In his book THINKING, FAST AND SLOW Daniel Kahneman describes two schools of psychology within the study of decision making. Clinical psychologists advocate the use of methods like heuristics (rules of thumb) and intuition for making decisions. Statistical psychologists, on the other hand, advocate the use of methods like simple algorithms or formulas for making decisions.
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Workflow is critical to a CPM application in the same way that it is critical to ERP. It is through workflow that users are directed and their attention focused onto their roles and responsibilities through the different performance management processes. The activities involved tend to be classified into the management processes.
The central CPM business model requires multi-dimensional technology. The CPM business model will typically consist of the 7 dimensions.
Criticism is defined as “the expression of disapproval of something based on perceived mistakes.” FP&A is a learning process that creates insight into what organizations are doing and where they are going. Processes are not perfect; mistakes are likely to occur. As a result, FP&A practitioners need to recognize that their work is subject to criticism.
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