Assessment Class Discussion showcase her talents to the world INTEGRATED PRACTICE Critically explain the causes of the Eurozone …

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Drafted Budget (T)
Final Budget (T)
Oct Variance report (T)
Report Introduction Favorable Aspects Discuss 3 x variances compare and contrast them Non-Favorable Aspects Discuss 3 x variances compare and contrast them Recommendation Include the 2 points from Point 4 on page 37 Make sure you are not only providing recommendation for non-favorable, provide few recommendations for favorable aspects as wellThis has to be done to figure out percentage change for CONTRAST This calculation only need to be done for 3 x favorable and 3 x non favorable items Step 1 Actual sale – Last Quarter Average = x Step 2 x / actual sale = y Step 3 y x 100 = Percentage ChangeEg. As per the analysis of the business financial performance, this can be evident that the actual food sales increased by 5.86% from its budget and it was 15.1% better then its last quarter averageHint: Compare: Oct Actual VS Oct Budget Contrast: Oct Actual VS Last Quarter Average
Nov & Dec Variance Report (T)
October Recommendation

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Eg: After the month of October it was recommended that negotiating with suppliers on pricing and credit term can bring the high food cost down. Now this is evident after analysing the Nov and Dec results that food cost has progressively plunged down from -22% to -12 % in Nov and down to -2% in December.
December end variation
Hint: Just compare Dec Actuals to Dec Budget
Discuss 3 x favorable variances
Discuss 3 x non-favorable variances
Reasons for continuous budget variations (chose any 3)
forecasting –
Marketing –
Staff training
Economic condition

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Areas of Improvement
Hint: What all areas you will discuss in point D will be your areas of improvement.
Include points for recommendations as the report will finish here.
Budget Management Report
Introduction (case specific)

General Discussion
Budget Management (definition/explanation) Budget Management Approaches (definition) Reducing cost Adv/Dis-adv Impacts – Customers/colleagues Reducing Staff/Changing Rosters Adv/Dis-adv Impacts – Customers/colleagues Reviewing Operating Procedures Adv/Dis-adv Impacts – Customers/colleagues Importance of Budget Monitoring
Recommendations (case specific)

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