With further reference to the literature, critically evaluate and explain the following view:

I believe that budgeting provides managers with a wonderful opportunity to rejuvenate their organizations. There is no other managerial process I am aware of that translates qualitative mission statements and corporate strategies into action plans, links the short term with the long term, brings together managers from different hierarchical levels and from different functional areas, and at the same time provides continuity by the sheer regularity of the process. (Umapathy, 1987, pxxii)

Your answer should fully explain the nature and key processes of budgeting.