Problem: How useful is traditional budgeting in today's business environment?
To support your discussion, critically review evidence from the literature and illustrate your points by providing appropriate examples from the literature. Take into account:
- Alternatives to traditional budgeting
- The influence of organisational culture
Suggested readings:
Hope, J. and Fraser, R. (2003) Who needs budgets? Harvard Business Review, February, pp. 108-115.
Howell, R. (2004) Turn your budgeting process upside down, Harvard Business Review, July, pp. 21-22.
Jensen, M. (2001) Corporate budgeting is broken - let's fix it, Harvard Business Review, November, pp. 94-101.
Libby, T. and Lindsay, R. M. (2010) Beyond Budgeting or Budgeting Reconsidered? A Survey of North American Budgeting Practice. Management Accounting Research, Issue 21, pp. 56-75.