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www.gyaniversity.com148Managerial Processes-IILimitations: Less effective in dynamic environments where prices and technologies change frequently.Budgetary Controls: Budgets serve as essential control devices for estimating revenues and expenditures. Types of Budgets: %uf0a7Master Budgets: Comprehensive overview of all financial activities. %uf0a7Materials and Utilities Budgets: Specific allocations for resources. %uf0a7Capital Expenditure Budgets: Planning for longterm investments. %uf0a7ZeroBased Budgeting: Requires justification for all expenses from a zero base. %uf0a7Resource Utilization: Forces managers to account for how resources are used, ensuring alignment with planned allocations.PERT and CPM (Program Evaluation and Review Technique and Critical Path Method): Tools for planning and controlling complex projects. PERT: Outlines projects as networks of events and activities. Estimates probability of meeting deadlines and identifies deviations.CPM: Identifies the critical path, the longest sequence of dependent tasks. Delays on this path directly affect project completion times.Did you know? You can get longer, well organized, comprehensive notes with Gyani AI%u2019s Lesson Notes Generator. It%u2019s the easiest way to revise more in less time.