PART 3: Collaboration and Implementation -higher education:Finance

Resource Allocation

Name:

Institution name:

Resource Allocation

Given that there is always scarcity, choices always have to be made and some wants will be satisfied while others won’t. Resource management involves considering what resources are needed for the initiative and how they will be used to deliver the desired outcome in order to achieve the department’s purpose. Effective resource management is important when it comes to ensuring that the initiatives are implemented. Management plays an important role when it comes to resource allocation. The management of the department is a critical part in ensuring that resource management is a successful part of the project planning process.

One way to start the process is writing down a formal resource allocation plan. This includes prioritizing task, allocating resources to those tasks, identifying task that need funding and those that don’t need funding, ranking prioritized task and identifying must-have for a given task. My department will use the sustainability method where the needs of the present will be met without compromising the ability of the future. This way it helps identify the genuine needs and priorities. For example, the socioeconomic system that our universities exist today is highly dynamic and competitive (David Dodd,2014). Therefore, technology plays numerous roles in the strategic planning process and therefore initiatives that include technology should be prioritized.

In case of a windfall, the resources can be used to finance other projects that had not been prioritized in the beginning. The importance of this is that the initiatives that had not been prioritized will now be met.

According to David Maddox, budget is a common and non-pleasant task confronting every leader. Before making any cuts, I’ll have to understand the reasons driving the cuts. This helps in coming up with a strategy for budget cutting. After determining the cuts are necessary, the next step I would take is to determine the size of the cuts. This the extent to which I should make the cut. Then choose an approach to make the cut. The target approach of budget cut is more appropriate in this scenario. The cuts will have to include some of the initiatives that don’t necessarily contribute to the new president’s new set of priorities. In addition, the initiative that is being cut should also be the one that won’t affect the department’s purpose. The department can cut off common intellectual experiences within the first two years directed at core competencies like the living-learning programs.

Promoting the health and well-being of students and creating measurable student learning outcomes are two initiatives that are both a priority. To ascertain which one is to be prioritized, the ideal criteria are participatory and inclusive. This is including all the members of the department in the decision making as all expertise in the relevant initiative will be included. This criterion is effective in that it reflects good practices and good theory on each initiative. It also ensures that all important issues on the two initiatives are addressed and gives an opportunity for all members to be involved. This criterion is open and fair hence ensures equitability and fairness.

Funding

For every strategic plan to come into place, reallocation of resources is necessary. This can be done through estimating the resources for each initiative, the estimated time for each initiative and the strategic pathway to be undertaken. There are various ways to find resources and funding; my first priority would to engage the right people to the initiatives and thus, securing funds for them. In addition, I would tap ideas from all ranks on how to work on and improve the initiatives hence being able to attract external funds.

Communicating to the upper management is a big challenge that I as the leader of the academic department have purposed to overcome. How will I communicate the priority budget persuasively? First, by focusing on the impact of the initiatives and showing of the vision of the prioritized initiatives moreover, when presenting the prioritized I’ll have prepared the facts and data that are relevant to the budget. Knowing your numbers comes in handy as anecdotes and explanations aren’t enough. Lastly showing the upper management how the goals behind the initiatives align with the new president’s vision and priorities of the university. By using these steps I’ll have maximized the chances of gaining the support I need on the budget.

Assessment

How to measure the effectiveness of a department is all dependent with its strategic plan. Are the projects or targets set accomplished? Have the pitches presented been approved? These questions are some of the indicators that can be used in measuring the effectiveness of the department. For this case, I would measure the success of the academic department when the initiatives help to achieve the strategic plan of the new president’s priorities.

The effectiveness of the department’s proposals can be measured when implementation of information technology into the university’s programs and services is successful. Additionally, by evaluating student’s engagement in the university’s programs can also show the effectiveness of the proposals. Furthermore, the proposals were to encourage development of measurable learning outcomes and also increase student engagement within the university contributing to the new set strategic priorities.

References

Barth, J. R., Dearie, J., Skeel, D., & Wilmarth, A. (2014) Panel Discussion on Stability Resolution and Dodd-Frank. Perspectives on Dodd-Frank and Finance, 81-104. Doi:10.7551/mitpress/9780262028035.003.006

Goldsmith, W. W., & David Maddox. (2017). Budget -Cutting Targets. Cornell University Press. Doi:10.7591/cornell/9781501704314.003.0003

Sagenmuller, I. (2016, March 2017). Engagement: the key concept of student retention in higher education. Retrieved from https://www.u-planner.com/engagement-the-ey-concept-of-student-retention-in-higher-education