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An analysis and evaluation of an organization’s budgetary control system and its links with performance management and decision making
“The improved knowledge of the different aspects of the budgetary control system and its application on the general performance of the selected company in a specific time period under the guidance of a highly qualified mentor is the key for successful passing of the RAP. ”
The budgetary control is a system of management control where the actual income and expenditure are being compared with the planned income and expenditure. The main purpose of budgetary control is making sure that the estimated expenditures are in accordance with the expected progress of the entity. The budget techniques can and should be used by everyone, the largest of companies and the poorest of people. Budgeting is an art that inspires a sense of discipline that cannot be learned elsewhere.
OBU RAP Topic 1 is generally aimed at two aspects:
To pass RAP on this this topic, the student needs to be familiar with the performance management of the company and its ability to track the performance on targets and identifying improvement opportunities; delivering sustainable success to the company by improving the performance of its employees and developing team capabilities and the capabilities of the individual contributors. The managing performance is one of the several functions of a company in the turbulent business environment. The managing performance is a continuous process where the company clearly outlines the performance level necessary for satisfying the strategic objectives and their continuous managing to secure a constant flow, consistency and relevance within the prescribed strategic objectives. A most basic feature of extreme importance in the governance and management of the company is the sound decision-making process.
The student will also need to know the basic concepts of budgeting and the different types of budgets. The student will need to obtain information directly from the management of the selected company and will need to analytically assess the connection between the overall budgetary control system of the company, the general performance management and the decision-making process while providing important information that is derived from the research work for this topic.
The most suitable organization where the student can properly undertake OBU RAP topic 1 is the one where the student has appropriate access to the management of the company and such where the management is willing to provide all the necessary and required information for the proper completion of this topic. Selecting the most appropriate company is very important and the student needs to better understand the general operations of the selected company and needs to have a good understanding of the sector where the selected company operates. The student will be able to connect all the aspects of the operation of the selected company with the requirements of the topic based on their knowledge of the selected company and sector and will be able to prepare a good-quality RAP and get good grades. The student will have to follow these aspects while selecting the proper company for their RAP under this topic.
Should the student choose OBU RAP topic 1, a proper plan must be put in place from the beginning so the student can conduct all the necessary tasks in a proper and timely manner. The student needs to have an in-depth understanding of the major requirements of this topic and also will need to analytically evaluate all the necessary required aspect by establishing a detailed strategy of operation. The student will need to assess the necessary processes of action that they will have to follow in order to meet all the necessary requirements and this is possible by a thorough planning in the beginning of the RAP.
The student needs to prepare the table of contents of their RAP under topic 1 so that it flows in a logical manner and cover all the tasks that the student needs to adhere to. The prepared table of contents will enable the student to stay on the proper track from the beginning of the project, and also the student can estimate the necessary time for completing the various tasks required for the proper completion of the RAP.
After finalizing the overall content for the RAP under OBU RAP topic 1, the student needs to start gathering the necessary information per the requirements of the topic. The student needs to evaluate all the gathered information in an analytical manner through consultation with their Project Mentor. The feedback from the Project Mentor is essential in the proper completion of the RAP, so the student needs to regularly share their thoughts with their Project Mentor in order to get the proper guidance in a timely manner.
There is no totally guaranteed approach for completing the RAP under topic 1, and a broad level approach is described here. The detailed approach varies according to the perception of the student and the available information of the selected company. No matter the approach taken by the student, they will need to keep getting guidance from the Project Mentor at every step of the way so they will meet all the prescribed information of this topic and get good grades on the RAP.
The student will need to complete the RAP based on the provided information straight from the management of the selected organization – primary sources of information, with the various other relevant secondary sources of information like online sources, newspapers, journals, books, etc. For topic 1, the availability of information from the primary source is of great importance as topic 1 can’t be completed unless some specific information on the selected organization is obtained. The student needs to make sure that they have access to enourmous information from the management of the selected organization and there are no confidentiality clauses related to this information.
The student needs to carefully consider the selection of topic 1 for their RAP, as all the requirements of this topic are only met if the student has access to enough relevant information on the selected organization. If there are any issues in providing the required information during the preparatory stage of the RAP, the student should consider choosing a different topic, as the improper information can lead to low-quality RAP and low grades or even failure of the RAP.
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