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Planning and Budgeting for organizational success

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Explain what planning and budgeting are and why they are so important to an organization's success? Please distinguish between the two and state how they are related.

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This 230 word solution distinguishes between planning and budgeting, explains how they are related, and how they affect the firm and its operations.

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Planning is a statement of an organization's strategy and intended future allocation of resources, presumably linked to a broader strategic goal (grow, become more profitable, become the world's leader in widgets, etc.). Planning is necessary within the firm or organizational structure to direct future activities and, more importantly, lay out the ...

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