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ILM 8607-502 Making a Financial Case Level 5 Assignment Sample UK
ILM 8607-502 Making a Financial Case Level 5 Assignment Sample UK
The 8607-502 Making a financial case course provides a unique learning opportunity that allows students to develop their financial acumen with the guidance of experienced professionals. Not only will they gain critical insights into how financial decisions are made, but also how these decisions impact the bodies in charge of making them.
Through this course, participants will discover the fundamentals behind constructing a well-defined and meaningful financial case proposal or argument. They will learn how to confidently articulate their proposals or arguments to maximize their chances for potential success and further understand how to use persuasive language and effective strategies when presenting such a case. With the learning objectives from 8607-502 firmly in mind, it is possible for entities to strengthen the value proposition of their investments and maximize profitability.
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In this section, we will lay out the following assignment activities:
ILM 8607-502 Task 1: Understand financial concepts used to inform management decisions.
Financial concepts play an essential role in guiding management decisions for a business. Knowing how to read and interpret financial statements, compute data analysis, use forecasting models, and understand performance metrics can provide valuable insight that helps managers make comprehensive, data-driven decisions. Enhanced understanding of financial concepts also gives managers the ability to pinpoint areas of improvement within their operations and make informed changes that may have positive impact on their bottom line.
AC1.1 Understand financial concepts used to inform management decisions.
It is essential for managers to have a deep understanding of financial concepts in order to make informed decisions. Financial concepts such as liquidity and capital structure can provide invaluable insights into understanding the financial health of a business, while analyses of financial statements and cash flow statements can assist in making vital decisions such as when and how to invest additional resources.
Additionally, correlational studies on financial data can be used to discover correlations between certain variables which may help indicate when particular investments should be made or where operational costs can be reduced. Ultimately, the effective use of these concepts can provide managers with a better overall understanding of a business’s finances and potential opportunities associated with making strategic investments.
AC1.2 Explain how costs are classified, using examples.
When discussing the costs of a business venture, there are three basic classifications to consider. Direct costs refer to those necessary for creating and delivering a product or service, such as labor and materials. Indirect costs do not create the product or service directly but are needed for their delivery, like shipping fees or administration expenses. Finally, sunk costs represent any money already spent that cannot be recovered in the future, such as a one-time purchase or license fee.
To illustrate how these cost categories might look in action, consider a store selling t-shirts. Direct costs could include the price of fabric while indirect may consist of rent for their storefront space; meanwhile, a large piece of equipment used to manufacture the garments would be classified as a sunk cost. Knowing how to label and track expenditures clearly will make it much easier to understand where profits are made whenever there is an analysis of a company’s financials.
AC1.3 Explain how costs are allocated, using examples.
Cost allocation is the process of tracing direct and indirect costs to cost objects. These objects can be departments, products, services, or other activities. Allocation of costs should be based on accurate analysis to identify the relationship between cost objects and the associated costs incurred in producing them. For example, manufacturing overhead costs need to be allocated across all of the different products being produced so that each product’s contribution to overhead can be determined.
Additionally, research and development expenses that are used in creating new products must also be distributed among those products depending upon how much of the expense was attributed to them. Finally, we can look at labor costs as they are incurred by a particular project – these can then subsequently be traced down further into individual tasks etc., allowing for better estimations when it comes to forecasting future project expenses related to resources.
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ILM 8607-502 Task 2: Be able to make a financial case to inform a management decision.
Understanding how to make a financial case can be extremely useful when it comes to helping inform and influence management decisions. Financial analysis can provide hard evidence of the efficacy and cost-effectiveness of various investments, allowing management to make more informed, impactful decisions that positively affect the bottom line. By gathering data on economic trends, resources, customer bases and other vital areas, an effective financial case can be put together to demonstrate the clear benefits or risks of a particular course of action.
AC2.1 Be able to make a financial case to inform a management decision.
When making a financial case to inform management decisions, it is critical to consider the broad implications of various options. This requires gathering relevant information and data related to existing and potential costs, revenue streams, and associated risks. Distilling this information into a solid conclusion requires careful assessment of relationships between economic variables and forecasting ahead to anticipate cause-and-effect scenarios. Ultimately, the goal is to calculate the expected return on investment (ROI) for each available choice—enabling effective decision making that accounts for both short-term and long-term outcomes.
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