Trading futures.

AuthorFraser, Robin
PositionLetters - Letter to the editor

In "Forward-looking finance" (July/August), Robert Shaw recommends avoiding the Beyond Budgeting movement and the balanced scorecard. But he is misinformed about the issues that Beyond Budgeting addresses and also about the reasons why the balanced scorecard so often fails. His implicit assumption is that companies can improve their existing--and, in our view, outdated--management models by adding new tools or improving existing ones, rather than changing the model itself.

The main focus of Beyond Budgeting is not budgeting. It is about transforming the traditional command-and-control management model (with fixed plans and performance contracts at its heart) into a new model that supports, not conflicts with, today's market conditions and competitive success factors. This requires a systemic model in which...

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