Assessment 3: (Based on the application of Units 6&7 ) Budgeting Models and Processes (35\%) Due Datet Dec Ist, 2023 in 11:55 pm ECT Relevant Course Objectives: 1. Apply beat peactices in budget planning and implementatioe for pcrivate and public lagher edocatson institutions. 2. Prepare a plan for manuging the bodpet in a piven higher ebacation ceeters 3. Use the institutice's straferic plan to paide budgeting and finascial manapoment 4. Forceast realistic revenue streams for a hipher edfacation inctitution 5. Create strategies to ensure stakcholdet satisfaction with financtal acoountaklity Asigament Docription and Instructions recommendations yeu realise that the custenary apprearh mere facaltry and staff are anked to reselts for the futare sustainability of the Institution. Further cues is opcrafisocal arcas and peripheral scademic services ase likely io result it wokk overlouls and poor moeale sinee many Units may bor te able to fulfil their missions with further roducod hadpets. Moseover, lacreasing laifisen Tapest at wh foes will not be as optioe if the lastitution waets to fulfil its micules of increased access to all students. Therefore, financial sastainability is dependent en the iastitation's ability to srew stadent numbers and implement the high-prierify, high-reture imprevement projects and their financing. Instrections: 1. Describe the budget model or combination of budget models you wowll like to implement in medel relative to the context in which your institution is operating. 2. In the meeting with your Director of Finance, he agroes with your pnoponed Budget Model (at 1 above) for the next bodpet cycle. The takk is now to plan the badget process for the next budget eycle in order to achieve the buy-ia necessary to rationalise the bodyer allocarion to areas which will moct the Institution's coee mssion, ensure financial sustainakility and based ce the takk foece recommendations. a) As the CEO of the inctifution descrite your approach for the manapemene of the bulget process. Focus your answer oa the following atcax: 1. Linking the budpet to the strategie priventies of yoer ingtination ii. The importance of forecasting realistic revenoe streans iii. Incorporating stakcholder eonsiderations durieg the budper process b) Using the bodfet model proposed at 1h, realistic scvenae stream, adher felevant data frem your institution and the task force rococnmendations, devclop a bodyct for the neat financial cycle, Make sure you inclade the peopored new revenese dereams and all assumptions. c) Clearfy show and explain your capital budgeting decision making dratepy for the
