THE CLOSED LOOP
The CAM0I Activity-Based Planning and Budgeting Interest Group consists of managets of budgeting processes, consultants to enterprises developing and using budgets, planning and budgeting software developers and and academics. All were dismayed by the abysmal state of budgeting as they keenly felt many of the problems with current practice. This book contains their thoughts and new approach.
Although current budgeting practices and processes have many problems, the budget is here to stay.
The Closed-Loop Model reflects a powerful new budgeting approach that speaks to many of the problems associated with traditional budgets and budgeting processes while retaining and enhancing the benefits obtained from the process.
Stephen C. Hansen is an Assistant Professor of Accounting at The George Washington University. His research focuses on the design of management accounting systems.
Robert G. Torok is a Managing Consultant with IBM Business Consulting Services, based in Toronto, Canada. He has been consulting in the field of cost management since the late 1980c, and is a frequent conference speaker on the subject.