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Zero Based Budgeting as a cost reduction tool
03/26/2015
Under Zero Based Budgeting managers are required to start from scratch every year to develop a budget. This imposes a discipline and new level of frugality on managers, and makes them examine each item in the budget expenses for its purpose and what it accomplishes, forces managers to ask if it is wasteful, and whether it can be done in a more cost effective way or eliminated entirely. Experts say employees have to be trained to understand how to use the method. It was first introduced in business the 1970's, and was a method U.S. president Carter supported in federal government department budgets. It is being reintroduced in 2014-2015.
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