By “budget,” what do you mean? Describe the numerous types of budgeting techniques.
Ramakant SharmaInk Innovator
Asked: March 17, 20242024-03-17T09:36:41+05:30 2024-03-17T09:36:41+05:30In: Library and information science
What do you mean by budget? Explain various kind of budgeting methods
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Budgeting in Libraries
A budget is a financial plan that outlines an organization's revenues and expenses over a specific period, typically a fiscal year. Budgeting is an essential process for libraries to allocate resources effectively, plan for future expenses, and ensure financial stability. There are several methods of budgeting that libraries can use, each with its own advantages and disadvantages.
1. Traditional Budgeting:
2. Zero-Based Budgeting (ZBB):
3. Program-Based Budgeting:
4. Performance-Based Budgeting:
5. Activity-Based Budgeting:
Conclusion
Budgeting is a crucial process for libraries to manage their finances effectively and ensure that resources are allocated efficiently. By understanding the various budgeting methods, libraries can choose the approach that best suits their needs and helps them achieve their goals. Each budgeting method has its own advantages and disadvantages, and libraries may choose to use a combination of methods based on their specific circumstances and priorities.