Course Title: Develop and manage a budget

Part B: Course Detail

Teaching Period: Term1 2020

Course Code: ACCT5413C

Course Title: Develop and manage a budget

School: 375T Vocational Design and Social Context

Campus: City Campus

Program: C5349 - Diploma of Live Production and Technical Services

Course Contact: Rebekha Naim

Course Contact Phone: +61 3 9925 4815

Course Contact Email:

Name and Contact Details of All Other Relevant Staff

Teacher: Simon Embury

Phone (03) 9925 4345


Nominal Hours: 80

Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

Pre-requisites and Co-requisites


Course Description

The ability to understand budgeting processes is a crucial skill required for work in the live production, events and audiovisual industries.

In this course you will learn to collect and analyse information and apply sound accounting principles to the development and ongoing management of a budget for a live production or event.

National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSORG501 Develop and manage a budget


1. Plan for and collect information for budget

Performance Criteria:

1.1 Determine and confirm areas for which budget is being prepared with appropriate personnel, and identify, access and analyse data required for development of budget

1.2 Determine budget parameters with estimates based on research, consultation and negotiation with appropriate personnel

1.3 Consult relevant colleagues in budget planning process as required


2. Develop budget

Performance Criteria:

2.1 Draft budget based on analysis of all available information in accordance with organisational policy

2.2 Identify and support income and expenditure estimates with reliable information and circulate draft budget for comment


3. Finalise budget and allocate resources

Performance Criteria:

3.1 Provide final budget which incorporates agreed modifications to appropriate personnel

3.2 Inform personnel affected by budget of its limits and goals in their work area and clarify financial management and reporting responsibilities

3.3 Obtain agreement to budget priorities and allocate resources


4. Monitor and control budget

Performance Criteria:

4.1 Check actual income and expenditure against budget at regular intervals, and prepare and present budget reports to appropriate personnel

4.2 Identify and respond to deviations, take appropriate action and advise relevant personnel on budget status


5. Complete financial and statistical reports

Performance Criteria:

5.1 Complete all required financial and statistical reports accurately within designated timelines

5.2 Make appropriate recommendations about future financial planning

5.3 Provide clearly presented and accurate reports to appropriate personnel

Learning Outcomes

On successful completion of this course you will have developed and applied the skills and knowledge required to demonstrate competency in the above elements.

Through the application of these skills and this knowledge, you will be able to:

  • Plan for and collect information for a budget for a live production or event
  • Develop the budget
  • Finalise the budget and allocate resources

Details of Learning Activities

Learning activities in this course include:

  • Knowledge sharing and class discussions
  • Industry guest presenters
  • Examination and discussion of industry budget case studies
  • Group activities and projects
  • Peer learning
  • Workshopping of student projects
  • Peer and teacher feedback
  • Budget preparation in computer lab.

Teaching Schedule

Note: While all course content in this schedule will be covered, the weekly order may change depending on class needs and availability of speakers and resources.


Schedule of Planned activities and assessment (Subject to change)



  • Course overview, unit overview, assessment requirements.
  • Budgeting in live production. 
  • Why budgeting is important for an event manager/project manager.
  • Who has put a budget together?
  • Plan for and collect information for budget.  

Commence Assessment 1 – Budget Knowledge Evidence Assessment in class


  • Budget terms and concepts.
  • Develop budget
  • Data required to develop a budget. 

Continue assessment 1 in class


  • Budget software systems. 
  • Develop budget.

Continue assessment 1 in class


  • Preparation for Theory Test.
  • Practice using Excel
  • Conference budget exercise. Develop budget.

Complete assessment 1 in class


  • Finalise assessment 1.

Assessment 1 due Monday 9 March, 2020.


  • Microsoft Excel template.
  • Commence work in class on Assessment 2.

Commence Assessment 2 – Performance Assessment – AV Systems budget


  • Allocate resources
  • Assistance with assessment 2

Continue assessment 2 in class.


  • Monitor and control budget
  • Presentation of draft budget in class
  • Assistance with assessment 2

Assessment 2 draft budget to be presented during this class


  • Complete financial and statistical reports
  • Assistance with assessment 2

Continue assessment 2 in class.


  • Assistance with assessment 2

Assessment 2 – Performance Assessment – AV Systems budget due Monday 20 April, 2020.


  • Course review, assessment check and feedback



  • Contingency if required


Learning Resources

Prescribed Texts


Other Resources

Other resources for this course are available via the learning Hub in MyRMIT.

Your teacher will provide you with the necessary resources in classes and you must bring note taking materials to classes. This may be a laptop, tablet, smart phone or note paper and pen.

The University Library has extensive resources and provides subject specialist expertise, research advice, help with referencing and support through:
The learning Lab
The Study Support Hub
English for uni workshops

Overview of Assessment

Assessment for this course will involve demonstration of practical tasks and testing of your knowledge.

Assessment Tasks

Assessment is ongoing throughout the course and will include a range of practical and theory components. Full assessment briefs will be provided and can be found on Canvas.

This is a Vocational Education and Training qualification and is assessed for Competency. To be assessed as Competent means you have consistently demonstrated the required knowledge and skills at a standard required in the workplace. To be assessed as Competent in this course, you will need to complete each assessment task to a satisfactory standard. You will receive feedback from the teacher at the conclusion of each assessment task.

Results that apply to courses that are delivered and assessed in accordance with competency-based assessment are:

CA: Competency Achieved
NYC: Not Yet Competent
DNS: Did not Submit for Assessment

There are two assessments for this course.

Assessment 1 – Budget Knowledge Evidence Assessment

Assessment 1 of 2 for this course allows you to demonstrate your understanding of the Develop and Manage a Budget unit knowledge evidence that is prescribed in the unit.

You will commence this assessment in class 1 and answer a series of short-answer questions relating to budgeting for the live production and audiovisual industries.

Full details of this assessment is available to you on Canvas.

The assessment is due on Monday 9 March, 2020.

Pass Mark: Knowledge Evidence Assessments require 100% mastery.


Assessment 2 – Performance Evidence Assessment – AV System Budget

You can commence assessment 2 of 2 for this course in class 6.

The assessment allows you to demonstrate your understanding of the Develop and Manage a Budget unit performance evidence that is prescribed in the unit.

For this assessment, each student is required to prepare and submit a budget using Excel or Google Sheets and any supporting documentation for one of the following two AV systems:

  • Purchase of equipment for a permanently installed sound system for a place of worship (refer to the system specification below)
  • Purchase of equipment for a permanently installed lighting system for a small performance space (refer to the system specification below)

The budget for each of these systems is for outright purchase of equipment for a permanent installation. You are NOT budgeting for hire of equipment.

Remember to choose only one system on which to base your budget.

Be sure to read the remaining information for this assessment on Canvas.

Presentation and discussion with the teacher of DRAFT budget during class eight (8).

The final completed assessment is due on Monday 20 April, 2020.


Assessment Matrix

The assessment matrix demonstrates alignment of assessment tasks with the relevant unit of competency. These matrices are available through Program Administration.

Other Information


Your learning experience will involve class-based teaching, discussion, demonstration and practical exercises

It is strongly advised that you attend all timetabled sessions. This will allow you to engage in the required learning activities, ensuring you the maximum opportunity to complete this course successfully.

Information about your studies:

You can access My Studies through the RMIT website for information about timetables, important dates, assessment dates, results and progress, Canvas etc.



Information on assessment including Special consideration, Adjustments to assessment, (eg. applying for an extension of time):


Academic Integrity and Plagiarism:

RMIT University has a strict policy on plagiarism and academic integrity. Please refer to the website for more information on this policy.


Credit Transfer and Recognition of Prior Learning:

Credit transfer is the recognition of previously completed formal learning (an officially accredited qualification).

Recognition of Prior Learning (RPL) is an assessment process that allows you to demonstrate competence using the skills you have gained through experience in the workplace, voluntary work, informal or formal training or other life experiences.  

Please speak to your teacher if you wish to discuss applying for Credit Transfer or RPL for the unit(s) of competency addressed in this course.

Course Overview: Access Course Overview