In this chapter, a detailed study has been conducted on the available literature and the work done by the different researchers. As per the available literature, many ways are available to allocate budget. The famous traditional budgeting approaches are: Zero-based Budgeting, Ordinary Least Squares Technique (OLST), and Two-stage Least Squares (2SLST). Along with the traditional approaches, Evolutionary Approach (EA) such as Optimal Computing Budget Allocation (OCBA) and Genetic Algorithm (GA) are most popular budget allocation methods in research community nowadays. So, we will discuss the glint of different observations presented in research papers. After in-depth analysis, we conclude that use of traditional budget allocation methods along with the Evolutionary Budget Allocation methods can provide a better budget allocation model and it will be exemplary for the government to make the budget for the welfare of the country. Lots of research papers have been referred as it is cited in the reference section.
Keywords: Genetic Algorithm (GA), Incremental Budgeting, Ordinary Least Squares Technique (OLST), Optimal Computing Budget Allocation (OCBA), Pareto Optimality, Ranking and Selection, Two-stage Least Squares (2SLST), Zero-based Budgeting.