Essay SIT50416: Diploma of Hospitality Management – Prepare and Monitor Budgets – Management Assignment Help

Assignment Task:

Part A 
Instructions for assessment including WHS requirements Answer the questions for this assessment below. You are required to address all questions to achieve competence. Your trainer will provide you with instructions for time frames. Once completed, carefully read the responses you have provided and check for completeness. Your trainer will provide you with feedback and the result you have achieved. 

Your task: Answer each question below. 
1. Name 4 business considerations you might consider when researching a budget. 

2. Describe how the following sources of data can be used for budget preparation. 

Competitor research – 
Customer or supplier research – 
Declared commitments in areas of operation – 
Financial information from suppliers – 
Financial proposals from key stakeholders – 
Performance data/information from previous time periods – 
Departmental, event or project budgets – 
Grant funding guidelines or limitations – 
Management policies and procedures – 
Organisational budget preparation guidelines – 

3. Explain how the following internal factors can impact on budgets. 

Management restructure – 
Human resources requirements – 
New projects and business objectives – 
Changes in commodity or service prices – 

4. Explain how the following external factors can impact on budgets. 

Legislation and regulations – 
Changes in the global economy – 
Market trends – 

5. How does involving staff “from the bottom up” in the budgeting process, help the business? 

6. What does the process of preparing a draft budget usually involve? 
 
7. How does breaking the budget down into groups, departments, or income and expense categories help colleagues? 

8. Name 3 people (job roles) you would circulate the draft budget to for feedback or approval: 

The budgeting process requires strong negotiation skills. 

9. Why is it important to convince staff of the achievability of the budget? 

10. A staff member suggests a change or alteration to the budget. List 3 aspects you need to consider to  ensure any changes would have no negative impacts: 

11. In most businesses/industries, when must the budget be complete? 

12. What information should department managers include in their monthly reports? 

13. How often should the budget be compared to the actual accounting results? 
 
14. Name and describe 5 financial reports you might generate from your accounting system to check your budget against actual income or expenditure.