Financial Management in Library & Information Services
- Education
- 300 level
- 2 credit units
- 115 pages
- 10 units
This course explores financial management principles within library and information services. It examines the concepts of finance and management, highlighting their importance in both public and private organizations. Students will learn about sourcing funds, budgeting, managing income and expenditure, and risk management strategies specific to libraries and information centers. The course aims to equip students with the knowledge and skills necessary for effective financial planning and decision-making in library settings.
About this course
- Difficulty
- Intermediate
- Study hours
- 65 hours
- Maths
- Basic
- Content
- Theoretical, case study, problem solving
- Practical work
- Yes
- Assignments
- Tutor marked assessments
- Final examination
What you'll read
The real module and unit structure of LIS328, taken from the course material NOUN publishes.
One paragraph, so you can see how it reads
LIS328 · UNIT 1
Read all the comments and notes of your facilitator especially on your assignments; participate in the forums and discussions. This gives you the opportunity to socialise with others in the programme. You can discuss any problem encountered during your study.
What you should be able to do
- Define financial management and its relevance to libraries.
- Identify and evaluate various sources of funding for libraries.
- Develop and manage a library budget effectively.
- Implement risk management strategies to protect library assets.
- Apply enterprise risk management principles in library settings.
- Analyze financial statements and make informed decisions.
What it prepares you for
- Library Director
- Financial Manager
- Budget Analyst
- Information Manager
- Risk Manager
- Academic Libraries
- Public Libraries
- Special Libraries
- National Libraries
- Information Centers
Where it gets hard
The units students slow down on, and what makes each one heavy.
- Module 1: Concepts and Essence of Financial Management in Libraries
Unit 3: Financial Management in Public and Private Organizations
Requires understanding of both public and private sector financial models and their implications for library funding and resource allocation.
- Module 3: Risk Management in Libraries
Unit 3: Risk Enterprise Management
Involves understanding complex risk assessment methodologies and applying them to diverse library scenarios, requiring analytical and problem-solving skills.
A suggested way through it
13 weeks, about 28 hours in total. Yours will differ.
- Week 1Module 1: Concepts and Essence of Financial Management in Libraries
Unit 1: Concept of Finance and Concept of Management · 2 hours
Define finance and management.. Differentiate between private and public finance.. Discuss the management cycle and its functions..
- Week 2Module 1: Concepts and Essence of Financial Management in Libraries
Unit 2: Financial Management in Libraries, Principles or Rules Guiding Financial Management · 2 hours
Explain financial management and its scope.. Identify the four building blocks of financial management.. Discuss the objectives and functions of financial management..
- Week 3Module 1: Concepts and Essence of Financial Management in Libraries
Unit 3: Financial Management in Public and Private Organizations · 2 hours
Define public and private organizations.. Discuss financial management in both types of organizations.. Differentiate between public and private sector financial management..
- Week 4Module 1: Concepts and Essence of Financial Management in Libraries
Unit 4: Financial Management in Libraries and Information Science · 2 hours
Explore financial management in libraries and information science.. Relate financial management principles to library operations.. Apply financial management concepts in library scenarios..
- Week 5Module 2: Library Funding and Expenditure
Unit 1: Concept of Libraries and Types of Libraries · 2 hours
Define the concept of libraries.. Identify and describe different types of libraries.. Explain the functions of each type of library..
- Week 6Module 2: Library Funding and Expenditure
Unit 2: Budget and Budgeting · 2 hours
Define budget and budgeting.. Explain the purposes and classifications of budgets.. Discuss the characteristics of a good budget..
- Week 7Module 2: Library Funding and Expenditure
Unit 3: Sources of Funding Libraries · 2 hours
Define funding and its importance.. Identify various sources of funding for libraries.. Explore strategies for securing funding..
- Week 8Module 2: Library Funding and Expenditure
Unit 4: Challenges Associated with Sourcing of Funds for Libraries · 2 hours
Identify challenges associated with sourcing funds.. Discuss strategies to overcome funding challenges.. Analyze real-world funding scenarios for libraries..
- Week 9Module 3: Risk Management in Libraries
Unit 1: Risk Management in Library and Information Science · 2 hours
Define risk and its components.. Classify risks according to their consequences.. Explain the concept of risk management..
- Week 10Module 3: Risk Management in Libraries
Unit 2: Risks in Library and Information Science · 2 hours
Identify common risks affecting libraries.. Examine the effects of risks on library services.. Discuss techniques to avert risks..
- Week 11Module 3: Risk Management in Libraries
Unit 3: Risk Enterprise Management · 2 hours
Define Enterprise Risk Management (ERM).. Explain the ERM framework.. Discuss the advantages and disadvantages of ERM..
- Week 12Module 1: Concepts and Essence of Financial Management in Libraries
Final Revision · 3 hours
Review all modules and units.. Focus on key concepts and definitions.. Prepare for assignments and assessments..
- Week 13Module 2: Library Funding and Expenditure
Final Revision · 3 hours
Complete assignments and assessments.. Address any remaining questions or concerns.. Prepare for the final examination..
Preparing for the exam
- Review key definitions and concepts from each unit.
- Practice budget creation and analysis using sample data.
- Create risk assessment scenarios and develop mitigation plans.
- Focus on understanding the differences between public and private sector financial management.
- Study the Enterprise Risk Management framework and its application.
- Use past TMA questions to practice and identify areas needing more attention.
Questions students ask about this course
What is LIS328 about?
This course explores financial management principles within library and information services. It examines the concepts of finance and management, highlighting their importance in both public and private organizations. Students will learn about sourcing funds, budgeting, managing income and expenditure, and risk management strategies specific to libraries and information centers. The course aims to equip students with the knowledge and skills necessary for effective financial planning and decision-making in library settings.
How many units does LIS328 have?
LIS328, Financial Management in Library & Information Services, has 10 units across 3 modules, over 115 pages of course material. You can read it one unit at a time.
How many credit units is LIS328?
LIS328 carries 2 credit units, at 300 level in Education.
Is LIS328 hard?
LIS328 is rated intermediate level, with basic mathematical content. It is mostly theoretical, case study and problem solving work, and it has a practical component.
How long does LIS328 take to study?
About 65 hours of study, spread across its 10 units.
How is LIS328 assessed?
LIS328 is assessed by assignments, tutor marked assessments and final examination.
What can I do with LIS328?
Library Director, Financial Manager, Budget Analyst, Information Manager and Risk Manager.