Microsoft Project -MSP- is a project management software developed by Microsoft. MSP is designed to help project managers in developing plans, tracking progress, managing the budget, assigning resources to tasks and analyzing workloads . MS Project and MSP server are the cornerstones of the Microsoft Office Enterprise Project Management product.
If you are an expert in project management with many years of experience, just started your career or even a student at college, this Microsoft project tutorial will teach you -step by step- all you need to deliver projects professionally using this powerfull application. Furthermore, watching these videos will help you to pass Microsoft MOS 77-178 certification.
Why Microsoft project 2010 ?
MSP 2010 is equipped with some fresh features which are not there before. These fresh features were added for the project in order to offer users a wide range of ways to enhance their managing skills, schedules and regular projects. Despite the fact that MSproject 2010 is influenced by the previous projects and it has still some features of the previous versions, you will still require to get familiar with the new features added for this one. This will also help you in maximizing the services that MS project 2010 can offer. Online, you can also find several tutorials based on MS project 2010. These tutorials are offering great details about the new versions and helping users to make the most of this fresh proj announced by Microsoft. So, before you opt for it, you should have some ideas about what sort of features it carries.
Well, where to start? Not wanting to blow my own trumpet, as a former project manager, but project management is, in my humble opinion, vital to a smooth, problem-free, well-executed translation project!
A recent article handily backs up my opinion, stating that project managers are, in fact “indispensable to the process due to the vast number of project variables, requirements, exceptions to project scope, etc.” Project managers liaise with both clients and translators to see a project through to completion. Their role involves understanding clients’ needs and requirements, ensuring that they can all be met, and then creating a logical sequence of tasks to be carried out to a specific deadline, not to mention assigning the work to suitable translators and proofreaders who specialise in the subject in question.
Text for translation is provided to translation agencies in a range of formats, and these formats, as well as any programmes used, vary from project to project, and play a very important part in how a translation project is managed. Assigning work to a translator often involves communicating with translators to discover which programmes they are able to use, from Word to Dreamweaver to Powerpoint, with everything in between. The text must be provided to the translator in a suitable format, and this step of the process is even more important when taking into account the use of translation tools such as Trados, which enable a Translation Memory to be created and updated every time a project is carried out. Previous translations, glossaries and important stylistic information must be passed from client to translator, purchase orders created, translator invoices received, and queries answered. In addition, project managers must also be aware of budgets and costs throughout the project, ensuring that a profit is made, and are also often involved in the quoting and invoicing processes. This entire process, as well as any final formatting and editing, and adaptations to changes requested along the way, must be carried out to a deadline agreed upon by the client and translation company at the beginning of the project.
Without human project managers to oversee the process, and ensure that every step is executed to cost, deadline, and to a high standard, the number of successful translation projects completed would severely diminish. Whilst I don’t find the comparison to a “smoke detector” the most flattering, I can see the point made that a human project manager, as opposed to a machine, is important in order to catch any “early warning signs of deviations that can affect project budget or delivery date”.
Now, are you convinced? Do you see the project managers you have worked with in a new light? Should companies recognise this vital element of the translation process and understand that they are irreplaceable? In my lowly opinion, yes to all of the above!!
Do you know the name of the budgetary plan which is used normally in a successful retail outlet industry? If your response is WalMart, then you thought accurately. WalMart makes use of Kaizen budgeting to bring down its expenses and to maximize its earnings. The Kaizen budgeting process helps Wal-Mart to reduce its overhead by maximizing its efficiency and work flow. This is a consequence of steady improvement of their process and work. Wal-Mart is a good example for Kaizen budgeting accounting. There are also a couple of points against it, but in comparison to others, it is a gem of a approach. This helps to increase the productiveness as well as efficiency of employees and the organization.
"Kaizen" is a term in Japanese meaning "continuous improvement." In the business world the term frequently refers to making small improvements in throughout the organization. Improvements accumulate little by little to make a huge difference. Business,marketing, manufacturing - every part of the company should constantly be seeking ways to improve their work and processes so that they are easier, more profitable, and more efficient. Doing this results in increased revenue and decreased costs, while providing the company the edge on competing companies.
Whilst the concept of Kaizen is very good, the company cannot simply rely on an idea as a driving force. In such a situation, the Kaizen budgeting approach comes into play as a budgetary paradigm to drive the company forward by determining improvement. Kaizen budgeting accounting works by assuming that improvements will bemade and thus more funds are allocated earlier. Consequently, the implemented improvements increase efficiency later, meaning the requisite level of funding will be reduced later on, and therefore less money will be allocated to the last period. Allocating less money to the current month also ensures improvements are made or the department’s budget will be exceeded.
All people working for a Kaizen business should have the ability to think differently and look to achieve their objective. The entire teamwill find it very easy to progress and learn new things as they start making improvements in their lifestyles to suit their and the company's requirements in terms of efficiency and total output. Thismanagement process is very similar to that of a growing muscle which cuts fat the more there is. Workers, like muscles, must also be very well maintained and nurtured for the company to progress fast or else it may stop progressing.
The Kaizen benefits include a fund used to reward employees who make significant contributions to the workplace. The fund has the dual purpose of motivating employees to come up with ideas, and helping to identify those employees to are not contributing effectively. The overall effect is to make the company healthier,stronger, and more profitable and efficient.
A big or small business can benefit by using this solid business tool that is the revolutionary technique of innovation. A great example is there in Japan, we can look its successful business sector or at the ever-expanding Wal-Mart Corporation. They increase their profit margins and efficiency, reduce their expenditures and waste, they aremotivated and stimulated workers, and they strengthen the company by employing it with their patience, attentiveness, creative spirit etc. It shows a jewel of a strategy and it is not to be missed.
Public policy is implemented through programmes consisting of
projects.
Projects are identified as the building blocks of development.
The objective of every project is to achieve an economic return
greater than what is spent for project construction and operation.
The best tool to use to determine to asses benefits over cost
is economic analysis.
The Concept of Economic Analysis
In the context of public projects it has been said that
"economic analysis attempts to address the requirements of the
economy in general."
A development project subscribes in various ways to the
country's economy.
It may promote poverty reduction, employment generation, rural
development, foreign exchange earnings, reducing disparities between
social groups and regions etc.
Financial Terms Vs Economic Terms
Sometimes an investment might not be profitable in financial
terms, but may be rewarding in economic terms.
Financial terms are the aspects of a project as seen by an
investor in the project who is interested in only that project. Economic
terms are the aspects of the project as seen from the point of view of the
whole economy.
Assessment in an economic analysis is by determining the real
impact of the project on the economy.In a financial analysis, it is assessed on the basis of market
prices.
However, market prices do not reflect real costs and benefits
to the economy as a whole. This could happen due to a number of reasons:
Market value is subject to taxes and subsidies therefore do
not give an accurate picture of the actual value.
Some commodities cannot be assigned market prices (e.g.
defence and infra-structure services)
External effects that cannot be included within the project
cash flow.
Price distortion due to structural rigidities in the economy.
Price distortion due to existence of sub-optimal rate of
investment.
Therefore instead of market prices, shadow prices are used
Shadow Prices
Shadow prices are the values we
get when we adjust the financial prices of the inputs and outputs of a
project to reflect the value to the society as a whole.
The estimation of these shadow
prices varies according to the implicit objectives of the analysis.
The values used in economic
analysis with the objective of maximizing national income are identified
as efficiency prices.
In practice efficiency prices
are estimated on the basis of an approximate approach. Under this
approach, efficiency cost reflects the opportunity cost of goods or
services.
(Opportunity
cost – value of good or service in its next best alternative use)
However, for most final goods
and services the concept of opportunity cost is not applicable, as they
are meant for consumption. Thus it is the consumption value that sets
their economic value.This is the
value in use or willingness to pay.
Valuing Project Items
In economic analysis of projects, one needs to value individual
project items.
Various economic concepts are used in order to arrive at the
value of project items.
Foreign exchange premium is used to compare values of traded
and non-traded goods.
(Traded goods – imported items of which
domestic cost of production is less than their f.o.b. price)
Non-traded goods – any
item for which domestic cost of production is lower than the c.i.f. price and
higher than the f.o.b. price
c.i.f. – cost + insurance
+ freight i.e. excluding any import duties etc at point of discharge.
f.o.b. –free on board i.e.
the price of an
exported good when it is leaving the country of origin with all costs up to and
including loading on board ship but excluding freight and insurance )
Application of foreign exchange premium can be done in two
ways:
By multiplying the official
exchange rate by the foreign exchange premium to result in a shadow price
exchange rate.
By reducing the domestic currency values of non-traded goods/services by an
amount sufficient to reflect the premium.
Generally, the cost to the economy of foreign goods is more
than what is obtained by converting the import price to SL rupees at the
official rate of exchange.
As a measurement of this difference, the Planning Agency of a
country usually works out a ‘foreign exchange premium.
The official rate of exchange with the foreign exchange premium
added becomes the ‘shadow foreign exchange rate.
This rate is used only for the purpose of analysis. You cannot
use it for transactions. You cannot demand an imported good at the shadow
foreign exchange rate.
Economic value of financial
prices can be obtained by deleting all direct transfer payments (e.g.
taxes, subsidies, credit transactions, etc.)from the financial statement.
To obtain the economic value of traded items, you need to adjust its border price
(i.e. c.i.f. price or f.o.b. price) to include domestic transport and
other costs between the project site and the border point.
Normally domestic price is used
as an estimation of economic value of non-traded items.
In cases where the project
itself affects the market prices (i.e. there is a difference in market
prices with and without the project), the differences must be taken into
account when determining the economic value of non-traded items.
The economic value primary
factors (e.g. labour, land and capital) are estimated from their
opportunity costs.
The following examples illustrate
how opportunity costs can be used to derive economic values of primary
factors:
The economic value of labour
can be estimated on the basis of the value of production lost by shifting
the labour from its alternative occupation (this can vary according to
the category of labour and the geographical origin of labour).
The economic value of land can
be decided by estimating the economic surplus lost by not investing it in
the best investment available on the market.
The validity of the results of
an economic analysis of a project depends on the level of accuracy with
which the following component steps of the process of economic analysis
are carried out.
Identification of all the
significant costs and benefits of the proposed project during its total
life period,
Estimation of economic value
of each of the identified costs and benefits,
Developing the correct
economic cash flow of all the identified costs and benefits, and
Applying appropriate tools of
economic analysis to the cash flow.
Process of Determining
Economic Values
Step one: separation of project
items into tangibles and intangibles.
Intangibles (e.g. roads, health social
services, education etc.) are extracted out and are listed separately, without
valuing.
Step two: separation of
tangibles into direct transfer payments and other tangible items.
All direct transfer payments have to be omitted
from the list.
Step three: separation of the
remaining tangible items into traded and non-traded items.
Once this is done economic
values can be assessed and if followed accurately,
the above process will result in a comprehensive list of economic values
of all the significant items of the proposed project.
Preparation of an Economic
Cash Flow
Once the economic values of all
potential project items have been identified, they can be put into a time
schedule, which would give the time table for incurring the potential
economic costs and achieving the potential economic benefits, within the
total project life.This is called an
economic cash flow.
The last step of economic
analysis is to apply tools of economic analysis to the cash flow.
Tools and Techniques of
Economic analysis
There are two basic objectives
of project analysis:
To decide whether a proposed
project would be economically rewarding so that it would give a net
economic benefit during its project life.
To decide between alternatives
on the basis of maximum economic benefit.
Various techniques of economic
analysis are used to achieve these objectives.
Measures of project
economic worth
The purpose of estimating the
project economic worth is to get an indication of the economic
profitability of a proposed project.
There are two approaches to measure economic worth;
undiscounted measures
discounted measures
Undiscounted measures
of project worth
oTotal net benefits: bigger the benefits the better the project
oPay back period: shorter the period,
better the project.
oRate of return:This can be
calculated as the ratio between, average annual net benefits to total
investment cost.
oThe
pay back period techniques has a major limitation in that it does not take into
consideration any benefits received after the repaymentthe initial investment
oThe
rate of return technique is biased towards projects with a very short life but
with a high annual net benefit.
oDiscounted methods of
project worth
oDiscounting is a technique that
enables project analysts to compare costs and benefits incurred in different
time periods on a common basis.
oDiscount
factors are taken directly from discount factor tables.These are tables available for use like
multiplication tables and log tables.They give discount factors for different rates of interest for different
time periods.
oThere are 3 distinct discounted methods:
§Net Present Value (NPV)
§Internal Rate of Return (IRR)
§Benefit-Cost Ratio (B/C Ratio)
oAll
three measures require an annual economic cash flow statement, which gives the
economic values of costs and benefits on a year by year basis for the total
life of the proposed project.
oNPV: is calculated by:
§For each year, subtract the costs
from benefits and thus find the net benefit.
§Multiply the net benefit value for
each year by the relevant discount factor (i.e., based on market interest rate
and the year). Obtain this discount factor from discount factor tables (i.e the
easy way, without calculating it using the formula).The result is the present value of each
annual figure.
§Add all present values to get the
NPV.
oIRR:
§Internal rate of return is the
discount rate which makes the present value of net benefits equal to zero (NPV
= 0)
§It is calculated in exactly the same
way as the NPV.
§Computer software (e.g. Microsoft
Excell) can calculate IRR when provided with necessary data.
oB/C Ratio:
§This is obtained simply by dividing
discounted benefits by discounted cost.
Use of Above Measures of Project Worth in the
Economic Analysis of Projects
NPV-All projects with a positive NPV
when discounted at a rate reflecting the economic cost of capital is
acceptable.
IRR-All projects with
an IRR greater than the economic cost of capital are acceptable.
B/C Ratio-All
projects with a B/C ratio greater than one when discounted at a rate
reflecting the economic cost of capital are acceptable.
Dealing with Intangible Items
The economic analysis of
projects could produce a significant amount of intangible benefits.
In such cases the techniques of
cost effectiveness analysis are applicable.
There are two methods of cost
effectiveness analysis:
oThe constant effect method
oThe constant cost method
oThese methods of cost effectiveness
analysis could effectively be applied in the economic analysis of service
oriented projected in areas such as rural electrification, road development,
public health improvement etc.
Introduction to Project Preparation- Dr. Gamini Abayasekara
Introduction
·The execution of projects is one of the most powerful means of speeding up development in desired ways.
·They are accepted as the cutting edge of modern development, being a dominant tool that can enhance the ability of the administrators and managers to plan, direct, and execute the ways in which an organisation uses its resources .
·Many in the public service have to undertake project work at some point, and hence it is important that they study project management, regardless of the academic qualifications and experience.
·Projects differ from those of routine day-to-day activities of the administrators, and so need different structures, planning, controlling, coordination and closing approaches.
·Therefore the main reason the public is interested in projects and want them to be managed successfully is to get the optimum out of scarce resources.
Why Learn Project Management?
·It is through project management that development takes place and so should be given priority.
·Generally projects have failed to achieve their objectives, because unlike in day-to-day administration where risk minimization is the rule, projects need skills, attitudes and practices that can cope with risk and uncertainty.
·Project managers should have the ability to challenge assumptions and check their validity, and base project selection partly on numerical indication of the value of costs and returns- this is unlike routine administrators.
·The public sector also has to come up with new methods and approaches of financing projects that are cost recoverable (as in the private sector).
·There is the need to adapt to the changing ways, the new skills necessary, and the changing demands of new management of the public service.
·The new trend in project management is not to allow the sector to do it all alone, but to seek the best combination that will deliver the service satisfying the customer withmaximum efficiency and effectiveness.
·Public servants must identify potential projects that address government policy and priorities, plus those which have long term rather than short term effects.
·Unfortunately there are 4 reasons favouring short term to long term results of development.
·Rapid changes in technology and knowledge have to also be adopted for successful project management, along with the consideration of gender issues and environmental issues.
·Partnerships as well as co-petitions will form (where you compete as well as cooperate with other firms etc to the best advantage of your organisation).
·Though the present public service is of varying knowledge, skills and attitudes, their unique strengths can be used to achieve success in projects.
What is a Project?
·There are many classical definitions of the term project.
·Essential features of a project are:
·A project is not a routine continuing activity
·A project has:
§well defined outputs or deliverables- e.g the construction of a dam
§these deliverables are defined by specifications
§well defined objectives to be achieved through the outputs –e.g. increase in paddy production
§some larger purpose to be realized or an expected outcome – e.g. reduction of poverty, achieving food security through self-sufficiency
·A project has to start and be completed within a specific time frame. It has a start and an end
·A project consumes resources
·A few things a public servant must be aware of with regard to projects are
oWhen using a resource, and because resources are scarce, priorities have to be set for their use by considering the entire public sector.
oThere is a waiting period for benefits of a project which invariably will incur costs on the project. This maybe felt as a loss to both or either the project in concern and other agencies involved.
oProjects must work under a single financial and management frame work.
oProjects have to be planned and appraised before implementation. A “definition workshop” is helpful for this.
oProjects have limited budgets, therefore overruns are costly.
oProjects have to be completed within the specified time period.
oBenefits of the projects, in the case of the public sector, must go to the public (including the underprivileged).
oTherefore criteria for project appraisal have to be different to those used in the private sector.
oPart of project planning is to provide alternative ways of achieving the same objective.
·Despite their value, use of projects for development (project approach) has its critics.Reasons being:
oHigh rate of project failure due to:
§Optimistic and overestimated benefits
§Limitations in forecasting models used (that of physical science and engineering – these models assume that there is a direct cause and effect relationship. However, social systems operate differently.)
§Inconsistencies and uncertainties
§Non-involvement of beneficiaries
§Inappropriate intervention (e.g. political intervention)
§Lack of data
§Inadequate understanding of social and cultural conditions
·Alternative approaches to the project approach that have been suggested are:
oAdaptive management
oProcess approach
oLearning process approach
oProblem solving approach
·However these approaches have not gained as much influence as the project approach.
The project cycle
The sequence in which a project is initiated and carried out is called the project cycle.
The project cycle can be compared to a human lifecycle.
Resources used at different stages of a cycle vary with each stage.
There are many versions of the project cycle.
The Rondinelli project cycle have 12 steps:
1.Project identification and definition:
§In Sri Lanka, there are 3 main sources of projects identification , each having their own reasons for selecting a particular project:
oPoliticians: votes
oPublic: improvement of welfare
oProfessionals: experience in the field
§The challenge of the manager of a public sector project is to see that all three groups are happy, or in other words, find the place where all 3 parties agree.
§Several things are defined and analysed at this stage:
oObjectives
ocomponents of the projects
oproject size
opotential location
opreconditions for successful implementation
opotential cost benefits
§At this stage, a preliminary discussion with the relevant political personalities/potential beneficiaries/involved professionals is useful.
3.Project design
§The project design should provide:
·detailed description of the selected design
·list of strategies of operation
·justifications of technology chosen
·technical specifications of machinery to be used
·technical procedures to be used
·organization charts and facility requirements
§the project design must define:
·project targets
·activities to take place
·timing of each activity
·expected outputs
·sequence of implementation
·control systems
§the project design must containannual budgets and a project budget for the life span of the project
§at this stage, designers must cross check whether the duration, financial resources and the tasks of the project are integrated.
4.Project appraisal
§This is done by an independent body
§Normally, feasibility studies are cross checked with the design.
§Alternatives are not looked into.
§If required by the appraisal team, new information may need to be collected and supplied.
5.Project selection, negotiation & approval
§Selection is based on government policies on allocation of resources.
§Government policy may depend on:
§Urgency
§Cost
§Benefits
§In the public sector, there are 2 types of projects:
§Projects designed to help families – assessed on financial returns (e.g. Samurdhi project)
§Projects designed for welfare of society – assessed on shadow prices (e.g. construction of a road)
§After this stage, it is difficult and extremely time consuming to change components or objectives of a project.
§Approval is usually given by the relevant funding authority
6.Project activation & organisation
oAt this stage, several activities take place:
oproject office site is selected
oresources needed to run the office are obtained
oincentives are created to attract senior personnel to remote areas
odifferent project teams are created to perform different functions
otransport, housing and support personnel are organised
7.Project implementation & operation
oThis is the most crucial phase of the cycle. It the point at which “the rubber hits the road” (i.e. where the theory is tested, when the action begins)
oIt is the development/construction phase before a project become fully operational.
oSuccessful implementation depends on:
oPreparation of an implementation schedule
oGood supervision, monitoring and control
oCapable staff
oTimely release of funds
oMany problems, anticipated and unanticipated, will surface at this point
oTherefore the skill of decision making is crucial.
oThe main problems face is delayand thus increases in budget. Delays may be due to:
§Poor performance of manager
§Poor performance of contractors
§Delays in bidding and procurement
§Technical problems
§Poor design
oHowever, half these problems can be solved by proper scheduling.
oUse of Gantt charts, network analysis and computer software can be extremely useful for this purpose.
8.Projects supervision, monitoring & control
oStrictly speaking this is carried out throughout the cycle.
oIt can be applied from different levels of command (higher/middle/lower)
oIt keeps track of progress
oIt removes obstacles faced during implementation
oIt copes with risks and uncertainties
9.Project completion or termination
oOnce the objective/s has/have been reached the project has to be handed over to the national or regional administration.
oThis is an aspect often neglected (here and abroad)
oThere has to be a clear understanding about salary scales right from the initiation of the project.
10.Output diffusion & transition to normal administration
oBarriers to handing over of completed projects are:
oLobbying
oVested interests
oLack of capacity building in the national or regional administration that is to take the project over.
oInability to consolidate salaries of project staff with that of normal staff.
11.Project evaluation
oWhoever does the evaluation must:
oConsider the objectives and see if the plan has been properly conceived
oSee whether the assumptions were credible and predictions were reasonable
oConsider the response of the management to changing circumstances.
oIn case of impact evaluation, it is necessary to assess:
oWhether the target beneficiaries were being reached.
oWhether identified constraints were removed – if not why?
oWhether output targets were reached, if not why?
oWhat lessons can be fed back into implementation and design of new projects.
12.Follow up analysis & action
oIdeally the lessons learnt should be diffused among policy makers and project managers and they should be made use of in selecting, implementing and designing of new projects.
oHowever, this aspect has been highly neglected with repetition of the same mistakes over and over again.
5. Project Feasibility
Project feasibility generally looks at several aspects:
oSite and location – reasons for siting a project in a given location must be justified.
oTechnical and technological studies – the study should justify technology chosen and machinery used. Technical factors normally investigated are:
oMagnitude of the project.
oThe process, material equipment and reliability of the system.
oSuitability of plans, layout and design.
oThe availability of various factors of production.
oAvailability and sufficiency of necessary infrastructure.
oProposed methods to implement, operate and maintain the project.
oContracting procedures and arrangements to procure goods, works and services
§Financial studies –
oFinancial feasibility is concerned with profits
oMost public sector projects do not fall into this category
oFinancial feasibility of public sector projects can be looked at from different points of view, i.e. that of:
oproject beneficiaries
othe project as a whole
ofinancial intermediaries
othe government
§Economic studies (Market studies)
oThis is virtually the lifeblood of every project feasibility report.
oHowever, it is very complex in the public sector and often impossible.
oIn the private sector, this is determined on the basis of supply and demand and the price mechanism.
oThis is not possible as many goods/services do not enter the market (e.g. police service)
oIn the public sector one has to use social cost-benefit analysis.
§Cultural / social marketing studies
oThis can be done from 2 view points:
oThe government – social cost-benefit analysis
oThe people/region
oThere are 3 factors that need to be taken into account when performing these studies:
§Environmental / gender and other mandated studies
6. Concerns for project success
§Public sector managers need to keep the following points in mind when initiating, appraising, evaluating and assessing projects within their jurisdiction:
oBe clear on objectives and the stakeholders.
oObserve whether analysis is done at the appropriate level, preferably along with other projects conducted in the same sector/region/etc
oExplore outcomes of the project (cost recovery/citizen satisfaction/etc)
oExplore critical factors of project success (timing/ competitive advantage/cost base/etc)
oEvaluate key sources of uncertainty (change of government/etc)
oConsider intangibles and positive and negative externalities.
oExamine conditions on which value obtained is dependant
oSee that project short term goal do not hinder long term benefits.
oMake decisions through past experiences
oBe familiar with the pros and cons of various techniques and tools of project management.
oWhere possible have a top-down approach in assessment.
7. Beyond planning for project management
Most public projects are open systems
However much planning goes into the planning ofa public project, guarantying success is difficult.
This is because future outcomes have to be forecast in partial ignorance of the present information.
Effectiveness of project management depends on how well the manager has understood its objectives.
The most important quality of a project manager is the ability to make good judgements.
The project manager can control the conversion of input to output, however, he has no control over the change from output to outcome.
A good manager needs to be able to interpret data correctly. He needs to have a wider view of the environment.
A good public project manager is one who can relate well to different personalities as he has to work between many interested parties.
A good manager must be able to manage risks and uncertainties.
He should also be able to add value or create new values to old and failing projects
One area widely neglected in the area of public projects is the compensation to victims of development. This area need to be revised.
earnings. The Kaizen budgeting process helps Wal-Mart to reduce its overhead by maximizing its efficiency and work flow. This is a consequence of steady improvement of their process and work. Wal-Mart is a good example for Kaizen budgeting accounting. There are also a couple of points against it, but in comparison to others, it is a gem of a approach. This helps to increase the productiveness as well as efficiency of employees and the organization.