Some argue that the purposes of budgeting can be achieved without the conventional budgeting process. These companies espouse an idea calledbeyond budgetingthat proposes to replace annual budgets with rolling forecasts of key performance indicators (Hope & Fraser, 2003). Others disagree, pointing out that the work of continuous planning is costlier than budgeting and that doing something continuously tends to make the process superficial. So, the jury is still out. But so far, GE still prepares budgets!

Question: Discuss whether the controversial concept of beyond budgeting is a better approach for financial planning and analysis (FP&A) than traditional budgeting?