Manage the use of financial resources (MSC)
417.1 Make recommendations for expenditure
417.2 Control expenditure against budgets
About this unit
This unit is about making sure you use financial resources in the most efficient way possible.
It covers making recommendations for the use of financial resources and controlling
expenditure against budgets.
This unit is appropriate for you if you are a manager with responsibility for
· allocating work to others
· achieving specific results by using resources effectively
· carrying out policy in your defined area of authority
· controlling limited financial budgets
· contributing to broader activities such as change programmes and recruitment.
In order to make recommendations for expenditure, you need to gather information about
expenditure in the past and consider current trends and developments as well as other
factors which are likely to affect expenditure in the future. When presenting your
recommendations, you need to state the expected benefits from the expenditure you are
proposing and also any potential negative consequences. You need to select the
expenditure option most consistent with your organisation’s plans and objectives.
In order to control expenditure against budgets, you need to give advice to members of your
team on how they can help control costs, and get them involved in the process of monitoring
and controlling expenditure. Where there are significant variations between actual costs and
your budget, you need to take prompt corrective action. you need to keep complete records
of expenditure and refer to others if you need to request expenditure beyond the limits of your