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      Question

      What is the purpose of budgeting in procurement?

      A Ignoring financial planning and control Correct Answer Incorrect Answer
      B Controlling costs and managing resources effectively Correct Answer Incorrect Answer
      C Maximizing spending without restrictions Correct Answer Incorrect Answer
      D Avoiding financial accountability Correct Answer Incorrect Answer
      E None of these Correct Answer Incorrect Answer

      Solution

      Explanation: Budgeting in procurement is essential for controlling costs and effectively managing resources. It helps in setting financial limits, allocating resources efficiently, and ensuring that expenditures align with organizational goals and objectives.

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