Develop budgets in the creative industries

URN: SKSGS4
Business Sectors (Suites): Creative Media Generic Skills
Developed by: ScreenSkills
Approved on: 31 Mar 2019

Overview

This Standard is about developing budget plans in the creative industries that enable work to be carried out to the appropriate quality, whilst taking into account cost effectiveness. It requires you to estimate or research costs, negotiate budgets so that they are sufficient for the work and agree budgets and any sub-budgets that may be necessary.  Budgets may be internal or external to the organisation.


Performance criteria

You must be able to:

1    confirm the business objectives, scope, timescales and, if appropriate, the overall budget

2    confirm the artistic objectives and any special requirements which will impact upon the process

3    determine the most appropriate requirements in terms of materials, technology, outsourcing, delivery and personnel and their likely costs that will meet the overall needs of the project

4    if relevant, determine the size of the budget available and clarify whether any allocations have already been made

5    identify and record allowance for contingencies to address potential problems and circumstances that could affect budget

6    provide visual representations to others  to clarify the scale and type of materials required

7    interpret the implications of project specifications and creative parameters upon budgets

8    use accurate information to calculate realistic and cost effective budgets

9    present budgets to relevant people for potential agreement

10  negotiate and provide structured arguments if necessary to support the size and allocations of proposed budgets

11  agree a final budget which will meet the objectives and specification  for the project

12  record all agreements and ensure that all parties confirm their acceptance of the agreement

13  ensure that details regarding the size of the budget and its planned allocation are available to people that require this information

14  confirm that there is sufficient petty cash provision, if relevant, and that arrangements are in place to store it correctly in line with insurance instructions

15  confirm that there are sufficient allocations to cover  
         exchange rate differences, if necessary


Knowledge and Understanding

You need to know and understand:

1     details of
the overall project, its objectives and timescales

2      where to get information about overall
budgets and existing allocations

3      the creative objectives and how they
impact on business objectives

4      specific time and work implications for
all appropriate creative input

5      who to consult to get accurate information
about likely costs, both in-house, in partner organisations and external to the
organisation

6      the relationship between the budget and
the schedule

7      ways to make sure others understand the
scale and type of resources required

8      the current standard prices for resources

9      what constitutes self-employment or employment, for the crew crew and the impact on the budget

10    how to identify options which offer best
value for money

11    the types of contingencies that may arise,
and how to take them into account when estimating costs

12    how to identify petty cash requirements with
insurers

13    how to accurately calculate a budget

14    how to calculate exchange rates

15    budgetary headings that should be used

16    how to present budgets to others

17    how to negotiate and provide structured
arguments to support the size and allocations of your budgets

18    procedures for recording agreed budgets

19    who has the right to access budgetary
information and who needs to be involved in agreeing initial and revised budgets

20    which budgeting and financial control
package to select, and how to use it

21   when it is appropriate to seek financial
advice and  
          how to access it


Scope/range


Scope Performance


Scope Knowledge


Values


Behaviours


Skills


Glossary


Links To Other NOS


External Links


Version Number

2

Indicative Review Date

30 Mar 2022

Validity

Current

Status

Original

Originating Organisation

Screen Skills (formerly Creative Skillset)

Original URN

SKSGW1

Relevant Occupations

Media and Communication, Production Managers, Production Coordinator, Animation Professionals, Special Effects Technician, Special Effects Supervisor

SOC Code

3417

Keywords

Budget; Project; Negotiate; Costs