Beyond budgeting, Strategic Management

Assignment Help:

A philosophy that believes traditional or conventional budgeting methods are of little use to management, however beyond budgeting does not believe that budgeting within organisations should be banned altogether. Hope and Fraser argued that the traditional approach to budgeting should be abandoned for the following reasons:

  • The budget process is too rigid and requires conformance to it with not enough flexibility. With the constantly changing business environment, managers need to be having more up to date information to help them make decisions.
  • The budget process is often too bureaucratic, internally focussed and time consuming.

Fixed budgets donot work today. A budget is a too static an instrument and locks managers into past, something they thought last year which it was right.  Managers instead are required to be able to adapt constantly their priorities as well as put their resources where they can create most value for shareholders andcustomers.


Related Discussions:- Beyond budgeting

Vikash kumar, social responsblities of strategic decision maker

social responsblities of strategic decision maker

Prepare a short notes on normal distribution, Problem 1: a. Prepare a s...

Problem 1: a. Prepare a short notes on Normal distribution. b. The probability that an employee getting occupational disease is 20%. In a firm having five employees, what is th

Macroeconomic effects of crisis, Central banks had been supplying short-ter...

Central banks had been supplying short-term funding to smooth needed adjustments in the banking sector, but that alone could not stem bank losses. So what had been addressed as a l

Focused factories - limited vertical integration, Focused Factories - Limit...

Focused Factories - Limited Vertical Integration Japanese companies prefer specialisation (derived from Adam Smith's theories on division of labour), with a limited or focused

Successful business teams, 1 Explain the characteristics of successful busi...

1 Explain the characteristics of successful business teams 2 Explain the importance of team roles in successful business teams 3 Examine the value of using theoretical models whe

Situation Analysis, Is someone in this field able to consult with me on a S...

Is someone in this field able to consult with me on a Situation Analysis I am currently working on?

sales of y and the price of x, (a)    What is the estimated equation of th...

(a)    What is the estimated equation of the model:                 SALES(Y) = b  + b PRICE(X)? (b)    What sort of relationship exists among SALES OF Y and the PRICE OF X? Do

The strategic option of withdrawal might be considered where, An organizati...

An organization is unable to secure enough resources or competence.

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd