Managing Financial Resources And Decisions Assignment

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Temporary resources permit experimentation and the carrying out of special projects.

No single ideal ratio of core to total support can be applied everywhere.

Managers may be inclined to say that their problems would be solved if they just had more money to work with.

And having more money to use is certainly better than having too little.

The chapter also will address some of the major methods found to be most successful in resolving those problems.

Managing Financial Resources And Decisions Assignment

The major financial concerns of an extension organization can be described rather simply: Most of what can go wrong in an extension organization when it comes to money is covered by one or more of the above problems.Poor financial management, on the other hand, often accompanies and contributes to failure.This chapter focuses its attention on principles related to money matters.It is generally unnecessary for most organizations to spend time and resources designing and implementing a unique system.Resources to be committed to any activity are always finite. Budgeting the use of resources to particular purposes and for specific accounting periods is an essential part of the planning and managing processes.Currently, there is interest in some countries in "privatizing" some functions - that is, shifting certain responsibilities (and the costs associated with them) to privately funded enterprises (NGOs) or directly to users.But whether the extension effort is private or public, it is not uncommon for financial support to be provided from more than one source.Obtaining financial resources Keeping track of financial resources Predicting organizational costs Maintaining a balance in how resources are to be used Decentralizing the decision-making process Using information to improve efficiency Using information to increase effectiveness Wasting resources Misappropriating resources Summary References Just as there are several organizational models for delivering extension services to the public, there are a number of ways to finance those services and to keep track of the money.Sound financial management may be fundamental to success.Managers and programme staff simply cannot carry out their assigned responsibilities effectively without understanding their financial constraints. It is incumbent upon them to establish workable systems that will enable staff members to know how many resources they have to carry out their work.Managers need to have some means for knowing what is happening with respect to their financial resources if they are to make informed management decisions.

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