Question

what is the strengths and weaknesses of bugeting forecasting system? Do you believe the weaknesses can ever be overcome? If so how? If not, why not.

Answer 1

Budgeting forecasting system has advantages of preparing for the upcoming risks and facing them . Proper budget can be made by analysing the whole process and discussing on the inputs required at each step in the process. This helps us avoid wastage and avoid tensions . But due to this forecasting and if we completely depend on it we might face some emergencies which would be unprepared for us and then we might need to panic. This can be avoided if we have some backup ready for such emergencies and then we can follow the forecasting system .