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Budgets are financial plans that outline expected revenues and expenditures over a specific period. They serve as a crucial tool for managing resources, ensuring that funds are allocated appropriately to various departments or activities. Effective budgeting helps organizations to achieve their financial goals, monitor performance, and make informed decisions. By analyzing budget variances, businesses can identify areas for improvement and adjust their strategies accordingly. Overall, a well-structured budget is essential for the sustainability and growth of any organization.