Managing Finance Essay Example | Topics and Well Written Essays - 1500 words

Managing Finance - Essay Example It could also be defined as a financial a and quantitative statement prepared and approved prior to a defined period of time of the policies to be pursed during those periods. Beyond Budgeting (BB) is an alternative that is more adaptive and devolved. It replaces the budgeting model with a more adaptive and devolved alternative. Criticizing budgets is not new. But to define a set of principles, that guides leaders towards a new management model, that is lean, adaptive and ethical, is (Robin Fraser, Jeremy Hope). A budget is a too static instrument and locks managers into the past - into something they thought last year that it was right. To be effective in a global economy with rapidly shifting market conditions and quick and nimble competitors, organization have to be able to adapt constantly their priorities and have to put their resources where they can create most value for customers and shareholders(Juergen H. Daum). In order to do that, they need the right concepts, management processes and tools, concepts such as the Beyond Budgeting Management Model. The introduction of new management instruments such as the Balanced Scorecard, which help to better align the entire organization with corporate strategic objectives and to focus it on the essentials, has created the right foundation. Because if corporate strategy and the objectives are clear for all people in an organization, one can principally react faster to changing market conditions. But then the fixed budget comes into their way and prevents them from really doing the right things. Though what is often missing is a more flexible operational planning and control model. The Beyond Budgeting model wants to fill exactly this gap. NEEDS FOR BEYOND BUDGETING The management system's task is to institutionalize decisions through management processes on strategy adjustments, but also on adjustments of operational enterprise activities and resource utilization plans. This should enable the enterprise to continually control and optimize its short and long-term success in a dynamically changing enterprise environment. TECHNIQUES The goal setting technique: It should be based on agreeing external benchmark based targets, not on negotiating fixed targets. This is focusing mangers on beating the competition and not on meeting the budget. If the market goes up, a manager is still challenged to do better than competitors. The motivation and rewards technique: It should be based on recognizing and rewarding team-based success. Today, no single person can act alone in achieving specific targets for an organization. To reward people individually for reaching specific targets will create tension and mistrust in the organization, which is a recipe for bad performance. The strategy and action planning technique: It should be devolved to operating mangers and made continuous. It should not be managed centrally as an annual event. Only this way a company is able to use the know how from the people at the customer front to adapt fast and constantly to changing market needs. The resource utilization technique: It should be based on local access to resources (within agreed parameters), not on the basis on allocating them through annual budgets. Only this way frontline managers are able to act fast in front of threats and to

Sebastiao salgado genesi exbition Essay Example | Topics and Well Written Essays - 500 words

Sebastiao salgado genesi exbition - Essay Example To begin with, I would like to note that I was impressed by the black and white photographs that were presented in the exhibition. Just like other critics, I am strongly convinced that monochrome pictures allow our imagination attribute colours which makes them even more picturesque. Looking at those photographs, I imagined how interesting it was to actually be in those places and experience of the beauties of our planet first hand. To put it short, I was deeply moved by the message that was conveyed by the photographs: we should protect our Earth since it holds so many treasures. I would also like to dwell on recognition of the talent of the person in question. Some people might suggest that photography should not be regarded as a genuine art. Contrary to them, it is my strong belief that this is one of the most prominent modern arts that is able to capture one particular aspect of the world and present it in a rather moving way. It would not be a mistake to suggest that the photographs by Salgado altered in some way the objective description of the world. However, it is this lack of objectivity that urges people to take a look at the global issues from a new perspective. Genesis is logical continuation of work of this arts: prior to it he made similar projects about workers and migrants ("Sebastià £o Salgado. GENESIS"). In other words, one might suggest that Salgado is particularly interested in presenting the broad picture of the issue to the public. In addition to that, the artist wants to grasp the natural state of things in order to how had fragile they might be ("Sebastià £o Salgado: Genesis"). Every picture in the exhibition suggests that it is quite easy to lose the world as we know it. As one can easily understand, Sebastià £o Salgado is one of those individuals how was blessed by a broader outlook and a particular talent which makes him a great