Budgeting for performance
Today, there is little argument that all electric utilities are under intense pressure to meet increasing customer demands with fewer resources. To meet that challenge, they are re-examining many of their fundamental business processes, including budgeting and management control. In many respects, the budgeting and management control process - which determines how resources are allocated and managed - lies at the core of the change utilities must make to compete in the coming years. In a survey conducted to assess the best of budgeting processes the following principles were determined: Allocate resources in accordance with corporate strategic direction; Focus budgeting and management control on results, not just spending; Budget and manage total resources (capital and O M); Provide timely, relevant information in the right amount of detail; Create a change in individual behavior; and Focus the process outward, creating value for customers.
- OSTI ID:
- 6463444
- Journal Information:
- Electric Perspectives; (United States), Journal Name: Electric Perspectives; (United States) Vol. 18:6; ISSN 0364-474X; ISSN ELPED9
- Country of Publication:
- United States
- Language:
- English
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