New hope for executives: Life without a budget

• Publisher: John Wiley and Sons
• Year: 1999
• Weight: 222 KB
• Volume: 1999
• Category: Article
• ISSN: 1087-8149
• DOI: 10.1002/ltl.40619991410

✦ Synopsis

t may be the most onerous task I managers face: the annd ritual of preparing a budget, then having their numbers rolled into a corporate plan, handed back to them, and scrutinized throughout the plans is not only frustrating, it also consumes as much as 20 percent of executives' time, accordrng to one S t u d y . yeat. preplringand matll%ing these Opemtmg without a fixed financial plan sounds impossible to many But inn-companies in Eu~ope am showing that it is not only possible but necessary for competitive fitness, according to researchers Tony and Jeremy Hope, brothers and coauthors of Competing in the Third W a v e and 'ftansforming the Bottom Line. Tony Hope is a visiting professor of accounting at INSEAD and Manchester Business School, while Jeremy Hope is a consultant with Fraser Hope Associates inEngland and the Consortium for Advanced Manufacturing International