This unit is one of the Level 4 Diploma in Adult Care Optional Units and has the following learning outcomes and assessment criteria:
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- 1. Understand financial management in own work setting
- 1.1 Explain the importance of effective financial management systems within own work setting
- 1.2 Outline sources of funding that are used to construct the budget for own work setting
- 1.3 Outline the roles, responsibilities and accountability of all those involved in financial management of the budget for own work setting.
- 2. Be able to plan budget requirements for own area of responsibility
- 2.1 Work with others to calculate the financial resources required to meet objectives within own area of responsibility
- 2.2 Communicate budget requirements within remit of role and responsibility to inform overall budget build
- 2.3 Analyse the impact of an insufficient budget on service delivery
- 2.4 Work with others to prioritise budget allocation in own area of responsibility.
- 3. Be able to manage a budget
- 3.1 Explain the financial management systems that are available to monitor a budget for own area of responsibility
- 3.2 Agree roles and responsibilities of others in recording financial expenditure
- 3.3 Calculate planned expenditure over the financial period
- 3.4 Monitor actual spend against planned expenditure
- 3.5 Analyse variances between planned and actual expenditure
- 3.6 Implement corrective action to address any variances
- 3.7 Make revisions to the budget to take account of variances and new developments.
- 4. Be able to evaluate financial expenditure within own area of responsibility
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