Practical Exercise: Budget Analysis Reflection Post
Scenario:
Imagine you are a budget analyst for the city of “Springfield.” The city is considering launching a new community center project aimed at providing educational and recreational activities for residents.
Reflection Prompts:
Revenue Forecasting: Briefly describe how you would forecast the revenue needed for this project. What key factors (e.g., economic conditions, historical revenue data) would you consider, and which model would you choose (e.g., Simplistic Model, Multiple Regression Model)? Why?
Cost-Benefit Analysis (CBA): Outline the main steps you would take to perform a CBA for this community center. Identify at least two potential costs and two potential benefits of the project.
Cost-Effectiveness Analysis (CEA): Suggest one alternative project that could achieve similar goals at a potentially lower cost (e.g., expanding existing facilities or creating a program using current resources). Explain why this might be more cost-effective.
Financial Tool: Choose one financial tool discussed in Chapter 7 (e.g., Discounting, Payback Method, or Breakeven Analysis) and explain how it could be used to assess the feasibility of the community center project.
Submission Requirements on Blackboard:
a) Write a response of 300-400 words addressing the prompts above.
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