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Budget: An agreed plan establishing, in numerical or financial terms, the policy to be pursued and the
anticipated outcomes of that policy.

Benefits:

- They provide direction and coordination. Budgets ensure that spending is geared towards the
aims of the business rather than those of the individual, and they can…

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making cuts in new product development or reducing staff levels) can have disastrous long-term
effects.

- Changes may not be allowed for when a budget is reviewed. External factors outside the control
of the organisation may affect budget holders' ability to keep to their plan. The airline industry has
needed…

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