Understanding Costs and Budgets in an Organisation - ILM

Producer: Lucid Learning Ltd

Duration: 7 hours.
This product is an online product and is a single-user, 1-year licence.


This course is designed for learners who wish to undertake Institute of Leadership & Management (ILM) validated learning, whether for personal development or in order to undertake professional qualifications.
This module provides the underpinning knowledge, learning outcomes and guided learning hours required to undertake the relevant assessments required to accrue 1 credit towards an ILM Award, Certificate or Diploma in Leadership & Management at Level 3. Completion of this module as a stand-alone piece of eLearning does not provide an ILM qualification.

A completion certificate from CoursesForYou will be provided upon completion of this module of eLearning.


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Programme Make-Up
• Module equates directly to the ILM Level 3 Unit of the same name
• Content rich programme covering key concepts, theories and models
• ‘Click’ and reveal pdf approach provides additional background and explanations
• ‘Checkpoint’ activities engage learners in practical investigation and application of learning
• Clean and clear graphics make for an enjoyable and effective learning environment

Programme Content/Outcomes
There are many reasons as to why organisations need to manage their finances:
• Regulation - legally organisations are obliged to report financial information
• Operationally - an organisation simply would grind to a halt without financial controls and reporting

Therefore it is important that all managers understand the financial systems and controls that support the organisations they work for.
Managing costs and budgets is something that we all do to some extent at home, but it is also a key feature of the manager’s role.

This module is designed to help you learn how to do this.


To develop knowledge and understanding of costs and budgets in the workplace as required by a practising or potential leader/manager at ILM Level 3.

At the end of this unit, you will be able to:

• Explain the importance of agreeing a budget and operating within it
• Describe a method to monitor the variance between actual performance and budget
• Explain fixed and variable costs; and the concept of break-even in relation to the organisation
• Explain the purpose and nature of basic cost statements
• Explain the value of standard costing and its role as a control mechanism
• Briefly describe mechanisms in the organisation to maintain control of costs.

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