Reference no: EM132550253

This activity will enable you to demonstrate the following performance evidence:
-> Manage a budget for a business over a three-month period that meets the specific business needs
-> Undertake at least two of the following to inform management of the above budget:
• Manage a budget for a business over a three-month period that meets the specific business" needs
• Undertake at least two of the following to inform management of the above budget:
• Discussion with existing suppliers
• evaluation of impact of potential roster changes
• review of operating procedures
• sourcing new suppliers
-> Monitor income and expenditure and evaluate budgetary performance over the above budgetary life cycle
-> Complete financial reports related to the above budget within designated timelines and using correct budget terminology

Answer the activity in as much detail as possible, considering your organisational requirements.
As a workplace activity or simulated workplace activity (as directed by the assessor):

Create a budget for an event or project that will last for three months. Throughout this period, you must show that you can create, monitor, and control the budget by doing the following:

Show that you can work with colleagues to establish requirements and priorities (including staffing requirements and stock requirements)
Use financial records to monitor expenditure and income on a regular basis
Identify any variances and deviations, and react to them - you may need to adapt the budget
Complete financial reports to ensure control of finances, and to update others on the budget's status; this must be performed at scheduled points (as agreed with management) and using the appropriate budget terminology.

Note to the assessor:
You must ensure the learner has access to a real or simulated workplace provided with a r this activity, with access to equipment, resources, technologies and persons. They must be p to the necessary financial information and any organisational guidelines that will be required

for financial activities. Spoken communications and interactions should be observed for assessment to ensure the learner conducts work an themselves in an appropriately professional manner. Documentation produced for this activity must be assessed to ensure learner has completed written work correctly.