Week 10, DQ , Budgeting: An annual budget which generally lays out the company's projected income and its expense for a period of one year. The process of which is used for creating an annual budget generally involves balancing out the business' sources of income against its all expenses. Annual budgets are generally considered to be clearly balanced if projected revenues match to projected expenses. Involvement in the Budgeting process: Depends on your position in the company. If you are in a revenue department then you have to predict future sales revenues for a year which is very important for the budgeting process. If you are in the costing department then you have to precisely predict costs for the coming year. So, it depends on which position you are in the company. What works well? What doesn't work?