Strategic Planning Versus Budgeting As you have been introduced to this week, there is a wide range of budgeting options available to managers throughout the organization (including HR managers), and it is crucial to be able to differentiate between the various types and purposes of budgets in order to select the one that will best meet a particular need. This Application includes two separate components that will help you differentiate between and evaluate the diverse techniques.First, prepare a 1.5-page paper on the relationship between strategic planning and budgeting. What is the role of each? How do they differ? Find specific examples to support your responses within the context of Human Resource management.Second, prepare a graphic illustrating at least five different budget types, and their uses and key features. Focus your thoughts within the context of the HR department and where appropriate refer to the HR sub-functions such as staffing, rewards, and employee development. You may opt to design a table, create a mind map, or choose another form of presentation that illustrates the concepts in
a way that is meaningful and useful for your personal reference. All work must be in APA format and original.Types of BudgetsMaster BudgetCash BudgetSupplemental BudgetIncremental BudgetOperating Budget5 hours agoREQUIREMENTShuman resource management budgeting basics and beyond budget and resource allocation description 2 pages, Double Spacing Walden Univeritybookmark MHRM 6140 Budget and Resource AllocationAnswer preview………….Strategic planning is a critical tool in providing a sense of direction as well as outlining the measurable goals of an organization. Strategic plan guides the day to day decisions of an organization as well as in evaluating progress as well as the change in approach to ensure the achievement of objectives of an organization (James & Kober, 2008). A strategic plan allows an organization to be proactive in its day to day operations thus gaining the ability to foresee the future and therefore prepare accordingly. The tool supports organizations in keeping up with dynamic business environments and achieving a competitive advantage in the industry…… APA APA 658 words