Budgets and bids are completely controlled by you. They can be adjusted at any time depending on how the ads are performing to get the most out of your campaign. Your budget is the amount you’re comfortable with spending on your campaign each day.
The maximum amount you are willing to pay for the bid is the MAX CPC (max-cost-per-click).
There are different types of bid strategies that you would choose in order to meet your business goals.
Automated bidding is also possible where machine learning algorithmically helps you set appropriate bids for each auction, this helps you get the most out of your budget.
ROAS – Return on Ad Spend – is a marketing metric that helps you get more conversion value or revenue on the return on ad spend. It helps you to evaluate which methods are working and helps you make informed decisions on where to invest your money and improve efficiency.
Google Performance Planner can help you forecast how your ads will perform in the next quarter, which can help you determine optimal bids and average daily budget allocations , and uses a combination of machine learning and account history in order to predict these.