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Corporate
Budge
in g Is Broken
Lets Fi x It
Traditiona l budgeting
processes wast e time ,
distort decisions,
and turn honeS t managers into
It doesnt have to be that way-
if youre willing to
the tie s between
and compensatio n
by Michael C.Jensen
NOVEMBER 200 1 95
Corporate Budgetin g Is Broke n - Lets Fix It
ORPORATE BUDGETING IS A JOKE, and goals, two things inevitably happen . First, they attempt
everyone knows i t It consumes a huge amount to set low targets that are easily achievable. Then, once
of executives time , forcing them into endless the targets are in place, they do whatever it takes t o see
Crounds of dull meetings and tense negotiations . that they hit them , even if the company suffers as a result.
It encourages managers to lie and cheat, lowhalling tar- Only by severing th e link between budget s and
gets and inflating results, and it penalizes them for telling bonuses-by rewarding people purely for their accom-
the truth . It turn s business decisions into elaborate exer- plishments, not for their ability t o hit targets - will we take
cises in gaming. It sets colleague against colleague, creat- away the incentive t o cheat Only then will we eliminate
ing distrust and ill will. And
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