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State and explain the FOUR(4) strategic processes under Outcome Based Budgeting.

State and explain the FOUR(4) strategic processes under Outcome Based Budgeting.

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a) Outcome based planning - In this stage the overall objectives of the organisation is taken into consideration and the premises are set in this stage. Time by which the activity is to be completed and such matters are decided.

b) Preparation of budget - A plan of action or the budget to achieve the target set in the first step is designed in the second stage. While preparation of the budget guidelines need to be followed.

c) Monitoring and evaluation - How the activities are performed are measured in this stage. Data is collected and evaluated in this stage.

d) Reporting of results - A report is prepared after monitoring the performance and the same is submitted to top executives. In case of any deviation from the course of action necessary steps are taken to change the course of action. In case there is a need to change the plan then that will be considered

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