Business Planning and Budgets

This unit is expiring
The expiry date of this unit is 31/07/2026.

Overview

Framework:
Access to HE
Level:
Level 3
Unit No:
QU016671
Credits:
6
Guided learning hours:
Not available

Qualification Grading Type

Graded

Grade Descriptors

  • GD1-Understanding the subject
  • GD2-Application of knowledge
  • GD4-Use of information
  • GD5-Communication and presentation
  • GD7-Quality

Unit Learning Outcomes

1

Know about business plans.

Assessment Criteria

  • 1.1

    Explain the purpose of a business plan.

  • 1.2

    Outline the relationship between the business plan and business objectives.

  • 1.3

    Identify key elements of an effective business plan.

2

Know how to use data to meet business objectives.

Assessment Criteria

  • 2.1

    Evaluate methods to determine a business’ current market position.

  • 2.2

    Analyse how market research data can determine a business’ ability to meet current and new market opportunities, including those in the global market place.

  • 2.3

    Analyse potential business constraints that could impact on business performance.

3

Understand business strategy and tactics.

Assessment Criteria

  • 3.1

    Explain the differences between strategy and tactics.

  • 3.2

    Analyse strategies and tactics used in a business.

  • 3.3

    Explain the need to continually analyse and compare business strategies and tactics against business objectives.

4

Understand financial forecasting.

Assessment Criteria

  • 4.1

    Define financial forecasting.

  • 4.2

    Explain the role of budgets within a business.

  • 4.3

    Outline the impact of external funding on strategic financial forecasts and business plans.

  • 4.4

    Analyse areas of financial risk to a business.

  • 4.5

    Explain methods of improving financial forecasts and plans

  • 4.6

    Evaluate different sources of business finance.

5

Know how a business can expand internationally.

Assessment Criteria

  • 5.1

    Explain the international business environment in which a selected business operates.

  • 5.2

    Describe factors that impact on UK businesses operating overseas.

  • 5.3

    Explain the process of international expansion for a selected aspect of a business.

  • 5.4

    Propose ways for a UK business to expand internationally.