SITXFIN004 : Prepare and Monitor Budgets - Analysis of Factors that Impact on the Budget - Management Assignment Help

Assignment Task :

Evidence of the ability to complete tasks outlined in elements and performance criteria of this unit in the context of the job role, and:
? prepare a budget for a business that meets the specific business’ needs
? demonstrate the following when preparing the above budget:
? consultation on components
? analysis of factors that impact on the budget
? completion of draft and final versions of budget within designated timelines
? monitor and review the above budget against performance over its life cycle.

KNOWLEDGE EVIDENCE
Demonstrated knowledge required to complete the tasks outlined in elements and performance criteria of this unit:
? types of budgets:
? cash budgets
? cash flow budgets
? departmental budgets
? event budgets
? project budgets
? purchasing budgets
? sales budgets
? wage budgets
? whole of organisation budgets

ACSF SPECIFICATIONS AND FOUNDATION SKILLS
The term ‘Foundation Skills’ is currently used to include the core skills defined in the Australian Core Skills Framework (ACSF) as well as the employability skills identified by employers as critical for effective performance in the workplace.
Foundation skills encompass both the core skills of reading, writing, oral communication, numeracy and learning as described by the Australian Core Skills Framework (ACSF), and the Employability Skills/Core Skills for Work. They exist on a continuum from very basic skills to highly-developed and specialist skills. The foundation skills for this unit are located in the Unit Outline Booklet and have been addressed in the assessment as part of the performance criteria for this unit. 

1. Name 4 business considerations you might consider when researching a budget. (25-50 words)

2. Describe how the following sources of data can be used for budget preparation. (75-100 words)

• Competitor research 
• Customer or supplier research
• Declared commitments in areas of operation 
• Financial information from suppliers 
• Financial proposals from key stakeholders
   

3. Explain how the following internal factors can impact on budgets

4. Explain how the following external factors can impact on budgets. 

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