Budgeting - an individual may have a weekly or monthly budget. A public budget on the other hand is for one fiscal year. Also government budget is passed by parliament while the budget of an individual or firm is a private affair without any controlling authority. 

Secrecy-vs-openness- there is secrecy in private finance. No individual wants to reveal his income and savings. On the contrary, the government budget is an open public document which is commented on, debated and published at various forums. 

Rankruptcy-an individual or firm can be bankrupt. However a government cannot go bankrupt because it can borrow from international agencies. It can only face a financial crisis. 

In any economy there are two sectors, business (production) sector and Household sector (Consumption). The two sectors interact in terms of the household sector providing inputs to the business sector and the business sector provides outputs in terms of goods and services to the household sector for consumption. 

Government has played a major role in all economies. They have used increasing amounts of resources to finance the activity. Taxes constitute a greater percentage of these resources; basically public finance is concerned with: 

• Why the government is necessary in a market economy? 

• What determines the optimal scope and.level of government activity? 

• What criteria should be used in determining how government activities should be financed? 

• What are the consequences of government activity and it's financing in the economy? 

A free market economy (market mechanisms) is assumed to be about pareto optimality. 

QUESTIONS

1.connect the Systems concepts of project management and the financial or informative criteria

2.distinguish in terms of explanation the Physical systems Vs. Abstract systems relating to management of projects

3.elaboarte on the Open loop systems vs. closed loop systems and their utilization in the effective project management

4.what is your understanding on the Deterministic systems vs. Probabilistic systems project management frameworks?

5.analyze the Object-Oriented Programming (OOP)and its relevance to the project management

6.analyse on the introductory and the first step of the Object-Oriented Programming (OOP)by explaining the order of events that apply

7.what do you understand by the term and the applications of the Classify and rank projects

8.demonstarte the implications of Feasibility/risk analysis and strategic assessment in the context of project management

9.what is basically a PERT (Program Evaluation and Review Technique) in the recent and indigenous project management theories and frameworks?

10. analyze the compositions and the necessity for the Steering committee in the management of projects terms