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- Budgets formulate expected performance and express managerial targets. Without such targets,
operations lack direction, problems are not foreseen and implementations of future policies are
hampered.
- Budgeting is the principle tool of planning. It defines the objectives of an organization and
provides the management with the plan of operation.
- Budgeting brings about coordination of the factors of production in order to have best utilization
of the existing resources.
- A budget provides management with an effective yard stick to measure efficiency of actual
performance and advising corrective action for any departure from the yardstick set.
marto answered the question on February 26, 2019 at 09:35
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