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

david.plowman@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
110 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”
 

217 FebPlanning financial management approaches/accounting concepts
324 FebTypes of budgets/sales budgets
43 MarContingency plans/purchases
510 MarImplementing financial management approach
617 MarOperating Expenses
724 MarProfit and loss
Revision of first 6 weeks
831 MarTest 1
97 Apr Cash Budgets
1014 AprIn class assessment - Assignment 2 Due
  Mid Semester Break
1128 AprMonitoring and controlling budgets
125 MayReviewing financial plans
1312 MayEvaluating financial plans
 
1419 MayIn class assessment - Assignment 3 and Portfolio due. 
1526 MayInterview times
162 JuneAny 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