System Analysis of My Personal Budget - Case Study Example

System Analysis and Design course System Analysis of My personal Budget Maintaining anyone’s own personal budget can be healthy activity because it will clearly show the spending and the earnings ratio and thus it would be much easier to have some savings by cutting down the known expenses. Saving would be difficult if you don’t know about the little expenses occurring during the month. Objective of the Budget: Here in this report the specific purpose for maintain my personal budget is to buy an Apple’s iPad comprising of 128GB memory. Though I am using a laptop but for convenience I want to purchase an iPad as per my budget allows me. The price is $799 therefore I have to make a plan to save an amount of $800. Scope of Project: The scope of the project is to give a plan which illustrates to draw an amount of $800 from the monthly earning or we can say from disposable income by managing the routine expenses within the same income. Expected Range of the Saving Plan: The expected length of the saving plan would be 5 months i.e. starting from 1st of March 2014 to 1st of July 2014. I hope that during the period of 5 months I will be able to accumulate the amount of $800 in order to purchase the iPad. Requirements for maintaining the Budget: The savings will be done from the fixed income every month. Unexpected money gained from any source will only be included in the saving. I will not use that money in any other activity. It is possible that due to market fluctuation the prices of the commodities may change therefore I will prefer to have a little extra amount than the exact price i.e. $800 for that particular iPad. It is possible to start a part time job because it will not only add up money to my budget but also experience to my career. Assumptions: There can some assumptions which are necessary to be considered while making this budget or a saving plan to accumulate an amount of $800 along with some extra amount of $100. Fixed income may continue to remain same. There can be some bonus expected on a good performance. There can be some money expected from the sale of an old desktop computer. All the basic expenses will remain same as per routine schedule i.e. rent of the apartment, mobile phone bills, utilities and the groceries. Additional Components: In order to be successful in my saving plan, there must be a saving of $160-180 per month. In case of any decrease in the saving amount per month I may not be able to purchase the desired model of iPad in the expected time period. One more important thing, I may reduce my frequent visits to nearby fast food restaurants along with my friends. This will definitely cut down my extra expenses. Managing the Saving Plan: To save the required amount I should follow proper procedure so that I might be successful in my planning. In the start of the month, I will distribute all the money as per my own allocation schedule. From the month of March the saving portion of my income would be dedicated to the purchase of the iPad only and no other expense would incur. Every month the required saving should be of $160 and in case of some extra amount the saving should be $180. These savings are only possible when the disposable income remain same or increased. In case of money coming from the sale of old desktop computer, the duration of saving plan might reduce up to 4 months. If in case of any emergency, the saved amount would be used then the budget will be rescheduled. System Analysis of My Time Purpose of this Plan: The basic purpose or the objective of this study or report is to devise an information system which helps to manage the time spent in different activities of daily routine life. Time management is very much necessary in the life because now the philosophers consider time value as an asset which should be properly utilized so that an individual can take full advantage of it. Scope of This Plan: The scope of the essay is to devise a time management plan for best use of time. This will look at the past behavior of how time has been used how the time was saved during the college period. This time management will help to maintain the resources in later years. Expected Range: If I talk about the expected range of this time management plan then I must say that this plan should help to maintain all the activities of daily routine life as per their priority order. Requirements: There are certain requirements for making an effective time management plan. These can be; We have to give a proper time to our college activities because these cannot be compromised at all or we can say at any cost. Though the college schedule is set keeping in mind the personal activities also but the time plan should give ample time to the study duration. With the help of this time management plan I would be able to properly allocate my time for study, work and family also. The movements or the time elapsed between one activity to the other should be allocated in the plan so that the next activity’s time is not disturbed. Assumptions: This time management plan is effective only the umbrella of some assumptions which are; If I look back to my past activities then I might come to know that at certain times I failed to properly allocate time. This failure caused certain problems for me. Now I may assume that this time management will help me to use my time in a good way. Along with other activities a proper sleep should be taken so that it will give benefit to the health. A well structured time plan will help me to better perform in all the tasks. There should be some fixed hours for the food. Additional Component: The effectiveness of this devised time management plan can be checked according to the completion of the tasks during the whole day spent. Managing the Process: To devise a time management plan one must follow the procedure so that the plan would be advisable to be acted upon. At first I will look at my daily routine life activities. After the listing of all of these activities, I will give them ranking according to their priority level. This priority list will definitely help to eliminate those activities which are useless and also time consuming. After that I will allocate enough time to my college and work activities. The left over time will be divided between the family and friends gatherings etc. Modeling the Information In the previous two parts of my assignment I have prepared a budget plan for my savings and the time management system. Now in the third part I want to show the whole procedure with the help of a flow chart. This modeling of information is actually done to precisely show the data and the procedures. Modeling of information is now a hot topic for the researchers (Leckie et al., 1996). System Analysis of my Personal Budget System Analysis of my Time Making of Plans: While making both these plans the most important thing was to consider limited resources and the daily routine activities. It is usually not easy to change the routine life of an individual. In order to fulfill the budget plan and also the time management plan I have to leave my certain activities which are merely wastage of money and time as well. Frustrations: The biggest source of anxiety was to fully implement the time management plan and also the money saving budget. There may be any delay in the start of the plan which would definitely affect the whole plan. In case of emergency I may not able to work on my plans that will affect the end results. While planning for an iPad I should have a reserved amount and if it is not saved then it would create frustration. Another tension factor is the proper allocation of time to the important activities. Reference: Leckie, G. J., Pettigrew, E. K., Sylvain, C. (1996). Modeling the Information Seeking of Professionals: A General Model Derived from Research on Engineers, Health Care Professionals and Lawyers. Library Quarterly, Vol. 66, no. 2, pp 161-193. Retrieved on 10th Feb, 2014 from http://www.jstor.org/discover/10.2307/4309109?uid=2&uid=4&sid=21103374602261 Read More