Unit 8 Contribute to the Management of Performance and the Enhancement of Value
Course Summary
This unit is about collecting, analysing, and interpreting information of help to managers in controlling costs and improving the performance of operations. There are two elements contained within the unit:
- Collect, analyse and disseminate information about costs
- Monitor performance and make recommendations to enhance value
The first element focuses on the identification and analysis of costs that may be of help to managers. Candidates have to monitor and analyse costs against trends, standards and organisational needs. Candidates must then explain any difference between actual and planned or expected costs. In addition, forecasting techniques need to be used as an aid to cost analysis and control.
The second element requires identification and calculation of performance indicators together with proposals, which will enhance the value of the organisation.
This unit is taught with Unit 9.
