Home Solutions 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
1.1Explain how to calculate the estimated costs of activities, resources and overheads needed to achieve objectives1.2Analyse the components of a business case to meet organisational requirements1.3Analyse the factors to be taken into account to secure the support of stakeholders1.4Describe the business planning and budget-setting cycle
2. Understand how to set budgets
2.1Explain the purposes of budget-setting2.2Analyse the information needed to enable realistic budgets to be set2.3Explain how to address contingencies2.4Explain organisational policies and procedures on budget-setting
3. Be able to manage a budget
3.1Use the budget to control performance and expenditure3.2Identify the cause of variations from budget3.3Explain the actions to be taken to address variations from budget3.4Propose realistic revisions to budget, supporting recommendations with evidence3.5Provide budget-related reports and information within agreed timescales3.6Explain 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
4.1Identify successes and areas for improvement in budget management4.2Make recommendations to improve future budget setting and management