It takes a lot of hard work to dismantle the budgeting process.
September 1, 2012
Everybody complains about budgeting, and almost everybody tries to do something about it. The companies profiled in this month's cover story have done something: they've scrapped the process once and for all ("Freed from the Budget"). Thanks to techniques like rolling forecasts and continuous planning, companies like Group Health Cooperative in Seattle and Holt CAT in Texas no longer have to submit to the arduous annual task of constructing a document that can depreciate in value faster than a new car. They can adapt more easily to changing market conditions and, in the words of Statoil executive Bjarte Bogsnes, "set targets that motivate and inspire people without all the gaming and pay negotiations." Read more...
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