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When investment projects are described by subjective probability distributions, the measure of investment worth becomes a difficult task. One of the basic assumptions underlying investment analysis under risk is that decision makers would base their decisions on only the first two statistical moments of the probability distribution of returns. However, the mean and variance can adequately describe only certain symmetric distributions such as the normal and the uniform distributions. As a result, if probability distributions of investment returns are actually asymmetric, the classic first two moments analysis ignores information (skewness) that is needed to make a better investment decision. Even though the importance of the third moment in project selection has been recognized, nowhere in the literature is there a successful application of the concept to a regular periodic decision process where the decision maker lacks full knowledge of his future as well as present investment opportunities. Therefore, it is the purpose of this research to investigate the effectiveness of utilizing the higher statistical moments in capital rationing situation.

The thesis consists of theoretical and practical part. The theoretical part desribes of general problem of the management and perfomance of municipal authorities. It contains characteristic of municipalities, definition of independent and delegated authority, a description of municipal bodies and primarily definition of budget revenues, budget expenditures and budgeting method. The practical part includes characteristic of city Pelhřimov and municipality Hořepník. Afterwards it analyzes the management of this city and municipality during the years 2007-2009 and their mutual comparison.

A budget is an action plan that is utilized by organisations, private or public, in order to attain their objectives. Budgets are used to ensure better financial performance for organizations. They are also used to identify financial problems and take appropriate corrective measures. Public secondary schools also prepare their budgets to plan for their income and expenditure. It is through developing their budgets that public secondary schools are able to achieve their visions and missions. The purpose of the study is to evaluate the extent to which the budgeting process is effectively implemented in public secondary schools in the Gauteng South Region. To achieve this objective a questionnaire was developed to elicit responses from the participants in the research. The questionnaire was a closed-ended one with two sections, A and B. Section A of the questionnaire was developed to gather biographical information about the units of analysis, whereas Section B dealt with key issues pertaining to the budgeting process. The reliability of the questionnaire was tested through Cronbach’s alpha coefficient. The feedback from the questionnaire was analysed by means of Exploratory Factor Analysis where five factors were extracted and their reliability also tested. The factor loading matrix was computed to identify appropriate items for each factor. The items were analysed using frequencies in respect of each factor. Correlations analysis for the factors was conducted to determine the relationship between them. The findings from the study indicate that: budget planning assists school managers in comparing income and expenditure; coordination of budgeting activities is a problem at schools; lack of communication stifles effective implementation of the budget; there is no effective training and development for those involved in the budgeting process; the financial targets are not set and communicated to key stakeholders; there is lack of budget control and monitoring measures of variances of the planned and actual budget is non-existent; educators are not offered the opportunity to participate in the budgeting process let alone have the authority to make decisions on budgetary issues for those who are involved. The value of this research lies in setting appropriate guidelines for effective implementation of the budgeting process. Effective implementation of the budgeting process will facilitate efficient delivery of quality education to learners. The importance of the study is that it offers various types of budgets that public secondary schools can use to remain financially viable and sustainable.

<p> </p><p><strong>Problem:</strong>      Majoriteten av alla företag budgeterar. Frågan är om budgeten är ett nödvändigt ont eller bara en gammal vana.</p><p><strong>Syfte:</strong>            Syftet med denna studie är att undersöka småföretagares uppfattning om budget- och budgetlös styrning. Detta för att ta reda på om det är dags att lämna den traditionella budgeten bakom sig?</p><p><strong>Metod:          </strong>Insamlingen av empirisk data har skett genom direkt intervjuer med fyra företag i Eskilstuna. Dessa företag har mellan 20-49 anställda. En litteratursökning har även gjorts för att få fram en referensram på området. Genom sökningen har relevant information hittats inom ämnet.<strong></strong></p><p><strong>Slutsats:</strong>        Vi har kommit fram till att det inte är dags att lämna den traditionella budgeten bakom sig. Budgeten är en gammal vana och en trygghet i de flesta företag. Efter denna studie har vi också kommit fram till att små företag är i behov av kunskap om budgetlös styrning, detta för att företagen ska kunna reflektera över sin styrning och inte bara ha en budget för att andra företag har det eller för att det anses vara rätt att ha en.<strong></strong></p> / <p> </p><p><strong>Problem:      </strong>The majority of companies are budgeting. The question is, if the budget is something necessary or an outdated fashion.<strong></strong></p><p><strong>Purpose:       </strong>The purpose of this study is to investigate how small companies understands budget and beyond budgeting in order to answer the question if it is time to leave the traditional budget behind us?    <strong></strong></p><p><strong>Method:       </strong>Empirical data was collected through interviews in four companies in the City of Eskilstuna. All four companies have 20-49 employees. A literature review has been used to create a theoretic base for the interviews.      <strong></strong></p><p><strong>Conclusion:  </strong>Our conclusion is that it is not time to leave the traditional budget behind us. We think that the budget is an old habit and that it creates stability for the most of the companies we have studied. We can also conclude that small companies also are in need of more knowledge about beyond budgeting. We believe that more companies should reflect over their choice of budgeting and consider go beyond budgeting as an alternative option. </p>

Problem:      Majoriteten av alla företag budgeterar. Frågan är om budgeten är ett nödvändigt ont eller bara en gammal vana. Syfte:            Syftet med denna studie är att undersöka småföretagares uppfattning om budget- och budgetlös styrning. Detta för att ta reda på om det är dags att lämna den traditionella budgeten bakom sig? Metod:          Insamlingen av empirisk data har skett genom direkt intervjuer med fyra företag i Eskilstuna. Dessa företag har mellan 20-49 anställda. En litteratursökning har även gjorts för att få fram en referensram på området. Genom sökningen har relevant information hittats inom ämnet. Slutsats:        Vi har kommit fram till att det inte är dags att lämna den traditionella budgeten bakom sig. Budgeten är en gammal vana och en trygghet i de flesta företag. Efter denna studie har vi också kommit fram till att små företag är i behov av kunskap om budgetlös styrning, detta för att företagen ska kunna reflektera över sin styrning och inte bara ha en budget för att andra företag har det eller för att det anses vara rätt att ha en. / Problem:      The majority of companies are budgeting. The question is, if the budget is something necessary or an outdated fashion. Purpose:       The purpose of this study is to investigate how small companies understands budget and beyond budgeting in order to answer the question if it is time to leave the traditional budget behind us?    Method:       Empirical data was collected through interviews in four companies in the City of Eskilstuna. All four companies have 20-49 employees. A literature review has been used to create a theoretic base for the interviews.       Conclusion:  Our conclusion is that it is not time to leave the traditional budget behind us. We think that the budget is an old habit and that it creates stability for the most of the companies we have studied. We can also conclude that small companies also are in need of more knowledge about beyond budgeting. We believe that more companies should reflect over their choice of budgeting and consider go beyond budgeting as an alternative option.

Le développement des principes d’équilibre budgétaire et des règles de discipline budgétaire qui en découlent sont liés à l’avènement de périodes de troubles budgétaires et de crises économiques. De manière générale, à ces occasions de nouvelles règles sont adoptées et mises en oeuvre. Elles visent toutes à assainir les finances publiques par le biais de l’observation stricte d’une règle d’équilibre budgétaire. Toutefois, les résultats obtenus par la mise en oeuvre de ces règles ne sont pas toujours satisfaisants ce qui conduit aujourd’hui à s’interroger non plus sur la pertinence et l’efficacité desrègles mais sur les environnements institutionnels, économiques et monétaires dans lesquels elles sont mises en œuvre. Le Canada semble, de cette manière, se présenter comme un terrain favorable à l’observation d’une discipline budgétaire de l’équilibre alors qu’en la matière l’Union européenne souffre encore de son statut « hybride ». / The development of the principles of balance in the budget and the rules of budgetary discipline which ensue from it is connected to the succession of periods of budgetary disorder and economic crises. In a general way, in these occasions of new rules are adopted and implemented. They aim all to clean up the public finances by means of the strict observation of a rule of balance in the budget. However, the results obtained by the implementation of these rules are not always satisfactory what leads today to wonder either about the relevance and the efficiency of rules but on the institutional, economic and monetary environments in which they are operated. Canada seems, in this way, to appear as a ground favorable to the observation of a budgetarydiscipline of the balance while on the subject the European Union still suffers from its "hybrid" status.