Reference no: EM132642153

1. There are a range of factors that affect how physical resources are procured. What is the strongest influence in your workplace or training environment?

2. Most organisations have policies and procedures which control how resources are obtained; these are usually their purchasing policies and procedures. They may also have templates for key documentation such as specifications, selection criteria, purchase orders and requisitions. Record two examples of policy or procedural information your likely to find in each of the categories.

Purchasing policy and procedures

Financial policies and procedures

3. Who approves purchase decisions in your workplace or training environment?

4. Outline the features and budgeting processes for a cash flow budget.

5. Briefly describe how budgets are used in operational plans.

6. An establishment currently budgets $2,500 each month for printing and stationery. You want to increase this amount by 3%. How much will you allocate in the new budget?

2500 X 0.03 +2500

$2,575 each month

7. An operational plan details what you want to happen. However, things don't always go to plan. List five examples of information you might include in a contingency plan to ensure you achieve the organisation's objectives.

8. Part of the budgeting process involves monitoring results and identifying variances.

How are budget variances reported in your workplace or training environment?

In what situations is it favourable to be above budget?

What should you do when you identify an area of underperformance?