Course Title: Financial Decision Making
Part B: Course Detail
Teaching Period: Term1 2008
Course Code: ACCT5113L
Course Title: Financial Decision Making
School: 650T TAFE Business
Campus: City Campus
Program: C5127 - Diploma of Business (International Trade)
Course Contact : Laurine Symington
Course Contact Phone: +61 3 9925 5484
Course Contact Email:Laurine.Symington@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Laurine Symington
Laurine.Symington@rmit.edu.au
Graeme Tardrew
Graeme.Tardrew@rmit.edu.au
Nominal Hours: 60
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
Course Description
This unit covers all of the significant aspects of financial management for operational managers who are not financial specialists. It includes the preparation & analysis of financial reports and emphasises the communication of financial objectives through budgets, consistent surveillance of budget performance, and early intervention where required.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
BSBMGT504A Manage budgets and financial plans |
Element: |
1. Communicate budget and financial plans |
Performance Criteria: |
1.1 Budget/financial plan communication package reviewed by finance specialists |
Element: |
2. Monitor and control activities against plans |
Performance Criteria: |
2.1 Delegations and budget accountabilities are confirmed in writing prior to budget period |
Element: |
3. Report outcomes of financial plans |
Performance Criteria: |
3.1 Records of financial performance are properly maintained within organisational systems |
Learning Outcomes
This course will cover all aspects of business operations in which financial management and decision-making occurs. Period activities relating to revenue expenditure and cash flow management including capital expenditure proposals and capital budgeting will be presented
The role of the operational manager as a communicator and trainer in respect to the implementation of the budget needs, is also included, along with the need for and use of regular and quality reporting of budget performance through the analysis of budget performance and resulting follow up action.
Details of Learning Activities
The candidates for this unit will be required to complete exercises as prescribed in the textbook, and on completion, complete three closed book tests to determine their knowledge of the concepts presented and the application of the skills for them in their future work environments.
Teaching Schedule
Week | Week Beginning | Topic as per Student Course Guide | Learning Outcome | Classwork and Assessment |
1 | February 11 | Overview of course Topic 1 Introduction to Financial Decision Making |
Underpinning Knowledge. | Introduction to course including review of course guide, weekly program and assessment guide and DLS. Knowledge and skills exercises Reflections. |
2 |
February 18 | Topic Two Accounting concepts. | Underpinning Knowledge. | Knowledge and skills exercises Reflections |
3 | February 25 | Topic Three Budgets and plans, the development of a budget | Underpinning Knowledge | Knowledge and skills exercises Reflections |
4 | March 3 |
Topic Four Financial Mathematics. Topic Five Cost benefit |
Underpinning Knowledge. | Knowledge and skills exercises Reflections |
5 | March 10 | Topic Six Capital expenditure proposals | Underpinning Knowledge. | Knowledge and skills exercises Reflections |
6 | March 17/24 | Topic Seven Risk Management | BSBMGT504A 2.4 | Knowledge and skills exercises Reflections |
7 | March 31 | Topic Eight Monitoring budgets and performance plans | BSBMGT504A 2.1-8 |
Knowledge and skills exercises Test One. |
8 | April 7 | Topic Eight Monitoring budgets and performance plans | BSBMGT504A 2.1-8 | Knowledge and skills exercises Reflections |
9 | April 14 | Topic Nine Techniques for financial analysis | Underpinning Knowledge. | Knowledge and skills exercises Reflections |
10 | April 21 | Topic Nine Techniques for financial analysis |
Underpinning Knowledge. | Knowledge and skills exercises Reflections |
11 | April 28 | Topic Ten Communication and the budget process |
BSBMGT504A 1.1-5 | Knowledge and skills exercises Reflections |
12 | May 5 | Topic Eleven Responsibility | BSBMGT504A 2.1-4 |
Knowledge and skills exercises Reflections Test Two |
13 | May 12 | Topic Twelve Variance Analysis | BSBMGT504A 2.5 | Knowledge and skills exercises Reflections |
14 | May 19 |
Topic Twelve Variance Analysis | BSBMGT504A 2.5 |
Knowledge and skills exercises Reflections |
15 |
May 26 |
Topic Thirteen Remedial action for restructuring of budgets | BSBMGT504A 2.7 | Knowledge and skills exercises Reflections |
16 | June 2 | Topic Thirteen Remedial action for restructuring of budgets. | BSBMGT504A 2.7, 3.1-4 | Knowledge and skills exercises Reflections |
17 | June 9 | Revision |
Test Three | |
18 | June 16 | Review of the Unit |
Learning Resources
Prescribed Texts
Prepare and manage budgets and financial plans, Anandarajah, Aseervatham and Reid, 3rd Edition Pearson Education Australia. |
References
Other Resources
Overview of Assessment
Throughout this course interactive class exercises performed as a group, followed by discussion of the solutions and question & answer sessions will provide formative feedback to the students regarding their progress in achieving competency.
Assessment tasks may include individual in-class exercises, closed book class tests, assignments, question & answer activities and closed book exams.
Assessment Tasks
The first test will be at the completion of Topic Seven. The questions will be selected from the exercises completed in Knowledge and skills. It will count 30% toward your final mark for the course.
The second test will assess Topics Eight to Ten. The questions will be similar to the exercises completed in Knowledge and skills It will count 30% toward your final mark for the course.
The final test will be in week seventeen (17) and will assess the work covered in Topics Eight to Thirteen. It will count 40% toward your final mark for the course.
A mark of greater than 50% in total is required to be deemed Competent for the unit. Resit opportunities will be available during week seventeen (test one and two) and eighteen (test three).
Assessment Matrix
Knowledge and skills exercises. | Resubmission Available week 17 and 18. | Practical tests | |
1. Communicate budget and financial plans | Yes | Yes | Test 1 and 3 |
2. Monitor and control activities against plans | Yes | Yes | Test 2 and 3 |
3. Report outcomes of financial plans |
Yes | Yes | Test 3 |
Other Information
It is expected that students will complete the tasks as specified, either in the class or elsewhere, but they MUST attend for the tests in the times as specified.
Special Consideration
Special Consideration is a process that enables the University to take account of unexpected circumstances such as illness, injury or bereavement that affect a student’s performance in assessment. You must apply no later than two working days after the examination/assessment that has been affected. You must complete the Special Consideration Application Form and lodge the original and one photocopy at the Hub. Forms are available from the Student Hub on Level 3 or from http:// http://www.rmit.edu.au/students/specialconsideration
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