Budget Cycle - Coursework Example

The budget cycle is a crucial tool for forecasting and analyzing future costs and revenues and ensures progressive budget update with clear outcomes for eventual analysis (Barr & McClellan, 2011). Because of the numerous problems facing the world in the 21st century, the need for entrepreneurial colleges in the 21st century is a perfect initiative. Entrepreneurial colleges are crucial for inspiring and motivating students to focus their energy on their dreams of making society a better place to live in.  Entrepreneurial colleges are also crucial for helping students to effectively utilize their time on making important life decisions. It leads to the creation of a wide pool of entrepreneurs who are able to take on the challenges facing modern society and generate revenue through entrepreneurial ventures (Bers, Head, & Palmer, 2014).  This can be achieved by setting up experimental learning where students are exposed to a practical learning process. Establishing such colleges ensures the development of a sustainable culture of entrepreneurship in society.  

The two readings, though having different approaches, are related to each other. Both readings focus on funding learning institutions, colleges, and universities. Both readings acknowledge the importance of proficient financial management within learning institutions. Despite the fact that Margaret J. Barr and  George S. McClellan focus on both colleges and universities, while Trudy H. Bers, Ronald B. Head, and James C. Palmer focus exclusively on community colleges, the ideas that the authors covey are basically the same. For example, both readings explore the concept of budgeting and attempt to create a clear understanding of the budgeting concept, which is crucial for the survival of learning institutions. I agree with my colleague that the readings are very crucial for college administrators because they provide useful information about effective management and allocation of scarce resources to achieve optimum results.