Financial Forecasting – Portfolio of Evidence – Finance Assignment Help

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Assignment Task :

Assessment 

This unit is assessed through a portfolio of evidence. The evidence that you present for assessment must demonstrate that you have met the required standard specified in the learning outcomes and assessment criteria above.

Before you start to collate your evidence, you will agree with your Assessor appropriate evidence which reflects your role and responsibility. You can use one piece of evidence to prove your skills across different assessment criteria and/or across different units. It is not necessary for you to have each assessment criterion assessed with a separate piece of evidence.

Evidence for this unit is likely to come from naturally occurring activities from the workplace and may include:

Learning Outcomes

1.Understand the purpose of financial management within an organization

1.1 Assess the importance of sound financial management practices

1.2 Explain the governance and compliance requirements relating to financial management

2. Know how to set a budget

2.1 Explain the process of setting a budget

2.2 Identify the information needed to set a realistic budget

2.3 Explain how to set contingencies within a budget

2.4 Analyse the factors to be taken into account to secure the support of stakeholders

3. Know how to manage a budget    

3.1 Explain how to use a budget to control expenditure

3.2 Explain the actions to be taken to manage variance in a budget

3.3 Describe budget reporting requirements including:

•Information to be included in the report

•How often reports are required

•Who the reports should be sent to

4. Understand the methods of financial forecasting

4.1 Explain the importance of accurate financial forecasting

4.2 Describe the challenges in creating accurate financial forecasts

4.3 Evaluate methods of financial forecasting

 

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