Objectives:
On completion of this paper, students will be able to:

• identify valid, relevant data from internal and external sources
• present cost information using appropriate methods
• prepare forecasts of income and expenditure
• monitor and analyse actual costs against forecasts and trends
• compare actual costs with standard costs and analyse and explain any variances
• prepare draft budget proposals
• prepare and present reports comparing actual performance with planned performance for the organisation or for responsibility centres and analyse any variances for management control purposes
• prepare and monitor relevant performance indicators, interpret the results and recommend how to reduce costs and enhance value
• make short-term decisions to enhance business performance.