FINANCIAL PLANNING

Definition of Financial Planning

Financial Planning is the process of estimating the capital required and determining its competition. It is the process of framing financial policies in relation to procurement, investment and administration of funds of an enterprise.

FINANCIAL ADMINISTRATION

Meaning of Financial Administration

The term Financial Administration consists of two words. 'Finance' and 'Administration'. The word 'administration' refers to organization and management of collective human efforts in the pursuit of a conscious objective. The word 'finance' refers to monetary resource. Financial administration refers to a set of activities which are related to making available money to the various branches of an organization to enable it to carry out its objects. Whether it is a family, business or a government department, its day to day activities depend on the availability of funds with which financial administration is concerned.

SOURCES OF FINANCING

Financing is defined as the act of providing funds for business activities, making purchases or investing. Financial institutions and banks are in the business of financing as they provide capital to businesses, consumers and investors to help them achieve their goals. The Education funding comes from many different sources. The total level of funding a country dedicates to education is the result of the total level of funding provided by each one of these sources. The main sources of education finance are the following:
1. Public finance (Federal & Provincial government)
2. Taxes (Direct & Indirect)
3. Fee & Services
4. Private organizations (NGOs)
5. Foreign funding (Loans & Aids)

EDUCATIONAL PHILOSOPHIES

Within the epistemological frame that focuses on the nature of knowledge and how we come to know, there are four major educational philosophies, each related to one or more of the general or world philosophies just discussed. These educational philosophical approaches are currently used in classrooms the world over. They are Perennialism, Essentialism, Progressivism, and Reconstructionism. These educational philosophies focus heavily on WHAT we should teach aspect of the curriculum.

AREAS IN PHILOSOPHY

Philosophy is the study of general and fundamental problems such as those concerned with knowledge, values, reason and mind. Literally the word philosophy means the love of wisdom and so it is the in-depth scientific study of facts of the universe and it has three basic areas such as:

·         Epistemology
·         Ontology
·         Axiology

EDITOR'S ROLE IN PREPARING MANUSCRIPT

PUNJAB TRAVELLING ALLOWANCE RULES 1976

PUNJAB TRAVELLING ALLOWANCE RULES

The 10th July, 1976

No. FD/Accounts/OSD/498 -- In exercise of the powers conferred by Section 23 of the Punjab Civil Servants Act, 1974, the Governor of the Punjab is pleased to make the following Rules, namely:-

SECTION I - TRAVELLING ALLOWANCE

1.1 Short title -- These rules may be called the Punjab Travelling Allowance Rules.

1.2 Commencement -- They shall come into force at once.

1.3 The Travelling Allowance Rules in force in the Punjab immediately before the coming into force of these rules shall stand rescinded.

GRATUITY LAW IN PAKISTAN

Gratuity is a one of the retirement benefits for long service. Before May 1972, the payment of gratuity by employer was on voluntary basis, after that it was incorporated in Standing Orders and becomes a statutory obligation of employers. Since then payment of gratuity is a legal benefit of eligible worker.

There are three different retirement benefits defined in Standing Order 12(6) i.e. “Gratuity” or “Provident Fund” or “Approved Pension Fund”. The establishment employing or employed certain number of workers is legal liable to offer at least any one of the retirement benefit.

SIMULATED TEACHING

INTRODUCTION & ORIGIN

Simulation is one activity that can contribute to a successful and highly enjoyable experience. It engages students by placing them directly into the conflict of the real situation. It comes alive as students interact with one another.

Since a long time ago, simulation has been used by human and even animal to train their young ones for adaptation with their environment. At first, chess was assumed as the original form of the war game later on it developed into more serious and sophisticated military game to train new soldiers. The simulation technique has been applied successfully in the last decade in education .The advantages of the technique has been known all over the world by educationist. The National Games Council was established in 1961 in USA and in 1970, the International Simulation and Games Association was found in Germany. It is the evidence of the importance of simulation technique.

THE PROJECT METHOD

INTRODUCTION

The project method is a significant landmark in the history of the methodology of education. It is directly in line with the current progress and fits in very comfortably with the other developments. The method is not totally new. It owes its origin to the American philosophers belonging to the pragmatic school of philosophy. W. H. Kilpatrick was a chief proponent of this method. He was influenced by the John Dewey’s Pragmatism principle. He published a paper on ‘The Project Method’ in 1918. He mainly focuses on the purposeful activity and problem solving capacity of the students based on their needs, interest, attitudes and abilities.

DEFINITIONS, MEANING & CHARACTERISTICS OF PLANNING

1. Meaning and Concept of Planning

In simple words, planning is deciding in advance what is to be done, when where, how and by whom it is to be done. Planning bridges the gap from where we are to where we want to go. It includes the selection of objectives, policies, procedures and programs from among alternatives. A plan is a predetermined course of action to achieve a specified goal. It is an intellectual process characterized by thinking before doing. It is an attempt on the part of manager to anticipate the future in order to achieve better performance. Planning is the primary function of management.

FIVE APPROACHES TO EDUCATIONAL PLANNING

The word ‘planning’ has lost the undertones it had earlier of infringement with individual liberties and is becoming increasingly accepted by all as part of the vocabulary of development, each country having its own type of planning within its own political system. In what follows, planning refers to the system a country adopts of forecasting its needs and setting up a framework, or alternative frameworks, of national action to meet them. It deals with matters which are subject to forecast and to substitution and can never cover the whole policy. A sudden policy decision to devaluate the currency or to enter a common market may have more important effects on economic development and social structure than the most detailed ten-year plan.

The main approaches and techniques of relating educational planning to development planning, which are in use or recommended by various authorities are set out below. Usually combinations of methods are in operation:

THE PUNJAB GOVERNMENT SERVANTS BENEVOLENT FUND ORDINANCE, 1960