Question

What is the main argument of "Beyond Budgeting"?

Answer 1

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What is it? Beyond budgeting is the principle whereby companies need to move beyond budgeting because of the inherent flaws in budgeting, especially when used to set contracts. It proposes that a range of techniques, such as rolling forecasts and market-related targets, can take the place of traditional budgeting.

Answer 2

Answer:

firms today need to be more flexible and responsive to deal with unpredictable change, hyper competition and increasingly fickle customers.

Explanation:

Although there are 12 principles to beyond budgeting, they are completely new principles, not ones added to the traditional principles.

Although CEO of General Electric states that budgets should never have existed, "Beyond Budgeting" still argues that budgets should be made more flexible instead, not eliminated.

"Beyond Budgeting" entails a shift from a performance emphasis on numbers to one based on people and institutional arrangements, and have nothing to do with operating and cash budget.