Management Of Family Resources

Lesson 37 : Management Process Applied To Budgeting

Implementing The Budget Or Financial Plan

Checking:

Controlling of financial plans calls for continuous feedback in action. This feedback helps the family to see the progress towards the long-term goals. Checking helps in determining whether or not adjustments are needed. Two components are necessary for checking- first, the sub goals setup in planning stage against which the progress is measured: second, information or feedback about what is happening and new opportunities available further Checking need to be done frequently so that any discrepancies between plans and practices are discovered before they are very large. The feed back needed for checking involves the records and accounting processes, which need to be kept clearly and regularly.