How many people in your organization love the annual budgeting process? Probably none. The mere mention of the word "budget" raises eyebrows and evokes cynicism. It should. That's because the agonizing annual budget process may include:

The annual budget is steeped in tradition, yet the effort of producing it heavily outweighs the benefits it supposedly yields. How can budgeting be reformed? Or should the budget process be abandoned altogether because its inflexible fixed social contract incentives to managers drives behavior counter to the organization's changing goals and its unwritten "earnings contract" with shareholders? And, if the budget is abandoned, what should replace its underlying purpose?

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