Selecting Budget Planning Tools

Considerations for Institutional Budget Forecasting Needs

Topics: Budgeting, Administration and Finance, Planning and Budgeting, Information Technology

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Summary

In the face of increased financial uncertainty, institutions approached the Forum interested in procuring new budget planning and development tools . This report details options and considerations for selecting and implementing a budget planning and development tool. In particular, contacts provide guidance on the impact of institutional priorities on the benefits of a budget planning tool, details on the selection process and timeframe, and recommendations on implementing the tool.

Research Questions

  • What budget planning and development tools and vendors do other higher education institutions use?
  • What considerations do administrators prioritize in a budget planning and development tool?
  • How much does the budget planning and development tool cost? What is the timeline and process for selection?
  • How do administrators select a budget planning and development tool?
  • How do administrators install and implement the budget planning and development tool?
  • What is the timeframe from initial instillation through full implementation?
  • What resources do administrators require to fully implement the budget planning tool?