The purpose of this assessment task is to assess the students’ knowledge essential to prepare and monitor budgets in a range of contexts and industry settings.
Knowledge to identify the scope and nature of required budget and the data and data source for budget preparation.
Knowledge to analyse potential impact on budget by internal and external factors.
Knowledge to engage colleagues and required stakeholders to get input during budget planning process.
Knowledge to draft budget with estimated income and expenditures based on valid, reliable and relevant information.
Knowledge to reflect organisational objectives while drafting budget.
Knowledge to analyse and provide options and recommendations on the budget in clear format and circulate it to the relevant stakeholders for their input.
Knowledge to negotiate and incorporate agreed modification in the budget based on organisational policy and procedures.
Knowledge to prepare final budget in clear format within designated timelines and inform the affected colleagues with final budget decisions and relevant work areas, roles and responsibilities.
Knowledge to review budget regularly and check the performance and prepare accurate financial reports.
Knowledge to incorporate all financial commitments and investigate and take appropriate action to handle significant deviations.
Knowledge to analyse internal and external changes and adjust the budget accordingly.
Knowledge to collect and record relevant information to help in future project’s budget preparation.
Knowledge to collect, review, interpret/understand and analyses/review text-based business information from a range/number of sources.
Written knowledge to draft budget on the bases of information available, and to use organizational policies in the budget.
Numeracy/numbers- mathematical Knowledge to interpret/understand and draft budgets in business environment.
Knowledge to work independently/freely as well as collaboratively/together to make decision about changes when required in a budget.
Knowledge to interact/cooperate with others using appropriate conventions/systems when communicating to, and consulting/discussing with stakeholders/interested parties.
