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Subject: Information Technology Budgeting

Tutorial: What Every Manager Needs To Know About Budgeting

 

Five Common Misconceptions


No. 1:  It’s Not My Job

If you are like most technical professionals, you were educated and trained to do a job and that job did not include budgeting. It is likely that early in your career your exposure to budgeting was more in the vein of managers telling you that you could not buy some hardware or hire the additional staff that you needed.

Later, as you assumed responsibility for managing an IT project / activity, you may have been asked to prepare a budget estimate for the annual budget preparation process. You probably made your best guess, submitted your request, and then waited (seemingly forever) for a decision. When you finally got the word, you didn’t understand the logic behind what was approved and what was denied. Even when budgets were approved, getting permission to actually spend the money was often a frustrating, distracting activity.

Those that advance to senior IT management positions often find themselves constantly trying to justify their budget needs to senior organization management, explaining how they are spending the money, and negotiating with business users to get them to pay for the services they demand.

Every time an IT professional proposes to hire a person, purchase software, buy a computer, or change the way an organization does business, s/he is involved with budgets and budgeting. Budgeting may not be the technical professional’s job; yet, it is an inescapable part of the job. You don’t have to be an budget expert; but, there are some basics that every manager needs to know.


What Every Manager Needs To Know About Budgeting, Lesson 2 of 14

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