1.1 Explain how to calculate the estimated costs o

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

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Learning Outcome - The learner will:
Assessment Criteria - The learner can:

1. Understand how to identify financial requirements

1.1
Explain how to calculate the estimated costs of activities, resources and overheads needed to achieve objectives
1.2
Analyse the components of a business case to meet organisational requirements
1.3
Analyse the factors to be taken into account to secure the support of stakeholders
1.4
Describe the business planning and budget-setting cycle

2. Understand how to set budgets

2.1
Explain the purposes of budget-setting
2.2
Analyse the information needed to enable realistic budgets to be set
2.3
Explain how to address contingencies
2.4
Explain organisational policies and procedures on budget-setting

3. Be able to manage a budget

3.1
Use the budget to control performance and expenditure
3.2
Identify the cause of variations from budget
3.3
Explain the actions to be taken to address variations from budget
3.4
Propose realistic revisions to budget, supporting recommendations with evidence
3.5
Provide budget-related reports and information within agreed timescales
3.6
Explain the actions to be taken in the event of suspected instances of fraud or malpractice

4. Be able to evaluate the use of a budget

4.1
Identify successes and areas for improvement in budget management
4.2
Make recommendations to improve future budget setting and management