Explain the concept of rolling budgets and their advantages in dynamic business environments.
- Does not allow for long-term strategic planning
- Fixed time frame for budgeting and planning
- Flexibility to adjust budgets periodically as circumstances change
- Requires significant time and resources for continuous monitoring and adjustment
Rolling budgets involve continuously updating budgets over a set period, offering flexibility to adjust budgets periodically as circumstances change in dynamic business environments. This approach allows for more accurate forecasts and adjustments to changing market conditions.
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