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Barrett, Charles H., Budgets work best if management takes part in making them, Newspaper Controller, Vol. 27, No. 10 (July 1976), pp. 2–3, 10. The most significant characteristic of the profit planning procedure at the Chicago Tribune is management involvement. From the time when an original game plan is established until actual performance occurs, management participates and follows through. Without its support, even the most sophisticated planning systems would undoubtedly fail. Both long‐range‐planning and short‐term budget preparation are byproducts of management's basic strategy. The major goals include: (1) improved return‐on‐investment and revenue, and (2) an improved competitive position. The annual budget is the first step in reaching the long‐term objective. Budget preparation is delayed as long as is practicable, to give the most current results and provide a strong basis for forecasting. An initial estimate of total revenues is requested before the actual forecast is completed.