What are two or three arguments FOR budgeting? What are two or three arguments AGAINST budgeting? How would you try to convince the CEO that budgeting would be a good idea, and how would you counter the CEO’s arguments against budgeting?

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The chief executive officer (CEO) of Rigid Plastics Corporation remarked to a colleague, “I don’t understand why other companies waste so much time in the budgeting process. I set our company goals, and everyone strives to meet them. We’re making money and I don’t have time to waste planning and making a budget, and the actual results are going to be different anyway.

Questions

What are two or three arguments FOR budgeting?
What are two or three arguments AGAINST budgeting?
How would you try to convince the CEO that budgeting would be a good idea, and how would you counter the CEO’s arguments against budgeting?
How would you recommend the accounting staff track the cost savings and other benefits of budgeting in order to justify the decision in the future?
What are some potential drawbacks of implementing a new budgeting system and how would you recommend the CEO overcome those obstacles?

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