Course Title: Manage budgets and financial plans

Part B: Course Detail

Teaching Period: Term1 2013

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

Elaine Holstein

elaine.holstein@rmit.edu.au

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 class debate and disussion, research and work relevant assessments


Teaching Schedule

weekDateTopic
111th febCourse overview
Familiarisation with:
• Program
• Services/facilities
• Other students
• Teacher(s)
• Where to get support
• Student responsibilities
• Course requirements
• Course support documents
• Pre-reading
• Blackboard
• Overview of assessment requirements
• Grading
• Plagiarism
• Appeals
• Extensions
• Feedback
• Privacy
• Submission requirements
• Resubmission policy
Understanding the business
Introductory activity

“Introduction to Budgeting”
 

218th febAccounting concepts
325th febRevenue and Expense Budgets
44th marNegotiation of Business Plans
5 labor Day PH mon11th marContingency Plans
618th marDisseminations of Budgets
725th marResources and systems
 28th mar - 3rd apr mid semester break 
88th aprFirst test
915 aprilVariance Analysis
1022nd aprilImplementing Contingency Plans
1129th aprilEffectiveness of the financial management process
126th mayFinancial Management Process
1313th mayFinancial Mathematics
techniques
 
1420th mayAssignment Part A presentation
1527th maySecond Test
163rd juneAssignment
Part B
 


Learning Resources

Prescribed Texts


References


Other Resources

To be discussed during weekly classes


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

Part 2 Assessment Outline

Assessment Tasks

Students are required to complete 3 tasks. All tasks must successfully be completed to be deemed competent in this unit.

TASK 1 – Tests 1 and 2 Individual assessment Test 1 - Week 8, Test 2 week 15


Test 1 covers topics 1, 2, 3, 4, 5, 6 & 7
Test 2 covers topics 9, 10, 11 12 & 13

Submission Requirements: Test results will be submitted either manually in person during class times or electronically. This will be clarified during the first weeks of classes.


Task 2 - Assignments (Part A Due week 14 Part B due week 16)

Part A
The assignment will be a combination of group work and individual assessment. The assignment will cover the majority of topics for the semester.
Notes will be able to be used during assessment presentation

Part B
Is a closed book test

Submission Requirements: Students are required to provide a written document by the due date. Assignments are to uploaded on to Blackboard.


Task 3. Portfolio of evidence Due week 11

Students are required to keep a folio of their participation in the learning and exploration activities prepared weekly as well as reflections on their own learning experiences. This includes a weekly reflection/discussion blog. Activities will be reviewed for assessment as part of the portfolio of evidence requirement.

To be deemed competent in this task students must complete and collect evidence of the body of knowledge that they accumulate throughout the course. Students are also required to demonstrate a capacity to reflect on their learning and interact/communicate with other class members thus contributing to their body of knowledge. Formats and templates required for each activity will be provided to students prior to commencement of each week’s classes.

Submission Requirements: Students are required to keep a portfolio of their weekly activities/key learning’s in either written or e-portfolio format.
.

You should:

• Ensure that you submit assessments on or before the due date. If your performance in the assessment is affected by unexpected circumstances, you should consider applying for Special Consideration. Information on the process and application forms is available at http://rmit.edu.au/browse;ID=ls0ydfokry9rz website.
• Always retain a copy of your assessment tasks. (hard copy and soft copy)
• When you submit work for assessment at RMIT University you need to use a cover sheet that includes a declaration and statement of authorship. You must complete, sign and submit a cover sheet with all work you submit for assessment, whether individual or group work. On the cover sheet you declare that the work you are presenting for assessment is your own work. An assignment cover sheet for submission of work for assessment is available from the Student forms website.
• Each page of your assessment should include footer with your name, student number, the title of the assessment, unit code and title and page numbers. For example, Julie Macpherson, 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10.


Assessment Matrix

Part 1: Assessment Matrix


Critical aspects of assessment
In order to pass this competency, evidence of the following is essential: 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.

Required knowledge Assessment
• basic accounting principles
• organisational requirements related to financial management
• relevant legislation and current requirements of the Australian Taxation Office, including GST
• requirements for organisational record keeping and auditing
• principles and techniques involved in:
• budgeting
• cash flows
• electronic spreadsheets
• GST
• ledgers and financial statements
profit and loss statements.

ASSESSMENT TASKS 1, 2 AND 3

Required skills

Assessment
numeracy skills to read and understand a budget and to update a budget
ASSESSMENT TASKS 1, 2 AND 3
technology skills to use software associated with financial record keeping. ASSESSMENT TASKS 1, 2 AND 3
Elements/performance criteria Assessment
1.Plan financial management approaches
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

Assessments 1, 2 and 3
Test 1
Assignment
Portfolio of Evidence
2.Implement financial management approaches
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
Assessments 1, 2 and 3
Test 1
Assignment
Portfolio of Evidence
3. Monitor and control finances
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
Assessments 1, 2 and 3
Test 2
Assignment
Portfolio of Evidence
4. Review and evaluate financial management processes
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
Assessments 1, 2 and 3
Test 2
Assignment
Portfolio of Evidence

Course Overview: Access Course Overview