The master budget for a company generally consists of three major pieces.
The first is the operating budget that builds off sales projections and eventually results in a complete production budget.
The second piece is the financial budget that is a representation of the financial results that the company could expect if the budget is met.
The final piece in the master budgeting process is the Capital Budget, also called the Capital Expenditures Budget or the Capital Investment Budget. Often, companies have an entire department dedicated to capital planning.