________ involves first identifying and assessing competitors and then selecting which competitors to attack or avoid

The budgeting process has three important guidelines: (1) Employees affected by a budget should be _____________ when it is prepared (participatory budgeting), (2) goals reflected in a budget should be ____________, and (3) evaluations should be made carefully with opportunities to _______ any failures.

Fill in the blank(s) with the appropriate word(s).

In zero-based budgeting, a firm starts each budget period by evaluating the success of past budget levels

Indicate whether the statement is true or false