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Efficient interactive budget planning and adjusting under financial stress

Rausch, P., Stahl, F. and Stumpf, M. (2013) Efficient interactive budget planning and adjusting under financial stress. In: Thirty-Third SGAI International Conference on Innovative Techniques and Applications of Artificial Intelligence, 10-12 DECEMBER 2013, Cambridge UK, pp. 375-388.

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Official URL: http://dx.doi.org/10.1007/978-3-319-02621-3_28

Abstract/Summary

One of the most challenging tasks in financial management for large governmental and industrial organizations is Planning and Budgeting (P&B). The processes involved with P&B are cost and time intensive, especially when dealing with uncertainties and budget adjustments during the planning horizon. This work builds on our previous research in which we proposed and evaluated a fuzzy approach that allows optimizing the budget interactively beyond the initial planning stage. In this research we propose an extension that handles financial stress (i.e. drastic budget cuts) occurred during the budget period. This is done by introducing fuzzy stress parameters which are used to re-distribute the budget in order to minimize the negative impact of the financial stress. The benefits and possible issues of this approach are analyzed critically using a real world case study from the Nuremberg Institute of Technology (NIT). Additionally, ongoing and future research directions are presented.

Item Type:Conference or Workshop Item (Paper)
Refereed:Yes
Divisions:Faculty of Science > School of Mathematical, Physical and Computational Sciences > Department of Computer Science
ID Code:36411
Additional Information:ISBN:9783319026213
Publisher:Springer International Publishing

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