Budget monitoring and review project assessment

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Reference no: EM133845381 , Length: word count:1500

Prepare and monitor budgets

Assessment Task: Budget monitoring and review project

Activities
Complete the following activities.
Carefully read the following information.

Assume it is twelve months later and you are reviewing the marketing budget against actual amounts using the Marketing Expenditure Report.
Note: that the company deems a standard variance in budgets of up to 5% acceptable.
You have also been recently informed that a competitor has set up a resort in the nearby area and you are required to assess how this will impact the marketing budget for the following year.
What do I need to demonstrate?
During your practical assessments you will be required to demonstrate a range of the skills and knowledge that you have developed during your course. These include:
Monitor and review budget
Regularly review budget to assess actual performance against estimated performance
Prepare accurate financial reports.
Incorporate all financial commitments into budget and budget reports.
Investigate and take appropriate action on deviations.
Analyse changes in internal and external environment and make any required adjustments.
Collect and record relevant information to assist in future budget preparation.
How will I provide evidence?
Your assessor will provide you with templates to complete each task. You will find some detailed information about providing evidence; this will include;
a Marketing Budget Performance Report
a Marketing Budget Analysis and Recommendations Report.
You will need to complete each activity and submit the required task at the end of each step completed.
Tips for completing your activities
Read through this assessment and each task before you get started and make sure you understand what you need to do. If you are unsure, speak to your assessor and/or supervisor.
Stay up to date!
Stay in touch with your assessor. Ask questions, raise issues, check in, communicate.
Most importantly, ask for help if you are having trouble!

1. Develop a Marketing Budget Analysis and Recommendations Report.

Review the marketing budget expenditure to assess actual performance against estimated performance. Get top-rated assignment assistance now!
Based on your review and using the accounting software, prepare a report that shows actual expenditure against budgeted expenditure. Include graphs to make your report clear.
Save this report as Marketing Performance Budget Report.
Prepare an accompanying report, Marketing Budget Analysis and Recommendations Report, that analyses:
Projected budget and actual budget
Deviations from the budget
Reasons for deviations
Recommendations for next year's budget based on marketing performance and new competitor.
Use the Marketing Budget Analysis and Recommendations Template to guide your work.

2. Send an email to management.

The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
It should introduce and summarise the contents of the attachments.
Attach the following to your email:
Marketing Budget Performance Report
Marketing Budget Report Analysis and Recommendations

Reference no: EM133845381

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