Budget Allocation Challenges
What is Budget Allocation?
In general budget allocation involves the prediction of the possible cost of the project that will be incurred for the planned activities. Budget allocation and management of resources is a critical aspect of any project. Writers who offer capital budgeting assignment help at Edudorm essay writing service notes that 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. 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.
Challenges That Face Budget Allocation And Resource Management
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. Authors who offer financial statement analysis assignment help at Edudorm essay writing service points that 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
Natural calamities can also be a challenge to budget allocation 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). Tutors who offer corporate finance assignment help at Edudorm essay writing service acknowledges that 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.
https://www.managementconcepts.com/resource/building-a-budget-challenges-and-best-practices
