Archive for October 15th, 2010

Fiscal Responsibility

October 15, 2010

Fiscal Responsibility

With regard to running a successfully business, it is standard operating procedure to approach budgetary matters with a considerable degree of conservatism.

At an elementary level, this means overestimating projected expenses and underestimating projected income. The resulting disparity represents a “built-in safety margin” for operational decision making.
 
There is no reason to expect that this strategy should be any less advantageous when applied to the successful management and evolution of a society.

V. Thomas Mawhinney, Ph.D.     10/15/10
 

 

 


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