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At the end of units 3 and 4 you need to reflect on the topics you have studied a
At the end of units 3 and 4 you need to reflect on the topics you have studied and how you will be able to apply them to your personal and/or professional life. You can also post reflections into the journal from the various lecturecast activities throughout the module.
Write a short (approx 300-500 words) Journal Entry to explain:
The key things you learned during the last two weeks
How can they relate to the workplace?
How they can aid your personal and professional development?
Remember to be specific and give examples (I work as head of finance department in the government please give some examples)
Uint 3 On completion of this unit you will be able to:
Understand the concepts of unit contribution and contribution sales ratio.
Use unit contribution and contribution sales ratios to calculate break even points, margins of safety and calculate target profits.
Understand and apply different approaches to pricing.
Understand the limitations of using cost volume profit analysis in short term decision-making.
Unit 4 On completion of this unit you will be able to:
Understand and evaluate different approaches to budgeting.
Understand the role of individual functional budgets and their inter-relationship to form the master budget.
Understand and evaluate the behavioural aspects of budgeting.
Understand the role of standard costing as a tool to monitor performance and establish management control.
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