Discuss Zero based Budgeting (ZBB) under following headings- Definitio

Question

Discuss Zero based Budgeting (ZBB) under following headings- Definition, Objectives, Process, Limitation, Advantages.

15 Apr 2024

Answer :

Word Count : 546

Zero-Based Budgeting (ZBB)

Definition of Zero-Based Budgeting:
Zero-Based Budgeting (ZBB) is a budgeting technique where every expense must be justified for each new period, regardless of whether the expense was previously included in the budget. Unlike traditional budgeting methods that use the prior period's budget as a baseline, ZBB requires managers to build their budgets from scratch, starting at zero. This approach aims to enhance cost control, increase efficiency, and ensure that resources are allocated based on current needs and priorities.

Objectives of Zero-Based Budgeting:
1. Cost Efficiency: ZBB focuses on eliminating unnecessary expenditures and reallocating resources to activities that generate the most value.
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