What’s the biggest downside of annual planning cycles? They can lock in assumptions long after reality changes.

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That's definitely a problem as it inadvertently creates a straightjacket for the company. Some real waste can be created, for instance projects that seemed like a good idea at one point can persist as zombies, getting funding but producing negligible results. It's better to come up with rolling forecasts, which might be more complicated to keep updating, but will likely yield better results.

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Good example

Yep. There were so many market changes between our final submission and the start of the year that we were forced to make changes - which defeats the purpose to an extent.

Totally. This happens to us with commodities.

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