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