Companies cannot control the future any more than people can control a hurricane. What they can do, however, is closely monitor conditions so they can be better prepared for the storm when it does strike. Forecasting in business works the same way. The idea is to protect or invest assets to achieve the best possible outcomes given the economic weather.

Accurate forecasting is difficult in today's economic environment, particularly for those who are preparing for the annual budgeting ritual. In most companies, budgeting efforts are premised on underlying assumptions about the future environment, the levels of sales and related activities, and the expected prices of key commodity inputs. Unfortunately, these days it is harder to make accurate assumptions.

DuPont created it, McKinsey institutionalized it, Drucker overlooked it. Now, the tale of the overdue death of an infamous control process.

When Col. John Boyd devised the "OODA Loop," an approach to air-to-air combat that was later used as a much broader military strategy, he was focused on improving U.S. pilots' performance in combat. Now, however, the principles of OODA, which stands for "observe, orient, decide, and act," are being applied to business situations.

IES CFO Randy Guba, a graduate of GE's legendary financial management program, tells how market-based realignment and functional integration turned a troubled agglomeration of 27 companies into an industry powerhouse.

Author and lecturer Jeremy Hope received the Charles Horngren Visionary Award, which recognizes leadership in the Beyond Budgeting Round Table (BBRT) movement, at the BBRT's 8th annual conference.

Steve Player, North American Program Director for the Beyond Budgeting Round Table (BBRT) and blogger on the Big Fat Finance Blog, shares his observations from BBRT's annual conference.

Has the downturn helped or hampered tax executives' quest for a more strategic and proactive role? What tactics and technologies are tax leaders embracing to steer through economic turmoil? Help us track the forces shaping today's tax departments by participating in this 10-minute survey. All of the information you provide will be kept strictly confidential. The results will be presented in an upcoming issue of Business Finance. If you respond by June 26, you'll be entered into a drawing for one of two $100 Visa gift cards!