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- 2. The Agreed Budget and Financial Plan • It has been requested that a sum of $80,000 be allotted to King Edward VII College's budget. • It has set aside a total of $10,000 to remodel the website so that it may be used effectively as a branding tool. • They've set aside $5,500 to go toward the purchase of graphic design software and staff time. • The Education Expo in December is a significant priority, but getting there will cost a whopping $10,000 (Sun 2020). • In March, $20,000 was set aside for sponsorship projects.
- 3. Proposed changes • Improve financial management policies business cards. • This adjustment will improve the institution's work environment. • Contingency functions include $5,000 for offline advertising via initiatives like education expo.
- 4. Monitor Expenditure and Costs • King Edward College's example includes financial planning, rules, and methods for improved marketing. • Through the Finance Authorization Policy, managers or authorised personnel may approve marketing transactions. • All petty cash vouchers are issued by senior management, making the practise safe (Chen 2021). • This company's pricing, value, and quality of instruction are remarkable.
- 5. Contingency Plan • The management team will employ contingency planning to prepare for operational plan targets. • Advertising on Radio • Participating in Educational Fair
- 6. Details of Resources and systems of Team members • In depth Assessment of budget planning • Frequent communication with the finance team • Notifying higher-ups about a prospective shift (Aiping 2020) • Requesting approval for a change by emailing upper-level and finance management
- 7. Reference list • Aiping, Y., 2020. Influence of Budget Reform on Financial Innovation in Colleges and Universities Based on Ahp. Solid State Technology, 63(3), pp.5563-5573. • Boland, W.C., 2020. Performance funding and historically black colleges and universities: An assessment of financial incentives and baccalaureate degree production. Educational Policy, 34(4), pp.644-673. • Chen, C., 2021. Application of Analytic Hierarchy Process in Evaluating Higher Industry Vocational Colleges Financial Performance. CONVERTER, pp.01-08. • Scott-Clayton, J. and Schudde, L., 2020. The consequences of performance standards in need-based aid evidence from community colleges. Journal of Human Resources, 55(4), pp.1105-1136. • Sun, Y., 2020, June. The Establishment of Financial Performance Evaluation Index System in Colleges and Universities Based on Computer Science. In Journal of Physics: Conference Series (Vol. 1574, No. 1, p. 012077). IOP Publishing. • Yu, L., 2018. Research on Financial Performance Evaluation Index System in Colleges and Universities. INNOVATION AND MANAGEMENT. • Zhao, X. and Xu, Y., 2019, December. Investigation about the practical teaching effect of financial transformation colleges and the research on the construction of evaluation model. In Journal of Physics: Conference Series (Vol. 1423, No. 1, p. 012032). IOP Publishing.
- 8. THANK YOU
Editor's Notes
- S.N: The vast majority of Variances have dabbled with web design, Google Ads, and affiliate marketing. There is also no allowance made for the $10,000 set aside as a buffer in the planning stages budget allocation for television commercials. There is money left over in the budget, which can be put toward a safety net if necessary.
- S.N: Business cards are prohibited for use in this policy action. These items are just for use on trip. To affect a shift in this policy, we have included a new clause guaranteeing payment for preventative health care and treatment of existing medical conditions. Since this is such a touchy subject, employers should require their staff to take health and safety seriously. Making this adjustment will assist bring about a more agreeable working atmosphere there.
- S.N: In addition, the corporation has a policy that limits the amount of credit that may be issued on business cards in order to better manage their cash flow. Authorization for this part rests with the higher-ups, who will only approve expenses for trips that serve a stated institutional need. Under this plan, there will be no monetary advances made. Business cards go missing, it's important to let the finance department know right once. Here, a new supplier policy plays a crucial role in the process of selecting, hiring, and ultimately working with suppliers.
- S.N: The plans for the delivery of services, management of finances and personnel, management of physical resources, management of information technology, and management of time will all be included in the operational plan for the two campuses. These plans are discussed in a variety of areas throughout this report in a manner that is both detailed and in-depth, with the goal of better comprehending the progression of the operational strategy in the extra 2 campuses.
- S.N: It is important that be aware that as a result of the growth of the institution, there is a significant quantity of new equipment that has to be purchased When it comes to making any new requisitions for new pieces of equipment for the school, the administration team has been notified that they must comply with the recently drafted buying policy.