You will explore the basic essentials of budgeting including a generic step-by-step process. At the same time, you will also be enabled to explore newer developments that focus on the modern budgetary tools that have emerged during the last decade or so. Budgeting creates strong views among management professionals, with its real value and usefulness becoming grounds for debate. Some management systems see budgeting as a key discipline without which financial confusion would result. Others see budgeting as out of date – quite unsuitable to the rapidly changing business world of the 21st century when so much business value comes from so-called “intangible” activities of the knowledge age.