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Analysis of Beyond Budgeting by Jeremy Hope

Budgeting underlies nearly all major companies in the world. Over the years of existence it has turned into a long, costly, and little useful procedure – a kind of contract with the specified performance. The leaders are trying to achieve desired results at all costs, in many cases making deals with conscience, and trampling on ethics. But few have the determination to give up budgeting.

The authors of the book Beyond Budgeting, Jeremy Hope and Robin Fraser, had enough determination to give up budgeting. They set out a coherent alternative to the concept of management, which overcomes many of the limitations of traditional budgeting. This is not a set of tools to address specific budget or other problems; it is not a book of recipes. This is a clear, balanced system, revising the traditional approaches for improving business performance.

In the book Beyond Budgeting, author Jeremy Hope presented a completely different conceptualization of the importance of budgeting on effective management. In the book he pointed out that it is significant to have better and well-thought out budgeting plans not to sacrifice the decisions of management and in the end, the efficient performance of an organization or company. Jeremy Hope wanted to compose a strong argument showing the connection of budgeting with management. He managed to do that by concentrating his attention on the beginning, but essential factors of budgeting in a more comprehensible way. The book consists of three parts: the first one is an analysis of budgeting; the second one is the analysis of management; and the third one is the analysis of the role that budgeting has on effective management.

One of the revolutionary ways the budgeting was transformed in the book was by assigning the concept of performance management process. Thus, by changing the commonly known budgeting into performance management process, budgeting has stopped being a financial process and term. The change in the terminology also led to the weakening of negative connections of budgeting, like it is being too expensive and cumbersome, not meeting the needs of executives and operating managers, etc.

According to Hope, the area of management is affected by budgeting a lot. He cites examples when budgets become fixed performance contracts, which need to be achieved without much thought about its final effects on the performance of the company.

Budgeting underlies nearly all major companies in the world. Over the years of existence it has turned into a long, costly, and little useful procedure – a kind of contract with the specified performance. The leaders are trying to achieve desired results at all costs, in many cases making deals with conscience, and trampling on ethics. But few have the determination to give up budgeting.

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Assignment ID
100002852
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CREATED ON
November 9, 2016
COMPLETED ON
November 10, 2016
Price
$12
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Essay Example Comments
Janeee
June 19, 2015
Janeee
Yet another fantastic job done on a rather difficult paper. I will most definitely use this writer in the future. Thanks again for the great paper.
ned94
June 19, 2015
ned94
Very well written!
R00fer
June 19, 2015
R00fer
Excellent! Just what I asked for.