Q1.1a: Why is it important for managers to plan?

Q1.1b: Indicate how co-ordination of activities benefit the organization.

Q1.1c: Why is feedback important to the budget process?

Q1.2: Briefly describe the difference between static and flexible budget.

AlsoExplain the influence of fixed and variable costs when preparing 'flexible budget'.

Q2: List five (5) factors that need to be considered when preparing budgets.

Q3: Briefly discuss Qualitative and Quantitative methods for forecasting.