Pretend you are a CEO of a relatively small public company. Your company is comfortably profitable and has been for some time. Your management team approaches you and proposes not to prepare an annual budget for next year. Budgeting, they say, takes a substantial amount of time (and expense) and they feel that their energy would be more appropriately directed toward acquiring new business and improving operational efficiency. Write a memo to them with your response.

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Budgeting is that aspect of the management controlling that reflects whether or not the resource... View the full answer