Many researchers praise the benefits of participative budgeting. Is it wise to involve multiple parties at multiple levels in the organization in the budget preparation process? In what ways can participative budgeting be used when creating a master budget for an organization?

Further, explore the different components of the master budget and assess how each is linked to form a cohesive financial plan for a company to follow. How can participative budgeting make the master budgeting process more efficient and effective? Explain.

Embed course material concepts, principles, and theories (which requires supporting citations) along with at least one scholarly, peer-reviewed reference supporting your answer. Keep in mind that these scholarly references can be found in the Saudi Electronic Library by conducting an advanced search specific to scholarly references.