Budgeting and Planning
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Discuss the relationship between budgeting and planning. How are they related? What differences exist between the two?
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Solution Summary
This solution discusses the relationship between budgeting and planning. How the two are related and the differences that exist between them are also discussed.
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Planning is the first step in the process that makes up the relationship between planning and budgeting. Management plans - and then based on that plan, budgets. It is necessary to first go through the appropriate planning process. By the planning process, we mean gathering the necessary data, analyses, and using other tools that we can ...
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