The aim of this unit is to introduce students to a range of financial and non-financial resources and the techniques which can be applied for their effective use. The learner will cover the principles of sound financial and resource management, planning, control, monitoring and forecasting.
By the end of the unit a student will be able to:
1. Understand the purpose of budgetary systems and financial controls;
2. Analyse non-financial resource use in the area of their work placement/experience or in a case study; prepare short/medium term resource plans to meet objectives;
3. Use the resource supply chain to meet planned objectives;
4. Take into account legal and organisational requirements and show how this resource plan would be monitored/adjusted to meet plans;
5. Forecast expenditure based on trends/developments and show how this budget links with the rest of the organisation; monitor and adjust the budget as appropriate;
6. Evaluate expenditure options using a range of appropriate sources of finance;
7. Define a process which encourages others to take and share a responsibility for identifying and communicating resource requirements, planning, recording and monitoring resource use.
Intellectual (taught and assessed) - financial techniques, resource management, budgeting, using accounts.
Professional (facilitated, taught and assessed) - legislative background, ethical considerations, keeping appropriate records for your organisation, control mechanisms.
Practical (facilitated and assessed) - financial planning, presenting financial information, raising money.
Key Skills (facilitated - assessed through other units) - this unit will support students in the demonstration of competence in professional and practical skills to be used in the workplace.
This unit concentrates on:
* Resource planning and keeping accurate records
* What is value for money
* Basic Accounts
* Preparation of business cases for expenditure
* Control mechanisms and variance analysis
* How to manage resource plans
* Financial and management reports
* Sources of Finance.