Manage budgets in the creative industries
Overview
This Standard is about monitoring the budget against a plan.
It includes assessing the implications of any necessary re-allocations or re-distributions of the budget and keeping relevant people informed of changes. Budgets may be internal or external to the organisation.
Performance criteria
You must be able to:
1 monitor and
manage budgets to ensure that resources are being used according to agreed
budget plans
2 ensure that full details of the
administration, control and spending of budgets are made available to
appropriate people
3 identify and record potential problems and
circumstances that could affect budget plans
4 identify and consider additional resources
that could potentially be required and their implications on budgets
5 identify the causes of any significant
variances between what was budgeted and what actually happened and take prompt
corrective action
6 propose revisions to budgets, if necessary,
in response to variances and/or significant or unforeseen developments
7 obtain agreement from the relevant people
about changes to budget allocations
information from budget monitoring and control to
future budgets
Knowledge and Understanding
You need to know and understand:
objectives for the work and how they impact on business objectives
cover the different activities and resource requirements and how much it can be
changed without approval
the schedule
and control performance
timescales when requiring others to carry out actions relevant to managing
budgets
identify them
that could be taken to address identified variances
budget and how to deal with them
that could affect budgets
to budgets
performance against budget and changes to budget
of the
budgets