Comment on the following scenario:
The report of the Better Budgeting forum discussions said: If you were to believe all that has been written in recent years, you'd be forgiven for thinking that budgeting is on its way to becoming extinct. Various research reports allude to the widespread dissatisfaction with the bureaucratic exercise in cost cutting that budgeting is accused of having become. Budgets are pilloried as being out of touch with the needs of modern business and accused of taking too long, costing too much and encouraging all sorts of perverse behaviour. Yet if there was one conclusion to emerge from the day's discussions it was that budgets are in fact alive and well. Not only did all the organisations present operate a formal budget, but all bar two had no interest in getting rid of it. Quite the opposite - although aware of the problems it can cause, the participants by and large regarded the budgeting system and the accompanying processes as indispensable.