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Explain about the budgeting process in risk management.
The budgeting process:
A budget is a quantified or forecast plan of action. A quantified financial plan of action that itemises a projects income and expenditure assigned for example a list of all planned expenses and income. Budgetary planning makes a budget like part of the planning process for the project. It control compares the budgeted outcomes as a ‘yardstick’ or target, within comparison to real results, so as to quantify any variances or deviations through the project plan. Such process at regular intervals during a project can be used to get control action and bring real results in line along with the plans.
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