Discuss the validity of the above statements from the viewpoint of should budgets be abandoned

1 1 1 1 MicrosoftInternetExplorer4 0 2 DocumentNotSpecified 7.8 磅 Normal 0 Budgeting has been criticized as ‘an unnecessary evil’ by Jan Wallander and Jack Welch described it as the ‘bane of corporate America’. Much of the criticism of budgeting can be attributed to a changing business environment in today’s world whereby competition has increased the importance of intellectual capital relative to tangible capital. Thus, it is easy to understand why arguments have been put forward to manage without budgets. Discuss the validity of the above statements from the viewpoint of should budgets be abandoned or should they be reformed? If budgets are to be abandoned, what are viable alternatives? Alternatively, should they be reformed, what are the recommended approaches? You should include references to major theorists in your answer. You should include and apply correctly, practical examples from a wide range of academic and industry sources to su pport your discussion.