What is the mean of the data t, 2t – 1, t – 2, 2t -1, 4t and 2t + 2?

Explanation

Budget is a financial plan showing expected income and expenditure for a period. Types: sales budget, production budget, cash budget, master budget (combines all). Government budgets allocate public resources.

Budgeting benefits: planning forces thinking ahead, control (compare actual to budget), coordination (departments work together), motivation (targets to achieve), evaluation (measure performance).

Variance analysis compares actual to budget. Favorable variance: actual better than budget. Adverse variance: actual worse. Investigating variances helps identify problems and improve future planning.