Reference no: EM133002930

Project Assessment - Budget monitoring and review project

Addresses some elements of required foundation skills, Knowledge skills and Performance Evidence as shown in the Assessment Mapping documents

Activities
Complete the following activities.
1. Carefully read the following scenario:
Assume it is twelve months later and you are reviewing the marketing budget against actual amounts using the Marketing Expenditure Report.
Note: that the company deems a standard variance in budgets of up to 5% acceptable.
You have also been recently informed that a competitor has set up a resort in the nearby area and you are required to assess how this will impact the marketing budget for the following year.
2. Develop a Marketing Budget variance Analysis and Recommendations Report
Review the marketing budget expenditure to assess actual performance against estimated performance.
Based on your review and using the accounting software, prepare a report that shows actual expenditure against budgeted expenditure. Include graphs to make your report clear.
Save this report as Marketing Performance Budget Report.
Prepare an accompanying report, Marketing Budget Analysis and Recommendations Report, that analyses:
• Projected budget and actual budget
• Deviations from the budget
• Reasons for deviations
• Recommendations for next year's budget based on marketing performance and new competitor.
Use the Marketing Budget Analysis and Recommendations Template to guide your work.
3. Send an email to management
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
It should introduce and summarise the contents of the attachments.
Attach the following to your email:
• Marketing Budget Performance Report
• Marketing Budget Report Analysis and Recommendations