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Discuss the relevance of traditional budgeting and standard costing in the contemporary business environment.

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According to Jensen (2001), “Corporate budgeting is a joke and everyone knows it. It consumes a huge amount of executives’ time, forcing them into endless rounds of dull meetings and tense negotiations. It encourages managers to lie and cheat, lowballing targets and inflating results, and it penalizes them for telling the truth. It turns business decisions into elaborate exercises in gaming. It sets colleague against colleague, creating distrust and ill will. And it distorts incentives, motivating people to act in ways that run counter to the best interests of their companies”.During the late 1980s, academics such as Johnson and Kaplan (1987) argued that standard costing and variance analysis were inadequate for cost control and performance evaluation purpose due to the changing competitive environment.Required:Discuss the relevance of traditional budgeting and standard costing in the contemporary business environment. Starting point for your research:Your text2-papers posted on your Moodle• Jensen (2001)• Hope and Fraser (2003).Additional information: • Required format: Essay (Around 2500 words)• Useful links:••• This is a group-assignment. Each group needs to have 2 to 3 members in it. Please organise yourselves into groups. • Please make sure that names and ID numbers of all group members are stated on the cover sheet of your submission.As this is a group assignment, each member of your group is awarded the same mark. Working in groups has its pros and cons. I am sure that you will hold constructive group discussions. In case of any disagreements, you will be able to resolve them in a reasonable way. There will be times when you may have to agree to disagree with each other.Invariably different group members bring different skills to a project; it is up to you to make the best of it. I believe one can learn a lot by discussing the issues with one’s colleagues.If you find your group members are “not pulling their weight” or there are problems with any member’s commitment, then please try to resolve those issues amongst yourselves. Open and honest communication always helps. If you are unable to resolve these issues, you are most welcome to see me and we will try to sort out the problems together. Do this as soon as possible and certainly before the due date.For some reason, if you do not wish to work in a group, please let us know.Please adapt this to suit your style.ThanksGeeta