Monitoring plays a crucial role in ensuring that team members adhere to plans and deliver the desired results. It involves tracking the progress of tasks, assessing the performance of team members, and ensuring that the activities align with the set plans. Through effective monitoring, managers can identify any deviations from the plan early and take corrective actions promptly. It also helps in holding team members accountable for their tasks, thereby ensuring that the desired results are achieved.
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Change the purpose of planning and budgeting – planning and budgeting models are designed to help senior management forecast, command and control. First, forecast precisely what the company must do to deliver stable earnings per share (EPS) trends. Then, order each business department and function to execute the plans that will add up to the targeted total. Ne monitors activities within each department to ensure the team members stick to plans and deliver desired results. Shift the focus from financial precision to strategic success - a good approach is to turn the targeted outcomes developed in step one into strategic portfolio guidelines that drive the budgeting and adaptation process, which will spark discussions that allocate resources from the strategy down, rather than from individual projects up. Plan faster and more frequently - if budgets are inflexible and a crucial forecast can't be adjusted, the person making it excessively stressed over the budget accuracy. Even small m...
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