Discuss Zero based Budgeting (ZBB) under following headings: Definition/Objectives/ Process/ limitation/advantages

Zero-based budgeting (ZBB) is a financial management strategy that requires all expenses to be justified and approved for each new period. Unlike traditional budgeting, which uses the previous period's budget as a starting point, ZBB begins with a "zero base" for each expense category and requires each expense to be justified and approved before being included in the budget.

ZBB is a time-consuming process that requires a detailed analysis of each expense category, but it can provide several benefits. By forcing managers to justify each expense, it promotes a culture of cost-consciousness and can identify areas where costs can be reduced or eliminated. ZBB can also help identify inefficient processes and encourage innovation by requiring managers to find more cost-effective ways to achieve their goals.

ZBB is most commonly used by companies in industries with high overhead costs or where cost reduction is a top priority, such as manufacturing or retail. It can also be useful for government agencies or non-profits that rely on public funding.

However, ZBB is not without its drawbacks. It can be a time-consuming and resource-intensive process, and it may not be suitable for all organizations. Additionally, some critics argue that it _________ ____ ______ __________ __________ ____ ___ __________.
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