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Assessment 3 Budget Project Task Prepare a budget for a business that meets the specic business' needs. Business Name: Supervisor/Manager: Business Address: Type of Operation: Type of Budget: Budget Period: Budget Data provided on: Budget Data attached i Draft Budget Due: Final Budget Due: Instructions Based on the type of budget and data provided to you, you are required to: 1. Consult with the relevant staff directly affected by the budget (Department heads, e.g. head-chef, events manager etc.) on the components to be included in the budget. This requires a written report of the details that were discussed including a detailed analysis of the factors that impact on the particular budget. 2. Following your consultation, you are required to complete a draft budget which reflects the details you have provided in your report. 3. Present the draft budget to the staff you consulted on the budget components. Provide details of feedback and changes that were requested. This needs to include the why's and how's. 4. Based on the feedback received, complete the nal budget. Obtain approval of the relevant department head(s), nancial ofcer or person in charge of the organisation. Attach a copy and the signed, approved budget. 5. Monitor the budget against performance at intervals as instructed, this may be e.g. weekly or monthly and include the relevant reports and actions taken for each review during the budget cycle. 6. Each change actioned taken as a result of underperformance must be documented and signed by the authorised person in the workplace or where the budget is monitored in a simulated environment, by your trainer. 7. On completion of the budget cycle, provide a summary report for the budget performance. What are your recommendations for the next cycle based on your monitoring and reviews? Why? The criteria provided in the checklist below provide references for the requirements for satisfactory compietion of this assessment project