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Read the case study, “Omega College,” in Chapter 7, pages 195-197 of Budgets and Financial Management in Higher Education.By Day 3Post a summary of your analysis of the case study. As a member of the administration:What actions might you recommend that the institution consider for the short term?What additional sources of revenue could you identify that might be available to Omega College?What data would you need to gather to determine whether the options being considered are viable and cost effective?Be sure to support your response with references to this week’s Learning Resources. Required ReadingsBarr, M. J., & McClellan, G. S. (2018). Budgets and financial management in higher education (3rd ed.). San Francisco, CA: Jossey-Bass.Chapter 3, “Understanding Budgets”Focus on the decision-making processes related to budgeting.Goldstein, L. (2019). College and university budgeting: A guide for academics and other stakeholders (5th ed.). Washington, DC: National Association of College and University Business Officers.Chapter 1, “An Introduction to Budgeting”Focus on the purposes, roles, and types of budgeting.Jones, D. P. (1999, March 30). Linking strategic planning and budgeting. National Center for Higher Management Systems. Presented to SACUBO, Dallas, TX. Retrieved from londonessays.com…Jones, D. P. (1999). Linking Strategic Planning and Budgeting. Copyright by National Cent

er for Higher Education Management Systems. Used by permission.Focus on how the institutional priorities and strategic themes that emerge from strategic planning enable budgeting at the operational level.Dooris, M. J., Kelley, J. M., & Trainer, J. F. (2004). Strategic planning in higher education. New Directions for Institutional Research, (123), 5–11.Strategic Planning in Higher Education by Dooris, M. J., Kelley, J. M., & Trainer, J. F. in New Directions for Institutional Research, 2004(123). Copyright 2004 by John Wiley & Sons, Inc. Reprinted by permission of John Wiley & Sons, Inc. via the Copyright Clearance Center.Required MediaInteractive Multimedia:”Strategic Planning and Implementation” Larry Goldstein and John Palmucci discuss the process of strategic planning and how it is implemented through financial planning and management. Listen in the following order: “Strategic Planning,” “Infrastructure and Supportive Plans,” “Operational Level.” Focus on the institutional process of strategic planning, the process of developing supporting/enabling plans, and how departmental decision making is informed by the strategic plan.”Elements of a Budget” Larry Goldstein and John Palmucci lead you through you through the budget summaries of an art department and a College of Arts and Sciences at a fictional university. Focus on the components of each budget summary and what each component reflects.