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Consider different budgeting approaches such as flexible, zero-based and rolling budgets in organisations. • Consider the value of budgeting for an organisation. • Consider the different budgeting approaches. • Consider the behavioural aspects of budgeting. In formulating your Key Concept Exercise, consider the following questions: • Consider different budgeting approaches in an organisation. • Consider how the budgeting approaches may differ among various organisations, such as a Fortune 500 company, a small business or a non-profit. • What are the characteristics of a budgeting system among the various organisations? • What are some of the ethical issues related to budgeting and the successful implementation of a budget? In an approximately 500-word response, address the following issues/questions: ‘I don’t need a budget; I run my own business so it’s all in my head. Bothering with a budget would just be a waste of time and money!’ • Do you agree or disagree with this point of view? • Discuss the value of budgeting for organisations of all sizes and types in terms of effective resource management. • Explain what characteristics of a budgeting system are most likely to contribute towards its successful implementation and how a lack of these might result in ethical problems. PLEASE NOTE THE FOLLOWING: RESPONSE MUST HAVE AN INTRODUCTION AND CONCLUSION

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