Operational planning is the third step in the strategic plan; it spells out the plans on how to implement the action and monitor the progress. It is in the operation plan that one is aware of the risks to deal with, the capacity needed and the resources required to ensure sustainability of the project. Operation planning and budgeting begins, and it is followed by the session of strategic planning. It is the responsibility of the budget accountant to prepare the budget spreadsheets which are completed by each department (Annual Budget Requests 2016). The second step is for the agency to provide details of their current expenditures; they evaluate and submit their operational objectives for the next fiscal year to the Vice President.
The third step is for the budget officer to compile the date along with the president estimates (Annual Budget Requests 2016). After that comparison is made between the available funds and the required funds. Then, a budget meeting is held by the administrative team as they make revenue projection. Eventually, after the budget meeting discussion are held for budget based predictions.
The most challenging thing in the area of fiscal and operational systems management
According to Gawler (2005), the most challenging this in the area of fiscal and system operational management is to commence proceed by sound planning, this is considered to be challenging because the process is a technical one. Having a budget that documents participatory methodology is likewise examined as challenging. In addition to that, having a sound fiscal procedure is tough in budgeting.
Steps were taken to ensure your competency in economic and operational systems management
The system operational management is based on the following steps
The first step is strategic planning for goals and objectives the second phase is having a work plan for the coming year. The third phase is the evaluation of the previous program; customer evaluation follows this, and the final step is on the evaluation (Hudson, 2011).
It is true that the best way to understand the companys environment is through conducting its SWOT analysis. With the use of SWOT analysis, it will be possible to assess the companys internal and external factors, which will comprise strength, weaknesses, opportunities and Threats. Moreover, companys performance can also be evaluated using performance measurement this include the ratio analysis.
Taxes are charged by the government to raise income for them. The main reason for taxation is to raise money for development; however, taxes can also be used to discourage the consumption of particular products.
Annual Budget Requests and Operating Budgets Procedure. (2016). Northgatech.edu. Retrieved 24 March 2016, from https://northgatech.edu/policy/policies/Procedures/07-02-01P.htm
Gawler, M. (2005). Factors Ensuring Sustainability, Project Design in the context of Project Cycle Management Sourcebook
Hudson, M.(2011). Steps approach to operational planning. Compass partnership. Greenbanks, New Road, Bourne End, Buckinghamshire
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