Financial Management

Course Code: MMASLO_01

Masters Level Module

It is important for senior school leaders to understand the financial environment in which they operate and to be able to appraise it critically. In a system of devolved school management, the resources schools receive are highly dependent on the interrelationship between the school and its external environment. The value the school's stakeholders place on its learning outcomes for students determine its inflow of resources. The role of the budget in the management of not-for-profit organisations is examined in relation to strategic, managerial and operational levels of control. How expenditure decisions are made, with respect to the allocation of resources that will have the most impact on learning outcomes within budget constraints, budget planning and preparation are also examined and different approaches to budgeting outlined. The reasons for cost-effectiveness analysis being difficult in educational setting will be examined and ways forward suggested.