Final Answer:
True. Kaizen budgeting aims to continuously improve processes, including activities like setups, to reduce time and costs.
Step-by-step explanation:
Kaizen budgeting is aligned with the principles of continuous improvement. It involves making incremental changes to enhance efficiency, quality, and cost-effectiveness. In the context of setups, Kaizen budgeting can indeed be applied to reduce both setup time and associated costs. The process involves setting specific goals for improvement, allocating resources accordingly, and encouraging employees to contribute ideas for enhancing the setup process.
By fostering a culture of continuous improvement, Kaizen budgeting helps organizations adapt to changing conditions and optimize various aspects of their operations. Therefore, the statement is true, as Kaizen budgeting is applicable to activities like setups with the objective of reducing time and costs.