Budget Allocation Challenges

Budget allocation and management of resources is a critical aspect of any project. To make a project success such as in public schools the pattern of expenditure has to be in line with the overall objective of the project. In general budget allocation involves the prediction of the possible cost of the project that will be incurred for the planned activities. The key to the implementation of a successful project involves realistic planning of resources (Xiao, 2008). The process of budgeting and managing the resources has to be done in a professional and a transparent manner in order to convince different stakeholders involved in the project.

There are challenges that face budget allocation and resource management. By considering all different tasks involved in the project when allocating the budget can be a challenge (Xiao, 2008). The sponsoring agencies in the project require a detailed budget to assess whether the proposal is realistic and economically feasible. This is a challenging area where professionalism is required. The stakeholder’s continuously fund the project it is close to the actual progress of the overall objectives (Xiao, 2008). This means that if the project does not run as planned the stakeholders and the sponsoring agencies can withdraw at any particular time leaving the project uncompleted. Natural calamities can also be a challenge that can be a setback for the project. These events are not overseen or they are under budget for hindering achieving a successful project. Managing resources that mostly involves cash outflows is a critical area (Xiao, 2008). Trusted personnel’s have to be assigned to such duties and also ensure that any cash released have been approved by different signatories who do not have any close relationship to avoid collusion and embezzlement of funds.

 

Reference

Xiao, X. P. (2008). Technical, commercial, and regulatory challenges of QoS: An internet            service model perspective. Amsterdam: Elsevier / Morgan Kaufmann.