Schedule

Assessment
The Student Assessment Guide and Learning Plan describes the evidence required to be competent in this unit.

You can track your progress by comparing it against unit requirements and at every stage of your learning and study. You can also get support from your iTAFE mentor and advisor.

Assessment here

Study Guide

There are many ways that you might choose to make your way through the unit. The diagram and suggested sessions (below) will help to plan your learning through the Manage Finances Within a Budget unit. The sessions outlined below are a suggestion only - you may have another way that you prefer to study.

Session 1 - Allocate Budget Resources - PINK tiles

This includes:

• What are budgets
•  Why are budgets important
• Role of budgets
• Advantages of budgets
• Disadvantages of budget
• Budget cycle 

A few points to think about for your blog:

What is a budget and how will they help me achieve our goals? 

Once we have made our decision, we will need to keep tight controls on our budgets so we don’t spend too much on a project.

Who should we communicate our budget goals to? 

Session 2 - Monitor Financial Activities Against Budget - Aqua tiles

This includes:

• Types of budgets
• Allocating funds
•  Methods of estimation
•  Personal budget
•  Information needed to prepare a budgets
• Why record & compare figures
• Compare actual results to budget

A few points to think about for your blog:

Why do we record and compare actual performance figures with budgeted figures? 

How often should you check actual income and expenditure figures against budgets?

Session 3: Improve Budget Performance & Complete Financial & Statistical Reports - Yellow & Red tiles

This includes:

• Performance/ variance reports
• Types of variances
•  Positive & negative variancess
• Static / flexible budgets
•  Improved budget performance
• Areas to improve
• Complete statistical reports
• Purpose of reports / report writing 

A few points to think about for your blog:

When assessing existing costs, identify six external factors will affect where funds are allocated within the business?

          What six types of reports are commonly used in the hospitality industry?
          What information can be included in a financial or statistical report?  

Would you like to attend some online courses for this unit?

We've planned some web conferences for this unit. Details of time and date are on the VET Open Online Course (VOOC) page of this blog.