Course Learning Outcomes:
Knowledge:
A. Analyze and critically evaluate major ideas and practices in the field of people management.
B. Evaluate major contemporary theoretical and managerial perspectives on people management.
C. Demonstrate an understanding of different markets and sources of finance; and the role of budgeting in an organisation.
D. Be able to assess budgets based financial data to support organisational objectives.
Thinking skills:
A. Engage critically and analytically with literature relating to major developments in the field of people management.
B. Appreciate how research into effective people management underpins thinking in the other, more specialized fields of HRM and HRD practice that you will be studying.
C. Analyze the information contained in a company's annual report; and appraise finance and investment decision.
Skills for life and work (general skills):
A. Develop and express strong, original and well-justified arguments to support your views.
B. Advise colleagues and senior managers about making improvements to management systems and thinking in organisations.
C. Demonstrate an understanding of the context within which accounting operates, and the various local and international standards that needs to be complied with.
Subject-based practical skill:
A. Ability to effectively apply HR theories and models to situations and various scenarios.
B. Effectively apply key ratios appropriate for analyzing the financial performance of the organisation.
C. Effectively apply budgets and investment appraisal techniques.
Task: The Twin Rivers Café is a company that prepares meals for tourists and citizens in its kitchen located next to the local airport. The company's planning and actual budgets for July appear below:
The Twin Rivers Café - Planning and actual budgets for the month ended July 31, 2018
|
|
PLANNING
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ACTUAL
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|
Budgeted meals quantity (q)
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18,000
|
17,800
|
|
Revenues (£4.50q)
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£81,000
|
£80,100
|
|
Expenses:
|
|
|
|
Raw material (£2.40q)
|
43,200
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42,720
|
|
Wages and salaries (£5 200+£0.30q)
|
10,600
|
10,540
|
|
Utilities (£2,400 + £0.05q)
|
3,300
|
3,290
|
|
Facility rent (£4,300)
|
4,300
|
5,100
|
|
Insurance (£2,300)
|
2,300
|
2,600
|
|
Fuel
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2,480
|
2,490
|
|
Net Operating Income
|
£14,820
|
£13,360
|
Required:
Question 1: What is the objective of preparing a budget for Twin Rivers Café?
Question 2: Prepare a report showing the company's revenue and spending variance for July and explain why this variance should be of concern to management?
Question 3: Which activity of variance should be of concern to management? Explain.
Question 4: Advice the Twin Rivers Café on what they need to do to support their objectives.
The word count for this assignment is 1,500 words and will not include the title page, executive summary, contents page or bibliography.
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