QUESTION 6: BUDGETING The budget process is often seen as an integral part of an organisation's management control system providing a key way of controlling expenditure and evaluating performance. This is in contrast to developments in some organisation to replace budgets with forecasting. Required: a) Briefly explain the difference between a budget and a forecast. (2 marks) b) Briefly describe what changes to the management control systems are required when implementing Beyond Budgeting. (6 marks) c) Briefly explain the key elements of Rolling Budgets. (3 marks) d) Briefly explain why it is important to consider the behavioural aspect of using budgets if a budgeting system is used. (4 marks)