Course Title: Manage budgets and financial plans

Part B: Course Detail

Teaching Period: Term2 2012

Course Code: ACCT5272C

Course Title: Manage budgets and financial plans

School: 650T TAFE Business

Campus: City Campus

Program: C4228 - Certificate IV in Marketing

Course Contact : Tim Wallis

Course Contact Phone: +61 3 9925 5423

Course Contact Email:timothy.wallis@rmit.edu.au

Name and Contact Details of All Other Relevant Staff

Anjella Davydov

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

None required

Course Description

This unit addresses the requirement for managers to ensure that financial resources are used effectively. This is done by ensuring access to budget/s and ongoing monitoring expenditure against the budget/s.

The unit applies to managers working in small and large business environments and not for profit organisations.

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

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.

Details of Learning Activities

In order to achieve learning outcomes, students will participate in the following activities:

•Attend and prepare notes during scheduled classes
•Participate in class discussions and problem solving exercises
•Answers to be prepared for in-class activities that are based on materials covered in class
•Complete Portfolio of evidence
•Complete required assessment tasks

Teaching Schedule

WeekWeek Commencing Topic                                                     Elements       Learning Activities                                                            Portfolio of evidence

0        25/06/2012              Introduction to Budgeting                      1.1              Chapter 1 Review Q’s 1, 2, 4, 6, 8, 9, 10, 11, 13
                                                                                                                              Self Quiz 1, 2, 3, 4, 6, and 7.
                                                                                                                              Activities 1, 3, 4, 5, and 6.                                                  Activity to be completed
                                                                                                                                                                                                                         Refer the Blackboard
1         02/07/2012             Accounting concepts                            1.2              Chapter 2 Review Q’s 1, 2, 3, 4, 5, 6, 7, 8, 13, 21, 23.
                                                                                                                              Self Quiz 1, 2, 3, 4, 5, 10
                                                                                                                              Activities 1, 3, 4, 5, 6.
2          09/07/2012            Revenue and Expense Budgets           1.1/1.2        Chapter 3 Review Q’s 1, 3 ,4, 7, 9,
                                                                                                                              Self Quiz 1, 2, 5, and 6.Activities 1, 2, 7, 9.

3          16/07/2012            Negotiation of Business Plans              1.3             Chapter 4 Review Q’s 1, 2, 4, and 5.
                                                                                                                              Self Quiz 1, 2, 3, 4, and 5. Activities 1, 4, 6                        Case Study 4.1

4          23/07/2012           Contingency Plans                                 1.4/3.1        Chapter 5 Review Q’s 1, 2, 3, 4, 5
                                                                                                                              Self Quiz 1, 2, 3, 4, 8 Activities 1, 3, 5, 6                           Assignment Part A is available

5          30/7/2012                                                                                                Relocation to SAB building
                                                                                                                              Group work on Assignment Part A
                                                                                                                              Self directed study

6           06/08/2012           Disseminations of Budgets                     2.1/2.2        Chapter 6 Review Q’s 1, 2, 3, 4, 5, 6
 

                                                                                                                              Self Quiz 1, 2, 3, and 4. Activities 1, 3, 5.                           Ch 6 Case Study

7          13/08/2012         Resources and systems                           2.3             Chapter 7 Review Questions 9, 10, 11, 14, 15.
                                                                                                                              Self Quiz 3, 4, 5. Activities 1, 2, 3, 6,                                  Ch 7 Case Study

8            20/08/12             First test                                                                      First test                                                                               First test

Break   27/08/2012         Semester Break                      Semester Break           Semester Break                                                                  Semester Break

9           03/09/2012        Variance Analysis                                      3.1             Chapter 9 Review Q’s 1a, 7, 8
                                                                                                                              Self Quiz 1, 2, 3, 4, 5, 6 Activities 1, 2                                Must be completed in class

10         10/09/2012         Implementing Contingency Plans              4.1             Chapter 10 Review Q’s 1, 2, 3, 4, 5, 6, 7 - 10
                                                                                                                               Self Quiz 1 - 5 Activities 1, 2, 4, 5, 6.

11         17/09/2012        Effectiveness of the financial                    4.2/4.3        Chapter 11 Review Q’s 2, 3, 5, 6, 7, 9, 12
                                         management process                                                    Self Quiz 1 - 5 Activities 1, 2, 4, 5, 6, 7, 8
                                                                                                                               Chapter 12 Review Q’s 1, 2, 3, 4, 6, 7, 13, 15, 20
                                                                                                                               Self Quiz 1 – 9, 15, 17, 20, 23                                                                                                     

                                                                                                                               Activities 1, 2, 3, 4, 5, 7, 12, 14, 19, 24                               Portfolio of evidence is due

 12         24/09/2012      Financial Management Process                4.3             Chapter 13 Review Q’s 1, 2, 3, 6, 9
                                                                                                                              Self Quiz 1 – 7, Activities 1, 2, 4, 5, 7.

13           01/10/12         Financial Mathematics techniques             4.3            Chapter 13 Review Q’s 1, 2, 3, 6, 9
                                                                                                                              Self Quiz 1 – 7, Activities 1, 2, 4, 5, 7.

14           08/10/2012      Assignment Part A presentation                                   Assignment Part A

15          15/10/2012      Second Test                                          Second           Second Test

16           22/10/2012     Assignment (Part B)                             Assignment     Assignment Part B

17           22/10/2012     Retest                                                    Retest             Retest                                                                                  Retest

**The weekly schedule may be subject to change. Students will be advised on the online learning hub and in class should any changes occur.
 

Learning Resources

Prescribed Texts

Relevant learning resources will be placed on the online learning hub progressively throughout the semester. Students will need to access this site on a weekly basis, print the materials and bring them to class. COPIES OF MATERIALS WILL NOT BE HANDED OUT IN CLASS

References

Other Resources

Manage Budgets and Financial Plans 4th ed. Reid Anandarajah Aseervatham. 2009

Overview of Assessment

Students must demonstrate an understanding of all elements of a particular competency to be deemed competent. Assessment methods have been designed to measure achievement of each competency in a flexible manner over a range of assessment tasks.

Assessment will incorporate a variety of methods including assignments, journals, presentation and written or test. Students are advised that they are likely to be asked to personally demonstrate their assessment work to their teacher to ensure that the relevant competency standards are being met.
 

Assessment Tasks

Assessment No. and Week No.       Assessment Description                         Maximum % grade allocated

Test 1 – Week 8                              Test on topics 1, 2, 3, 4, 5, 6 & 7               CA / NYC - 25

Test 2 – Week 15                            Test on topics 9 ,10, 11 12 & 13                 CA / NYC - 25
 

Assessment 3
Week 14 and 16                             The assignment will be a combination of group work and individual assessment.
                                                        Notes will be able to be used during assessment presentation
                                                        Part B is a closed book test                       CA / NYC
                                                                                                                            20+20=40
Portfolio of Evidence Week 11      The portfolio of evidence will be gathered throughout the semester and submitted in week 11- 10
 

Assessment Matrix

Test 1 Element 1: Plan Financial management approaches and Element 2: Implement financial management approaches
 

Test 2Element 2: Implement financial management approaches and Element 3: Monitor and control finances
 

Port folio of evidence- Element 1: Plan Financial management approaches; Element 2: Implement financial management approaches; Element 3: Monitor and control finances; Element 4: Review and evaluate financial management processes

 

Assignment - Element 1: Plan Financial management approaches; Element 2: Implement financial management approaches; Element 3: Monitor and control finances; Element 4: Review and evaluate financial management processes
 

Course Overview: Access Course Overview