While a budget is important for planning and control, it does not have any special purpose in the purchasing process.

Question

Quizplus · Accepted Answer

A budget plays a crucial role in the purchasing process as it helps in estimating and allocating funds for procurement activities. It enables companies to compare actual spending with projected spending and adjust their purchasing strategies accordingly. The budget serves as a guideline for making purchasing decisions and helps in identifying areas where cost-saving measures can be taken. Therefore, a budget plays a significant role in the purchasing process.

While a Budget Is Important for Planning and Control, It