How do forecasts differ from budgets?

If we update our view of the future more frequently and don’t confine it to the financial year it is obvious that this will be more useful than traditional annual budgets based on the financial year. So, you might think, forecasts are like budgets but done more...

Traditional Budgeting: what are the alternatives?

It is difficult to defend traditional budgeting, so even those who worry about not having budgets don’t try to. Instead they argue that the problems are not with budgeting – it is to do with the way that they are produced. We don’t need to change budgeting; we...