FM4.07 Understanding financial management in facilities management

FM4.07 Understanding financial management in facilities management

The unit FM4.07 Understanding Financial Management in Facilities Management is a significant element of the education of Facilities Management having an aim to provide the learners with comprehensive skills and knowledge in finance management within the Facilities Management domain. This unit generally covers multiple significant topics in terms of the principles techniques tools and applications of financial management to facilitate the industry. Initially, the learners can be introduced to the significant concepts of finance including cost control, budgeting, investment appraisal and financial reporting methods particular to the operations of Facilities Management. They increase the recognition of the way to analyse, manage and develop the budget usefully to support the objectives of strategy for the initiatives of Facilities Management.

In addition, this unit also deals with the integers of the planning of finance within the management of facilities. It emphasises the significance of the financial strategies alignment within the industry and organisational goals with best practices. The learners can also explore the multiple approaches for risk management and financial forecasting to mitigate the financial uncertainty capabilities which can influence the project and operations of Facilities Management. In addition, this unit also deals with the financial performance role evaluation in Facilities Management. It also highlights the importance of keeping performance indicators and the matrix of finances in checking out the effectiveness and efficiency of the activities of Facilities Management.

The learners can acquire the way to enter prayer the data of finance and identify the improvement areas by making well-informed decisions for financial performance optimisation and resource allocation. Moreover, this unit also gets at the topic in terms of contract management and procurement. It also emphasizes the implication of the finance of vendor selection, contract administration and negotiation in the projects of Facilities Management. The learners increase their knowledge of the cost containment Strategies, providing scale of economic and engineering values to increase the ROI “return on investment” and increase the overall sustainability of the finance.

This unit also provides a well-equipment comprehension of the financial management principles to the learners and the practice which is designed for the unique challenges and requirements of the industry of Facilities Management. With the mastery of the techniques and concepts, the professionals in the field can navigate effectively with the complexities of finance, drive efficiency of the cost and contribute to the success strategies of the initiative in Facilities Management.

Unit objectives

The significant objectives of the unit FM4.07 Understanding Financial Management in Facilities Management are given below.

To generate a recognition of the concept and principles of Finance in terms of Facilities Management.

Acquire the way through which effective management of the expenses, financial resources and budgets within the operations of Facilities Management.

To gain knowledge of the forecast in financial planning techniques for the optimisation of resource allocation and priorities investment.

To acquire the knowledge of the metrics of Finance performance and KPIs key performance indicators for the evaluation of the health of finance and advancement of practices in Facilities Management.

Learning outcomes

Here are the main learning outcomes of the unit FM4.07 Understanding Financial Management in Facilities Management for the learners:

LO1: Recognise financial reporting processes and systems.

LO2: Recognise the use of revenue budgets and capital in the context of Facilities Management.

LO3: Recognise the way to manage the flow of cash.

LO4: Recognise the way to prepare the cases of finance.

Assessment criteria

The assessment criteria of the unit FM4.07 Understanding Financial Management in Facilities Management delves with learning outcomes for the assignment.

LO1: Recognise financial reporting processes and systems.

1.1 Analyse the management systems of finance and budgets.
(Include the nominal accounts, cash accounts, profit and loss accounts, VAT accounts, balance sheets)

1.2 Elaborate the financial information uses contained in the reports of Management.
(Include financial planning, budgeting, objective setting, business strategy, and pricing)

1.3 Elaborate on the devolved budget and cost centres.
(Support the explanations with the own experience of learners and examples or case studies including the reasons for the cost-effective centres and budget devolved)

LO2: Recognise the use of revenue budgets and capital in the context of Facilities Management.

2.1 Evaluate the difference between revenue and capital budgets.
(Include the depreciation of the tax implication)

2.2 Explain the approval of the budget cycle and phenomenon.
(Illustrate the examples and description from the experience of the learners or case study, including the setting of budgets by reference to the first principle and Precedent)

2.3 Explain the techniques which facilities managers use for revenue budgets and managing capital.
(Include the capital budget relevance of the Asset Value, DCF “discounted cash flow”, whole life costing, NPV “net present value” and the values of the balance sheet)

2.4 Elaborate the ways for the variance identification in the possible courses and budget of remedies and action.
(Support the explanation with the help of the case studies, own experience of the learners and examples)

LO3: Recognise the way to manage the flow of cash.

3.1 Elaborate the fundamental principles processes and techniques of utilizing projection in cash flow for the management of the cash flow within the business cycle of facilities management.
(Include the projection rolling uses)

3.2 Elaborate the way through which the facilities managers can manage their cash flow
(Include the increment and processing of the order of purchases, stock material management, authorizing payments budgets and resources of flexing people’s revenue protection)

LO4: Recognise the way to prepare the cases of finance.

4.1 Explain the techniques and principles in terms of the cases of financial preparations
(Include the costing of whole life, benefits and cost analysis, risk analysis, strategic fit and in action the financial consequences)

4.2 Generate a financial case for purchase or project.
(Utilize the examples from the own experience of the learners or case studies)

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