Wednesday, May 6, 2020
International Conference on System Sciences
Question: Discuss about the International Conference on System Sciences. Answer: Introduction: The author of the paper has highlighted how old form of budgeting in a company is considered to be an old way to control the company. The process is very cumbersome and is a difficult way to reach a conclusion where ideas are often misplaced. The author also highlights how the process of budgeting can even be dangerous. The Author is of the view that it is dangerous because it might hinder adaptions of new situations as and when they arrive. If a company believes in its budget, it might become rigid, and if a company does not in its budget then whats the point of making one. The paper also talks about alternative ways by means of which one can control the company without the process of budgeting. The company should create a raw sheet which will provide critical indicators, ratios and both physical and financial measures (Hope, 2013). These indicators should be evaluated on a regular basis and all control actions that need to be taken should be done using these indicators. This will a llow the company to be more flexible and take up any situation which may arrive very easily. One such tool which the author highlights is the balanced scorecard which can provide all details about the situation in the company (Niemeyer, 2016). The author ends with the statement that one should not get pre-occupied with building these measures and should rather focus on the fundamental problems and situations in the company. I am of the belief that the approach is very practical and should be implemented by the companies of the future. However in exercising flexibility in monitoring and steering, the designing of key indicators of the company is important (Baiocchi, 2014). References Hope, J. and Fraser, R., 2013.Beyond budgeting: how managers can break free from the annual performance trap. Harvard Business Press. Niemeyer, C., Wagenknecht, T., Teubner, T. and Weinhardt, C., 2016, January. Participatory Crowdfunding: An approach towards engaging employees and citizens in institutional budgeting decisions. In2016 49th Hawaii International Conference on System Sciences (HICSS)(pp. 2800-2808). IEEE. Baiocchi, G. and Ganuza, E., 2014. Participatory budgeting as if emancipation mattered.Politics Society,42(1), pp.29-50.