Public Budgeting Leadership and Financial Management

Introduction

The responsibility assigned to the managers of the public budgeting sector is high, given the importance of the functions that these persons perform. Assessing financial flows, cost analysis, allocating funds, and other tasks require competence and literacy in this industry. At the same time, such nuances as the human factor, temporary crises, and other unforeseen phenomena can impede the activities of managers and create obstacles to the qualitative realization of immediate duties. To control the field of public budgeting correctly, one should have ideas about the practical methods of work and the theoretical aspects of this practice. The skillful use of approaches to assessing the upcoming activities and analyzing existing challenges may contribute to the efficient and error-free management of financial flows, a crucial component of sustainable economic development.

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Necessary Skills and Knowledge

First of all, it is crucial to consider the nuances of management itself and a specific area under control. In particular, a person responsible for monitoring public monetary resources is aware of the importance of this position and realizes key responsibilities. In this case, it is necessary to study relevant literature on existing leadership approaches, the methods of eliminating conflicts, the ways out of a crisis, and other aspects of management practices. This will eliminate gross errors in assessing the state of the financial sector and help to understand the specifics of work better.

Also, it is essential to understand the generally accepted theories and concepts of control over the budget and its features. The process of funds distribution, as a rule, is based on standard schemes. According to Di Francesco and Alford, the budgetary theory in its classical presentation provides for “the relationship between taxation and expenditure” (48). Nevertheless, it is significant to pay attention to related factors that affect the circulation of money, for instance, the economic development of a specific region, the share of profits from individual industries, and other aspects. In addition, as Ho argues, experienced management implies assessing risks as the inevitable component of leadership activity (751). If a responsible person is aware of potential threats, this will make it possible to avoid a crisis due to preliminary analytical work and the aggregate evaluation of the situation. Therefore, when summing up the requirements mentioned above, the quality management of the public budgeting sector implies utilizing both practical and theoretical approaches to leadership.

Value of Experience

Concerning my practice as a manager of the public budgeting sector, I can note the importance of the studied approaches to the workflow organization. It is hard and immodest to talk about my personal contribution. However, when evaluating the quality of the activities performed, I can assume that I have managed to understand the system’s structure, which is an important step in the organization of the monitoring process. Constant participation in solving current tasks is a valuable way of replenishing knowledge and skills, which, in turn, serves as a background for productive activities. As a result, my leadership role in this field has allowed me to understand the responsibilities and range of duties that the manager must take into account. Therefore, the experience gained is an essential platform for further studying the concepts and principles of working with public budgeting.

Conclusion

The detailed assessment of the approaches to the organization of the workflow and the theoretical foundations of managing the sphere of public budgeting may contribute to establishing error-free and productive activities. Both theoretical and practical skills are important for studying and subsequent implementation in personal practice. The thorough analysis of the whole sector structure is my personal achievement, and subsequent work may be aimed at honing individual attainments.

Works Cited

Di Francesco, Michael, and John Alford. Balancing Control and Flexibility in Public Budgeting: A New Role for Rule Variability. Springer, 2016.

Ho, Alfred Tat-Kei. “From Performance Budgeting to Performance Budget Management: Theory and Practice.” Public Administration Review, vol. 78, no. 5, 2018, pp. 748-758.

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StudyCorgi. (2021, September 10). Public Budgeting Leadership and Financial Management. Retrieved from https://studycorgi.com/public-budgeting-leadership-and-financial-management/

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"Public Budgeting Leadership and Financial Management." StudyCorgi, 10 Sept. 2021, studycorgi.com/public-budgeting-leadership-and-financial-management/.

1. StudyCorgi. "Public Budgeting Leadership and Financial Management." September 10, 2021. https://studycorgi.com/public-budgeting-leadership-and-financial-management/.


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StudyCorgi. "Public Budgeting Leadership and Financial Management." September 10, 2021. https://studycorgi.com/public-budgeting-leadership-and-financial-management/.

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StudyCorgi. 2021. "Public Budgeting Leadership and Financial Management." September 10, 2021. https://studycorgi.com/public-budgeting-leadership-and-financial-management/.

References

StudyCorgi. (2021) 'Public Budgeting Leadership and Financial Management'. 10 September.

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