You are required to do research essay emphasizing on the following: 1. Significance of planning, budgeting and control on resource management and value creation. 2. The challenges that senior executives and management accountants face in today's business world, which has impact on the budget preparation process. 3. Challenges and uncertainties the management accountants may expect to face in the future while preparing budgets. 4. What management accountants can do to overcome these challenges. 5. Ethical considerations that needs to be managed during budgeting process. 6. Use as many local examples as possible.