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The ability of a management to stay within its budget is often considered a test of management skill .

But the effort to arrive at the budget that best harmon¬≠izes the divergent needs of the business is a much more important test of management’s ability. The late Nicholas Dreystadt, head of Cadillac and one of the wisest managers I have ever met, said to me once:

Any fool can learn to stay within his budget. But I have seen only a handful of managers in my life who can draw up a budget that is worth staying within.”

Peter F. Drucker