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In this course, you'll explore the basic principles and functions of budgets. You'll learn about the problems associated with traditional budgets and discover how adaptive planning and control offers a more flexible alternative to traditional budgeting. You'll also learn about how replacing fixed targets with benchmarks based on key performance indicators can encourage a more entrepreneurial organization.

Virtual short courses do not include materials or headsets.

  • The high-level purpose of budgeting
  • History of traditional budgeting
  • Costs and problems associated with traditional budgeting
  • Characteristics of adaptive planning and control
  • Principles for moving beyond traditional budgets

  • All professionals

1. Introduction

  • What Is a Budget?
  • What Is Budgeting?
  • High-Level Purpose of Budgeting
  • Functions of Budgeting
  • History of Traditional Budgeting
  • Types of Budgets

2. Typical Budgeting Process

  • Cost of Budgeting
  • Problems with Budgeting
  • Traditional Budgeting is Rigid
  • Rigid Budgeting Impedes Innovation
  • Fixed vs. Relative Outlook

3. Adaptive Planning and Control

  • Characteristics of Adaptive Planning and Control
  • Key Performance Indicators
  • Rolling Forecasts
  • Targets
  • Effects

4. Moving Beyond Traditional Budgets

  • Twelve Principles for Moving Beyond Budgets
  • Leadership Principles
  • Process Principles
  • Moving from Traditional Budgeting to a New Model

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