Which of the following best defines the term 'Budgeting' in the context of EPBCS?

In the context of EPBCS, 'Budgeting' is best defined as setting financial goals for an organization. This concept encompasses the process of outlining expected revenues and expenses over a specific period, which is essential for guiding an organization’s financial strategy. By establishing these financial goals, organizations can align their activities with their strategic objectives, ensuring that they allocate resources effectively.

This approach also aids in promoting accountability and performance measurement, as understanding and defining financial goals provides a benchmark against which actual performance can be evaluated. The budgeting process is more than just estimating figures; it involves deliberate planning that guides an organization's financial future.

The other options, while related to financial management, do not encapsulate the essence of budgeting. For instance, estimating future financial outcomes is a component of the budgeting process but doesn't fully represent the overall significance of setting measurable financial goals. Analyzing data to improve decision-making and tracking historical financial performance are valuable activities in their own right, yet they are not central to the specific definition of budgeting as applied in EPBCS.