Describe how top-down budgeting may be necessary in times of crisis such as during the Covid-19 pandemic in large public companies and what advantages would this have over more 'bottom-up' approach. In your answer, you should note why reverting to a more participative approach would benefit the same organisation once the crisis recedes (or 'business gets back to a more "normal" trading environment').

Benefits of 'Top-Down' budgeting approach DURING crisis?

Disadvantages of 'Bottom-up' approach DURING CRISIS?

Benefit of reverting to a more 'Participative' approach to budgeting AFTER crisis?