(Solution) - Budgets are meaningless in my business because I simply cannot -(2025 Original AI-Free Solution)

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"Budgets are meaningless in my business because I simply cannot estimate my sales for next year. Only if you can tell me which of my bids will be accepted can I prepare a meaningful budget," protested the president of a small custom manufacturer of die-cast parts for the automobile industry. Discuss, with respect to the preceding statement, the role of budgets and explain to the president how budgeting helps in bidding.