Q1. Your company is considering switching from a top-down budgeting process to a bottom-up process. As a project manager in the company’s new product development group, you are in favor of a being able to create budgets utilizing a bottom-up method and have been asked to share the reasons for your preference at the next senior management planning meeting. What benefits of bottom-up budgeting will you highlight to senior management? How might you respond to upper management’s concerns that bottom-up budgets are often more costly than top-down budgets?