{"id":11198,"date":"2020-01-28T13:08:00","date_gmt":"2020-01-28T19:08:00","guid":{"rendered":"https:\/\/blog.planview.com\/?p=11198"},"modified":"2020-02-27T12:32:20","modified_gmt":"2020-02-27T18:32:20","slug":"lean-budgeting-part-one-the-limitations-of-traditional-project-based-budgets","status":"publish","type":"post","link":"https:\/\/blog.planview.com\/lean-budgeting-part-one-the-limitations-of-traditional-project-based-budgets\/","title":{"rendered":"Lean Budgeting, Part 1: The Limitations of Traditional, Project-Based Budgets"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-11817 aligncenter\" src=\"https:\/\/blog.planview.com\/wp-content\/uploads\/2020\/01\/Lean-Budgeting-Part-One.jpg\" alt=\"Lean Budgeting Part One\" width=\"981\" height=\"552\" srcset=\"https:\/\/blog.planview.com\/wp-content\/uploads\/2020\/01\/Lean-Budgeting-Part-One.jpg 800w, https:\/\/blog.planview.com\/wp-content\/uploads\/2020\/01\/Lean-Budgeting-Part-One-300x169.jpg 300w, https:\/\/blog.planview.com\/wp-content\/uploads\/2020\/01\/Lean-Budgeting-Part-One-768x432.jpg 768w, https:\/\/blog.planview.com\/wp-content\/uploads\/2020\/01\/Lean-Budgeting-Part-One-750x422.jpg 750w\" sizes=\"auto, (max-width: 981px) 100vw, 981px\" \/><\/p>\n<p>Funding practices \u2013 the way businesses allocate budgets internally \u2013 are pretty important: They largely determine which projects get prioritized, how teams are structured, and how ROI is measured. If your organization is trying to implement agility at scale, you\u2019ll quickly discover that there are limitations to traditional, project-based budgets and their associated funding practices that must be addressed. It\u2019s not possible to truly achieve organizational agility without evolving these practices.<\/p>\n<p>The key to successfully scaling Agile is to align budgeting and funding practices with the business outcomes the organization is trying to drive. Enter: Lean budgeting.<\/p>\n<p>Lean-Agile budgeting practices help to decrease funding overhead and friction, while maintaining financial governance, and aligning budgeting practices with Lean-Agile goals. In this post, we\u2019ll share the limitations of annual, project-based budgets and how Lean budgeting practices help organizations overcome them.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/blog.planview.com\/lean-budgeting-part-one-the-limitations-of-traditional-project-based-budgets\/#The_Limitations_of_Annual_Project-Based_Budgets\" >The Limitations of Annual, Project-Based Budgets<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/blog.planview.com\/lean-budgeting-part-one-the-limitations-of-traditional-project-based-budgets\/#Tackle_project-based_budgeting_challenges_with_Lean_budgeting\" >Tackle project-based budgeting challenges with Lean budgeting<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"The_Limitations_of_Annual_Project-Based_Budgets\"><\/span><span lang=\"EN\">The Limitations of Annual, Project-Based Budgets<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>If you consider the key ideas behind Lean and Agile, it\u2019s not hard to see how planning on an annual, project-based basis might not align with your organization\u2019s goals.<\/p>\n<h3><span lang=\"EN\">Planning on an annual basis hinders agility.<\/span><\/h3>\n<p>Annual budgeting requires business units to present their ideas to the PMO in a 12-18-month cycle to plan the next year\u2019s work. These ideas are reviewed and prioritized based on perceived value delivery. Then teams are formed for each project and finally, they begin working, usually months (sometimes even years) after ideas first take root.<\/p>\n<p>Budgeting on an annual basis like this makes it incredibly difficult for organizations to truly achieve organizational agility: You can\u2019t adapt to meet the needs of your customers in real time if it takes a year to get projects funded. It\u2019s also hard to make truly timely, data-driven decisions when you have to make them 12-18 months into the future.<\/p>\n<p>There\u2019s also a considerable amount of time and energy involved in developing, communicating, reviewing, and approving ideas on an annual basis \u2013 time and energy that could be spent continuously delivering value.<\/p>\n<h4><span lang=\"EN\">The Lean Budgeting Difference: Continuous Delivery<\/span><\/h4>\n<p>Lean and Agile are rooted in the idea of continuous delivery: Planning, executing, and delivering work effectively, so that you can gather feedback quickly, and then repeat this cycle. Teams use the data they gather to determine how to prioritize work in the short-term.<\/p>\n<p><a href=\"https:\/\/info.planview.com\/7-stages-lean-budgeting-success-_ebook_lad_en_reg.html\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-11816 size-full\" src=\"https:\/\/blog.planview.com\/wp-content\/uploads\/2020\/01\/planview-7-stages-800x200-BLOG-1.jpg\" alt=\"\" width=\"800\" height=\"200\" srcset=\"https:\/\/blog.planview.com\/wp-content\/uploads\/2020\/01\/planview-7-stages-800x200-BLOG-1.jpg 800w, https:\/\/blog.planview.com\/wp-content\/uploads\/2020\/01\/planview-7-stages-800x200-BLOG-1-300x75.jpg 300w, https:\/\/blog.planview.com\/wp-content\/uploads\/2020\/01\/planview-7-stages-800x200-BLOG-1-768x192.jpg 768w, https:\/\/blog.planview.com\/wp-content\/uploads\/2020\/01\/planview-7-stages-800x200-BLOG-1-750x188.jpg 750w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/a><\/p>\n<h3><span lang=\"EN\">Temporary teams rarely achieve high levels of performance<\/span><\/h3>\n<p>Another limitation of annual, project-based budgeting? Project-based budgeting makes it difficult to achieve higher levels of teamwork and collaboration. This is because it relies on short-lived working relationships: When an idea is prioritized, a temporary team is assembled to make it happen. One person might be part of several such temporary teams, which can each include entirely unique people, making it hard to form close working relationships. When the project is over, the team disbands.<\/p>\n<p>Tuckman\u2019s stages of group development is a framework that might explain how this can have a negative impact on morale. This framework says that groups have to go through each of these stages in order to unlock higher levels of performance and problem solving. The stages are:<\/p>\n<ul>\n<li>Forming<\/li>\n<li>Storming (experiencing conflict)<\/li>\n<li>Norming (learning how to resolve that conflict)<\/li>\n<li>Performing (working together toward a common goal)<\/li>\n<\/ul>\n<p>Since project-based teams are temporary, they might only ever<em> form<\/em> and <em>storm<\/em> \u2013 never experiencing the more gratifying experiences of <em>norming<\/em> and <em>performing<\/em>. You probably know from experience what it\u2019s like to struggle to work with someone, until you develop a deeper understanding of who they are, how they work, and the specific skills they offer. After working together, you realize that the things that make you different, actually make you stronger as a team.<\/p>\n<p>Sometimes, teams won\u2019t even get to the storming stage before the project ends \u2013 people are less likely to suggest big changes to or critically analyze the work of people (or the project outcomes itself) they don\u2019t know well. This is unfortunate for everybody, because it means the team never actually experiences any of the benefits of collaboration, all of which are reliant on some degree of (healthy) conflict.<\/p>\n<h4><span lang=\"EN\">The Lean Budgeting Difference: Stable Teams of Teams<\/span><\/h4>\n<p>A value stream (or Line of Business) is defined as an end-to-end business process and the associated steps an organization takes to deliver customer value, or it may refer to a line of business that delivers value, typically a product or solution, to a customer.<\/p>\n<p>Regardless of how an organization is currently defining a value stream, the purpose of organizing by value stream is generally the same: to deliver products and solutions beyond potentially disjointed project-based delivery. By aligning work and funding to delivery, value is created and managed more effectively.<\/p>\n<p>So rather than trying to fund individual projects, the Lean approach allocates budgets to value streams, with guardrails to define spending policies, guidelines, and practices for that portfolio. This allows for flexibility, autonomy, and speed within each value stream, while maintaining cohesion across the portfolio.<\/p>\n<p>Budgeting decisions are made within each value stream, by the teams within them. Lean-Agile teams are long-lived and self-organizing, meaning that:<\/p>\n<ul>\n<li>Teams successfully reach the norming and performing stages of group development and unlock higher levels of collaboration<\/li>\n<li>Teams form stronger working relationships, resulting in higher work quality and better morale<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Tackle_project-based_budgeting_challenges_with_Lean_budgeting\"><\/span><span lang=\"EN\">Tackle project-based budgeting challenges with Lean budgeting<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As you can see, traditional cost accounting practices are misaligned and counter-intuitive to Lean-Agile delivery. Fortunately, there is a way to maintain financial and appropriate governance while also minimizing the overhead of traditional project-based funding and cost accounting: Lean budgeting.<\/p>\n<p>With Lean budgeting, enterprises can have the best of both worlds: a value delivery process that is far more dynamic and responsive to market needs, as well as clear visibility to and accountability of spending. To learn more, download the full eBook, &#8220;<a title=\"\" href=\"https:\/\/info.planview.com\/7-stages-lean-budgeting-success-_ebook_lad_en_reg.html\" target=\"_blank\" rel=\"noopener noreferrer\">7 Stages to Lean Budgeting Success<\/a>.&#8221;<\/p>\n<p>Read part two of this series <a href=\"https:\/\/blog.planview.com\/lean-budgeting-part-2-the-lean-agile-approach-to-funding-and-delivery\/\">here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Funding practices \u2013 the way businesses allocate budgets internally \u2013 are pretty important: They largely determine which projects get prioritized, how teams are structured, and how ROI is measured. If your organization is trying to implement agility at scale, you\u2019ll quickly discover that there are limitations to traditional, project-based budgets and their associated funding practices&#8230;<\/p>\n","protected":false},"author":136,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_editorskit_title_hidden":false,"_editorskit_reading_time":0,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","footnotes":""},"categories":[521],"tags":[5262],"class_list":["post-11198","post","type-post","status-publish","format-standard","hentry","category-lean-agile","tag-lean-and-agile-delivery"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.8 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Lean Budgeting, Part 1: Limitations of Traditional Budgets - Blog | Planview<\/title>\n<meta name=\"description\" content=\"The key to successfully scaling Agile is to align budgeting and funding practices with the business outcomes the organization is trying to drive.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blog.planview.com\/lean-budgeting-part-one-the-limitations-of-traditional-project-based-budgets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lean Budgeting, Part 1: The Limitations of Traditional, Project-Based Budgets\" \/>\n<meta property=\"og:description\" content=\"The key to successfully scaling Agile is to align budgeting and funding practices with the business outcomes the organization is trying to drive.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/blog.planview.com\/lean-budgeting-part-one-the-limitations-of-traditional-project-based-budgets\/\" \/>\n<meta property=\"og:site_name\" content=\"Planview Blog\" \/>\n<meta property=\"article:publisher\" content=\"http:\/\/www.facebook.com\/pages\/Planview-Inc\/89422974772\" \/>\n<meta property=\"article:published_time\" content=\"2020-01-28T19:08:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-02-27T18:32:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/blog.planview.com\/wp-content\/uploads\/2020\/01\/Lean-Budgeting-Part-One.jpg\" \/>\n<meta name=\"author\" content=\"Brook Appelbaum\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Planview\" \/>\n<meta name=\"twitter:site\" content=\"@Planview\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Brook Appelbaum\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/blog.planview.com\/lean-budgeting-part-one-the-limitations-of-traditional-project-based-budgets\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/blog.planview.com\/lean-budgeting-part-one-the-limitations-of-traditional-project-based-budgets\/\"},\"author\":{\"name\":\"Brook Appelbaum\",\"@id\":\"https:\/\/blog.planview.com\/#\/schema\/person\/a188964a3dc512a9f4cf51ed4b6dfe57\"},\"headline\":\"Lean Budgeting, Part 1: The Limitations of Traditional, Project-Based Budgets\",\"datePublished\":\"2020-01-28T19:08:00+00:00\",\"dateModified\":\"2020-02-27T18:32:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/blog.planview.com\/lean-budgeting-part-one-the-limitations-of-traditional-project-based-budgets\/\"},\"wordCount\":983,\"publisher\":{\"@id\":\"https:\/\/blog.planview.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/blog.planview.com\/lean-budgeting-part-one-the-limitations-of-traditional-project-based-budgets\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/blog.planview.com\/wp-content\/uploads\/2020\/01\/Lean-Budgeting-Part-One.jpg\",\"keywords\":[\"Lean and Agile Delivery\"],\"articleSection\":[\"Enterprise Agile Planning\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/blog.planview.com\/lean-budgeting-part-one-the-limitations-of-traditional-project-based-budgets\/\",\"url\":\"https:\/\/blog.planview.com\/lean-budgeting-part-one-the-limitations-of-traditional-project-based-budgets\/\",\"name\":\"Lean Budgeting, Part 1: Limitations of Traditional Budgets - 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