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How Beyond Budgeting Model Can Overcome Traditional Budgeting's Criticisms and whether it's the Way to Forward to Adaptive Mana - Dissertation Example

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How Beyond Budgeting Model Can Overcome Traditional Budgeting's Criticisms and whether it's the Way to Forward to Adaptive Mana

decentralised teams 26 2.6.3 Performance measurement 26 2.7 Changes in the Organisation with the adaptation of Beyond Budgeting 28 2.8. Summary 32 3.0. RESEARCH METHODOLOGY 33 3.1 Introduction 33 3.2 Research Overview 33 3.3 Research Philosophy 34 3.4 Research Approach 34 3.5 Research Methods 35 3.6 Research Strategy 36 3.7 Research Design 36 3.8 Data Collection Method 37 3.9 Data Collection Method 37 3.10 Analysis Method 37 3.10 Reliability of Research 38 3.11 Limitations 38 3.12 Summary 39 4.0 FINDINGS AND ANALYSIS 40 4.1 Introduction 40 4.2 Case Analysis 40 4.2.1 American Express 40 4.2.2 Case Analysis of Aldi 44 4.2.3 Case Analysis of UBS Wealth Management and Business Banking 45 4.2.4 Case Analysis of Guardian Industries Corporation 46 4.2.5 Case Analysis of SpareBank 1 54 4.3 Summary 61 5.0 DISCUSSION 62 6.0 CONCLUSION AND RECOMMENDATION 68 6.1 Conclusion 68 6.2 Recommendations: 72 7. List of References 73 1. INTRODUCTION 1.1 Overview Budgeting is one of the most important tools for managers and it has been regarded as the cornerstone of the management accounting system by Hasnen, Otley, and Stede (2003). Budgeting is a tool that is used by mangers as a blueprint for their future actions. Budgeting is used by organisations to analyse how the firm is performing and how it is expected to perform in the time to come. In some organisations, this tool is also known as the annual planning process. Budgeting has been one of the most commonly used methods by managers and it has been used in different parts of the world. However, with the passage of time there have been several discrepancies and inconsistencies found in the budgeting process and traditional methods used by managers for budgeting and this has raised questions regarding the reliability and effectiveness of budgeting process (Ostergren and Stensaker, 2011). One of the major purposes of budgeting is that it allows the company to analyse how it is able to achieve and meet its objectives. With proper and effective use of budgeting techniques, an organisation is able to improve its profits and reduce its unnecessary expenses. There can be different purposes for using budgeting and some of the most important purposes of using budgeting techniques include: forecasting financial statements, controlling costs and expenses, managing and predicting cash flows, resource planning, communication plans etc (Becker, Messner, and Schaffer, 2010). Organisations may use budgeting for more than one of these above reasons and it is up to the management how they adopt these techniques as there have been several firms that have adapted and have achieved benefits of using these techniques. Besides the advantages and benefits that budgeting techniques offer, these techniques have several limitations that limit and reduce the importance of such techniques. Organisations have been planning to improve these techniques and therefore there has been sufficient research on this topic (Linder and Weber, 2005). Budgeting techniques are not only used for one department or one product that the company is offering. With the use of budgeting technique an organisation is able to identify the cash inflows and outflows from different departments or products that the company offers. By using these data, the management can be able to better analyse the situation and take decisions accordingly. Therefore it has been used by management as a planning tool for years (Drury, 2008). 1.2 Background The traditional budgeting approach is a combination top down and bottom up ...Show more


Table of Contents 1. INTRODUCTION 3 1.1 Overview 3 1.2 Background 4 1.3 Significance of the Research Study 9 1.4 Aim and Objectives of the Research Study 10 1.5 Summary 10 2. LITERATURE REVIEW 11 2.1 Introduction 11 2.2 Budgeting and its imperatives 11 2.3…
Author : kelsie58
How Beyond Budgeting Model Can Overcome Traditional Budgetings Criticisms and whether its the Way to Forward to Adaptive Mana essay example
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