Question
What do you understand by the term ‘Financial Management’? Explain the
different sources of finance for university library
Answer :
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Financial management refers to the systematic planning, acquisition, allocation, utilization and control of financial resources to achieve the objectives of an organization efficiently. In the context of a university library, financial management involves preparing budgets, obtaining funds, allocating resources among different library activities, controlling expenditure and ensuring that available funds are used economically. Since modern university libraries support teaching, learning and research through print and electronic information resources, financial management has become increasingly important. In Informetrics and Scientometrics, adequate financial resources are particularly necessary for acquiring bibliographic databases, citation indexes, research analytics tools, journals and other information resources. The major sources of finance for a university library can be
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