Avoid Throwing the Baby Out with the Bath Water
First of all, regular budgeting is not to be confused with capital budgeting
Also we should differentiate budgeting as a tool for control and budgeting as a tool for planning.
In the latter role, budgeting is still a meaningful approach in dynamic environments.
Flexible and continuous budgeting, if properly applied, can handle the variations in the dynamic environment efficiently, and it may be used as a learning tool, too.
Static budgeting is associated with a predicatable, visible, stable environment, and it should not to be used in a changing environment.