What are the benefits of monitoring and evaluation of the financial plan?

The monitoring and evaluation steps can be considered as complementary steps to the planning process. To ensure that the plan is going in the correct way and that the work has been carried out as planned, and the desired results have been obtained, the institution must carry out the follow-up and evaluation process in the various implementation stages of the plan.

Benefits and necessities of monitoring and evaluation :

One of the most important reasons for using the follow-up and evaluation process is that the company or institution is conducting the process of reviewing the work that has been completed from the established financial plan, as well as identifying the remaining works without implementation, and it is possible at this stage to monitor and identify weaknesses and failures in the process of implementing the financial plan. Which enables officials and administrators to identify the reasons and causes that led to the failure to achieve the goals set.

One of the most important reasons for using the follow-up and evaluation processes is the process of improving the performance of the institution or company, especially after the officials have obtained reports; As a result of their monitoring and evaluation process; This helps them make decisions related to correcting the errors that have occurred.

One of the most important reasons for using the follow-up and evaluation processes is to identify all the effects of the implementation of the plan on all individuals benefiting from this plan, as well as its effects on society as a whole.

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