Briefly EXPLAIN Zero-based Budgeting (ZBB) along with its steps

Zero-based Budgeting (ZBB) is defined as a method of budgeting which requires each cost element to be specifically justified, though the activities to which the budget relates are not being undertaken for the first time. The cost of each activity has to be justified and without justification, the budget allowance is zero. ZBB involves the following stages: (i) Identification and description of Decision packages (ii) Evaluation of Decision packages (iii) Ranking (Prioritisation) of the Decision packages (iv) Allocation of resources