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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.
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:
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