Assignment Brief: Understanding Financial Management
Unit Overview:
To develop understanding of finance within the context of an organisation, as required by a practising or potential middle manager.
Task Overview:
The purpose of this unit is to develop understanding of finance within the context of an organisation, as required by a practising or potential middle manager.
Assignment Structure:
An ILM Assessment Task provides an opportunity to relate your learning directly to your current organisation.It is recommended that you discuss the assignment with your line manager to explore and agree how the task could be used to support the needs of your employer (as well as evidencing your learning as part of completing your ILM qualification).
If you are not currently working within an organisation, then you may complete this task in relation to an organisation with which you are familiar. This could include experience working in a voluntary capacity.
NOTE:
You should plan to spend approximately 18 hours researching your workplace context, preparing for and writing or presenting the outcomes of this assignment for assessment.
The nominal word count for this assignment is 2000 words: The suggested range is between 1500 and 2500 words; however individuals have different writing styles, and there is no penalty if the word-count range is exceeded.
Assessment Criteria:
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Please use the headings shown below when writing up your assignment |
Assessment Criteria |
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Understand finance within the context of an organisation
The first part of this task is to describe the principal features of the organisations sources of finance or funding, and then to analyse the organisations financial stakeholders in order to provide an explanation of their various expectations of the organisation. An account of the practices of both cash flow forecasting and cash flow management must then be provided to explain why they are both important, and you are then required to use appropriate financial measures to provide a general assessment of business/organisational performance. |
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Understand the value of recording financial management information
The second part of the task requires an explanation of how a range of financial performance indicators are used to monitor the achievement of objectives. You are then required to explain the purposes of the main financial documents used within the organisation. |
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Understand budgets for the management of own area of operation The final part of the task requires you to explain the process of budget setting in the organisation and how budgetary techniques are used to contribute to controlling cost in own area of operation. |
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Declaration: By submitting I confirm that this assessment is my own work
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