budget (noun, budg-et, \ ˈbʌdʒɪt \) elements (noun, el-e-ment, \ ˈelɪmənts \)
Definition: are resource types that are presented in the form of a list in a company’s budget. Typically, budget elements include the organization’s capital, inventory, and employees, but can also contain any other positions that are needed to complete a project, program, or specific task. A correct summary of budget elements allows a company to analyze its available resources better, have an accurate estimate of the ultimate budget figures, and devise appropriate strategies and goals.
In a Sentence:
- When adding budget elements to your budget, it’s vital to find the golden balance between giving too little and too much information about them.
- I’m afraid we just didn’t have enough time to account for all budget elements, so all you’ll see here are approximate figures.
- Even though people and materials are important budget elements, in the end, it always comes down to the capital that a company can operate with.
Synonyms and related words: budget, ad hoc budget, project budget, annual budget, budget unit
