Help with a college assignment question about budgets?

Question

The question is:

List and prioritise the biggest risks to meeting the budget forecasts (<6 months) for a company providing services?

Evaluate the impact of the risks and explain the reasons for your prioritisation.

I really dont have a clue, I am studying engineering not business but for some reason this a question i need to answer.

Any help would be great - thanks.

Answer 1

As an engineering student and as a graduate engineer you will have plenty of opportunity to answer such questions.If you quote a job you had better know the cost and your margin of profit. This will be predicated on how well you control the costs which ,of course must be budgeted( what each phase will cost). So this is the first clue to budgeting. Get used to it.