Do you manage the discretionary budget for a large research group or centre? If yes, then you know budgeting can be a challenging yet crucial aspect of your work. ⠀
My most recent Hacking Academia release walks through the theory and practical aspects of budget management for research entities like a centre.
In Part 1, we dive into key concepts that shape how you manage a budget, explore how funding amounts, time spans, and restrictions can affect your decision-making, and discuss ways to respond to unexpected costs. We also delve into the nuances of over and under spending, and the importance of indexing and leveraging your funds.
Whether you’re a seasoned veteran or new to managing large budgets, this video will provide valuable insights and possibly overturn some budgeting wisdom you may have learned as a child.
Stay tuned for Part 2, where I’ll discuss potential spending categories you might consider allocating to a center budget.
As always, I appreciate your engagement and look forward to your comments, questions, and experiences.
Please reshare if useful
Timestamps are as follows:
(0:00) Introduction to Budgeting for Centres
(0:08) Introduction to Discretionary Funding
(0:30) Discretionary Budgets Enable Many Opportunities
(0:41) Managing Larger Budgets Can be Daunting
(0:44) Many People Receive Little Formal Budget Training
(0:55) These Videos Cover Concepts and Budget Examples
(1:11) Many Budget Concepts Are Common to Most Contexts
(1:26) This Video Covers Key Budget Concepts and Issues
(1:35) Key Factor: Budget Size
(2:03) Small Budgets Necessitate Co-Funding
(2:24) Larger Budgets Can Enable Staffing
(2:40) Large Events and Equipment Purchases
(2:57) Key Concept: Budget Timeline and Uncertainty
(3:27) Prioritising Amidst Uncertainty
(3:54) Ability to Make Future Co-Funding Commitments
(4:06) The Vital Importance of Indexing
(4:28) Indexing Example
(5:03) Volatility in Expenses
(5:08) Salaries Are Relatively Predictable
(5:14) More Volatile Expense Categories
(5:20) Examples: Travel and GPU Costs
(5:42) Lots of Factors Can Drive Price Volatility
(5:53) Things Can Get Cheaper Too!
(6:01) Expenditure Restrictions
(6:18) Examples of Expenditure Restrictions
(6:37) Key Concept: Underspending and Overspending
(6:46) Some People Have Learnt a Tendency to Save and Underspend
(6:59) Underspending Can Be Counterproductive
(7:13) Large Overspends Are Of Course Bad
(7:21) Be Wary of Excessive Hoarding of Funds – They May Disappear
(7:33) Funding Roll Over Is Not Always Possible
(7:45) Co-Funding Can Stretch Limited Budgets Further
(8:03) Example: Partial Funding of Work Travel
(8:22) Make Sure Funding Schemes Don’t Exacerbate Inequities
(8:33) Leverage Both External and Internal Co-Funding
(8:40) Internal Co-Funding Examples: Grants and Equipment
(8:49) Reality Often Doesn’t Match Budget Plans
(8:57) The Timing of When Expenses Hit Your Accounts
(9:10) Example: Equipment Charge Delays
(9:32) Large Expenses Missing Their Planned Year
(9:41) Expenses Can Sometimes Be Routed Via Other Accounts
(10:06) Completely Unexpected Charges
(10:24) Retaining a Strategic Reserve
(10:36) Example: Unexpected Strategic Opportunities
(10:52) A Strategic Reserve Needs Rollover
(11:04) Recap: Discretionary Budgets Enable Lots of Opportunities
(11:20) A Steep But Worthwhile Learning Curve
(11:29) Video Recap and Preview of Part 2
Do you manage the discretionary budget for a large research group or centre? If yes, then you know budgeting can be a challenging yet crucial aspect of your work. ⠀
My most recent Hacking Academia release walks through the theory and practical aspects of budget management for research entities like a centre.
In Part 1, we dive into key concepts that shape how you manage a budget, explore how funding amounts, time spans, and restrictions can affect your decision-making, and discuss ways to respond to unexpected costs. We also delve into the nuances of over and under spending, and the importance of indexing and leveraging your funds.
Whether you’re a seasoned veteran or new to managing large budgets, this video will provide valuable insights and possibly overturn some budgeting wisdom you may have learned as a child.
Stay tuned for Part 2, where I’ll discuss potential spending categories you might consider allocating to a center budget.
As always, I appreciate your engagement and look forward to your comments, questions, and experiences.
Please reshare if useful
Timestamps are as follows:
(0:00) Introduction to Budgeting for Centres
(0:08) Introduction to Discretionary Funding
(0:30) Discretionary Budgets Enable Many Opportunities
(0:41) Managing Larger Budgets Can be Daunting
(0:44) Many People Receive Little Formal Budget Training
(0:55) These Videos Cover Concepts and Budget Examples
(1:11) Many Budget Concepts Are Common to Most Contexts
(1:26) This Video Covers Key Budget Concepts and Issues
(1:35) Key Factor: Budget Size
(2:03) Small Budgets Necessitate Co-Funding
(2:24) Larger Budgets Can Enable Staffing
(2:40) Large Events and Equipment Purchases
(2:57) Key Concept: Budget Timeline and Uncertainty
(3:27) Prioritising Amidst Uncertainty
(3:54) Ability to Make Future Co-Funding Commitments
(4:06) The Vital Importance of Indexing
(4:28) Indexing Example
(5:03) Volatility in Expenses
(5:08) Salaries Are Relatively Predictable
(5:14) More Volatile Expense Categories
(5:20) Examples: Travel and GPU Costs
(5:42) Lots of Factors Can Drive Price Volatility
(5:53) Things Can Get Cheaper Too!
(6:01) Expenditure Restrictions
(6:18) Examples of Expenditure Restrictions
(6:37) Key Concept: Underspending and Overspending
(6:46) Some People Have Learnt a Tendency to Save and Underspend
(6:59) Underspending Can Be Counterproductive
(7:13) Large Overspends Are Of Course Bad
(7:21) Be Wary of Excessive Hoarding of Funds – They May Disappear
(7:33) Funding Roll Over Is Not Always Possible
(7:45) Co-Funding Can Stretch Limited Budgets Further
(8:03) Example: Partial Funding of Work Travel
(8:22) Make Sure Funding Schemes Don’t Exacerbate Inequities
(8:33) Leverage Both External and Internal Co-Funding
(8:40) Internal Co-Funding Examples: Grants and Equipment
(8:49) Reality Often Doesn’t Match Budget Plans
(8:57) The Timing of When Expenses Hit Your Accounts
(9:10) Example: Equipment Charge Delays
(9:32) Large Expenses Missing Their Planned Year
(9:41) Expenses Can Sometimes Be Routed Via Other Accounts
(10:06) Completely Unexpected Charges
(10:24) Retaining a Strategic Reserve
(10:36) Example: Unexpected Strategic Opportunities
(10:52) A Strategic Reserve Needs Rollover
(11:04) Recap: Discretionary Budgets Enable Lots of Opportunities
(11:20) A Steep But Worthwhile Learning Curve
(11:29) Video Recap and Preview of Part 2