Zero-based Budgeting, law homework help

Need to do a brief response to the following:The type of budget that appeals to me is the zero-base budget.“A zero-base budget requires managers to justify all oftheir budgeted expenditures, rather than the more common approach ofonly requiring justification for incremental changes to the budget orthe actual results from the preceding year” (Accounting Tools, n.d.).There are a number of organizations that use this type of budget.One in particular is Boston Scientific. This is a medicalorganization, their mission statement is as follows: “BostonScientific is dedicated to transforming lives through innovativemedical solutions that improve the health of patients around theworld” (Boston Scientific, n.d.). This organization is coming upwith new medical equipment that is built to last longer and providesafe treatment and diagnosis for medical patients.This type of budget appeals to me because in a sense it can beflexible. It allows you to focus on your goals and objectives and ifyou run into an issue you can still find a different way to solve it.You don’t have to worry about a set budget that you are stuckwith and end up with issues piling up financially because youcan’t change anything.The strengths that this budget have in my opinion would be themanagers get to experience more hands on tasks within the company andthis allows them to learn more in depth on what to do and what not todo financially while running a business. This budget also allows youto narrow down what items are not very successful. For example, if youare running a store and see that there are certain radios ortelevisions that haven’t been selling at all in the past fewmonths, there is no point in keeping them on the shelves. There couldbe something else in their place that is actually making the storeprofit. This budget allowed the manager to see that there was a change needed.The only weakness that this budget has in my opinion is the amountof time it takes to implement it. In order for this budget to besuccessful for any organization it has to cover every financial aspectof the organization. The manager would have to go through every singledetail in order for the numbers to be accurate. “This is adifficult task even once a year, which causes some entities to onlyuse the procedure once every few years, or when there are significantchanges within the organization” (Accounting Tools, n.d.).References:Accounting Tools. (n.d.) Zero-Base Budgeting. Retrieved from http://www.accountingtools.com/zero-based-budgetingBoston Scientific. (n.d.) Our Mission. Retrieved from http://www.bostonscientific.com/en-US/about-us/who...