How to Budget Training—Managing the Training Function

Chapter . Fear of the Training Budget

Few words strike as much fear in the heart as the word “budget.” Whether in business, volunteer work, or at home, few people enjoy the combination of financial rigor, forward planning, and accountability associated with the budget process. Yet, as disliked as budget planning may be, it is critical to running a business, organization, or home. Budgets force us to weigh the costs and make choices about what we plan to accomplish in the upcoming year.

What is a budget? According to the American Heritage Dictionary, 2nd edition, a budget is “an itemized summary of probable expenditures and income for a given period, or a systematic plan for meeting expenses in a given period.” Thus, a budget has a dual purpose. ...