and formulate policies and strategies for the business.
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Title: ep 19 ՠHeart-to-heart chats, opening PR packages, and new standing desk!
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Traveling Concepts That Will Make Your Life Basic
wyattmadry67 Software cabins for couples , cabins for families , cabins for rent , cabins for vacation , luxury cabins , summer cabins , vacation cabins https://diigo.com/0piyrw
On a trip is often related to relaxing, a trip may bring on a great deal of stress. From having to worry about resort stays to handling progressing to your vacation spot, it occasionally seems just like every facet of traveling is overwhelming. This article will provide you with information on how to approach individuals tensions and savor your time out.
Top Benefits of the Term Deposit
waltershindledecker Software controller http://chieffinancialofficer.blog/controller/top-benefits-of-the-term-deposit
A term deposit is a fixed income investment, that is, an investment that promises a safe return. You give the bank an amount of money, and within a known period, the bank puts at your disposal your money plus a profit.༯p>
The term deposit helps you to invest money for a specific time with a fixed interest rate. The term duration usually ranges from three months to five years. Itҳ up to you to either withdraw the money you invest with the lender or reinvest it.༯p>
Reasons to use a term deposit
There is no risk if you invest your money with lenders and get a specific amount of interest. There is a fixed time in which you can lock away your money. If you want to withdraw your invested amount, you will pay penalty charges. To open a term deposit, you will need to spend at least $5,000. The reasons for the term deposit are as follows.
Higher interest rates let your money grow fast. By term deposit, you get more interest as compared to transactions and saving accounts.༯li>
The government allows you a guaranteed deposit. It pays a specific amount for Deposit in the unlikely event that the lender fails.༯li>
You donҴ need to pay charges for set-up. But you will give 31 daysҠnotice with a penalty fee for getting back your invested money before the term of Deposit ends.࠼/li>
You will need to ask to open a linked transaction account while applying for a term deposit.࠼/li>
Characteristics of a term deposit
Next, we will discover the characteristics of term deposits:
It is a collection instrument that allows the investor to deposit money at a particular time, obtaining at maturity the return of the principal plus the interest at a previously known rate.
The profitability shows at the beginning of the operation. The client can dispose of the funds upon expiration thereof.
Individuals or companies can be fixed-term or renewable, nominative, endurable, unipersonal, or personal.
Renewable: When taking the Deposit under this modality, when the expiration date arrives, the client has three working days to recover part or all the money; otherwise, the Deposit will be renewed automatically for the same term and at the preferential interest rate that the bank has that day.
Fixed (Non-Renewable): When the expiration date of the Deposit arrives, it stops paying interest (and readjustments, if applicable), and it is up to the person to rescue it from the bank. That is, the money invested earns interest only until the date the Deposit expires.
Currency: It can be in pesos, UF, or foreign currency (dollars or euros).
Term: Depending on the Deposit, they are usually from 7 to 365 days.
Benefits of a time deposit
Here are the benefits of term deposits:
You can make investments for amounts that are within your reach.
Obtain Preferential Rates for Automatic Renewal Deposits and Deposits made online.
You can request that your Deposit of more than one year be covered by Tax Benefit 57 bis of the Income Law.
Generally, the certificates are Electronic Custody, without costs.
Time deposits in UF practically guarantee a positive absolute return since, when expressed in UF, they are readjusted monthly with the CPI, a factor that partially protects them against inflation.
Term deposits contracted through the Internet have preferential rates with the convenience of doing it from anywhere at any time.
The term deposit allows you to earn a fixed amount of interest-based on the specific term. It would be helpful for cautious savers as there is no chance of losing your money.༯li>
The term deposit protects you from market slumps. It means if the marketҳ interest starts falling, the growth of your investment will continue with the same level of interest.༯li>
You should note that profitability is not advisable to renew a term deposit when the expiration date arrives automatically. The new rate applied is usually lower than the original, so it is essential to negotiate again with the financial institution.
About Complete Controller Americaҳ Bookkeeping Experts Complete Controller is the Nationҳ Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controllerҳ technology, clients gain access to a cloud platform where their QuickBooks file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controllerҳ team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. The post Top Benefits of The Term Deposit first appeared on Complete Controller.
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By: Complete Controller
Title: Top Benefits of The Term Deposit
Sourced From: www.completecontroller.com/top-benefits-of-the-term-deposit/
Published Date: Sun, 14 Nov 2021 18:00:55 +0000
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Budget Forecasting: What it is and how to do it
pinkiedusty0321 Software chief financial officer http://chieffinancialofficer.blog/chief-financial-officer/budget-forecasting-what-it-is-and-how-to-do-it
We often hear different terms used to describe forward-looking versions of a companyҳ financial statements. People frequently use these terms interchangeably, with some having a deeper understanding of the nuances in terminology than others. Forward-looking financial documents may include budgets, projections, forecasts, and pro forma financials. All of these represent hypothetical situationsִhat is, they are estimates or educated guesses (or occasionally just wishful thinking) about what may happen in the future. But the differences are important.
In a recent post, we covered the fundamental distinctions between forecasts and projections. There are some subtle but relevant differences there. Itҳ especially helpful to understand those differences when speaking with investors, regulators, or other key stakeholders.
Budgeting and forecasting, likewise, are somewhat different. In this case, though, the distinctions are not quite as subtle, although you may be tempted sometimes to muddy the waters by mixing the two. In fact, the combination of budgeting and forecasting can sometimes be a useful approach, which is why there has been so much interest lately in budget forecasting.
Before we dive into that, letҳ explore the fundamentals of budgeting and forecasting.
What Is a Budget?
A budget is a financial plan for a specific period of time, typically covering one complete fiscal year. Generally speaking, budgets represent an unfolding financial reality that a companyҳ managers hope will come to pass, or to put a more optimistic spin on it, the budget represents managementҳ plans and intentions.
There are a number of different methodologies for developing a budget. Historically, the most common approach has been to use last yearҳ budget numbers (or actual performance) as a starting point, then to make adjustments upward or downward to individual line items based on changing business conditions and any change in the strategic direction of the business. The process often involves adjustments to planned sales revenue based on past trends and future plans. Nevertheless, as a budget, it tends to emphasize intentions over expectations.
There are several other approaches to budgeting that have also garnered considerable attention lately. These include zero-based budgeting, driver based budgeting, and activity-based budgeting. Each of these has distinct advantages and disadvantages. In the past, a key concern about several of these methods has been the amount of time and effort required to build a bottom-up budget every year. With the powerful planning and budgeting software available today, though, the balance has shifted for many people in favor of these more sophisticated methods.
The CFO's Guide to Zero-Based Budgeting
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What is a Forecast?
Whereas budgeting is about what management intends and hopes for, forecasting is about what management actually expects to happen. In other words, forecasting leans slightly further toward realism then budgeting does. There should be little or no wishful thinking involved in a forecast.
Just like budgets, forecasts may cover variable time periods, often spanning an entire year or more. It is common, however, for forecasts to address more focused time frames, such as the next quarter or six months. It is also more common for them to be limited in scope֦or example, attempting to predict sales revenue for the coming quarter or for specific seasonal peak periods.
As such, forecasts tend to be somewhat quicker and easier to prepare. Because they tend not to be used as performance benchmarks for employees, they do not require as much back-and-forth negotiation as budgets do. Budgets tend to be internal documents, intended for planning and assessment. Projections, on the other hand, can serve as management tools, but for many companies they are also disclosed publicly, especially in the case of publicly traded corporations where such disclosures are legally required.
So What Exactly is ӂudget ForecastingԿ
Now that you understand the differences between budgeting and forecasting, you are naturally left with the question ӗhat is budget forecasting?ԠIn fact, you will not find many formal definitions of the term. Perhaps it is most useful to describe budget forecasting as a kind of hybrid document that combines elements of both budgets and forecasts.
In fact, this is a process that most business managers engaged in at one time or another, simply because it can be useful in understanding how the business is likely to perform over the entire duration of the budget cycle, based on a combination of year-to-date results, plans for the remainder of the year (that is, the remaining budget), and expectations for the remainder of the year (that is, a forecast).
A variation on this approach is sometimes referred to as ӲeforecastingԠor Ӣudget flexing.ԠThese terms generally apply to situations in which a significant event has occurred, resulting in a substantial deviation from budget. The onset of the COVID pandemic in 2020 represents a perfect example of the kind of situation that would call for reforecasting. As businesses were shut down and demand shifted abruptly for various goods and services, virtually every company in the world experienced significant, unexpected change to their annual budget. Other examples might include the emergence of a new competitor, the development of a new technology that supplants a companyҳ product, or external conditions that lead to an abrupt change in market demand.
Budget forecasting is a bit different from reforecasting in the sense that it does not necessarily imply a sudden and unexpected material change to the business. For some, this takes the form of budget vs. actual reports alongside projections for the remainder of the fiscal year. If you expect material changes, or if management is considering key decisions that could impact the financials, then it can also be useful to incorporate projections that map out potential outcomes of different scenarios under consideration.
Many companies get started with budget forecasting by combining information from various sources in spreadsheets, often by copying and pasting static information from their ERP system, from budget spreadsheets, and combining that with formulas that predict likely future outcomes. Unfortunately, that can be a slow, tedious process, and it is prone to error.
Because the manual approach takes so much time and effort, budget forecasting in many organizations does not get updated as often as it should be. When the finance department has powerful budgeting and planning tools at its disposal, though, updating the budget forecast with near-real-time information is possible in mere seconds, with complete accuracy, and no additional effort.
At insightsoftware, we provide powerful budgeting and planning tools, along with near-real-time reporting capabilities that integrate with over 140 different ERP applications. If your organization is seeking better, faster, more accurate and flexible ways of planning and budgeting. To get started with budget forecasting, you can download our free template today.
Plan Ahead for a Successful 2022 Budgeting and Forecasting Season
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The post Budget Forecasting: What It Is and How To Do It appeared first on insightsoftware.
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By: insightsoftware
Title: Budget Forecasting: What It Is and How To Do It
Sourced From: insightsoftware.com/blog/budget-forecasting-what-it-is-and-how-to-do-it/
Published Date: Wed, 02 Feb 2022 14:56:30 +0000
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Investing without having one or several investment strategies is crazy. You knock and move your money based on forebodings or news without investment. It is something like that can you can lead to one place.
Failure
I will tell you about the three best investment strategies to grow your money, basically focusing on the stock market investment. Also, I will briefly discuss other strategies, some known and others not so much. If you are wondering what to do with my money, this article will be perfect for you.
The importance of investment strategies༯strong>
When you want to go somewhere, you have to have a strategy, because if you started to walk randomly, you would never reach your destination. When you have a child, you have to have a strategy to educate him. If you give him a different message every day, he will never know what to do. And, if you are going to cook a specific dish, you also have to have a strategy. Otherwise, you will end up eating something horrible.
The same happens when you want to invest your money. If you invest in the crazy without a clear investment strategy, you will surely never see your money grow. In the stock market, your worst enemy is feelings.
That fear that makes you sell when everything goes down, and you should buy, and that greed that makes you buy when everything goes up, and you should stop. And the best shield against feelings is a clear, mechanical, and straightforward strategy. This strategy does not depend on your mood or what appears in the newspapers.
How to choose a good investment strategy༯strong>
Ϧ course, not worth any investment strategy. Having a strategy is essential because if you donҴ have it, you will surely fail when you start investing. The problem is that there are many investment strategies, and some can make you lose a lot of money. It is essential to analyze the options available and choose a strategy that fits your profile as an investor and you as a personײeturning to the example of food.
Imagine itҳ Sunday, and everything is closed, and you want to cook something, and someone tells you to make a paella. You start eagerly, but you realize that you donҴ have rice, and you donҴ have any broth either. You begin to improvise, and in the end, you get something that is neither paella nor anything else. Itҳ not that you donҴ know how to cook paella. Itҳ that you didnҴ have the right tools and ingredients.
The same goes for investment.
If you keep the first strategy you find, it probably wonҴ suit you.
Imagine that you discover value investing, an investment strategy that I will talk about later.
In short, buy undervalued companies and wait for the market to value them to sell them.
Very pretty.
But, without a doubt, a strategy that requires a lot of dedication and a lot of reading.
You have to analyze the companies thoroughly, read their balance sheets and income statements, and much more.
You start eagerly, but you have never really learned to analyze companies. Also, you work from 8 to 8, and when you get home, you donҴ feel like studying, and you end up buying companies that you think are good or that you have read around.
Many investment funds follow the value philosophy, and managers and their teams spend all day analyzing and studying companies, and yet many fail.
Risk Vs. Reward
You are at risk while investing money. There are many investorsҠstories as they faced investment loss during the Great Recession or Depression. Despite this, you canҴ eradicate the entire risk, but it can be a little bit possible when you invest wisely. Like a retirement account, the earlier investment gives you a long-term benefit. Quick-fix stock is riskier than these investments. People are doing this as they donҴ know the reason for their actions.
There is no harm in such investments as you will lose little money on a bad investment. You will earn maximum money with time as you start your struggle early.
About Complete Controller Americaҳ Bookkeeping Experts Complete Controller is the Nationҳ Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controllerҳ technology, clients gain access to a cloud platform where their QuickBooks file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controllerҳ team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. The post The Best Investment Strategies To Build Your Business first appeared on Complete Controller.
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By: Complete Controller
Title: The Best Investment Strategies To Build Your Business
Sourced From: www.completecontroller.com/the-best-investment-strategies-to-build-your-business/
Published Date: Fri, 28 Jan 2022 22:00:03 +0000
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