FINANCIAL MANAGEMENT IN FACILITIES MANAGEMENT
FINANCIAL MANAGEMENT IN FACILITIES MANAGEMENT – Maximum 6,000 words
You have just been appointed the Facilities Manager of a business HQ by a company that has not recognised FM as a separate function before. Your new team are people who will continue in the same roles that they had before, but now under your leadership.
As a new function, FM has not had its own budgets before and one of your first tasks is to establish what the budgets should be.
Alternatively you may base your answer using your own organisation as the example, clearly stating any assumptions.
You should produce a Financial Management Policy document to help you and your team to start and maintain the financial management process.
The document should cover the following topics:
1 Describe management accounting techniques which support the facilities management process and the financial systems and processes used for the effective management of facilities management budget within your company. (AC 1.1, 1.2)
2 Explain the principles of financial auditing and describe how these principles are deployed within your own area of responsibility. (AC 2.1, 2.2)
3 Review the financial implications of using codes of ethics within in the context of corporate responsibility and explain how you would make suitable adjustments to improve good practice and transparency. (AC 2.3, 2.4)
4 Explain ways in which a true and fair view of assets, liabilities, profits and costs can be presented. (AC2.5)
5 Explain how you would prepare, review and manage revenue budgets. (AC 3.1, 3.2)
6 Set out how to apply the techniques used by facilities managers to set, acquire, review and manage capital budgets. (AC 3.3, 3.4, 3.5)
7 Explain the tools of financial appraisal and how these are used to inform financial management and budgetary decisions. (AC 3.6)
8 Apply the principles, techniques and processes of cash-flow projections to manage the flow of cash within the facilities management business cycle, including how this impacts on contracts and projects. (AC 4.1, 4.2)
9 Identify and apply the principles and techniques to prepare financial cases and prepare a financial case to secure the required approval. (AC 5.1, 5.2)
1. Remember to always title your assessment e.g.
“ FM5.01 Facilities management development and trends”
3. It is recommended that you annotate your work with the assessment criteria number for ease of marking.
4. Any text which has been copied MUST be accurately referenced to the original source (e.g. Harvard Referencing). Any text which is copied and not referenced is deemed as plagiarism which may result in your work being voided (please refer to the BIFM Malpractice Policy & Procedure). You will be asked to sign a statement to the effect that your assessment is your own work before submission to BIFM for marking.
5. When presenting your assessment please use font size 12.
6. Please ensure every page is correctly numbered.
7. Maximum word count 6,000 words
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