In this article, we offer guidance to help you plan and manage departmental or project budgets in healthcare professional education. By getting more involved in the management of budgets, you will have the ability to convert what could be merely an academic interest in cost and value into practical activities and subsequent results. At a time of economic recession when all budgets are coming under pressure, such interest is only likely to increase. There is growing interest in the issue of cost and value in healthcare professional education – whereby funders, providers, and consumers of education are keen to ensure that maximum effectiveness, benefits, and/or utility is accrued from investments. What do you do each year when budget time comes around? Do you leave things to the department's management team? Do you look at last year's budget and add a small percentage close to the rate of inflation plus another small percentage which is halfway between hopefulness and expectation? If you adopt either of these tactics, then you may be missing an opportunity to influence what your department does throughout the year.
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