There are numerous reasons for budgeting in any organization. This week we will be discussing a very important aspect of this course. BUDGETING List and explain the differences in an Operating Budget and a Financial Budget. How are budgets used for planning and decision making? (Think Static Budget). Why are static budgets usually not a good choice for benchmarks in preparing a performance report? How do we utilize Budgets for performance evaluation? List the important aspects of using budgets for performance. Use real-life examples and references to validate your response.