SIRXFIN005A - Manage Operations to Budget
SIRT000A
Overview
Level of study: What does Vocational Education, Training mean?
Vocational Education, Training
EFTSL: What does EFTSL mean?
0.0625
Delivery Method: What does delivery method mean?
Fully Online
Prerequisites: What are the prerequisites?
Duration:
13 weeks
Government loans available:
NoneDomestic student fee:
$600.00 (AUD)
International student fee:
$825.00 (AUD)
Description
This unit describes the performance outcomes, skills and knowledge required to control cost expenditure while managing the overall activities of a wholesale or retail operational area to budget.
Prerequisites
Mandatory prerequisites
You must have successfully completed the following unit(s) before starting this unit:
- SIRT009A — SIRXCOM001A - Communicate in the Workplace
- SIRT010A — SIRXIND001A - Work Effectively in a Retail Environment
- SIRT011A — SIRXSLS004A - Build Relationships with Customers
If you have completed equivalent study at another university, please contact a Student Advisor for advice.
Learning Outcomes
At the end of this unit students will be able to:
- control budget
- control costs
- propose expenditure
- maintain business accounting systems
- prepare business sales budgets
- set budget targets and monitoring mechanisms.
Topics
This unit addresses the following topics.
| Number | Topic |
|---|---|
| 1 | Implement effective cost reduction measures according to company policy and procedures |
| 2 | Assess and interpret information on costs and resource allocation |
| 3 | Actively encourage team members to control costs in their areas of responsibility |
| 4 | Promptly implement recommendations for improving cost reduction or communicate to relevant personnel |
| 5 | Monitor and maintain expenditure within budget targets according to business policy |
| 6 | Compare actual income and expenditure to budget targets at regular intervals according to business policy |
| 7 | Analyse gross profit and loss figures by business areas and compare with budget targets |
| 8 | Monitor net profit figures and report according to budget targets |
| 9 | Promptly inform relevant personnel where potential occurs for budget under or overspend |
| 10 | Take prompt corrective action where significant deviations from budget occur |
| 11 | Negotiate necessary changes to agreed budget allocations in advance of requirement |
| 12 | Authorise modifications to existing budgets according to business policy |
| 13 | Ensure estimates of costs and benefits are supported by valid, relevant information |
| 14 | Ensure final recommendations are supported by realistic alternatives and contain accurate, clear proposals |
| 15 | Ensure recommendations clearly indicate net benefits over designated timeframe and related changes in operations |
| 16 | Clarify contentious issues by further explanation |
| 17 | Compare estimates to actual costs and benefits to improve future proposals |
| 18 | Manage and maintain business policy and procedures in regard to record-keeping systems |
| 19 | Monitor and maintain business systems for recording sales figures, revenue and expenditure |
| 20 | Monitor and maintain systems for recording and retrieving financial, personnel and payroll information as required relevant legislation |
| 21 | Observe business policy and procedures in regard to preparation of budget or target figures |
| 22 | Compare, analyse, document and report budget and accurate sales revenue and expenditure figures according to budget targets and business policy |
| 23 | Maintain accurate records on past sales budgets or targets according to business policy |
| 24 | Present proposed budgets or targets accurately and concisely |
| 25 | Justify variations to proposed targets and report according to business policy |
| 26 | Report sales budgets accurately and concisely |
| 27 | Conduct budget negotiations within a set timeframe and in a manner likely to promote good relationships |
| 28 | Ensure budget negotiations reflect the overall business policies and objectives relevant to the manager's area of responsibility |
| 29 | Acquire and deploy resources according to relevant legislation and company guidelines |
| 30 | Maintain accurate and up-to-date records of resource allocation and usage according to company guidelines |
| 31 | Develop and review management systems that enable timely collection, management and processing of information |
| 32 | Complete records of budget performance and expenditure and report according to company procedures and guidelines |
| 33 | Enforce budget audit mechanisms and compliance requirements |
| 34 | Promptly inform relevant personnel of budget decisions |
