Description

When program budgets are developed through a careful, step-by-step process, they become valuable planning tools. By using effective budget planning tools and strategies, OST professionals can make realistic projections about the program’s financial stability and design strategies for generating and allocating resources to support the program’s vision and mission. It is important for OST professionals to understand that the budget process is ongoing. It involves linking financial goals to program goals, identifying program priorities, allocating resources effectively, using reliable methods for calculating potential expenses and revenues, monitoring performance against projections made, and making needed changes and adjustments for the future.