A Conceptual Overview on Quantitative Models in Higher Education s Budget Planning

Managing budget at institution of higher learning is a complex multi-level resource allocation problem where competition and balancing acts are involved at various levels. This study provides a literature review on the applications of Mathematical Programming (MP) in budget planning. It will analyze which variants of MP are the most commonly used and their applications in budget planning in institution of higher learning. It is observed that goal programming constitutes the highest number of mathematical programming model proposed to handle resource allocation and budgeting problem in institution of higher learning.