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FM3.07 Budget management of facilities management operations
  • Post by:Admin
  • Mar 26, 2024

Fm3.07 Budget Management Of Facilities Management Operations

The main aim of the unit FM3.07 Budget Management of Facilities Management Operations is to provide the education and factors of Facilities Management. This unit is also tailored to equip individuals with the mandatory skills and knowledge for effective budget management within the Facilities Management industry. Its prime Focus is on budget management in the Facilities Management including the allocation of Strategies and control of the resources in finance to support the operations, improvement and maintenance of multiple assets and facilities. It also deals with the monitoring, optimisation and planning of expenditures to certified the objectives of organisations are fulfilled effectively and efficiently.

The prime goal of this unit also covers the budget development design for the particular requirements and needs of operations of Facilities Management. It also includes the recognition of service-provided scope, assessment of resource requirements and realistic financial plan establishment that is aligned with the priority and goals of the organisation. The budget may include multiple categories including repairs, capital investment, renovations, and utilities. In addition, this unit also deals with the controlling and monitoring techniques for expenditure throughout the cycle of budget. It also includes the Systems of implementation for cost tracking, comparison of actual spending opposite to the amount of budget and addressing and identification of deviations or variances promptly. Effective management of the budget includes the ongoing adjustment and evaluation to certify the allocation of resources and its final achieved objectives optimally.

Moreover, this unit also finds out the optimisation of the budget utilisation with the strategies including opportunities identification of cost saving, contracts of negotiation with suppliers, and investment-based priority on the potential returns and influence. By adopting approaches which are proactive to cost management, facilities managers may boost their efficiency of operation, cost management approaches, best reduction and increase in the derived value from available resources. The unit FM3.07 is instrumental in providing individuals required for the financial aspect navigation of Facilities Management with great success. With the expert skills of budget management principles and practices the professionals can include their contribution to the stewardship that is effective in resources. Additionally, the unit FM3.07 also attained the objectives of the organisation and completed Facilities Management success.

Unit objectives

Here are the significant objectives of learning in the unit FM3.07 Budget Management of Facilities Management operations:

  • To implement and develop effective strategies for budgeting for the Facilities Management operation.
  • To control and monitor the expenditure to certify the allocated budget adherence.
  • To identify the opportunities for cost saving and useful improvement within the process of facility management.
  • To provide accurate reporting of finance and analysis to stakeholders about variances and budget performances.

Learning outcomes

The learning outcomes foreshadow the acquisition which learners will get after completing the unit FM3.07 Budget Management of Facilities Management Operations, such as:

LO1: Recognise the functions of the process and the budget through which they get prepared.

LO2: Recognise the process through which the progress opposite to the budget is monitored.

LO3: Recognise the process through which the budgeted and actual expenditure variances are investigated.

LO4: Potential to recommend the method through which service delivery or budget can be changed to address variances between budget and actual expenditure.

Assessment criteria

The unit FM3.07 Budget Management of Facilities Management Operations has assessment criteria containing complete association with the learning outcomes such as:

LO1: Recognise the functions of the process and the budget through which they get prepared

  • 1.1 Elaborate on the way of utilising budget contribution to the management of Finance of operations in Facilities Management.
  • 1.2 Elaborate on the way of utilising budget contribution to the management of Finance of operations in Facilities Management.
  • With the help of referencing to revenue budget and fixed asset and their different influence on reporting and financial management for example:

  • Loss and profit
  • Balance sheet
  • Cashflow forecast
  • Cost Centre use
  • 1.3 Demonstrate the phenomena of incremental and zero-based budgeting and elaborate on the pros and cons of each.
  • Identify multiple information resources utilise to inform the revenue and fixed asset preparations budget in terms of Facilities Management operation. Include the example

  • Supplier information e.g. price increase knowledge
  • Historic cost performance
  • Cost drivers (staff headcount, space, production) along with anticipated or known changes.
  • Demanding services Trend

LO2: Recognise the process through which the progress opposite to the budget is monitored.

  • 2.1 Elaborate the way through which income and expenditure of data are captured to make timely identification.
  • 2.2 Elaborate the complex Report utilised for expenditure monetary against the Facilities Management budget.
  • The assessment criteria of LO2 must be evidenced with the help of learners` own experience over examples including.

  • Invoicing process
  • Actual versus budget expenditure reports
  • Purchase order

LO3: Recognise the process through which the budgeted and actual expenditure variances are investigated.

  • 3.1 Analyse when the attributes of variances can be changes in demand.
  • 3.2 Demonstrate the way to investigate the variants is which are not explained through the demand changes including the non-resulting variances from resource misuse.

    The assessment criteria of LO3 must be evidenced with the help of the learner’s own experience and examples for the case study.

LO4: Potential to recommend the method through which service delivery or budget can be changed to address variances between budget and actual expenditure.

4.1 Analyse the appropriate options for addressing the variances emphasized in:

  • Budget allocation so that the funds of Under-spent and over-spent
  • Possible Service Delivery changes
  • Increase the allocation of the overall budget
  • 4.2 Comparison between the benefits and costs of the various options.

     Include:

  • Internal customer satisfaction is influenced if the specifications of services are changed.
  • Influence the efficiency of the organisation crew overall increasing the allocation of budget.

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