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Evolution of the Epistemology of Beyond Budgeting Through Time - Essay Example

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An essay "Evolution of the Epistemology of Beyond Budgeting Through Time" reports that the basic thinking in beyond budgeting is that traditional systems for management control that focus on budgets are too inflexible for companies that live in dynamic environments…
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Evolution of the Epistemology of Beyond Budgeting Through Time
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Download file to see previous pages In the alternative paradigm that beyond budgeting represents, innovation is the fulcrum of all action and strategy, and the focus is on the empowerment of employees through greater sharing of information and knowledge, to enable individual employees to contribute more to organizational success through creativity, innovation, and the achievement of demanding targets rather than following rote and prescribed paths for behavior and performance. There is an emphasis on decentralization, greater leeway for decision-making at the employee level, and on culling best practices from various organizations and contexts and adapting those best practices to work for individual firms. There is a focus on budgets that are rolled and adjusted within a calendar year, usually on a quarter by quarter basis, and on the continuous refocusing and the tweaking of plans to make sure that there is a dynamism in the way the company sets targets and adjusts resources allocations to respond adequately to external developments. The focus shifts away too from the management of numerical targets that is the case in traditional budget-based management control paradigms to the creation of value in beyond budgeting paradigms (Kaplan Financial Limited 2012; Michael and Technical Information Service 2007; Daum 2002; Beyond Budgeting Institute n.d.; Hope and Fraser 2003, pp. 3-17). Literature from as far back as 1995 have been pointing out the limitations and shortcomings of traditional budgets to include their inflexible nature and the lack of adaptive mechanisms in traditional budgeting exercises as management control system protocols and tools in order to effect management at the very heart. Budgets were used to be the main level of management control. ...Download file to see next pagesRead More
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