Understanding Budget Models for Effective Resource Allocation

EDUC 664 P G 1 B RIEF P APER : B UDGET M ODELS AND R ESOURCE A LLOCATION A SSIGNMENT Discuss the different types of budget models As an educator it having a substantial knowledge of budgeting models is imperative in the field pf education. These models are in place to give us an understanding on how impactful they are to how funds are being allocated and the resources they proive in education. These models can be used as guide that will help us to maintain an idea of budget model and and resource allocation. The incremental budgeting model takes the last year’s fugures and is then added or subtracted a percentage to obtain the current year’s budget. From a historical standpoint budgeting has been the most common budgeting method. It has its origin on the prior year expenses. The activity based budgeting is a top-down financial planning approach that puts its attention on the main outcomes that your business wants to achieve. The activity based budgeting breaks down the finances or funding into activity groups and awards the financial resources to those activities that demonstrate or show the highest return. The advantages of activity based budgeting is that you can see the exact pricefor every operational activity. The Centralized budgeting model- gives all the decision- making power to upper level administration. The name is a bit of mislead but can help instituions that have difficulty controlling or operating allocations and managing known cost such as equipment for computers and software. Different from the activity based budgeting model value proposition budgeting looks to appeal or justify spending according to the substance or value it generates.

EDUC 664 PG 2 The Value proposition budgeting model- this method or model looks at each line item or category of a budget to find out why money is being spent in certain areas. This method is about making sure that everything that in apart of the budget be included and then it delivers or give value to the budget for the business. The zero based budgeting model is called zero be it begins from zero every year. With the zero based model budgeting method managers need to solidify or justify each thing that is spent as it if its new. Meaning, going through each expense, line by line, and to determine if there is purposeful or necessary. The benefit of of the zero based budgeting method is that is decreases any unnecessary spending ( www.gocardless.com,2024 ). By doing away with unnecessary spending, companies have more cash on to focus on the larger picture. They can also decrease the production cost and then have space for future investment. How do postsecondary institutions manage resource allocation? The most effective way for a institution to manage resource allotion is to explore some of the best practices for having an assessment in place alomng with effective strategic palnning and budgeting processes (Salem,2000). Having programs/units colleges and at the institution evluate the link between assessment, strategic planning and budgeting process. Integrating assessment findings is another effective way to mange post secondary to inform institutional, decision making, that is in correspondence to budgeting and resources allocation.

EDUC 664 Academic assessment practicesinclude appraisal of program learning outcomes, and quarterly program reviews tthat can happen at the level of program, academic department, and college or university. These ideas are fundamental ways of having a way to manage recource PG 3 allocation from a a post secondary aspect. This can provide ways that educators, financial planning for the school and other resource will have to deal with in each academic fiscal year of school. A strategic plan is a systematic and data based process in which it helps and provides the organization set their priorities build commitment and then allocate the resources. When strategic goal and objectives are in place that is substantial to strategic planning. The implementation of these plans helps to turn the goal and objectives in to a working proposal and or format. It then documents the entity for implementing an action a deadline being put in place for every action that goes on with the implementation and then a measure to access the progress toward completing the action related to managing resource allocation on a post secondary level. It is also to link strategic planning and budgeting to this endeavor because in higher education institutions have limited budget to allocate each year. It is imperative to prioritorize and effectively assign funds or finances to the mosrt rewarding and stratefic activities, projects and initiatives. In a general sense there should be a stable link between budgeting and strategic planning. How the strategy in place and then having it executed in the right regards to managing these resources and allocation will be the difference in not effectively planning and doing what is necessary to manage these resources related to allocation in post secondary institutions. What does the Bible instruct us regarding financial planning?

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

EDUC 664 The Word of God has been very clear on His expectations of how to spend our money and PG 4 how to apply godly principles related to spending. So many times as Christians we fail to meet God’s required expectation as to acknowledge Him in all our ways. He declared that in all they ways acknowledge Him and would direct our path according to (Proverbs 3:6). We must be able to trust God has been will for us regarding our finances. Over spending have become an epidemic in the world of Christianity. We buy things that we don’t need, we spend money on things that we don’t use after we purchase them and so with that type of behavior among us sometimes unfortunately we go into debt and lose things we could have had if we were being obedient and listenting to God in respect to how we spend money. There is an old adage that’s says if its my money im going to spend it but God is not please with that though coming from a Christian. We must change our attitude about spending and then trust God to help us to spend with its necessary and then enjoy the times God allows to spend a little more only at His approval. We must be watchful and then trust God to show us when it is o kay to spend our money as to glorify Him. God’s way of of managing money is to share, save, and spend when we honor God first only (ww.touchinglives.org,2024).

EDUC 664 PG 5 References n.d. (2024) “The Fourth Methods of Budgeting &Allocation retrieved from ( www.gocardless.com ) Merrit J. (2024). “Godly Principles for Spending Finances” Retrieved from ( http://www.touchinglives.com Salem K. (2000). “Budgeting & Allocation of Resource in Higher Education” Retrieved from ( http://www.scup.org ). “Proverbs 3:6” Retrieved from KJV Bible www.Bible.com

EDUC 664 PG 6 Title Page BRIEF PAPER: BUDGET MODELS AND RESOURCE ALLOCATION ASSIGNMENT Instructor: Timothy Fobbs Student: Malcolm Cox Date: 2/11/24

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

BudgetModelsandAllocationAssignment

Related Documents