The CEO of JumpUpandDown Workout Equipment Company remarked to a colleague, "I don't understand why other companies waste so much time and effort in the budgeting process. I set our company goals, and everyone strives to meet them. What's wrong with that approach?"

In your approach to this discussion topic, comment on why the CEO may be selling the budgeting process short, and making it more difficult for his organization to meet the goals he has set. What is the organization missing by not tying the goal setting process to a formal budgeting process