A budget is a collection of estimates – a big word that means the same thing as "guess!" If you are guessing what future results will be, what value can a budget really have?
Answer to relevant QuestionsHow are budgets related to business plans, as described in Chapter 8? How are costs and expenses different? What did Dr. Moyer mean when she said “INCELL may be the only biotech in the world to be bootstrapped.” How can raising money from venture capitalists be said to be expensive? Discuss how the use of EOQ and re-order calculations can benefit a retail business. What are the drawbacks using these calculations?
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