Fiscal Management: Towards Improving Learning Outcomes

In education system throughout the world, financial management has become and
continues to become much of the increase in importance. Financial management will vary in
different educational systems, depending on the degree of financial autonomy granted to the
education authority. Yet, financial planning is the fuel for the entire institution or school to
function effectively and efficiently that is why education managers put great emphasis on its
importance.

Fiscal management is the process of keeping an organization running efficiently within

its allotted budget. Though the word "fiscal" can be used interchangeably with the word
financial, in most cases, fiscal management refers to money management within a government
entity. Overall, its goal is to improve the way the department operates by properly planning,
recording, and performing procedures that relate to the budget. This involves a variety of tools,
including budget spreadsheets, accounting software, and guides outlining procedures for
department management. With Poor fiscal management is indicated by a lack of record-keeping
and unnecessary or unplanned expenditures that can cause a department to go over budget or fail
to meet its objectives. The types of expenditures accounted for in a fiscal budget differ,
depending on the organization. Fiscal expenditures for an educational institution might include
buying and maintaining property, supplying electrical power, and educating instructors. This
will provide students a good learning environment.

The term learning environment suggests place and space such as a school, a classroom,
a library. And indeed, much 21st century learning takes place in physical locations like these. But
in todays interconnected and technology-driven world, a learning environment can be virtual,
online, remote; in other words, it doesnt have to be a place at all. Perhaps a better way to think
of 21st century learning environments is as the support systems that organize the condition in
which humans learn best systems that accommodate the unique learning needs of every learner
and support the positive human relationships needed for effective learning. Learning
environments are the structures, tools, and communities that inspire students and educators to
attain the knowledge and skills the 21st century demands of us all.

As for the students they need access to the digital tools and media-rich resources that will
help them explore, understand, and express themselves in the world they will inherit tomorrow.
Educators need access to tools and resources to share knowledge and practice with other
professionals, interact with experts in their field, and connect with their students families and
communities. Administrators need access to these same tools and resources to manage the
complexities of the educational enterprise from student records and performance data, to
personnel management and facilities operations. A strong infrastructure, designed for flexibility
and growth, can facilitate these connections and more. The essential goal of technology, as it is
with all systems for learning, is to support peoples relationships to each other and their work. As
in planning any complex task, infrastructure design must be approached with one eye on todays
practical realities, and the other on tomorrows opportunities. Students will be given a chance to
explore and learn many things on first hand experience, they will be given an opportunity to try
new things and experience technologies they cant have at home. With this innovation in front of
them students will greatly enhance many skills and ability in school. This will show hos school
can be a good training ground for students and how schools are learner-centered environment in
providing adequate tools, equipments for students performance and abilities. Students will be
provided by the enough and proper materials and instruments they will need to promote higher
order thinking skills enhance their interaction to the real and virtual world and help students to
become globally competent one.

With budgeting process is an integral part of the sound financial management of any
organization. Adequately planning and managing the entity's resources play important roles as
the movement for greater accountability expands in importance. Sound budgeting techniques,
such as site-based budgeting, are being emphasized as school district administrators and funding
agencies require a heightened level of justification for annual expenditures and decentralized
decision making.

With the proper and well manage fiscal planning and management the students learning
will greatly improve since there will be proper allocation for materials and facilities to cater to
students different needs and intelligence. There will be a great opportunity to enhance learner-
centered environment which experts say 21st century learning must take place in contexts that
promote interaction and a sense of community that will enable formal and informal learning. The
relationship of physical spaces and technological systems to learning is necessary, but more
importantly, it will also consider how those resources support the positive human relationships
that matter most to learning. And while technology, space, time, culture, and policy will be
discussed separately, it is important to remember that their power is cumulative.

References

Barber, M., & Mourshed, M. (2009). Shaping the future: How good education systems can
become great in the decade ahead. McKinsey and Company. Retrieved
fromwww.mckinsey.com/locations/southeastasia/knowledge/Education_Roundtable.pdf

H. Bliss(2016) WiseGeek. Fiscal Management. Retrieved from http://www.wisegeek.org/what-

is-fiscal-management.html
American Architectural Foundation website. Great Schools by Design program.
http://www.archfoundation.org/aaf/aaf/Programs.GSBD.htm

UNESCO (1994). Financial Manangement in Education. Retrieved from

unesdoc.unesco.org/images/0009/000978/097885eb.pdf

August 13,2016

Fiscal Management: Towards Improving Learning Outcomes

An Essay for EM208

 by
Eden Grace B. Arabes
MA-2