what is the difference between a production budget and a manufacturing budget?
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Production Costs vs. Manufacturing Costs: An Overview. Production costs reflect all of the expenses associated with a company conducting its business while manufacturing costs represent only the expenses necessary to make the product.
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An estimate is an approximation of what your project (or piece of it) will cost. The budget is what you're allowed to spend. The estimate provides a guideline, the budget provides hard edges. ... Estimate vs Budget applies to more than just money or cost.
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A manufacturing company handles two different types of inventory -- raw materials and finished goods. The primary difference is that raw materials inventory is used in the production of goods and finished goods inventory is what the company produces and eventually sells to a product reseller.
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Simply stated, manufacturing efficiency measures how well a system is performing relative to existing standards, while productivity measures output compared to a specific input. ... Capacity utilization, on the other hand, is a measure of how well an organization uses its productive capacity.
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Budgeting is the process of expressing the predicted costs and resources for a planned course of action over a specified time period. ... Another term for a budget is a financial plan, but budgets can refer to non-cash resources, such as staff or time.
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Budgeting is a quantified expectation of what a company hopes to achieve for any given period of time – a summary of total revenue from all products or services sold. Forecasting on the other hand is an estimate of how much will be sold over the set period of time.
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What is the difference between assembly and manufacturing? ... Manufacturing is the total process of producing a final product from unprocessed or semi-processed materials. Assembling is the process of assembling, putting together, a final product from finished parts or partially assembled units.
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BUDGET VS FUNDING: Budget is the projected cost of doing the work in a given fiscal year. Funding is the appropriated funds ($) allotted to do the work for that fiscal year. Programs are adjusted when funding does not meet the program budget.
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A flexible budget considers only variable costs; a master budget considers all costs. b. A master budget is based on a predicted level of activity; a flexible budget is based on the actual level of activity. ... A flexible budget allows management latitude in meeting goals; a master budget is based on a fixed standard.
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The Government Budget (Federal in the case of the US) is the amount of money a country has authorized itself to spend (spending won't exactly match the authorization but is normally close). GDP (Gross Domestic Product) is the value of goods that a country produces.
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I believe that the Budget that you are referring to is the amount of money spent to make a certain film and the Box office is the amount of money the movie has grossed to date. Example: budget for film A was $50 million and the box office to date was $65 million, the movie shows a profit of $15 million.
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An income statement uses past transactions to determine income, whereas a profit and loss budget uses future transactions to estimate income. Profit and loss budgets are planned based on historical records of past income statements.
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A budget differs from cash flow statement because a budget both projects how you expect to allocate the cash flow and records how the cash flow was actually spent at the end of the month. ... It is important to note that maintaining a budget can influence spending decisions.
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The purpose of the cost plan is to allocate the budget to the main elements of the project to provide a basis for cost control. ... However, the difference is that the budget is the limit of expenditure defined for the project, whereas the cost plan is the definition of what the money will be spent on and when.
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While the line producer sets the limits on budgets and negotiates the key contracts, production managers carry out the decisions that have been made. They might oversee sections of the budget, they crew up second units (cast and crew working on a smaller part of a production) or look after units shooting abroad.
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Cost estimates are the estimated costs for each work package or activity, whereas the budget allocates the costs over the life of the project to determine the periodic and total funding requirements.
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As nouns the difference between processing and production is that processing is the action of the verb to process while production is the act of producing, making or creating something.