The purpose of a budget

1. Explain the purpose of a Strategic Plan and an Operational Plan, and the role of an Operational Plan in achieving the organisation’s objectives.
2. Explain the difference between an operational plan modelled on the organisation as a whole and one that has been modelled to suit a specific organisational goal or department.
3. Describe two typical methods for developing an Operational Plan.
4. Explain the purpose of a budget.
5. Explain typical budgeting processes.
6. Explain the purpose of key performance indicators.
7. List four different approaches to developing key performance indicators.
8. Describe the concept of a balanced scorecard as an alternative approach to measuring business performance through key performance indicators.
9. Explain the concept of benchmarking as a way of assessing business performance.
10. Provide a definition of a PCBU and outline their key responsibilities.
11. Outline the aim and scope of the Fair Work Act 2009.
12. Explain the purpose of a SWOT analysis and how it can be used for operational planning.
13. Explain the purpose of the PEST model and how it can be used for operational planning.

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