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SITXFIN004 Assessment Answers Prepare And Monitor Budgets

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Question:

You are required to develop solutions to the simulated workplace scenario by analysing financial and other business information to prepare and monitor budgets. It requires the ability to draft and negotiate budgets, identify deviations, and manage the delivery of successful budgetary performance.
 
Analyse the case scenario in terms of factual and numeric information on the scope and nature of required budget information provided.
 
Assessment activity
 
1. As the manager for the hotel, identify scope and nature of required budgets for the hotel
 
2. Identify colleagues and officers who can contribute for budget preparation and their valuable inputs
 
3. Identify and analyse internal and external factors for potential impact on budget
 
4. Based on the internal external factors, estimate income and expenditure for the budget preparation for the next accounting cycle. Make your assumptions
 
5. Consider and incorporate hotel objectives for your budget preparation 6. Using the information available and above analysis, prepare a draft budgeted statement of financial performance of the hotel restaurant for the next year
 
7. Though you are provided with available budget information, provide your recommendations for required modifications considering other factors 8. Identify the policies and procedures required to consider for the budget preparation
 
9. Determine and outline the required budget monitoring and review strategies
 
10. Share your draft budget to your colleagues and managers for their input 
 
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