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Tutorial: What Every Manager Needs To Know
Five Facts Every Manager Should Know About
1: Budgeting Is A Process
Three common, and
legitimate, observations about budgeting that many IT
professionals share are:
organizations financial management doesnt
provide enough time to prepare budget requests;
its always a last minute affair.
- No one tells them
what information senior management wants.
- Even when
projects are funded, getting approval to spend the
money is time-consuming and frustrating.
Some IT organizations
recognize that budgeting is a recurring process with
predictable information demands; knowing this, they are able
to relieve some of the difficulties by:
- starting early
(organization-wide processes start at about the same
time each year)
common IT budget request information standards and
formats (the information that senior management wants
to know is predictable; a standard format and
contents tells IT managers and staff what they need
pertinent facts from the original budget
justification when requesting authorization to make
acquisitions or fill budgeted positions
Regardless of whether
a particular budget process is "good" or
"bad", knowing the basics can help IT management
make the best of it.
Every Manager Needs To Know About Budgeting, Lesson 9 of 14