What Are The Similarities Between Effective Planning And Coordination

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Developing and implementing a comprehensive budget is often seen as a complex and challenging venture that consumes a significant amount of an organization’s management and staff time. As such, the process requires effective planning and coordination; effective budget construction; and effective oversight, review and communication.
2.2.7.1.1 Effective Planning and Coordination The basic elements of effective planning and coordination include: Setting budget policies; establishing budget timetables and milestones; allocating responsibility for budget preparation and review; and documenting budget processes and communicating guidelines. Setting Budget Policies in the Form of Manual A budget manual is a comprehensive portrait of the budget process (Finkler & Ward 1999). It provides guidance for staff engaged in budgeting and provides advice on the processes and procedures that budget holders should have in place to effectively manage their budget. Effectively integrating planning and budgeting requires the principles, parameters and assumptions concerning the development of the budget to be consistent with the organization’s strategic and operational plans. Therefore, a documented budget policy, typically in manual form is a useful mechanism for senior management to …show more content…

As a result, it is important to clearly allocate and communicate responsibilities for budget planning, coordination and development at the beginning of each process. As Periasamy (2010) noted, in larger-scale concern, budget officers can be assigned to line areas at different stages in the budget process. In small concerns, coordinating budget liaison through an appointed budget officer who acts as a single point of contact for all budget related queries helps to facilitate and coordinate the budgeting activity and to ensure that feedback is provided in a timely and consistent manner (Periasamy,

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