Which term refers to the process of assessing the effectiveness of the budget after its implementation?

The term that refers to the process of assessing the effectiveness of the budget after its implementation is evaluating. This process involves measuring the actual performance against the budgeted figures to determine whether financial goals and objectives are being met. Evaluating allows an organization to analyze variances, understand the reasons behind them, and make informed decisions for future budgeting or operational adjustments. It is a crucial aspect as it helps identify areas of success as well as areas that may need corrective actions, ensuring that resources are being utilized effectively to achieve the intended outcomes.

On the other hand, monitoring typically refers to the ongoing observation of budget performance as it unfolds, whereas revising pertains to making changes to the budget itself based on new information or changing circumstances. Planning occurs prior to implementation, focusing on creating the budget rather than assessing its effectiveness after the fact.