3.1.B Skill in managing budgets and resources. Flashcards
True or False? The assumption is that business goals justify the expenditures.
True.
When doing analysis and research to prepare a budget for the TD department, which of the following is NOT an appropriate data point to examine?
A) The TD team’s collective salary
B) The previous year’s budget accuracy
C) Historical records
D) Baseline funds
A) The TD team’s collective salary
Analysis and research examines the past TD plan, historical records, baseline funds, the previous year’s budget accuracy, benchmark data, and the success rationale for previous projects. TD professionals should remember that talent development never drives the budget process; finance does. Thoroughly researching budgets can be informative and helpful.
In most budget planning processes, TD professionals gather information from two directions. Which of the two “directions” are a part of the budget planning process?
A) senior leaders
B) level I evaluation data
C) focus groups
D) needs assessment data and feedback from clients and participants
A and D
In most planning processes, TD professionals gather information from two directions—senior leaders (which may depend on the access they have to high-level organizational data) and needs assessment data and feedback from clients and participants.
During budget review, the budget will be subject to revisions and cuts unless the TD professional does what?
A) gets commitment from their immediate supervisor that they will provide unconditional support for their proposed budget
B) presents the proposed budget in a logical, concise manner that shows how projects and programs link directly to the organization’s success
C) gains the trust and respect of senior leaders
B) presents the proposed budget in a logical, concise manner that shows how projects and programs link directly to the organization’s success
It does not matter how critical the funding need, unless the TD professional presents the proposed budget in a logical, concise manner that shows how projects and programs link directly to the organization’s success, the budget will be subject to revisions and cuts.
Budget management requires the TD professional to do what?
Budget management requires the TD professional to track and manage the budget on an ongoing basis. Budgets provide details on accounts and forecasted expenses, so when they are approved, TD professionals need to track their expenses, document deviations from the budget, and perform periodic budget reviews.
How does the TDBok define a budget?
A) a financial goal that ebbs and flows as the year unfolds
B) a business plan that helps fund projects
C) a working plan that guides fiscal decisions.
C) A budget is a working plan that guides fiscal decisions.
