1.1 Assess the need for long and short term budgetary plans in a business
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Learning outcomes
Assessment criteria
1 Understand the impact of internal and
external factors on budgetary planning
in a business
1.1 Assess the need for long and
short term budgetary plans in a
business
1.2 Discuss the relationship between
functional departments and
responsibility centres
1.3 Evaluate internal and external
sources of information used to
determine cost, price and
demand
2 Understand how to manage a budget
2.1 Evaluate strategies used to
manage budget variance
2.2 Assess how budgetary
management controls are used
to optimise business
performance
3 Understand how to analyse cost
information in business
3.1 Distinguish between the different
types of cost incurred by
businesses
3.2 Discuss the uses of cost data for
business planning and control
purposes
3.3 Evaluate methods and
techniques used to calculate
business costs
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