Operational budgeting using fuzzy goal programming

Having an efficient budget normally has different advantages such as measuring the performance of various organizations, setting appropriate targets and promoting managers based on their achievements. However, any budgeting planning requires prediction of different cost components. There are various methods for budgeting planning such as incremental budgeting, program budgeting, zero based budgeting and performance budgeting. In this paper, we present a fuzzy goal programming to estimate operational budget. The proposed model uses fuzzy triangular as well as interval number to estimate budgeting expenses. The proposed study of this paper is implemented for a real-world case study in province of Qom, Iran and the results are analyzed

Capital investment decision making under uncertainty: perspectives of an emerging economy / Lingesiya Kengatharan.

This study examines the capital investment decision making under uncertainty since the application of investment appraisal practices trends towards increasing greater superiority with the performing of multiple tools and procedures in the current investment markets which are evolving within an increasingly volatile and intertwined with global network, investments are strongly exposed to uncertainties. Therefore, this study focused on investment decision making under uncertainty of emerging market economy of 186 Sri Lankan companies. A comprehensive primary survey was conducted to collect data and exploratory factor analysis had been performed to identify the uncertainty factors. The hierarchical multiple regression analysis was performed to investigate the impact of uncertainty on the application of capital budgeting practices in investment decision making. The results of the study revealed that an increase in financial uncertainty was associated with the application of net present value (NPV) based advanced capital budgeting and sophisticated capital budgeting practices and the size of the company was also related to the application of NPV based and sophisticated capital budgeting practices

Capital Budgeting Theory and Practice: A Review and Agenda for Future Research

Purpose - The main purpose of this research was to delineate unearth lacunae in the extant capital budgeting theory and practice during the last two decades and ipso facto become springboard for future scholarships. Design/methodology/approach - Web of science search and iCat search were used to locate research papers published during the last twenty years. Four criteria have been applied in selection of research papers: be an empirical study, published in English language, appeared in peer reviewed journal and full text research papers. These papers were collected from multiple databases including OneFile (GALE), SciVerse ScienceDirect (Elsevier), Informa - Taylor & Francis (CrossRef), Wiley (CrossRef), Business (JSTOR), Arts & Sciences (JSTOR), Proquest ,MEDLINE (NLM), and Wiley Online Library. Search parameters covered capital budgeting, capital budgeting decision, capital budgeting theory, capital budgeting practices, capital budgeting methods, capital budgeting models, capital budgeting tools, capital budgeting techniques, capital budgeting process and investment decision. Thematic text analyses have been explored to analyses them. Findings - Recent studies lent credence on the use of more sophisticated capital budgeting methods along with many capital budgeting tools for incorporating risk. Notwithstanding, it drew a distinction between developed and developing countries. Moreover, factors impinging on choice of capital budgeting practice were identified, and bereft of behavioural finance and event study methodological approach were highlighted. More extensive studies are imperative to build robust knowledge of capital budgeting theory and practice in the chaotic environment. Policy recommendation – This research was well thought out in its design and contributed by stating the known and unknown arena of capital budgeting during the last two decades. This scholarship facilitates to academics, practitioners, policy makers, and stakeholders of the company Limitations - Limitations of this study were primarily concerned with Tower of Babel Bias and time constraint. Keywords: Capital budgeting theory and practices, capital budgeting tools for incorporating risk, discount rate Paper type: Literature revie

Capital Budgeting Theory and Practice: A Review and Agenda for Future Research

The main purpose of this research was to delineate unearth lacunae in the extant capital budgeting theory and practice during the last two decades and ipso facto become springboard for future scholarships. Web of science search and iCat search were used to locate research papers published during the last twenty years. Four criteria have been applied in selection of research papers: be an empirical study, published in English language, appeared in peer reviewed journal and full text research papers. These papers were collected from multiple databases including OneFile (GALE), SciVerse ScienceDirect (Elsevier), Informa - Taylor & Francis (CrossRef), Wiley (CrossRef), Business (JSTOR), Arts & Sciences (JSTOR), Proquest ,MEDLINE (NLM), and Wiley Online Library.  Search parameters covered capital budgeting, capital budgeting decision, capital budgeting theory, capital budgeting practices, capital budgeting methods, capital budgeting models, capital budgeting tools, capital budgeting techniques, capital budgeting process and investment decision. Thematic text analyses have been explored to analyses them. Recent studies lent credence on the use of more sophisticated capital budgeting techniques along with many capital budgeting tools for incorporating risk. Notwithstanding, it drew a distinction between developed and developing countries. Moreover, factors impinging on choice of capital budgeting practice were identified, and bereft of behavioral finance and event study methodological approach were highlighted. More extensive studies are imperative to build robust knowledge of capital budgeting theory and practice in the chaotic environment. This research was well thought out in its design and contributed by stating the known and unknown arena of capital budgeting during the last two decades. This scholarship facilitates to academics, practitioners, policy makers, and stakeholders of the company