CIMA define Beyond Budgeting as: “…the idea that companies need to move beyond budgeting because of the inherent flaws in budgeting especially when used to set incentive contracts. It is argued that a range of techniques, such as rolling forecasts and market-related targets, can take the place of traditional budgets”.

Required:

Discuss the extent to which you agree that the “inherent flaws in budgeting” are universal, and also the extent to which you agree that beyond budgeting ideas can take the place of traditional budgets.