You have overheard the following statements:

(a) ‘A budget is a forecast of what is expected to happen in a business during the next year.’

(b) ‘Monthly budgets must be prepared with a column for each month so that you can see the whole year at a glance, month by month.’

(c) ‘Budgets are OK but they stifle all initiative. No manager worth employing would work for a business that seeks to control through budgets.’

(d) ‘Any sensible person would start with the sales budget and build up the other budgets from there.’

Required:

Critically discuss these statements, explaining any technical terms.