This week's assignment is the second part of a three-part Course Project which requires you to develop a financial plan for a department within an institution of higher education. Continue using the "Develop a Financial Plan" Word template which you downloaded and saved in Week 4 to complete the Course Project. The Course Project is based on the following scenario:
A new president has been selected to run your university. His first initiative is to impose a new strategic direction that focuses on three key priorities:
· Increasing student engagement
· Integrating information technology into programs and services
· Developing measurable learning outcomes
This has the potential to change a number of operations, priorities, and the allocation of resources in your department.
For Part 2 you will consider how your department should reallocate resources to meet the new initiatives you have identified, how these initiatives should be funded, and how a change in operations should be assessed given the new priorities.
Complete "Part 2: Resource Allocation" and save the document
Assignment length: 3 pages
PART 2: Resource Allocation
Consider how your department should reallocate resources to meet the new initiatives you have identified, how these initiatives should be funded, and how a change in operations should be assessed given the new priorities. Please answer the below questions in paragraph form
Resource Allocation:
How should your department determine genuine needs and priorities?
What you will do with resources should you get a windfall?
What cuts will you make should you have a major budget cut?
Identify two competing priorities. What criteria would you use in assessing priority? How would you ensure equitability and fairness?
Funding:
How would you creatively find resources and funding or reallocate resources? What new funding sources would you consider, and why?
How would you communicate your priority budget needs persuasively to upper management?
Assessment:
How will you assess your effectiveness as a department given the new priorities? How would you measure success?
How will you evaluate the effectiveness of the department's proposals?
Part 2: Length: 3 pages