Personal Character is,

One of most important lecture among guest lecture series was the lecture on Personal Character. The benefit of this lecture cannot be explained by words. I experienced the facts discussed under this guest lecture by applying those in my day to day activities.

Personal character categorize as below. That can be described as collection of many behavioral attributes which exists in human beings and can be different from one person to another.

• Engagement of Right behaviors and use of Right Words
•   Personal
• Aggregate of Special Qualities 
•  Morality
•  Set of persistent qualities
• Real nature
• Inward desire to do right at any cost

ü  

By attending to the gust lectures I improvised important needed good quality characteristics to my life. And also I learned how to manage my morality and civility without doing any harmful things to another personal character. I learned an important concept on which the success of our lives is always based and I can explain that in my views as the existence of human’s character can be led by the non-violence among the people. The ability not being against the people who are around us can be achieved by improving our tolerance and the ability of analyzing of all the aspects in anything and by improving the level of respect aimed at the feelings of others. That is one thing that I have learned in this lecture.

The nature of the person as good or bad depends on the morality and the civility of that person. Everyday People are learning. Virtues are the collection of good things, good thoughts and good experiences that people have learned in the movement of their lives. I learned what are the virtues, Different natures that virtues can be existed; they are mostly discussed under following important aspects of Human beings.

·         Benevolence

·         Tolerance

·         Self-Discipline

·         Caring

·         Loyalty

The extent of various virtues which are inherent and possessed by us can be evaluated by using indexes. The Lecture of Personal Character trained us to evaluate us ourselves.

Suggestions for improvements

• Coordination through budgets - adapt the coordination of traditional budgeting for increasing complexity and dynamics

MMM can obtain a competitive advantage through dynamic changes in its operations rather than remaining stable. Therefore the company can experience modern budgeting system adapting the environmental changes successfully. Not only that the company may be able to be in a position that the competitors cannot reach without a huge effort to beat the company.

• Decentralization - increase flexibility of budgetary process by decentralized authority

Centralization of authority may have negative impact on budgeting process and it may restrict the communication of effective ideas and suggestions from the lower level regarding the budgeting system. If the company attempts to decentralize its authority, work load of top management can be reduced to a greater extent and it will be an administrative ease in making only critical decisions.

• Focus and criticality reduce the level of detailed budgets and therewith increase speed of forecasting

More focus on detailed budgets may lead to a time wasting and inefficiency in operation. The company must reduce the level of detailed budgets considering the essence, importance & relevance of information. And also it is recommended to MMM to increase the speed of forecasting through skilled & experienced personnel 

• Analytical planning from baseline - no longer based on previous year's effective figures

Past cannot be treated as the scene of future. But we can only get mere  idea about what will be happened in future. Therefore dependence on past does not always generate favorable consequences for the organization and it may take the management into totally error forecasting.

Deviations from the theory

Theory cannot always be applied in practice exactly the way how theory explains the guidelines to perform a particular practice. Deviations can be occurred when the theory is completely or partly different from application of those theoretical concepts in practice.

• Encouraging rigid planning and incremental thinking

Roll forward budgeting leads MMM toward rigid planning because they mainly focus on short term perspective and the management of MMM makes assumption regarding forecasting on incremental basis. Therefore within the organization incremental thinking is motivated.

• Being time-consuming
• Producing inadequate variance reports leaving the 'how' and 'why' questions unanswered
• Ignoring key drivers of shareholder value by focusing too much attention on short-term financial numbers

Roll forward budgeting system may ignore the goal of increasing shareholders long term value since it pays too much attention on short term goals & objectives.

• Being a yearly rigid ritual
• Tying the company to a 12-month commitment, which is risky since it is based on uncertain forecasts

The company cannot make forecasts with 100% certainty since it’s a service sector company. It cannot be recommended to tie the goals of the company into an annual commitment. It must pay a greater attention in setting the targets for more than one year and consider the variances in long term perspective.

• Meeting only the lowest targets and not attempting to beat the targets
• Spending what is in the budget even if it is not necessary in order to guard against next year's budget being reduced
• Achieving the budget even if this results in undesirable actions.