Planning, Budgeting, and Cost Control are vital aspects of any business that help companies efficiently manage themselves and plan for the future. Each subject is absolutely essential in its own way.
Planning provides a platform for businesses to make decisions by setting goals, developing strategies and outlining tasks and schedules to decide objectives and accomplish the goals.
Budgeting provides a detailed analysis of how a company expects to spend money, plan for expenses, and adhere to regular savings plans in future time periods. It is useful in setting standards of performance, motivating staff, and provides a tool for measuring results.
Cost control is the use of techniques to manage, evaluate and enhance the proficiency of a business with the common goal of improving business cost-efficiency by reducing costs, or at least restricting their rate of growth.