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Discuss the advantages and disadvantages of making a budget for the next year.  Do the results of the ratio analysis indicate any aspects worthy of special consideration?

 Budgeting

Discuss the advantages and disadvantages of making a budget for the next year.  Do the results of the ratio analysis indicate any aspects worthy of special consideration?

Explain two different approaches to drawing up a budget for the business.

Critically evaluate how performance management can use the budget to make better financial decisions.

Suggested wordcount: 750 – 800 words.