Gloria Hammond is the owner of GLOCO, which manufactures plastic water tanks. Gloria and her managers do no budgeting are planning for GLOCO. The company's management does not anticipate problems that arise and, as a result, the company has slow production, missed shipment deadlines and lost sales. a) Discuss the reasons the reasons why Gloria should wish to engage in budgeting and planning. [10 marks] b) Advise the company of the implications associated with a budgetary approach in which budgetary data are imposed on managers from above. Contrast such an approach with one in which budgetary data are self-imposed in a participatory manner