1. Create a budget for an event or project that will last for three weeks or more. Throughout this period, you must show that you can create, monitor, and control the budget by doing the following Show that you can work with colleagues to establish requirements and priorities (including staffing requirements and stock requirements) Use financial records to monitor expenditure and income on a regular basis Identify any variances and deviations, and react to them - you may need to adapt the budget Complete financial reports to ensure control of finances, and to update others on the budget's status