Course Title: Manage budgets and financial plans
Part B: Course Detail
Teaching Period: Term1 2014
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
David Plowman
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 |
Element: |
2. Implement financial management approaches |
Performance Criteria: |
2.1. Disseminate relevant details of the agreed budget/financial plans to team members |
Element: |
3. Monitor and control finances |
Performance Criteria: |
3.1. Implement processes to monitor actual expenditure and to control costs across the work team |
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 |
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
| week | Date | Topic |
| 1 | 10 Feb | Course 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” |
| 2 | 17 Feb | Planning financial management approaches/accounting concepts |
| 3 | 24 Feb | Types of budgets/sales budgets |
| 4 | 3 Mar | Contingency plans/purchases |
| 5 | 10 Mar | Implementing financial management approach |
| 6 | 17 Mar | Operating Expenses |
| 7 | 24 Mar | Profit and loss Revision of first 6 weeks |
| 8 | 31 Mar | Test 1 |
| 9 | 7 Apr | Cash Budgets |
| 10 | 14 Apr | In class assessment - Assignment 2 Due |
| Mid Semester Break | ||
| 11 | 28 Apr | Monitoring and controlling budgets |
| 12 | 5 May | Reviewing financial plans |
| 13 | 12 May | Evaluating financial plans |
| 14 | 19 May | In class assessment - Assignment 3 and Portfolio due. |
| 15 | 26 May | Interview times |
| 16 | 2 June | Any resits |
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
All tasks must successfully be completed to be deemed competent in this unit.
Assessment Task 1 – Test
Date handed out: Week 8
Date and time due: Week 8
Group or Individual: Groups of no more than 4 students.
Purpose:
The test will place students in a time pressured environment similar to that faced in a real workplace.
Requirements:
The test will cover material from weeks 1-7.
Assessment Task 2 - Assignment
Date handed out: Week 6 (Part A) Week 8 (Part B)
Date and time due: Week 10 (Part A) Week 14 Part B
Group or Individual: Groups of no more than 4 students.
Purpose: This assessment will allow students to will allow students to demonstrate their competence through a simulated work task.
Requirements:The assignment will cover the majority of topics throughout the semester.
Assessment task 3 – Portfolio of Evidence
Date handed out: Week 2
Date and time due: Week 14
Group or Individual: Individual
Purpose:
The portfolio of evidence will allow students to demonstrate their competence through a range of simulated work tasks.
Requirements:
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:
Assessment tasks must be submitted online through blackboard.
You must:
• Retain a copy of your assessment tasks.
• 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 on blackboard.
• For group assignments - all group members must complete and sign the cover sheet.
• Each page of your assessment you should include footer with your name(s), student number(s), 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.
Resubmissions:
If you are found to be Not Yet Competent in a Course Assessment Task you will be allowed one resubmission only. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. The highest grade you will receive if your resubmission is successful is “CAG”.
If you are still not meeting the assessment requirements you must apply to your Program Manager in writing outlining the steps you will take to demonstrate competence in your course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as possible.
Final Date for All Assessments.
Unless the Late Submission Procedures (see above) are applied, No assessment tasks or resubmissions will be accepted after 5pm Friday, Week 16.
Assessment Matrix
Marking Guide (competency):
Vocational Education and Training (VET) is based on current industry needs and the focus on preparing you for the workplace. Because VET courses are informed by practical application of knowledge and skills, they are based on a system known as ‘competency based training’ (CBT). So when you are assessed in VET it is about whether you are competent to do the job, as well as having a firm grasp on the knowledge and skills required to do that job, as opposed to traditional curriculum based education settings that are often based on knowledge retention.
You need to demonstrate you are competent in each element of the unit of competency you are studying.
You will receive feedback on each assessment task that will inform you whether you are competent or not and how well you are performing. Once competent in all elements of the unit you receive a competency grading.
Marking Guide (Grading)
After achieving competency we then grade your performance in the unit; this gives you the opportunity to have the level of your performance formally recognized against industry standards and employability skills.
You will be provided with an assessment matrix in the assessments area of the unit blackboard shell. Generally, your grading will be assessed against how well you demonstrate:
• Perform the activities as required by the learning elements of this unit of competency.
• Demonstrate the required knowledge for this unit of competency.
• Execute the required skills for this unit of competency.
• Demonstrate your employability skills through contribution to learning activities related to this assessment, timeliness, use of technology and teamwork.
Final Grades table:
DNS - Did not submit for assessment
NYC - Not yet competent
CAG - Competency achieved – graded
CC - Competent with credit
CDI - Competent with distinction
CHD - Competent with high distinction
Other Information
Late submissions
If circumstances outside your control are likely to prevent you from submitting an assessment item on time, you may apply to your teacher for an extension of up to seven calendar days.
You must apply for an extension at least one working day prior to the submission deadline.
More Information: http://www.rmit.edu.au/students/assessment/extension
Form to use: http://mams.rmit.edu.au/seca86tti4g4z.pdf
Special Consideration
Extensions of greater than seven days will only be granted to eligible students through the special consideration process. Applications for special consideration must be submitted no later than two working days after the assessment task deadline or scheduled examination.
More Information: http://www.rmit.edu.au/browse;ID=g43abm17hc9w
Form to use: http://mams.rmit.edu.au/8a5dgcaqvaes1.pdf
Adjustments to Assessment
In certain circumstances students may be eligible for an assessment adjustment. For more information about the circumstances under which the assessment arrangements might be granted please access the following website:
More Information: http://rmit.edu.au/browse;ID=7usdbki1fjf31
Course Overview: Access Course Overview