Course Title: Manage budgets and financial plans
Part B: Course Detail
Teaching Period: VE 2017
Class Number: 2782
Class Section: MDM1
Course Code: ACCT5299C
Course Title: Manage budgets and financial plans
School: 174T School of VE Engineering, Health & Science
Campus: City Campus
Program: C5377 - Diploma of Building and Construction (Management)
Course Contact: Matthew Donato
Course Contact Phone: +61 3 9925 4519
Course Contact Email: matthew.donato@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Nominal Hours: 70
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
Nil
Course Description
This unit describes the performance outcomes, skills and knowledge required to undertake financial management within a work team in an organisation. This includes planning and implementing financial management approaches, supporting team members whose role involves aspects of financial operations, monitoring and controlling finances, and reviewing and evaluating effectiveness of financial management processes in line with the financial objectives of the work team and the organisation
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
BSBFIM501A Manage budgets and financial plans |
Element: |
1. Plan financial management approaches |
Performance Criteria: |
1.1. Access budget/financial plans for the work team 1.2. Clarify budget/financial plans with relevant personnel within the organisation to ensure that documented outcomes are achievable, accurate and comprehensible 1.3. Negotiate any changes required to be made to budget/financial plans with relevant personnel within the organisation 1.4. Prepare contingency plans in the event that initial plans need to be varied |
Element: |
2. Implement financial management approaches |
Performance Criteria: |
2.1. Disseminate relevant details of the agreed budget/financial plans to team members 2.2. Provide support to ensure that team members can competently perform required roles associated with the management of finances 2.3. Determine and access resources and systems to manage financial management processes within the work team |
Element: |
3. Monitor and control finances |
Performance Criteria: |
3.1. Implement processes to monitor actual expenditure and to control costs across the work team 3.2. Monitor expenditure and costs on an agreed cyclical basis to identify cost variations and expenditure overruns 3.3. Implement, monitor and modify contingency plans as required to maintain financial objectives 3.4. Report on budget and expenditure in accordance with organisational protocols |
Element: |
4. Review and evaluate financial management processes |
Performance Criteria: |
4.1. Collect and collate for analysis, data and information on the effectiveness of financial management processes within the work team 4.2. Analyse data and information on the effectiveness of financial management processes within the work team and identify, document and recommend any improvements to existing processes 4.3. Implement and monitor agreed improvements in line with financial objectives of the work team and the organisation |
Learning Outcomes
Refer to elements.
Details of Learning Activities
Students will be involved in the following learning activities to meet requirements for this competency: ¥ Face to Face classes ¥ Simulated Workplace Learning ¥ Online learning via blackboard ¥ Other forms of structured teaching and learning Students will be observed and assessed through their planned activities throughout the duration of the course.
Teaching Schedule
Chronology of delivery.
Lesson Plan (Anticipated delivery schedule) 1. Introduction to Concepts of Financial Management 2. Standard accounting practices 3. Budget and Financial plans 4. Cash and Accrual accounting methods 5. Management and Financial accounting 6. Cost accounting overview 7. Cost accounting classifications 8. Cost accounting concepts and models 9. Budget classifications 10. Cost Centre allocations 11. Access information and distribution 12. Budget and Financial plans 13. Negotiate changes required to Financial plans 14. Preparing Contingency plans 15. Modifying Contingency plans 16. Communicate details of agreed plans 17. Ensure team members Performance 18. Resources and systems to manage financial processes 19. Controlling costs 20. Reporting budget and expenditure 21. Collecting and collating data 22. Effective financial management processes 23. Monitor agreed processes. 24. Revision 25. In class tests
Learning Resources
Prescribed Texts
References
Other Resources
Students will be able to access course information and learning materials through myRMIT and may be provided with additional materials in class. Lists of relevant reference books, resources in the library and accessible Internet sites will be provided where possible. During the course, you will be directed to websites to enhance your knowledge and understanding of difficult concepts
Overview of Assessment
National Codes, Titles, Elements and Performance Criteria
Assessment 1 | Group based activity and work based observation in accounting processes |
Assessment 2 | Witten questions on implementation of Budgets and Financial plans and how to communicate them. |
Assessment 3 | Task 1. Group work budget variance report and recommendations to staff and stake holders |
Task 2.Basic accounting principles and techniques, Taxation, Software management and Creating and managing a Budget and expenditure |
Assessment Tasks
Assessment will incorporate a variety of methods including written, oral, practical tasks and activities. You will be asked to personally demonstrate to your teacher/assessor the practical skills gained during this course to the relevant industry standards. Assessment activities will occur throughout this course and feedback will be provided at regular intervals.
Students must pass each of the assessment tasks to demonstrate competency.
See Overview of Assessment for details
Assessment Matrix
Element / Performance Criteria Covered | Assessment 1 | Assessment 2 | Assessment 3 |
1.1 | x | x | x |
1.2 | x | x | x |
1.3 | x | x | |
1.4 | x | x | x |
2.1 | x | x | x |
2.2 | x | x | |
2.3 | x | x | |
3.1 | x | x | x |
3.2 | x | x | |
3.3 | x | x | |
3.4 | x | x | |
4.1 | x | x | |
4.2 | x | x | x |
4.3 | x | x |
Course Overview: Access Course Overview