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FM4.07 Understanding Financial Management in Facilities Management
Facility Management is the name of an interdisciplinary profession that inculcates in-depth understanding and expertise of supervising the operation, productivity, safety, and solace of the entire developed environment of a business that incorporates people, buildings, technology, procedures, maintenance, etc. This qualification has been categorised into 5 different levels starting from level 2 to level 6 respectively. The unit FM4.07 Understanding Financial Management in Facilities Management falls under level 4. The aim of FM4.07 is to help the learners to develop the skills and knowledge about the rules and application of management accounting, capital and revenue expenditures, cash flows, financial cases, and financial reports within the context of facility management. On the whole, it provides the learner with theoretical, practical, and technical knowledge and potentials of a specific subject or domain. FM4.07 enables learners to identify, examine, and interpret complex problems, ideas, and information. FM4.07 Understanding Financial Management in Facilities Management is based on four different learning outcomes that are discretely discussed below.
The Aims of FM4.07 Understanding Financial Management in Facilities Management Explained
The primary objective of FM4.07 is to comprehend the financial reporting systems and procedures. The FM4.07 Understanding Financial Management in Facilities Management allows the learner to describe the process of developing and certifying the annual budget for supplying the facilities management goods and services to the chosen organisation. In addition to this, this helps him profoundly in identifying the systems for the supervision of the finances and budgets with the use of cash accounts, balance sheets, profit and loss accounts, etc. FM4.07 determines how the capital and revenue expenditure is mapped out and individually estimated. How is the FM budget is formulated with the help of different techniques like the combination of cost-based and zero-based strategy? Moreover, FM4.07 tells the learner the significance of financial information that is found in different management reports such as budgeting, business strategy, pricing, etc. It also explains how cost centres and devolved budgets could be employed for regulating the budget management within FM.
Next, the unit FM4.07 appraises the learner’s knowledge about the management of cash flow. The learner is provided with the information of how the cash flow that is connected with the use of FM goods and services are overseen and what measures are taken to prevent the process from deceit and fraud. Also, this unit explains the difference between capital and revenue budgets along with the impact that fixed and variable costs make in the cash flow. Additionally, FM4.07 aims to present the knowledge about the budget approval processes with the references of authentic case studies. Moreover, the student learns the techniques and methods that are used by the facility managers to control the capital and revenue budgets. It also helps the learner to sort out variances in the budget including over-spend and under-spend and suggest possible strategies of fixing it while taking proper consideration of the pros and cons of those remedies.
Best Help with FM4.07 Understanding Financial Management in Facilities Management
Furthermore, FM4.07 Understanding Financial Management in Facilities Management educates the learner about the fundamental rules, methods and cycles of using cash flow projections for the management of cash flow within the FM. Students who aspire to expand their skills and experience within the domain of FM has to first get familiarised with the key responsibilities a facility manager upholds. Not only he has to manage the cash flow but he also has to authorise payments, supervise purchase orders and people resources, direct stocks of materials, safeguard revenues and other important duties. Similarly, the L4 of FM4.07 Understanding Financial Management in Facilities Management encompasses the devising of financial cases. The learner gets to know through this objective that how the financial cases are invented with the features of cost-benefit analysis, risk analysis, the financial aftermath of inaction, and strategic fit. Therefore, FM4.07 makes the learner aware of every necessary skill that is required within the context of FM.
