***Budget Management 2024***

This Unit Standard specifies the knowledge and skills required to manage a budget within the organisation. This Unit Standard is intended for junior managers of organisations.

The qualifying learner is capable of:
Explaining the concept of budgeting pertinent to an area of responsibility.
Determining the elements of a budget relevant to an area of responsibility.
Monitoring and controlling actual expenses (and revenue), against projected budget.

UNIT STANDARD RANGE
'Revenue' includes, but is not limited to income from sales, services and fund-raising.
'Expenditure' includes, but is not limited to, expenses, operating expenses, production costs, inventory, consumables and materials.
'Budget' means either the complete budget, or part-budget for which the learner is responsible.
'Area of responsibility' includes, but is not limited to, cost centre, section, department or team.
'Junior managers' include, but are not limited to, team leaders, supervisors, foremen and section heads.
'Standard Operating Procedures' (SOPs) may comprise formal written documents or accepted practices in the organisation.
'Organisation' includes but is not limited to, workplace, work context, work unit, company, department or section.