Zero-based budgeting requires managers to build budgets from the ground up each year. Participatory budgeting is a budgeting process that starts with departmental managers and flows through middle management and up to top management. Each new level of management has responsibility for reviewing and negotiating any changes in the proposed budget. You must understand this process and the different types of budgeting available in order to participate in this week's discussion.
Please respond to all of the following prompts in the class discussion section of your online course:
Describe how you personally have participated in a budget development process. This can be personal or business. How did you make decisions regarding setting the budget?Explain some examples of the behavioral implications of budgeting.In your experience, what are some advantages of budgeting?