Setting standards in an organization is important yet never a straightforward process Seal et al., (2019). Do you agree or disagree? Explain why by drawing on relevant academic literature?

Standard costing and variance analysis should not be used for cost control and performance evaluation purpose in the changing business environment. By drawing on relevant academic literature, critically discuss the above statement and provide some relevant examples to support your answer.

           

Critically evaluate the following statement:

Budgets are often criticized for being too rigid, time-consuming and costly. However, they are still widely used in many organizations around the world.