Operational Budget and Conclusion
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Operational Budget and Conclusion
Introduction
Projects constitute various activities that require some form of financial backing for implementation and actualizing. The research into possible ways of increasing Myanmar’s tourism output is no different in that it requires an operational budget. The budget constitutes an expenditure section to highlight the possible expense fronts and provide viable justifications for the need for such expenditure. Also included therein is the financing section that explores the viable sources of funds that are willing and able to provide monetary input into the project. Project stakeholders are almost always involved as potential financial sources for projects since they often stand to benefit financially from the successful completion of the project and its implementation in the area of significance.
Associated Expenditures
For the project herein, the research or study aspect that requires participants to emphatically seek accurate information implies that a huge chunk of its funding goes to travel and information documentation. In evaluating the optimal means of advertising Myanmar’s tourist attractions, the members involved in the process need to familiarize themselves with what they are advertising to develop an accurate feel of the allure of the attraction sites they seek to hype. In addition to the travel expenditure, the forum needs to invest in information equipment, acquiring recording devices such as cameras and tapes and computers for image enhancement and data analytics for comparative analysis. With such equipment, there is a need for supporting devices as tripod stands for cameras and hard drives for information storage, all of which cumulatively require some significant amounts of funding (Jaramillo-Moreno et al., 2020).
With travel and equipment funded, the team needs to reimburse the support staff involved in the process. Tour guides and interpreters, if there’s any, and the technicians responsible for the equipment, have to be paid. In addition to their salaries, additional costs with which they are associated, like transport, food, and accommodation, also have to be taken care of by the project’s finances, all adding to the total expenditure. On top of that, the team requires funds for equipment maintenance, including fueling vehicles, buying new lenses for cameras, and equipping them with roles. The equipment acquired is important for information acquisition and analysis and result in more accurate information at faster speeds than other alternative methods. Consequently, the team has to spend on such devices for a predictable outcome of guaranteed quality.
Sources of Funds
The money to finance such expenses must come from certain sources since it is a substantial amount that personal funds from the participants cannot cover. Consequently, it is important to approach entities that are bound to benefit from the exercise. The Myanmar government, for instance, stands to gain increased foreign exchange from increased tourism and enhanced international exposure. However, its involvement is indirect and most probably could come through the Tourism Department of the country via the various parastatals and government agencies therein. In involving the government, financing may come through other means of support, such as providing logistical support, accommodating the team members, and covering the cost of any institutional product or entity that the group uses, which belongs to the government of Myanmar. The government, therefore, could be obliged to step in and finance the exercise. Other stakeholders of import include hotels and accommodation centers and tour travel agencies who stand to benefit from increased tourist entries into the country (Dwyer et al., 2020). Therefore, actively engaging their participation in the exercise could relieve the financial pressure from the stakeholders and inject new sources of funds into the project.
Conclusion
The project comprises functional aspects that require money. However, all funding entities involved in any general project have to see a good reason for spending their money, hence creating an operational budget. From the information available in the paper, each budgetary request is viable. The justification therein demonstrates that any cutbacks could reduce the quality of information obtained or reduce the efficiency required for the process. Therefore, it is accurate to say that the project needs funding, and it’s up to the financing entities to style up or lose the investment.
References
Dwyer, L., Forsyth, P., & Dwyer, W. (2020). Tourism economics and policy. Channel View Publications.
Jaramillo-Moreno, B. C., Sánchez-Cueva, I. P., Tinizaray-Tituana, D. G., Narváez, J. C., Cabanilla-Vásconez, E. A., Muñoz Torrecillas, M. J., & Cruz Rambaud, S. (2020). Diagnosis of Administrative and Financial Processes in Community-Based Tourism Enterprises in Ecuador. Sustainability, 12(17), 7123.