Český finanční a účetní časopis 2013(3):99-109 | DOI: 10.18267/j.cfuc.373

The Concept of Budgeting in the non stable market environment

Jana Fibírová
Prof. Ing. Jana Fibírová, CSc. - profesorka; Katedra manažerského účetnictví, Fakulta financí a účetnictví, Vysoká škola ekonomická v Praze, nám. W. Churchilla 4, 130 67 Praha 3; <fibirova@vse.cz>.

The aim of the Beyond Budgeting concept is to recognize mutual interconnections and relations of budgeting process as a whole, to design the management model of a company operating in turbulent market environment and to specify the principles, rules and tools of the model. The Beyond Budgeting is the management model which emphasizes strategic goal setting, rolling budgeting and performance management based on both financial and nonfinancial indicators and on its relative analysis and evaluation. Budgets are recognized as a starting point of the whole management process improvement. Integrating budgets with the real management system enables to attract the managers' interest in budgets and to understand the linkage of budgets to the entire management system, i.e. to comprehend the integrating function of budgets.

Keywords: Budget; Management model; Company's adaptability; Executive managers' responsibility; Rolling budgeting; Relative evaluation criteria.
JEL classification: M41

Published: October 1, 2013  Show citation

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Fibírová, J. (2013). The Concept of Budgeting in the non stable market environment. Czech Financial and Accounting Journal, 2013(3), 99-109. doi: 10.18267/j.cfuc.373
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