If not, who does that?
This all varies a lot but in big companies there is “the business” that asks the cfo for the budget for projects to meet goals. Product should work closely with the business to get priorities set and funded.
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It depends on the company. A product manager role can vary quite a bit from company to company. In general, the PM will be consulted by a business/product owner on the budget but at some places the budget will be the PM’s responsibility.