You are required to write essay highlighting the following:

-Effectiveness of planning and budgeting in value creation.

-What it takes to have a useful budget.

-The challenges that senior executives and management accountants face in today's business world which has impact on the budget preparation process.

-Challenges and uncertainties the management accountants may face in the future while preparing budgets.

-What can the management accountants do to overcome the issues that you have highlighted earlier.