Ange Pala, the chief financial officer of a national tourist company, has become increasingly dissatisfied with the current budget process in the organisation. Much of her dissatisfaction relates to the amount of time and resources consumed in the budget process; the relatively poor efforts at estimating costs; and deciding where to focus attention for control purposes. At a recent seminar, Ange was introduced to the concepts of Beyond Budgeting.

Required

Identify three key principles of Beyond Budgeting and outline how they differ from more traditional budgeting principles.