1.1 Assess the need for long and short term budgetary plans in a business

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1.1 Assess the need for long and short term budgetary plans in a business

Unit 18: Y/506/3866 Budget Management

Learning outcomes

Assessment criteria

1 Understand the impact of internal and

external factors on budgetary planning

in a business

1.1 Assess the need for long and

short term budgetary plans in a

business

1.2 Discuss the relationship between

functional departments and

responsibility centres

1.3 Evaluate internal and external

sources of information used to

determine cost, price and

demand

2 Understand how to manage a budget

2.1 Evaluate strategies used to

manage budget variance

2.2 Assess how budgetary

management controls are used

to optimise business

performance

3 Understand how to analyse cost

information in business

3.1 Distinguish between the different

types of cost incurred by

businesses

3.2 Discuss the uses of cost data for

business planning and control

purposes

3.3 Evaluate methods and

techniques used to calculate

business costs