Budgeting is part of the management control process and is essential to ensuring business success. A clear, reasonable, and logical budget lets you know how much money is expected to come into the business and how much to spend. And by tracking the budget, you can see if revenue and spending are over or under budget and why. Budgeting, however, has some built-in challenges, identify those challenges and then answer these three questions. 

1. What do you think are the three main challenges managers face in the budgeting process?
2. Why?
3. What actions can you take to overcome the challenges?

Answer rating: 100% (QA)

Challenges in the Budgeting Process 1 Uncertainty and External Factors Why External economic factors market changes and unforeseen events eg global cr... View the full answer