Budget Management ICTNWK520 Design ICT system security controls an agile team to complete in one iteration MGT600: Management, P…

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Assessment follow
Drafted Budget (T)
Final Budget (T)
Oct Variance report (T)
ReportIntroductionFavorable AspectsDiscuss 3 x variances compare and contrast themNon-Favorable AspectsDiscuss 3 x variances compare and contrast themRecommendationInclude the 2 points from Point 4 on page 37Make sure you are not only providing recommendation for non-favorable, provide few recommendations for favorable aspects as well   This 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 Change     Eg. 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 average       Hint: Compare: Oct Actual VS Oct Budget Contrast: Oct Actual VS Last Quarter Average
Nov & Dec Variance Report (T)
Report
Introduction
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 variancesDiscuss 3 x non-favorable variances
Reasons for continuous budget variations (chose any 3)
forecasting –
Marketing –
Staff training
Economic condition
Competitor’s

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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-advImpacts – Customers/colleaguesReducing Staff/Changing RostersAdv/Dis-advImpacts – Customers/colleaguesReviewing Operating ProceduresAdv/Dis-advImpacts – Customers/colleaguesImportance of Budget Monitoring
Recommendations (case specific)

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