Budgeting Process and Participative Budgeting: A company adopts a participative budgeting approach where managers from various departments collaborate in the budgeting process. Discuss the advantages and disadvantages of participative budgeting in fostering employee engagement, improving budget accuracy, and promoting goal congruence. Analyze challenges in implementing participative budgeting, such as time constraints, communication barriers, and conflicts of interest, and discuss strategies to overcome these challenges.