Investment Budgeting as a Tool for Quality Management in the School. AIR 1996 Annual Forum Paper.

This paper integrates principles of Total Quality Management (TQM) with those of investment for institutions of higher education. TQM with investment budgeting as one of its critical tools is seen to be essential for effective management in a time of decreasing financial resources. A process for investment budgeting is outlined and explained including: the importance of the investment decision as an aid to TQM, establishment of investment policy, development of an investment plan, the investment program, investment proposals, classification of various investment proposals (into independent projects, mutually exclusive projects, and prerequisite projects) in the context of TQM, and collection of relevant information. These steps are followed by evaluation of proposals, selection of the best investment proposal, and investment, revision and control. (Contains 14 references.) (DB)