In: Accounting
Why is it very important to monitor the Data inputs from different sources within an organisation? Give an example.
Provide constant feedback on the extent to which the projects are achieving their goals. Identify potential problems at an early stage and propose possible solutions. Monitor the accessibility of the project to all sectors of the target population. Monitor the efficiency with which the different components of the project are being implemented and suggest improvements. Evaluate the extent to which the project is able to achieve its general objectives. Provide guidelines for the planning of future projects. Influence sector assistance strategy. Relevant analysis from project and policy evaluation can highlight the outcomes of previous interventions, and the strengths and weaknesses of their implementation. Improve project design. Use of project design tools such as the logframe (logical framework) results in systematic selection of indicators for monitoring project performance. The process of selecting indicators for monitoring is a test of the soundness of project objectives and can lead to improvements in project design. Incorporate views of stakeholders. Awareness is growing that participation by project beneficiaries in design and implementation brings greater “ownership” of project objectives and encourages the sustainability of project benefits. Ownership brings accountability. Objectives should be set and indicators selected in consultation with stakeholders, so that objectives and targets are jointly “owned”. The emergence of recorded benefits early on helps reinforce ownership, and early warning of emerging problems allows action to be taken before costs rise. Show need for mid-course corrections. A reliable flow of information during implementation enables managers to keep track of progress and adjust operations to take account of experience (OED). |