This paper circulates around the core theme of 1. Allocate budget resources. 1.1.Allocate funds according to budget and agreed priorities. together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 79. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.
Elements and Performance Criteria
Elements describe the essential outcomes.
Performance criteria describe the performance needed to demonstrate achievement of the element.
1. Allocate budget resources.
1.1.Allocate funds according to budget and agreed priorities.
1.2.Discuss changes to income and expenditure priorities with appropriate colleagues prior to implementation.
1.3.Consult with and inform relevant personnel about resource decisions.
1.4.Promote awareness of the importance of budget control.
1.5.Maintain detailed records of resource allocation according to organisational control systems.
2. Monitor financial activities against budget.
2.1.Use financial records to regularly check actual income and expenditure against budgets.
2.2.Include financial commitments in all documentation to ensure accurate monitoring.
2.3.Identify and report deviations according to significance of deviation.
2.4.Investigate appropriate options for more effective management of deviations.
2.5.Advise appropriate colleagues of budget status in relation to targets.
3. Identify and evaluate options for improved budget performance.
3.1.Assess existing costs and resources and proactively identify areas for improvement.
3.2.Discuss desired budget outcomes with relevant colleagues.
3.3.Undertake appropriate research to investigate new approaches to budget management.
3.4.Define and communicate the benefits and disadvantages of new approaches.
3.5.Take account of impacts on customer service levels and colleagues in developing new approaches.
3.6.Present clear and logical recommendations for budget management.
4. Complete financial and statistical reports.
4.1.Complete financial and statistical reports within designated timelines.
4.2.Prepare and present clear and concise information to enable informed decision making