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CMI Assignment Help > Blog > CMI Level 3 > CMI 314 Assignment Example

CMI 314 Assignment Example

  • November 6, 2024
  • Posted by: Scarlett
  • Category: CMI Level 3
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CMI 314 Assignment Example

CMI 314 Managing Budgets and Resources, helps learners understand how to manage budgets and resources effectively. This unit covers key skills, including managing budgets, allocating resources, and forecasting future needs. It also teaches how to monitor income and expenses and control costs. These skills are essential for anyone working in a business or organisation, as effective budgeting and resource management are vital to a company’s financial health. This unit will be especially valuable for those in managerial or supervisory roles.

Assessment Questions

Task 1: Understand the importance of managing resources in own area of responsibility.

AC 1.1 Explain types of resources managed within own area of responsibility

Example 

Every organisation has resources that must be managed to achieve its goals. These resources fall into three main categories: human, financial, and physical.

  • Human resources refer to the skills and expertise of the organisation’s staff, which must be managed to ensure they are used effectively and efficiently.
  • Financial resources are the funds available to the organisation, which need careful management to ensure they are spent in the most effective way.
  • Physical resources include buildings, equipment, and other assets. These require proper maintenance and care to prevent damage and ensure they remain usable.
AC 1.2 Identify the importance of managing resources effectively in own area of responsibility Example  In any organisation, big or small, human resources are one of the most valuable assets. Managing them well is essential to keep things running smoothly and efficiently. Key methods for effective resource management include setting clear goals and objectives, keeping good communication with employees, and offering proper training and development. When human resources are managed effectively, it can boost productivity, improve morale, and reduce turnover.

turnover. AC 1.3 Explain methods used to achieve value for money when managing resources. Example  Achieving value for money is essential in resource management. Several methods can help ensure resources are used effectively and efficiently. One important method is cost-benefit analysis, which involves comparing the costs and benefits of different options to select the one that offers the best value. Another key method is resource allocation, which focuses on using resources in the most effective way to reach desired outcomes. These approaches help organisations get the best results from their resources. Task 2: Understand the use of budgets in an organisation. AC 2.1 Outline the purpose of a budget. Example  A budget is mainly used to track income and expenses, helping individuals or organisations understand how much money is coming in and where it’s going. It’s also a useful tool for planning future spending and income, as well as adjusting expenses to meet financial goals. For businesses, budgets help allocate resources and monitor progress toward financial targets. For individuals, they ensure spending aligns with personal financial goals. In both cases, the main purpose of a budget is to provide a clear view of financial health. AC 2.2 Explain the types and use of budgets within an organisation Example  A budget acts as a roadmap for an organisation, outlining how much money is available and where it should be spent....

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