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1、McKinseyonFinancePerspectivesonThecrisis:Timingstrategicmoves1CorporateFinanceTimingiskeyascompaniesweighwhethertomakestrategicinvestmentsnoworandStrategywaitforclearsignsofrecovery.Scenarioanalysiscanexposetherisksofmovingtooquicklyorslowly.Number31,Just-in-timebudgetingforavo
2、latileeconomy6Spring2009Avolatileeconomymakestraditionalbudgetsobsoletebeforethey’reevencompleted.Here’showcompaniescanadaptmorequickly.Thefutureofprivateequity11Thesefundsfaceacredit-constrainedworld;theymustadapttothrive.Thevoiceofexperience:Publicversusprivateequity16Fewdire
3、ctorshaveservedontheboardsofbothprivateandpubliccompanies.Thosewhohavegivetheirviewshereaboutwhichmodelworksbest.TheeconomicimpactofincreasedUSsavings22USconsumersarespendinglessandsavingmore.Theeconomicimpactofthatcombinationwilldependuponhowfastincomesgrow.Openinguptoinvestor
4、s26Executivesneedtoembracetransparencyiftheywanttohelpinvestorsmakeinvestmentdecisions.Butwhatshouldbedisclosed?6Just-in-timebudgetingforavolatileeconomyAvolatileeconomymakestraditionalbudgetsobsoletebeforethey’reevencompleted.Here’showcompaniescanadaptmorequickly.MahmutAkten,M
5、ostcompaniesfindbudgetingaformidablechallengeevenunderstableconditions.MassimoGiordano,andManagersoftenspendsignificantamountsoftimeonit,onlytobedismayedbyhowlittleMariA.Scheiffelevaluecomesfromfourtosixmonths’effort.Undervolatileconditions,wheneconomicforecastschangefromweekto
6、week,developingonereliablebudgettocoordinatebusinessunitsandtrackperformanceforanentirefiscalyearisverydifficult.Followingthetraditionalbudgetprocessmayevenbeunproductive.There’snoeasyfix,particularlyforverylargeneeded.Thelistthatfollowsisn’texhaustive,corporations,andcompanies
7、thathavenoraretheactivitiesonitmutuallytriedtosolvetheproblemdon’thavemuchexclusive.Insomecombination—dependingofatrackrecord.Executivescan,however,onthebusiness,size,complexity,andtakeseveralmeasurestomaketheprocesscultureoftheorganizationinvolved—theymoreeffective:forinstance
8、,scenariocanhelpcompaniesimprovethebudgetplanning,zero
