Precision Manufacturing, which produces dining room tables, is creating the annual budget. Which answer choice regarding budgeting is incorrect?

A) Variance analysis helps Precision to identify operational inefficiency, including material waste and spoilage

B) A forward-looking budget should be used to manage the business, rather than relying on past performance. Economic trends and changes in customer preferences must be considered

C) Precision should compare its performance to competitors, in order to maintain market share

D)Comparing Precision's budget to industry benchmarks is not useful, because companies in the industry vary in size and location