In particular, two processes intervene between the revision of the Strategic Plan and the finalisation of the Operational Plan for the subsequent year. Both will be undertaken in May-June, prior to the annual Budget Development Conference. The Performance and Outlook data and analysis will form the basis for an Operational Performance Review involving briefing and review discussions between the Office of the Vice-Chancellor and individual faculties and administrative divisions. Any subsequent variations in the institutional performance or external outlook of the University will be taken into account progressively as the finalisation and implementation of the Operational Plan proceeds. 4.3 Planning and Budgeting.
Operational planning is vital because it drives the budget process.
As such, it amounts to very little unless and until it becomes a budget. Effective budgeting, on the other hand, demands a planned approach to the hard priority decisions that have to be made about the use of scarce resources. The intimacy of links between planning and budgeting places a high premium on exemplary standards of accountability within the planning process. In particular, the monitoring of performance against operational plans, including financial performance against budget allocations, is a vital part of the central management processes of the University. The University of Melbourne 1994-2001.