Annual budgeting process

Sir the annual budgeting process which has been mentioned in notes, if in exam such questions comes, then exactly writing the below would be sufficient, or will we have to elaborate each point more?

There has been much recent criticism of the annual budgeting process for many reasons, including the following:
? Time consuming and costly to put together
? Restricts responsiveness and flexibility and is a barrier to change
? Rarely strategically focused (most budgets are for one year only)
? Adds little value
? Concentrates on cost reduction, not on creating value
? Encourages ‘gaming’ and perverse behaviour just to meet the budget.
? Not updated often enough
? Based on assumptions, estimates and guesses
? Reinforces departmental barriers rather than sharing and cooperation
? Makes people feel undervalued: the budget is seen as a strict control mechanism and
employees have to stick to the budget no matter what.