1 Explain how to calculate the estimated costs of activities, resources and overheads needed to achieve objectives

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Outcome 1 Understand how to identify financial requirements

The learner can:

1 explain how to calculate the estimated costs of activities, resources and overheads

needed to achieve objectives

2 analyse the components of a business case to meet organisational requirements

3 analyse the factors to be taken into account to secure the support of stakeholders

4 describe the business planning and budget-setting cycle

Outcome 2 Understand how to set budgets

The learner can:

1 explain the purposes of budget-setting

2 analyse the information needed to enable realistic budgets to be set

3 explain how to address contingencies

4 explain organisational policies and procedures on budget-setting

Outcome 3 Be able to manage a budget

The learner can:

1 use the budget to control performance and expenditure

2 identify the cause of variations from budget

3 explain the actions to be taken to address variations from budget

4 propose realistic revisions to budget, supporting recommendations with evidence

5 provide budget-related reports and information within agreed timescales

6 explain the actions to be taken in the event of suspected instances of fraud or

malpractice

Outcome 4 Be able to evaluate the use of a budget

The learner can:

1 identify successes and areas for improvement in budget management

2 make recommendations to improve future budget setting and management

1 Explain how to calculate the estimated costs of