¶ … Efficiency, and Balance Budgeting
Budget process allows public administrators to improve the efficiency and effectiveness of their projects. It provides them with result-orientated practices when managing the projects. This allows them to remain focused on the goals of the project and develop alternative strategies for addressing factors that might impede the success of the project. It also provides them with the desired flexibility to ensure the success of the project. This includes flexibility in the devolution of the fiscal and functional responsibilities in ensuring effective coordination in the use of the allocated resources.
The budgeting process is also important because it provides administrators with methods used in strengthening the competitive pressures influencing the success of the project. It entails the adoption of processes like privatization and accommodating competitive processes affecting the performance of the project. Besides, the budget process can support the realization of the organization's strategic planning efforts. Strategic planning provides the direction of the program while the budget process provides resources for implementing the plan. The budget process links the strategic plan to the fiscal reality. Strategic planning and budget process are interactive.
The budget process influences what can be achieved by executing the developed plan. It permits the assessment of trends, strategic issues, and demand factors likely to affect the performance of the project. The process of achieving a balance between planning, management, and control orientations determines the effectiveness and efficiency of the project. It ensures timely management of potential risks that are likely to affect the budget adversely. The control also allows minimization of the opportunities that are likely to predispose the project to unintentional errors and early discovery of the errors that might hinder the process. Managers consider the potential benefits associated with the control and the possible impacts associated with failure to implement the control before establishing a control among the above factors. Therefore, achieving this balance will program efficiency and effectiveness (Schick & LoStracco, 2000).
PP520 UNIT 3...
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