Required Adjustments to the Budget Financial Plan - Finance Assignment Help

Assignment Task :

2. Making Changes to Team Budgets or Financial Plans Select one of the budgets and answer the following: 

a. Explain the purpose of the team budget or financial plan 

b. Explain the team budget/financial plan you selected in terms of: 

I. Is it achievable? Explain the reason for your response. 

ii. Is it accurate? Explain the reason for your response. 

iii. Is it comprehensive? Explain the reason for your response. 

c. Identify the areas that could be adjusted in order to make improvements in the team budget/financial plan selected and the reasons why adjustments need to be made. 

d. Identify the role of the person within the organisation who you would approach to discuss and clarify the team budget/financial plan. 

3. Contingency Planning 

A large part of a manager’s function is planning. Planning includes preparing contingency plans in the event the initial plans need to be varied. Using the team budget/financial plan in the previous part, give an example of a situation or event that would cause a problem/issue during the implementation phase of the team budget/financial plan. 

a. Explain the contingency plan you would implement. Your contingency plan should include: 

i. The consequences if the situation or event occurred 

ii. The steps you would take and the records you would consult in order to identify the required adjustments to the budget/financial plan 

iii. The budget/financial plan adjustments that you would make 

iv. The way that you would align the adjustments to achieve the original plan in task 2 

v. The expected outcome if the contingency plan was implemented. 

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