Managing Financial Resources

* What principles should be adopted when allocating financial resources within higher education institutions?* How do internal and external factors influence resource allocation systems and what impact do these systems have on institutional and individual behaviour?* How best should expenditure be monitored in universities and colleges?This book provides a practical guide (from both departmental and central perspectives) to the management of financial resources in institutions of higher education. Following a review of the impact of a changing external environment, a three stage approach to the allocation of resources is outlined, namely: understanding sources of income, application of strategic considerations, and distribution to departments and faculties. Concepts of devolution and formula-based systems of allocation are considered in the context of the culture and structure of institutions, their impact on staff and the way in which institutional and individual behaviour patterns are affected. A concluding chapter summarizes themes relating to the management of change and highlights managerial implications.