KAIZEN BUDGETING Definition

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KAIZEN BUDGETING is a budgeting approach that projects costs on the basis of future improvements, rather than current practices and methods. The key point is that the budget cannot be achieved unless improvements are made.

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COST CEILING, in project management, is the sum of the Project Cost Target plus the projects Contingencies cost allowances.

RUNNING TOTAL is the sum of any given set of numbers that is incremented/decremented as additional numbers become available over time. For example, a retail store makes sales throughout a time period; the running total is the sum of their sales, including returns/credits, at any given point of time during that time period: day, week, month, quarter, and year.

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