Whole-Place Community Budgets: Effective Project Estimation
Added on 2020-07-22
9 Pages2550 Words40 Views
|
|
|
Project Scheduling andBudgeting
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1Purpose of NAO (National Audit Office)..............................................................................1Issues with the business cases................................................................................................2Problem with the budget.........................................................................................................3Funding of projects................................................................................................................3How project estimation was determined...............................................................................4The methodology is more accurate than another to produce good estimate of projects’ budget5CONCLUSION................................................................................................................................5REFERENCES................................................................................................................................6
INTRODUCTIONThe whole-place community budgets are effective tools as they estimate project and helpsin proper scheduling by analysing the needs and demands of local areas with much ease. Theenclosed report deals with NAO audit review by measuring the effectiveness of whole-placecommunity budgets which are scheduled to help four areas and as a result serves betterbudgeting and scheduling in effectual manner (Anthopoulos, Reddick, Giannakidou, 2016).There are ample benefits of the budget and is considered as much useful than othermethodologies which are used in project scheduling. Moreover, cost benefit analysis is also doneby it as undertakes cost control aspect in the best possible manner to achieve results easily. Purpose of NAO (National Audit Office)The purpose of NAO is that it audits central government, government departments andnon government bodies as well. It is the sole auditor if these departments and makes sure thataccounts are audited in the manner which reflects true and fair position of departmentseffectively in the best possible way. The whole place community budgets is reviewed by it tomake sure that funds are invested in a profitable projects so that they are not wastedunnecessarily. Hence, the budget is for four local areas such as West Cheshire, Whole Essex,Greater Manchester & West London Tri-borough. The appropriate funds must be channelisedwhich is the ultimate goal and purpose of auditing by NAO authority. The cost and benefits obtained from whole place community budgets is reviewed so thatoperational activities in the public departments must be effective so that inefficiencies may bereduced so that they may properly work. The report has been reviewed by NAO and spendingwatchdog has released the case study with reference to above said four areas and found out thatthey have placed a positive step towards financial reporting. Funding is the main concern ofNAO as through this, it is able to make certain assumptions regarding cost estimation, costcontrol, contract and procurement and financing and funding as all these are of utmost importantfor project scheduling and budgeting that should be done in effectual manner (Kerzner, 2013).NAO is responsible for effectively channelising funds and resources to local areas so that costand benefit analysis may be taken place effectively. 1
End of preview
Want to access all the pages? Upload your documents or become a member.