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Beyond Budgeting: How Managers Can Break Free from the Annual Performance Trap Hardcover – April 11, 2003

ISBN-13: 978-1578518661 ISBN-10: 1578518660

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Product Details

  • Hardcover: 336 pages
  • Publisher: Harvard Business Review Press (April 11, 2003)
  • Language: English
  • ISBN-10: 1578518660
  • ISBN-13: 978-1578518661
  • Product Dimensions: 0.8 x 6.8 x 9.2 inches
  • Shipping Weight: 1.2 pounds (View shipping rates and policies)
  • Average Customer Review: 4.2 out of 5 stars  See all reviews (10 customer reviews)
  • Amazon Best Sellers Rank: #137,170 in Books (See Top 100 in Books)

Editorial Reviews

Review

"Beyond Budgeting is a must-read for anyone interested in seeing the future of performance management." -- Planning Perpectives, Issue #29, September 23, 2003

From the Inside Flap

"Beyond Budgeting distills the new management model for the Information Age. This is a book for leaders with the courage and insight to sweep away an enervating management dogma and release the latent wealth in their organizations."
—Gregor Pillen, EMEA Head of Financial Management Solutions, IBM Business Consulting Services

"Hope and Fraser blast away the ‘old’ budget approach in Beyond Budgeting. Their thorough analysis and synthesis of many successful business cases writes the blueprint for competitive success in the current turbulent hypercompetitive economic environment."
—Michel J. Lebas, Professor of Management Accounting, H.E.C. School of Management, France

"Hope and Fraser brilliantly expose what lies at the heart of most failed attempts to foster corporate agility and innovation—the ‘fixed performance contract’ and the low trust mindset in which it is set. Beyond Budgeting is a true paradigm shift!"
—Steve Morlidge, Unilever Bestfoods UK

"Beyond Budgeting has inspired UBS not only to shift its focus away from traditional, detailed budgets but also to take the next steps and implement plans with adequate levels of detail; and further redirect its focus toward trend analysis, scenario planning, and rolling forecasts."
—Peter Thurneysen, UBS AG, Head Group Controlling & Accounting


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Most Helpful Customer Reviews

9 of 10 people found the following review helpful By Bas Vodde on February 20, 2010
Format: Hardcover Verified Purchase
"Beyond Budgetting" describes a new way of managing your organization and its performance, a way without having budgets. Not having budgets does not mean chaos, it does not mean no control or visibility, it means using different organizational structures to manage the performance and resource distribution within your organization.

The book consists of four parts. The first part describes budgeting and the problems that are inherent to the budgeting process. It introduces an alternative based on what several companies have done, with the prime example being the Swedish Handelbanken. It splits the beyond budgeting concept it two adaptive process for managing performance and radical decentralization. These are covered in the next two parts.

The second and third part describe the two legs of beyond budgeting. The structure of the chapters is similar. The first chapter describes three cases of organizations that implemented these and similar concepts. The second chapter covers the principles while the last chapter in each part covers hints for implementation.

The adaptive process for managing performance suggests to set relative targets, decouple rewards from target setting, provide resources on request, and provide up to date and transparent information to everyone within the organization. Radical decentralization is build on top of this and recommends to empower people close to customers to make the decisions, work within teams and create an open and transparent information system that supports these people to make local decisions.

The last part of the book contains two chapters. The first one describes tools (and could have been left out from my perspective, didn't added much to the rest of the book).
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9 of 10 people found the following review helpful By Johan Løvlie on July 1, 2004
Format: Hardcover
This book does capture the findings from the work of Beyond Budgeting Roundtable in a excellent way. The cases in the book are real and are brilliant proofs of the fact that it is possible to run even a large corporation with out traditional budget models. I'm really looking forward to the follow up.
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5 of 5 people found the following review helpful By Stephen Parry on January 11, 2009
Format: Hardcover
This book and its associated Harvard Business Review articles (by Hope and Fraser) from 2003 has not attracted the attention it deserves.

When this was written it was seen as the antidote to the endless budgeting cycle based on the 'prediction' fallacy and the ensuing corporate gaming they create.

All of us have said at one time or another this process (budgeting negotiation etc.) is a joke, but we all continue to play our part in maintaining the joke, playing the game, fighting for survival in a world created by the madness of the corporate budgeting processes.

Hope and Fraser have clearly demonstrated that the current process is not only wasteful in terms of human effort but downright detrimental the the enterprise, employees and customers. They go further and show us all a way out of the trap.

There is an alternative, but it needs study and it needs more companies other than the ones illustrated in the book to lead the way. Only then can we change the current paradigm where 'Accepted ideas are no longer competent and competent ideas are not yet acceptable'
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13 of 16 people found the following review helpful By "moshe_gfkl" on December 29, 2003
Format: Hardcover
As a business consultant with many years experience in budgeting, I found this a very useful overview of a relatively new topic in finance. The authors clearly show the limitations of the traditional budgeting process and present a comprehensive alternative.
However, while the book brings many examples from real companies, many of the ideas still seem a little conceptual and difficult to imagine how they would actually work in practise.
This book will certainly interest anyone seriously involved in budgeting.
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5 of 6 people found the following review helpful By Robert Morris HALL OF FAMETOP 100 REVIEWERVINE VOICE on November 16, 2006
Format: Hardcover
Given what Hope and Fraser perceive to be an obsolete core management model driven by the annual budgeting process, they offer an alternative to that model. It is based on "the decision-making needs of front-line managers [as well as] a coherent set of alternative processes that support relative targets and rewards, continuous planning, resources on demand, dynamic cross-company coordination, and a rich array of multilevel controls." In Part I, they explain how to break free from the annual "performance trap" and how this trap is sprung whenever managers are pressured to meet fixed targets by fixed dates. They provide an overview of two opportunities to think and act "beyond budgeting." In Part II, they examine the first opportunity and explain how a number of organizations have used beyond budgeting principles to implement more adaptive processes. Then in Part III, they examine the second opportunity and explain how and why abandoning the traditional (and ineffective) budgeting process can help to achieve what they characterize as "radical decentralization." In the last Part, Hope and Fraser examine how and why the adaptive and decentralized organization (as opposed to one with a traditional budgeting process) "meets the vision of business leaders in the 21st century."

Of special interest to me is what Hope and Fraser have to say about the differences between the fixed performance contract (FPC) and the relative improvement contract (RIC).
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