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    Part A: How are strategic planning, capital budgeting, and operations budgeting different? What are the advantages of budgeting? Why are budgets usually prepared for one year?

    Part B: What is a master budget? Why does the accuracy of the entire master budget depend on a reliable sales forecast?

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    Part A:

    Strategic Planning:

    A strategic plan involves the following: It is a framework for decision making and stimulates change and acts as a building block for the future.

    Capital Budgeting: This refers to activities surrounding a capital plan. For example, in Winnipeg, Canada, there is a new museum in the works called the Canadian Human Rights Museum. At this point stakeholders are in the fundraising stage. They are looking for funds to aid in the capital portion of the project. Capital refers to the actual cost ...

    Solution Summary

    The expert determines how strategic planning, capital budgeting and operations budgeting are different.