- The business owner is reviewing the budget and actual results for Month 1 of the financial year, as well as the sales forecast for Month 3, as provided by their accountant.
- Variances between the Month 1 budget and actual results are identified for areas such as sales, purchases, advertising, repairs and maintenance, and telephone/postage. The profit came in under budget.
- Given the lower sales forecast for Month 3, corrective actions are needed such as reallocating funds from areas like purchases, repairs and maintenance, and telephone/postage to achieve the Month 2 profit target.
- A meeting will be held with colleagues to discuss proposed changes to the Month 3 budget, address potential budget vari
Accounting Cycle- Accruals and Defferls- Adjusting entriesFaHaD .H. NooR
An accrual occurs before a payment or receipt. A deferral occurs after a payment or receipt. There are accruals for expenses and for revenues. There are deferrals for expenses and for revenues.
An accrual of an expense refers to the reporting of an expense and the related liability in the period in which they occur, and that period is prior to the period in which the payment is made. An example of an accrual for an expense is the electricity that is used in December, but the payment will not be made until January.
An accrual of revenues refers to the reporting of revenues and the related receivables in the period in which they are earned, and that period is prior to the period of the cash receipt. An example of the accrual of revenues is the interest earned in December on an investment in a government bond, but the interest will not be received until January.
A deferral of an expense refers to a payment that was made in one period, but will be reported as an expense in a later period. An example is the payment in December for the six-month insurance premium that will be reported as an expense in the months of January through June.
A deferral of revenues refers to receipts in one accounting period, but they will be earned in future accounting periods. For example, the insurance company has a cash receipt in December for a six-month insurance premium. However, the insurance company will report this as part of its revenues in January through June.
Curriculum Vitae 2021
Finance and Accounts
Finance Analyst
MIS
Budgeting
Revenue Computation and Analysis
Financial Planning and Analysis
Balance Sheet
Cash Flow Statement
Indian Accounting Standard
Business Analysis
Accounting Cycle- Accruals and Defferls- Adjusting entriesFaHaD .H. NooR
An accrual occurs before a payment or receipt. A deferral occurs after a payment or receipt. There are accruals for expenses and for revenues. There are deferrals for expenses and for revenues.
An accrual of an expense refers to the reporting of an expense and the related liability in the period in which they occur, and that period is prior to the period in which the payment is made. An example of an accrual for an expense is the electricity that is used in December, but the payment will not be made until January.
An accrual of revenues refers to the reporting of revenues and the related receivables in the period in which they are earned, and that period is prior to the period of the cash receipt. An example of the accrual of revenues is the interest earned in December on an investment in a government bond, but the interest will not be received until January.
A deferral of an expense refers to a payment that was made in one period, but will be reported as an expense in a later period. An example is the payment in December for the six-month insurance premium that will be reported as an expense in the months of January through June.
A deferral of revenues refers to receipts in one accounting period, but they will be earned in future accounting periods. For example, the insurance company has a cash receipt in December for a six-month insurance premium. However, the insurance company will report this as part of its revenues in January through June.
Curriculum Vitae 2021
Finance and Accounts
Finance Analyst
MIS
Budgeting
Revenue Computation and Analysis
Financial Planning and Analysis
Balance Sheet
Cash Flow Statement
Indian Accounting Standard
Business Analysis
The trial balance contains only those items which have been recorded in the books of accounts during the accounting Adjusting Entries period and does not contain those items which are not recorded although such unrecorded items belong to the current accounting period. Copy the link given below and paste it in new browser window to get more information on Adjusting Entries:- http://www.transtutors.com/homework-help/accounting/adjusting-entries.aspx
Case Description FROMA is a small business that provides soft go.docxcowinhelen
Case Description
FROMA is a small business that provides soft goods (straps and pack systems) to military buyers. They are considering several different investments and have asked you for your help in evaluating the impact, as their CFO is part-time and does not have the capacity to advise the owner on this matter.
Due to constraints on management oversight, only one of the investments can be made. The owner has had conversations with various sources of capital for the different investments. The investment alternatives are listed in the table below, along with the funding source(s) and the returns that each funding source expects.
FROMA’s part-time CFO has provided you with the following information:
· Weighted Average Cost of Capital (WACC) is assumed to be 10%.
· A recent balance sheet (see supplemental information section) and the most recent profit and loss statement (see supplemental information section), and the current five year profit and loss forecast (which assumes no investment project is pursued).
· Cash flow assumptions of each investment alternative (see supplemental information section).
· Any debt that FROMA has or takes on is coupon debt - there will be no principal repayment requirements, only annual interest.
· All existing and future fixed assets have an assumed depreciable life of 10 years and all existing assets have been purchased within the last two years.
1
Requirements
Write a report addressing the content requirements listed below. Your report should be properly formatted into sections that are congruent with the content requirements. This is a professional business report, not a book report or creative writing assignment. Feel free to use your own style, but the report should be professional and well-written.
Submission requirements
This assignment should be prepared as a business report with schedules.
Grading will be based upon:
• Satisfaction of requirements listed below.
• Quality of analysis, discussion, and estimation methods.
• Quality of report organization and layout.
• Proper grammar and spelling; style and flow; sentence construction; concise but complete. • Editing - good writing is rewriting!
Graphics and other visualizations are not an absolute requirement (unless otherwise specified), but your grade will be positively affected by the use of effective visualizations.
Make certain you appropriately show relevant calculations. If you find it difficult to present calculations using software, you may handwrite your calculations and include those calculations in your pdf. Utilizing an appendix is an excellent way to provide supplemental information (such as detailed calculations) in a report. Another option to show calculations is to cut/paste an excel schedule as an image into Microsoft Word, with written commentary as appropriate.
Tier 1 requirements (maximum grade of B+):
Write a report outlining your recommendations for investment. Include the following in your report:
1. Evaluate a.
The trial balance contains only those items which have been recorded in the books of accounts during the accounting Adjusting Entries period and does not contain those items which are not recorded although such unrecorded items belong to the current accounting period. Copy the link given below and paste it in new browser window to get more information on Adjusting Entries:- http://www.transtutors.com/homework-help/accounting/adjusting-entries.aspx
Case Description FROMA is a small business that provides soft go.docxcowinhelen
Case Description
FROMA is a small business that provides soft goods (straps and pack systems) to military buyers. They are considering several different investments and have asked you for your help in evaluating the impact, as their CFO is part-time and does not have the capacity to advise the owner on this matter.
Due to constraints on management oversight, only one of the investments can be made. The owner has had conversations with various sources of capital for the different investments. The investment alternatives are listed in the table below, along with the funding source(s) and the returns that each funding source expects.
FROMA’s part-time CFO has provided you with the following information:
· Weighted Average Cost of Capital (WACC) is assumed to be 10%.
· A recent balance sheet (see supplemental information section) and the most recent profit and loss statement (see supplemental information section), and the current five year profit and loss forecast (which assumes no investment project is pursued).
· Cash flow assumptions of each investment alternative (see supplemental information section).
· Any debt that FROMA has or takes on is coupon debt - there will be no principal repayment requirements, only annual interest.
· All existing and future fixed assets have an assumed depreciable life of 10 years and all existing assets have been purchased within the last two years.
1
Requirements
Write a report addressing the content requirements listed below. Your report should be properly formatted into sections that are congruent with the content requirements. This is a professional business report, not a book report or creative writing assignment. Feel free to use your own style, but the report should be professional and well-written.
Submission requirements
This assignment should be prepared as a business report with schedules.
Grading will be based upon:
• Satisfaction of requirements listed below.
• Quality of analysis, discussion, and estimation methods.
• Quality of report organization and layout.
• Proper grammar and spelling; style and flow; sentence construction; concise but complete. • Editing - good writing is rewriting!
Graphics and other visualizations are not an absolute requirement (unless otherwise specified), but your grade will be positively affected by the use of effective visualizations.
Make certain you appropriately show relevant calculations. If you find it difficult to present calculations using software, you may handwrite your calculations and include those calculations in your pdf. Utilizing an appendix is an excellent way to provide supplemental information (such as detailed calculations) in a report. Another option to show calculations is to cut/paste an excel schedule as an image into Microsoft Word, with written commentary as appropriate.
Tier 1 requirements (maximum grade of B+):
Write a report outlining your recommendations for investment. Include the following in your report:
1. Evaluate a.
Manage Budgets and Financial Plans (BSBFIM501)TABLE OF CONTE.docxcroysierkathey
Manage Budgets and Financial Plans (BSBFIM501)
TABLE OF CONTENTS
Assessment Task 1- Written Report………………………… .…..................3
Introduction…………………………………………………….....................3
Team budgets and financial plans…………………………….....................3
Making changes to team budgets or financial plans…………....................7
Contingency planning………………………………………….....................8
Financial Management Approaches………………………………..............9
Assessment Task2- Written Report………………………………..............10
Monitor and control Finances………………………………………...........10
Review Variances……………………………………………………............15
Review and Evaluate Processes…………………………………….........….17
ASSESSMENT TASK 1- WRITTEN REPORT
INTRODUCTION:
Kathmandu furniture is a manufacturer based in Glenorchy, Tasmania. The company produces furniture’s which are sold to relaters in the Australian market. According to company strategic plans, the company aims to achieve a net profit before tax of $1000,000. The major risk to this goal are:
Poor sales due to economic downturn
Increase in expenses such as wages
In further, Australian preparations, the company is considering manufacturing overseas to take advantage of reduced costs. The company is also considering diversifying its product range to reduce poor sales of one product.
Budgeting and finance policy plan is very important as it helps to set the parameters for all financial budgeting. There are various plans and policies which should be followed strictly. All the reporting requirements, financial delegation and format for budgets and reports plays important role in whole plans and project.
1) Team budgets and financial plans.
The name of my organisation is Kathmandu furniture pty ltd. Furniture industry, all the companies and activities involved in the design, manufacture, distribution, and sale of functional and decorative objects of household equipment. ... Earlier furniture making was a handicraft, going back to the most ancient civilizations. The growing sophistication in technique brought a revolutionary change in the men who made furniture. Where previously carpenters and joiners had made furniture along with every kind of building construction in wood, several circumstances combined to create a new profession: that of cabinetmaker.
The senior management structure of the company is given below:
Person
Position
Kamala Lama
CEO
Henry Yeo
Managing Director
Lucy Gellar
CFO
Richey Burke
Senior Accountant
Sam Richard
Sales General Manager
Charles Pierce
Production Manager
Lucas More
HR Manager
Cash Flow projection
Receipts
Cash received from previous sales
$ 75,000
Cash received from cash sales
$55,000
(1)
$62,500
Expenditure
Cash paid for labour
$11,000
Cash paisa for rent
$8,500
Cash paid for marketing services
$800
Cash paid for stock
$31,300
Cash paid for Equipment
$750
(2)
$52,350
Cash increase during August (1) minus(2)
$10,150
Cash at start of August
$17,200
Cash at end of Augu ...
The aim of Working in Partnership HSC ? Assignment is to test the learners understanding of the importance of working posi-tively in partnership with others in health and social care. You should refer to the assessment criteria and also the relevant unit content, when preparing your evidence for assessment.
Google 2016 annual report-target corporate to get all the necessary .pdfRITU1ARORA
Google 2016 annual report-target corporate to get all the necessary information
Analysis fo year 2017
Balance Sheet (values in 000\'s)
period ending
1/28/2017
current assets
cash and cash equivalents
2,512,000
short-term investments
0
net receivables
0
inventory
8,039,000
Other Current Assets
1,169,000
Total Current Assets
11,990,000
Long-Term Assets
Long-Term Investments
0
Fixed Assets
24,658,000
Goodwill
0
Intangible Assets
0
Other Assets
783,000
Deferred Asset Charges
0
Total Assets
37,431,000
Current Liabilities
Accounts Payable
10,989,000
Short-Term Debt / Current Portion of Long-Term Debt
1,718,000
Other Current Liabilities
1,000
Total Current Liabilities
12,708,000
Long-Term Debt
11,031,000
11,945,000
Other Liabilities
1,878,000
Deferred Liability Charges
861,000
Misc. Stocks
0
Minority Interest
0
Total Liabilities
26,478,000
Stock Holders Equity
Common Stocks
46,000
Capital Surplus
5,661,000
Retained Earnings
5,884,000
Treasury Stock
0
Other Equity
($638,000)
Total Equity
10,953,000
Total Liabilities & Equity
37,431,000
Cash flow (values in000\'s)
period ending
1/28/2017
Net Income
2,737,000
Cash Flows-Operating Activities
Depreciation
2,298,000
Net Income Adjustments
508,000
Changes in Operating Activities
Accounts Receivable
0
Changes in Inventories
293,000
Other Operating Activities
36,000
Liabilities
($543,000)
Net Cash Flow-Operating
5,436,000
Cash Flows-Investing Activities
Capital Expenditures
($1,547,000)
Investments
28,000
Other Investing Activities
46,000
Net Cash Flows-Investing
$1,473,000)
Cash Flows-Financing Activities
Sale and Purchase of Stock
($3,485,000)
Net Borrowings
($664,000)
Other Financing Activities
0
Net Cash Flows-Financing
($5,497,000)
Effect of Exchange Rate
0
Net Cash Flow
($1,534,000)
IV. Adjusting Entries:
A. Explain the type of depreciation method Target Corporation uses and why they use this
method.
B. Identify an example of an adjusting entry (other than depreciation), such as prepaid expenses,
supplies, or unearned revenue, and whether or not Target Corporation has this account listed on
the balance sheet. You could consider why this might not be listed.
VI. Communication: For this part of the assessment, you will prepare memorandums to upper
management addressing certain scenarios or situations.
A. As the controller of Target Corporation, compose a memo to the CEO addressing the
advantages and disadvantages of transitioning from GAAP to IFRS.
B. As the controller of Target Corporation, compose a memo to the CEO addressing the
following scenario: Your biggest customer has just gone bankrupt, and you must inform the CEO
how this will affect your accounts receivable. Assume that the accounts receivable balance is at
least $100,000.
When writing your paper considers the following:
A company may use several different depreciation methods or just one. This information will be
disclosed in the notes. If the company has not explained why they use the method, you will want
to consider the pros and cons of t.
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
Remote sensing and monitoring are changing the mining industry for the better. These are providing innovative solutions to long-standing challenges. Those related to exploration, extraction, and overall environmental management by mining technology companies Odisha. These technologies make use of satellite imaging, aerial photography and sensors to collect data that might be inaccessible or from hazardous locations. With the use of this technology, mining operations are becoming increasingly efficient. Let us gain more insight into the key aspects associated with remote sensing and monitoring when it comes to mining.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
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Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
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2. C A S E S T U D Y
You own a small travel services business.
It is the middle of Month 2 of your financial
year and your accountant has just given you
the results for Month 1 and the latest sales
forecast for Month 3 (next month).
Phasikon Ketrat 43889 2
Months vs. Profit/Loss
Month 1 Month1 Month 2 Month 3
Budget Actual Budget Budget
Sales $50,000 $45,000 $50,000 $37,500
Purchases 22,000 20,000 22,000
Advertising 500 2,000
500
500
Cleaning costs 500 500 500
Office supplies 2,000 1,750 2,000
Repairs &
Maintenance
1,000 3,000 1,000
Telephone and
postage
1,500 1,000 1,500
Wages & on-costs 10,000 10,000 10,000
Profit (or Loss) $12,500 $6,750 $12,500
3. a. Refer to the table on the previous slide, identify and report the
deviations (favorable or unfavorable variances) for actual to
budget for month 1?
T h e r e p o r t s h o w f o l l o w i n g
v a r i a n c e s
Sales were showing unfavourable variance, it was expected to be $50,000 but actual was
$45,000 so target of sales was not met according to the budget.
Purchases were having favourable variance of $2,000 which means either a new supplier was
approached or may be the new contract was signed with lower prices against budget.
Advertising also shows unfavourable variance of $2,000 the reason could be heavy
advertisement or may be this amount of $2000 was paid for a period of some months like
6months or a year.
Office supplies show favourable variance of $250, may be due to less wastage
Repair and maintenance is having unfavourable variance of $2000 which shows there were
some major repairing took place.
Telephone and postage show favourable variance i.e. $500 may be because most of the
clients prefer email communication or may be a new courier company has been contacted
for postage services with lower prices.
The overall impact on profit is with $5,750 against the expected profit of $12,500.
Phasikon Ketrat 43889
3
Months vs. Profit/Loss
Month 1 Month1 Variance
Month 1
F/UF
Budget Actual
Sales $50,000 $45,000 $5,000 UF
Purchases 22,000 20,000 $2,000 F
Advertising 500 2,000 ($1,500) UF
500 ($500)
Cleaning costs 500 500 $0
Office supplies 2,000 1,750 $250 F
Repairs & Maintenance 1,000 3,000 ($2,000) UF
Telephone and postage 1,500 1,000 $500 F
Wages & on-costs 10,000 10,000 $0
Profit (or Loss) $12,500 $6,750 $5,750 UF
4. b. In what areas do you feel corrective action may be
required? Please provide one example of corrective
action for each identified area!
Following are the corrective actions suggested.
Sales needs to be forecasted on realistic assumptions to avoid such
unfavourable variance for example if you see that in actual month you are
unable to achieve 50000 update the budget according and do not keep
forecasting 50000 for coming month where you are sure you can’t earn this
much
Need to allocate funds on advertising realistically or do not take decision for
advertising abruptly like get the additional flyers print while the previous
stock still there in store
Maintenance and repair allocation should have a buffer i.e. some additional amount so if any
unforeseen incident happens with the plant and equipment it can be easily absorb in
maintenance and repair expense.
4
5. c. Your number one priority is to maintain a
sufficient profit in your business. Given the
reviewed sales forecast for Month 3, plan the
reallocation of funds for Month 3 if you still wish
to achieve the same profit as in Month 2.
Please explain how would you decide which areas
to reallocate?
The sales forecast for the month 3 is
showing $37,500 which is equal to the
forecast of expenses for the Month 2. So if
we want to maintain the same profit as in
month 2 we need to re-review the sales
forecast for the month 3 and raise the
targets. And if I base my forecast on actual
figures of month 1 there even the expenses
were $38,750. So according to my
understating re allocation would be in
Purchases, repair and maintenance and
telephone and postage areas. The budget
after re allocation and re-review or raise of
sales forecast would be;
Reason for reallocation ;
The actual purchases in Month 1 was
20,000 so we can maintain it as it
The actual repair and maintenance for
month 1 was 3000 so i want to keep it as
it is because this area is quite
unexpected, and we could end up with
any issue with machinery any time
• Telephone and postage is also very
important area and we could not
compromise here therefore it also
needs to be based on actual figures of
month 1.
Phasikon Ketrat 43889 5
Months vs. Profit/Loss
Month 2 Month 3
Budget Budget
Sales $50,000 $50,000
Purchases 22,000 20000
Advertising 500 1000
Cleaning costs 500 500
Office supplies 2,000 2000
Repairs & Maintenance 1,000 3000
Telephone and postage 1,500 1000
Wages & on-costs 10,000 10000
Profit (or Loss) $12,500 $12,500
6. d. You have decided to organize a meeting with your
colleagues where you are required to present and discuss
changes to income and expenses prior the implementation.
In your meeting you must address the following points:
Phasikon Ketrat 43889 6
• This budget is prepared on the basis of current organizational
objectives and financial targets and fund allocations are made based
on the assumption that we will be achieving our organizational
targets through this budget. this budget is developed by keeping
following considerations;
Relevant departments were concerned for costs and
prices
Historical data was obtained from relevant departments
to analyse past trends
Market conditions are discussed with relevant
stakeholders
Government institutions or official sites are explored for
future tax and duties structure
• No budget is accurate and 100% matched with actual figures
because of the many factors business is facing internally as well as
externally. So the possible reasons for the deviations of certain costs
and expenses will be included;
Suppliers or vendors raise prices
Competitors are active in market and earning our clients
Economic situation of the state isn’t favourable
Major renovation or maintenance work is occurred
Additional staff is hired
Labour hours are increased
Sudden or unforeseen events
Advise the staff and colleaguesof the budget statusin relation to the targets
Identify potential reasonsfor the deviations
Explain the optionsfor effective management of the deviations
Inform them about your decision regardsto resource allocation
Promote the importance of budget control and monitoring
Discussthe strategies, control systemsand recordsused to monitor the budget
What strategiescould you implement to monitor resource usage throughout Month 3?
How would you involve the staff in the budget planning, implementation and review
process?
How would you keep the staff informed of any changesto the allocation of resources?
What isthe importance of the budget control?
Prior to conducting the meeting, you must make notesof the above pointsyou are
going to discussand get approval from your assessor to ensure that the ideasare you
won.
7. d. You have decided to organize a meeting with your
colleagues where you are required to present and discuss
changes to income and expenses prior the implementation.
In your meeting you must address the following points:
Phasikon Ketrat 43889 7
A realistic budget cannot be prepared without getting relevant people
involved in budget planning and implementation therefore this meeting is
very important for us to come up with a budget that will assist us in achieving
organizational targets.
• All of you are invited to provide your experienced and worthy opinion and
suggestions regarding budget and raise your concerns.
• Resource allocation is made as per the information provided by
departments. It is a draft budget and you are required to review this
budget with us so we can finalize these allocations and finalize the budget.
• Approved budget will be shared with all the relevant departments so they
can stay aware of the allocated funds and do not go out of budget
unnecessary. If the deviation is must due to some situations it is
recommended to escalate this variation to the relevant senior manager so
it can be taken care of.
Budget is a live document and we could change it if the need be and it is
based on the situations, like sometimes we can avoid situation or can’t do
anything else except go with the flow so in this situation the best solution is
to change the budget and get it approved from the CEO. If such changes
would happen all the stakeholders will be informed and provided with the
changed or updated budget.
• It is recommended to monitor the budget and stay connected with the
budget so the actual spending can be controlled. Budget is the best tool to
keep our spending in control. It will also assist in using resources in
efficient manner and fewer resources would be wasted. This exercise will
make our budget realistic and accurate to some extent.
• Monthly internal review of budget is recommended within department and
quarterly budget review report is required to be submitted to the CFO and
CEO.
Advise the staff and colleaguesof the budget statusin relation to the targets
Identify potential reasonsfor the deviations
Explain the optionsfor effective management of the deviations
Inform them about your decision regardsto resource allocation
Promote the importance of budget control and monitoring
Discussthe strategies, control systemsand recordsused to monitor the budget
What strategiescould you implement to monitor resource usage throughout Month 3?
How would you involve the staff in the budget planning, implementation and review
process?
How would you keep the staff informed of any changesto the allocation of resources?
What isthe importance of the budget control?
Prior to conducting the meeting, you must make notesof the above pointsyou are
going to discussand get approval from your assessor to ensure that the ideasare you
won.