Course Title: Manage budgets and financial plans

Part B: Course Detail

Teaching Period: Term2 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

Maroun Chamoun - maroun.chamoun@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

A range of in class activities, case studies and face to face delivery will provide a range of learning and teaching experiences for students.


Teaching Schedule

<thead> <th scope="col">Week</th> <th scope="col">Week Commencing</th> <th scope="col">Topic</th> </thead>
1 7 JulCourse Induction
• Course delivery and assessment details
• Course support documents
• Online learning environment
• Grading
• Plagiarism
• Appeals
• Extensions
• Feedback
• Privacy
• Submission requirements
• Resubmission policy
• Where to get support
• Student responsibilities
Overview of the specific technology required for this course:
o Blackboard
o Excel Training
2 14 JulAccounting Concepts
3 21 JulRevenue & Expense Budgets
4 28 JulNegotiation of Business Plans

5

 

 4 Aug

Contingency Plans

6 11 Aug

Disseminations of Budgets

7 18 AugResources & Systems
8 25 Aug

Variance Analysis - In class assessment

Revision of first 8 weeks

 Mid Semester Break 
9 8 SepImplementing Contingency Plans
10 15 SepFinancial Management Process
Financial Mathematics Techniques
 
11 22 SepRevision of first 11 weeks
12 29 SepTEST
13 6 OctReview and evaluate financial management processes
In class pair Assignment
14 13 OctReview and evaluate financial management processes
Interviews/ Portfolio of Evidence
15 20 OctReview and evaluate financial management processes
Interviews/ Portfolio of Evidence
16 27 OctAssessment feedback /resubmissions


Learning Resources

Prescribed Texts


References


Other Resources

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.


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 9 – week of April 7th
Date and time due: Week 9 – week of April 7th
Group or Individual: This is an individual assessment to be completed in class.

Purpose:
This assessment covers all four elements of Manage Budgets and Financial Plans and contributes to the learning objectives of this competency.

Requirements:
You are required to answer twenty short questions covering theoretical aspects of the elements of competencies of this unit.


Assessment Task 2 – Interview/ Portfolio of Evidence
Date handed out: Week 13 - Week of October 6th
Date and time due: Week 13 - Week of October 6th
Group or Individual: This is a supervised pair assessment conducted in class.

Purpose:
This assessment focuses on the practical aspect of all four elements of the unit and contributes to the learning objectives of this unit and will cover the 3rd and 4th element competency: Monitor and control finances and Review and evaluate financial management processes

Requirements:
You are required to complete use your previous budgets to comment on the variances you may find. You will be given past performance and variances for the following:
• Sales Budget
• Expense Budget
• Profit and Loss Budget
Prepare a variance analysis, showing the variance in dollars and whether it is favourable or unfavourable. Give a valid reason for each variance

Assessment Task 3 – Interview/ Portfolio of Evidence
Date handed out: Week 14 &15 - Week of October 13th & 20th
Date and time due: Week 14 &15 - Week of October 13th & 20th
Group or Individual: This is an individual interview/ assessment conducted with the instructor face to face.

Purpose:
This assessment focuses on the all four elements of the unit and contributes to the learning objectives of this competency. The interview is to validate work presented throughout the course and the students’ grasp of the concepts and techniques to create and Manage Budgets and Financial Plans.

Requirements:
You are required to attend the interview at the assigned time and be prepared to answer questions in reference to the
 


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:
• 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

Submission requirements:
You are required to meet the following criteria for all assessments. Failure to do so may result in you being deemed not-yet-competent:

• Submit all assessment tasks online through blackboard, and include the RMIT e-submission declaration (see below).
• Ensure that you submit assessments on or before the due date.
• Retain a copy of your assessment tasks.

Electronic Submission
When submitting work online, you need to include the cover sheet supplied by your teacher. This includes the following declaration:

RMIT Electronic Submission of work for assessment
I declare that in submitting all work for this assessment I have read, understood and agree to the content and expectations of the assessment declaration.
(URL: http://www.rmit.edu.au/students/assessment/declaration)


Resubmissions:

If you are found to be Not Yet Competent (NYC) in an Assessment Task you will be allowed one resubmission to demonstrate competence. 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”.

Late Submissions
Students are required to submit assessment items and/or ensure performance based assessment is completed by the due dates. If a student is to be prevented from submitting an assessment item on time, by circumstances outside their control, they may apply in advance to the teacher for an extension to the due date of up to seven calendar days. To be eligible for an extension, you must lodge the extension form availabile at the following link with your teacher: http://www.rmit.edu.au/students/assessment/extension

Where an extension of greater than seven days is needed, the student must apply for special consideration. Applications for special consideration must be submitted no later than two working days after the assessment task deadline or scheduled examination. More information on special consideration and how to apply can be found here: http://www.rmit.edu.au/students/specialconsideration

Final Date for All Assessments
No assessment tasks or resubmissions will be accepted after 5pm Friday, week 16.

Adjustments to Assessment
In certain circumstances students may be eligible for an assessment adjustment. Information on circumstances under which the assessment arrangements might be granted can be found at the following website: http://www.rmit.edu.au/students/assessment/adjustment
 

Course Overview: Access Course Overview