Effective Implementation and Monitoring of Approved Budget: Key to - - PowerPoint PPT Presentation

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Effective Implementation and Monitoring of Approved Budget: Key to - - PowerPoint PPT Presentation

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Effective Implementation and Monitoring of Approved Budget: Key to the Achievement of Organizational Plans and Objectives By Professor Nazifi Abdullahi Darma Department of Economics University of Abuja and Lead Consultant, Econometrica

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Effective Implementation and Monitoring of Approved Budget: Key to the Achievement of Organizational Plans and Objectives By Professor Nazifi Abdullahi Darma Department of Economics University of Abuja and Lead Consultant, Econometrica Consultants Ltd, Kano At National Workshop for Directors of Finance, Internal Auditors, Procurement Officers and Financial Officers

  • f the Judiciary, Held at National Judicial Institute,

Abuja, August 5-7, 2019

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Outline of the Presentation

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 Introduction  Organizational plans and objectives  Role of Effective implementation and monitoring in goals

and objectives attainment

 Risk factors and cases analysis  Contingency mitigating strategy  Concluding remarks

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Introduction

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  • Strategic plans encapsulates medium term strategic goals

and objectives

  • Annual budget represent a short term plan for the

implementation of long term initiatives

  • Budgets are actually a statement of expectations-

expenditure and revenue

  • Organizations thrive on the basis of anticipated objectives

and goals- drivers of action and plans

  • Disruptive internal and external factors dampen goals

attainment and plan and budget implementation

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Introduction (Cont’d)

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  • Key internal factors are amenable to manipulation and

control- less impactful negativity

  • External disruptors often out of control and more

damaging to short and long term goals and initiatives

  • Human resources and technical capacity most important

tool for goals attainment

  • Financial resources second most important tool for goal

attainment and always in short supply

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Organizational plans and objectives

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  • Organizational

goals are strategic

  • bjectives

that a company's management establishes to outline expected

  • utcomes and guide employees' efforts
  • For the goals to have business merit, organizations must

craft a strategic plan for choosing and meeting them

  • There are many advantages to establishing organizational

goals:

  • They guide employee efforts, justify a company's activities and

existence, define performance standards, provide constraints for pursuing unnecessary goals and function as behavioral incentives

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Organizational plans and objectives (Cont’d)

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  • Goals help define an Organization's purpose, assist its business

growth and achieve its financial objectives

  • Setting specific organizational goals can also help a company measure

their organization's progress and determine the tasks that must be improved to meet those business goals

  • Goals need to be (SMART)specific, measurable, achievable and timely.

By setting clear, realistic goals, organizations have a clearer path to achieve success and realize its vision

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Organizational plans and objectives (Cont’d)

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  • Goal setting, and attaining them, can also help an
  • rganization achieve increased efficiency,

productivity and profitability

  • Organizations should clearly communicate
  • rganizational goals to engage employees in their

work and achieve the organization's desired ends

  • Having a clear idea of organizational goals helps

employees determine their course of action to help the business achieve those goals

  • Employees should also be equipped with the proper

tools and resources needed as they do their work to help meet the overall organizational goals

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Organizational plans and objectives (Cont’d)

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  • Setting goals can also help companies evaluate employee

performance -- for example, creating individual employee goals that support overall organizational goals and measuring individual performance against those individual goals

  • While an organization can communicate its organizational

goals through formal channels, the most effective and direct way to do so is through employees' direct supervisors

  • This enables managers to work with their staff to

develop SMART (specific, measurable, achievable, realistic and time-bound) goals that align with the organization's goals

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Organizational plans and objectives (Cont’d)

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 Setting organizational goals also helps build workplace

harmony because it makes employees work toward attaining similar goals

 While developing sound goals helps organizations with

planning, over time, goals might turn out to be unrealistic and need to be modified accordingly

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Traits of Effective Organizational Goals

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Effective Implementation and Monitoring

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Establishment of annual objectives Formulation of policies for execution of strategies Allocation of resources Actual performance of tasks and activities Leading and controlling the performance of activities or

tactics in various levels of the organization

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Effective Implementation and Monitoring (Cont’d)

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 Organizations have clearly goals and objectives and

need to be attainted towards satisfying diverse stakeholders-government, the Bar, Public

 Implementation framework is the key missing link

to drifting from goals attainment

 Responsibility mapping key to tasks

accomplishment

 Technical and financial resources addition to success

factors

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Risk factors and cases analysis

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 Lack Political leadership that understand long term planning

and strategy formulation

 Low Technical capacity that is constantly updated  Absence of Performance Management System (PMS)  Feedback mechanism from M&E reports  Contingency strategy to mitigate external factors

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Risk factors and cases analysis (Cont’d)

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 Finance- Releases and budget approval delays, Envelope

system,

 Technical capacity  Inflation  Exchange rate fluctuation  Ratio of cases to Facilities  Working tools

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Contingency and Mitigating Strategy

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 Leadership and succession planning

 Long term plans development  Institutionalizing strategic planning and ownership  Carefully agreed programmes and project implementation

strategy

 Technical capacity upgrade- corporate and personal

initiatives

 Reward for performance and punishment for failure

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Concluding remarks

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 Resources have not cannot and would never be enough for

any organization- Demand satisfaction and needs generation paradox

 Complementary personal skills upgrade key to individual

and corporate success

 Long term planning a must for all modern organizations

  • perating in 21st century global world.