Course Title: Prepare financial forecasts and projections

Part B: Course Detail

Teaching Period: Term1 2014

Course Code: ACCT5315C

Course Title: Prepare financial forecasts and projections

School: 650T TAFE Business

Campus: City Campus

Program: C5260 - Diploma of Accounting

Course Contact : Angello Sellan

Course Contact Phone: +61 3 99255460

Course Contact Email:angelo.sellan@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

The instructors shown below have previously or are currently facilitaing the delivery of this cluster of units. It is probable that your instructor will be one of the following, this will be clarified in your first class meeting.

Ian Nash ian.nash@rmit.edu.au

Claudio Marasco claudio.marasco@rmit.edu.au

Meetu Aggarwal meetu.aggarwal@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

Course Description

This unit describes the performance outcomes, skills and knowledge required to plan and schedule a financial forecast or projection, identify assumptions and parameters, and collect, consolidate and analyse data to make forecasts or projections before documenting results and obtaining approval. No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.

If you are undertaking this course in Melbourne from semester 2, 2012 onwards your teacher will advise you if you require access to a computer for the course. It is recommended that you have access to a mobile computing device to allow greater flexibility in terms of where you can work on campus outside class times.


 


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSORG506A Prepare financial forecasts and projections

Element:

1. Plan preparation timetable
2. Identify assumptions and parameters
3. Issue instructions and relevant aids for preparation of forecasts and projections
4. Collect, consolidate, model and analyse data
5. Document results and obtain approval

Performance Criteria:

Plan preparation timetable
1.1. All critical milestones are identified to ensure financial forecasts and projections can be prepared within timeframes
1.2. Business plans, financial forecasting and processing systems are reviewed to identify timeframes and parameters and any potential conflicts

Identify assumptions and parameters.
2.1. Business plans and exception reports are reviewed to identify and resolve conflicts in assumptions
2.2. Assumptions and parameters are reviewed to ensure compliance with organisation policy and procedures
2.3. Current and historical financial reports are analysed to establish trends and the external environment examined to gain an objective overview

Issue instructions and relevant aids for preparation of forecasts and projections
3.1. Instructions issued are clear and unambiguous and comply with organisation format to ensure ease of use and consistency of interpretation
3.2. Types of business are identified to enable effective financial models to be selected with training provided to ensure comprehensive understanding and effective use of the models by users

Collect consolidate model and analyse data
4.1. Data is reviewed to ensure consistency with actual results and model used with analysis results documented in a clear and unambiguous way
4.2. Data collected are reliable, valid, complete and comprehensive
4.3. Processing is completed in accordance with established timetable and data are consolidated in a logical structured format that enables ready analysis

Document results and obtain approval
5.1. Results are documented in a clear and understandable manner and in a format suitable to meet needs of target users
5.2. All approvals are obtained in accordance with management objectives, financial and organisation policies and the results distributed within the timetable
 


Learning Outcomes



Details of Learning Activities

 

This course is co-delivered as part of a cluster which includes ACCT 5310 Provide Financial & Business Performance Information, ACCT5315C Prepare Financial Forecasts & Projections and COSC5946C Develop and Use Complex Spread Sheets. As a result, three course guides will be prepared but only the Elements, Performance Criteria, Critical Aspects, Knowledge and Skills requirements for each course will be specific to each course (guide). The remainder of the information such as "Teaching Activities" "Teaching Schedule" "Resources" and "Assessments Tasks" will be identical on all three course guides
Importantly, the attached information is consistent with the unit mapping document for this cluster
Using various materials along with facilitator led discussion, students will be progressively introduced to the key aspects to creating a business plan for a specific client. This will involve outlining a time line which will serve as a plan of action providing key dates for monitoring of progress and meetings with clients for progressive briefings / feedback. Various forecasting methodologies along with identification of relevant assumptions and compliance with legislative requirements at local, state, and federal level will also be covered and incorporated into the business plan. The completed business plan will serve as a template document providing financial and business performance information for the specific users needs. Spread sheets will be incorporated specifically in the financials section of the business plan, clients needs together with business plan requirements will be analysed to allow development of spread sheet solutions designed to enhance decision making. This course will involve both theory and practical learning activities.
 

FULL TIME STUDENTS: As part of this cluster , in-class activities will account for 80 of the 180 nominal hours allocated to these co-delivered cluster/courses and will include class work on theory, practical and computer work, together with work on assessment tasks. Please note that in-class activities includes assessment. This will involve observation and one on one questioning of prescribed task execution. The remaining 100 of the 180 nominal hours are for self directed learning and should be taken up with work on any course, study activity and the assignment outside of scheduled class time. Please note that the format of the classes will be a total of five hours per week over a 16 week period.
 

FLEXED (Part time) Students
As part of this cluster , in-class activities will account for 16 of the 180 nominal hours allocated to these co-delivered cluster/courses and will include class work on theory, practical and computer work, together with work on assessment tasks. Please note that in-class activities includes assessment. This will involve observation and one on one questioning of prescribed task execution. The remaining 164 nominal hours are for self directed learning and should be taken up with work on any course, study activity and the assignment outside of scheduled class time. Please note that the format of the classes will be a total of two hours each second week (flexed comprising a total of eight weeks face to face delivery over a 16 week period.
A further two collaboration sessions are planned to be held during two of the non class weeks. These sessions will be of one hour duration and will be held at the facilitators discretion. The date and time of these sessions will be announced on Blackboard during the semester. It is the responsibility of the student to have the necessary technology available to access these sessions.
 

Critical Aspects of assessment:

• Identify, interpret and comply with organisation policies and procedures regarding preparing financial forecasts and projections
• Apply standard accounting principles and techniques
• Accurately identify assumptions and parameters of forecasts
• Collect, consolidate, model and analyse data in a timely manner, document results and obtain approval where required. 

 

Skills

• well-developed communication skills to:
• determine and confirm forecasting and projection requirements, using questioning and active listening as required
• negotiate timelines and responsibilities
• liaise with others, share information, listen and understand
• use language and concepts appropriate to cultural differences

• well-developed research and analysis skills for accessing, analysing and managing financial services information and analysing data

• well-developed literacy skills for preparing clear written reports for organisations and business units in required formats

• highly developed numeracy skills for financial calculations and analysis, estimating and forecasting

• IT skills for using integrated financial systems and using spreadsheets and databases and internet information

• learning skills to maintain knowledge of forecasting systems and best practice and procedures

• problem solving skills to identify any forecasting issues that have the potential to impact on organisations and to develop options to resolve these issues when they arise

• organisational skills, including the ability to plan and sequence work and correctly schedule reporting

 

Required Knowledge:

• financial industry codes of practice

• forecasting techniques, models and best practice

• organisation policy and procedures

• relevant Acts and regulations impacting on the financial services industry

• relevant legal systems and procedures impacting on the financial services industry
 


Teaching Schedule

The total number of scheduled hours of teaching, learning and assessment involved in this course will include all planned activities. This will incorporate face to face classes online learning and other forms of structured teaching and learning. The total scheduled hours includes the amount of effort required to undertake, evaluate and complete all assessments requirements, including observation of work performance, discussion with Facilitators and one on one sessions with students.
The nominal hours associated with this cluster are a guide only and represent the total teaching time and student effort required to successfully complete the course. This may include not only scheduled classes but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non classroom activities.
 

The teaching schedule below incorporates the three clustered or co delivered units, and is relevant to FULL TIME students. Please refer to the bottom table for FLEXED teaching schedule.
 

WeekDateContent / ActivityAssessment
117/02

• Course requirements
• Course support documents
• Blackboard
• Overview of assessment requirements including Recognition of Prior Learning and Credit Transfers
• Grading
• Plagiarism
• Appeals
• Extensions
• Feedback
• Privacy
• Submission requirements
• Resubmission policy
• Where to get support
• Student responsibilities
Revision Excel: Cell referencing.

Ergonomic principles

 Online test (not used for competency)
224/02

Time Plan: incorporating review dates (pitstop assessments) Setting milestones. Establish criteria for gauging progress e.g. number of meetings, minimum attendance, meeting agreed dates.
Organising meeting times for review and feedback to/from client.
 

Absolute Vs Relative cell referencing. Model Building using budget exercise as illustration. 
 

TASK 1TL: Time plan to be submitted to facilitator in class by second class of the week for facilitator approval. You will receive feedback on this assessment in class at the time you meet the assessor for the approval of the plan. The plan will need to be uploaded into Blackboard by end of week. If the plan was not approved in class, you will receive feedback via Blackboard (gradebook) in week 3.
324/02

Simple model building using PMT CUMPIT and PV functions

Model building to produce forecast (Pro Forma) statements using % of sales method. Income Statement and Balance Sheet only.
 

 
403/03

Model building to produce forecast (Pro Forma) statements using % of sales method. Income Statement, Balance Sheet and Cashflow Statement 

 
510/03Model building to produce forecast (Pro Forma) statements using % of sales method.
Assessment consultation and feedback
Pitstop review of Business Plan Spreadsheet Model
 
617/03

Quantitative forecasting using excel linear time series
Qualitative forecasting: Environmental Analysis
Assessment consultation and feedback.

Pitstop review of Business Plan Spreadsheet Model
7

24/03

Ratios: Profitability / Efficiency / Stability Assignment consultation and feedback.

Business Plan related compliance matters; incorporating GST in the financial model.
Assessment consultation and feedback

Pitstop review of Business Plan Spreadsheet Model
831/03

Assessment task consultation and feedback.

Ratios: Use in forecasting 
 

Pitstop review of Business Plan Spreadsheet Model 
907/04Concept of Gearing / Leverage
Sources of Finance 
 
Submission of Business Plan and Spreadsheet Model: Both business plan document and spreadsheet model need to be uploaded into Blackboard gradebook by COB Monday of this week. Feedback will be provided over the weeks 10, 11 & 12, resubmission will need to occur by end of week 14
1014/04 & 21/04Mid Semester Break 18/04 to 27/04 Assessment consultation and feedback.Pitstop review of Finance Plan
1128/04Assessment consultation and feedback.Pitstop review of Finance Plan 
1205/05Assessment consultation and feedbackPitstop review of Finance Plan
1312/05Assessment consultation and feedback. 
 
Submission of Finance Plan: Both the Report document and the Spreadsheet financials need to be submitted onto the Blackboard gradebook by COB Friday of this week. Feedback will be provided by week 14, resubmission will need to occur by end of week 15.
 
1419/05Assessment consultation and feedback.
 
Re-submission (if applicable) of Business Plan and Spreadsheet Model: Both business plan document and spreadsheet model need to be uploaded into Blackboard gradebook by COB Friday of this week
1526/05Assessment consultation and feedbackRe-Submission of Finance Plan: Both the Report document and the Spreadsheet financials need to be submitted onto the Blackboard gradebook by COB Friday of this week.
1602/06

Relevant facets of financial services legislation. Ethics. Materials provided online (Blackboard)

Deferred and resubmitted assessments

Online test: unsupervised with unlimited attempts. Must be completed by COB Friday of this week.

The teaching schedule below incorporates the three clustered or co delivered units, and is relevant to FLEXED students.

WeekDateContentAssessment / ActivityStudent Directed Learning (SDL)
110/02

Class 1

Course requirements
• Course support documents
• Blackboard
• Overview of assessment requirements including Recognition of Prior Learning and Credit Transfers
• Grading
• Plagiarism
• Appeals
• Extensions
• Feedback
• Privacy
• Submission requirements
• Resubmission policy
• Where to get support
• Student responsibilities
Introduction to upcoming topics
Revision Excel: Cell referencing. Work through an excel revision exercise “Cell referencing.doc” This exercise will be used to introduce / review Excel basics. Please refer to Lectopia recordings available in the Blackboard.
Ergonomic principles (SDL)
Covering requirements for Time Plan: TASK 1TL, incorporating review dates (pitstop assessments) Setting milestones. Establish criteria for gauging progress e.g. number of meetings, minimum attendance, meeting agreed dates. Please see “Assessments tasks” folder in Blackboard for detailed requirements for this task. Detailed explanation / demonstration of assessment submission into Blackboard.
 

 Work through materials provided on week one of the learning resources in Blackboard:
Power point slides “Ergonomic Workstation ppt” related to ergonomic workstation and sustainable office practices.
Refer also to Ergonomic Workstation Doc
Attempt the multiple choice / and short answer online test (not for competency purposes; only for feedback purposes)
If you have not attended the class please ensure that you cover the class material as per content in Black board Week 1.
 
217/02

Absolute Vs Relative cell referencing. Model Building using budget exercise as illustration
 

 Work through materials provided on Blackboard
Excel basics: Relative Vs Absolute cell referencing; ensure you have completed “Cell referencing” doc exercises (see week one of Blackboard)
View Power Point slides of “Model Building” (Week 2; Blackboard (BB))
See: Model Building recordings Parts 1, 2 & 3. Work along with recordings using “Model Building illustrative example.doc” (Week 2: BB)

 

324/02


 

CLASS 2.

Simple model building using PMT CUMPIT and PV functions (SDL)
Model building to produce forecast (Pro Forma) statements using % of sales method. Income Statement and Balance Sheet only.
Proforma percentage of sales growth part 1 power point slides. Associated exercises “Proforma Questions 1 & 2 SIMPLE.docx” (See Week 3 in BB)
 

 Work through materials provided on Blackboard
View Power Point Slides for Labels.ppt, PMT.ppt, CUMIPMT.ppt, PresentValue.ppt (Week 3 BB)
Practice exercises in wk 3 of Blackboard. Tasks EP1ss, EP2ss, and EP2.
View Assignment Financial Model Illustration recording.
Work on assignment business plan model; enter inputs; phase one.
Read assessment case brief in assessments folder. Identify client objectives and potential input variables
 
403/03

Model building to produce forecast (Pro Forma) statements using % of sales method. Income Statement, Balance Sheet COMPREHENSIVE. See Notes/Powerpoint slides: PROFORMA percentage of sales Part 2. Management determined variables, Asset utilisation, Capital intensity ratio, Internal Growth Rate and Sustainable Growth Rate.
Commence exercises Proforma Questions; week 4 BB
 

 Work through materials provided on Blackboard
See weblink notes in bb
Complete Proforma exercises in wk 4 of Blackboard
Online Multiple Choice Test (test your progress; feedback purposes only)
 
510/03

CLASS 3.

Model building to produce forecast (Pro Forma) statements using % of sales method. Income Statement, Balance Sheet & Cash Flow Statement

 Pitstop review of Business Plan Spreadsheet Model. Completed to Phase One. All items relative to sales, using arbitrary growth rate.Work through materials provided on Blackboard
Read through Notes/Powerpoint slides “Proforma with cashflow instructor”.ppt (week 5 bb)
Complete Proforma with cash flow exercises in Wk 5 of Blackboard
Complete phase 2 of Assignment Financials Model
Online Multiple Choice Test (test your progress; feedback purposes only)
 
617/03

Forecasting using regression analysis.(SDL)
Quantitative and Qualitative forecasting.(SDL)
Macros (SDL)

Assignment consultation and feedback
 

 Work through materials provided on Blackboard
See notes and recording related to MACROS.in “Macros folder (week 6 bb) apply a macro to your Assignment Financials Model.
Quantitative forecasting using excel linear time series. See “Notes/Powerpoint slides “Forecasting” ppt (Week 6 bb)
Qualitative forecasting: Environmental Analysis. See; “Forecasting2”ppt (Week 6 bb)
“Forecasting Question”.doc (week 6 bb)
 
724/03

CLASS 4.

Legislative requirements; See Wk 11 & 12 of “Learning Resources in bb “Legislative Requirements.
GST; Incorporating it into the model; “Handling GST”.ppt (Week 7 bb)
 

 Pitstop reivew of Business Plan Spreadsheet ModelWork through materials provided on Blackboard
Excercise in Blackboard
Work on completing your assignment business plan spreadsheet model; incorporate GST into your model.
Complete legislative requirements section of Business Plan Template
 
831/03Ratios: Use in forecasting (SDL)
Assignment consultation and feedback.
 
 Work through materials provided on Blackboard
See weblink notes on Ratios.
See Notes/Powerpoint slided “Forecasting with ratios”ppt (Week 8 bb)

Work on assessments
 

907/04

CLASS 5.

Financing in business and sources of finance
See: “Sources of finance”.ppt with emphasis on FOPPI illustration therein.
 

Pitstop reivew of Business Plan Spreadsheet Model

Submission of Business Plan and Spreadsheet Model: Both business plan document and spreadsheet model need to be uploaded into Blackboard gradebook by COB Friday of this week. Feedback will be provided over the weeks 10, 11 & 12, resubmission will need to occur by end of week 14

Work through materials provided on Blackboard

Work on assessments
 

1014/04 & 21/04Assignment feedback.provided via Blackboard Gradebook; take note of feedback and make necessary changes if required.
Mid Semester Break 18/04 to 27/04
Finance plan and report consultation and feedback
 
 Work on assessments
1128/04

CLASS 6.

Assignment feedback provided via Blackboard Gradebook; take note of feedback and make necessary changes if required.

 Pitstop reivew of Finance PlanWork on assessments
1205/05


Assignment consultation and feedback
 

 Work through materials provided on Blackboard
Work on assessments
 
1312/05

CLASS 7.

Finalise Finance plan and Report

Submission of Finance Plan: Both the Report document and the Spreadsheet financials need to be submitted onto the Blackboard gradebook by COB Friday of this week. Feedback will be provided in weeks 14 & 15 resubmission will need to occur by end of week 16.Work on assessments
1419/05

Assessment Consultation & Feedback
Assignment feedback provided via Blackboard Gradebook; take note of feedback and make necessary changes to Finance plan and / or Report if required.
 

 Deadline for resubmission of Business Plan & Spreadsheet ModelWork on assessments
1526/05 CLASS 8.Spill over pitstop assessments. Feedback / ConsultationWork on assessments
1602/06CLASS 9.

Online test to be completed by end of this week.

Deadline for resubmission of Finance Plan and Report

 

Please note, it is anticipated that two collaboration sessions will be provided during the course for flexed students. The date and time of these sessions will be at the facilitator’s discretion and will be communicated with students via a Blackboard Announcement at least one week prior to the session. It is the responsibility of the student to have the required technical hardware necessary to participate in these sessions.


Learning Resources

Prescribed Texts


References


Other Resources

No Text has been prescribed for this cluster. All materials will be supplied through Blackboard. PLEASE NOTE: ALL materials for this cluster should be accessed in the ACC5310C Provide Financial & Business Performance Information Blackboard shell only. This shell will serve as the carrier for all three units, you will not need to access the blackboard shells of the other two units making up the cluster.

FOR ONLINE COLLABORATE SESSION, PLEASE ENSURE YOU HAVE JAVE INSTALLED ON YOUR COMPUTER https://java.com/en/download/index.jsp AND A HEADSET AND MICROPHO


Overview of Assessment

Assessment may incorporate a variety of methods including technical requirements documentation, homework, assignments, group and/or individual projects, in class exercises, written and practical tests, problem solving exercises, presentations, direct observation of actual and simulated work practice, presentation of a portfolio of evidence which may comprise documents, and/or photographs and/or video and audio files, review of products produced through work-based or course activities.

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. Students will be provided with feedback throughout the course to check their progress
 


Assessment Tasks

1. Time Line
2. Business Plan with Spreadsheet Financials Generating Model
3. Finance Plan and accompanying report
4. Online multiple choice / short answer test.

1. Time Line

A group task, 2 members per group same group members as business plan (below).
When you work in the financial services industry you will be required to complete work within a deadline. In this task learners are required to prepare an action plan related to the Business Plan and Finance Plan assessment tasks (see below) The learner will need to prepare a schedule outlining proposed key dates covering task stage completion and task final completion / submission and report to client. Proposed team and client meeting dates, these will be your pitstops (see below) must also be included in the time plan. The time line will need to allow for contingencies and review of work. This time plan will be used to monitor the learners progress towards completion of the above tasks.
The Pit Stops together with the Time Line prepared by the learner (see above) will be used to formally monitor the learners progress throughout the semester. They will also serve as proxy meetings between service provider (learner) and client (facilitator) These meetings will be used to establish clarification and or modification of relevant client objectives. They will also be used to assess progress vis a vis time plan. Learners are expected to discuss various financial options / processes open to the client, and briefly outline relevant local state and federal regulations particularly salient to the client business.

The various pit stop reviews relate to the following business plan related tasks. Each pit stop review relates to a separate business plan related task as follows.

PS1 will serve as a pit stop assessment for Business Plan Spreadsheet Model
PS2 will serve as a pit stop assessment for Business Plan Spreadsheet Model
PS3 will serve as a pit stop assessment for Finance Plan

To be deemed competent in this task you must do the following:

With due regard to firm policies and client requirements organise a time plan showing the following:
a. Meeting dates (client and team member) are clearly indicated in the time plan
b. Actions / processes along with stage and final completion / submission dates are shown in the time plan
c. Time plan incorporates scheduled review of tasks.
d. The time plan is to be completed using an excel spreadsheet

Where required a time plan is adjusted during the semester to cater for client requirement or other contingencies.


2. Business Plan with Spreadsheet Financials Generating Model.

A group task, 2 members per group.

In the financial services industry you will frequently be approached by various clientele groups requesting information on a wide range of financial / business issues. You will need to provide the client with information which will meet the client’s needs; information which will assist the client in achieving a desired objective.

This task involves completing a Business Plan. Upside Down Ski Club (UDSC) an incorporated association (the client) will provide you, with detailed information of the UDSC ownership / management structure, objectives and operations, together with past financials and an outline of the market segments together with relevant strengths, weaknesses, opportunities and threats. You are to take this information and incorporate it into a business plan.

A significant section of any business plan is the financials. The financials include a forecast Income Statement, Cash Flow Statement and Balance Sheet. You will be creating a spreadsheet model which will generate the forecast financials, which will then be imported into the business plan.

The Business Plan will involve the following.
• Identifying client objectives and incorporate them into the business plan.
• Legislation / regulations local, state or federal applicable to the client / case is incorporated into the business plan.
• Accessing information from the relevant authorities (e.g. Client. Statutory bodies; ATO, ASIC. Financial Institutions; Banks) in order to verify reliability and accuracy of data and correct treatment of that data.
• Complete the financials section of the business plan. This will involve generating an Income Statement (monthly for the year), Balance Sheet, and Cash Flow Statement (monthly for the year) which needs to comply with standard generally accepted accounting principles, practice, and relevant legislative requirements.
• Forecast Income Statement, Balance Sheet, and Cash Flow Statements which comply with client reporting policies.
• Forecast Income Statement, Balance Sheet, and Cash Flow Statements comply with standard generally accepted accounting principles and practice.
• Ensure that where assumptions / parameters are provided by the client, you apply these assumptions to the forecast / financials
• Where no assumptions are provided, you must, on an item needs basis, provide an appropriate assumption to generate a forecast (output).
• Use the spreadsheet to conduct a quantitative trend analysis
• Build an appropriately designed excel spreadsheet model to generate the forecast financial statements for the club
• The spreadsheet must meet client requirements
• Apply the information provided from the client into the business plan and complete the business plan together with the spreadsheet model within the required time frame

3. Finance Plan and accompanying report

To be completed individually

This task involves providing the management of UDSC with a plan to finance the proposed refurbishment / capital expansion. The management of UDSC has proposed a multi stage refurbishment of current facilities together with expansion of current building structure over the next five years. The details of the works together with the associated cost and planned stage of works and completion are provided. Given specific objectives you are required to provide the management with a tailored way of financing this venture. Where is the money coming from?

The finance plan and accompanying report will involve the following:

• Identify clearly the clients objectives
• Identify all relevant sources of finance available and limits on those finances
• Provide a recommended funding arrangement for the works which meets the client’s objectives
• Identify and inform on any legislative / contractual restrictions which may apply with relation to funding options
• Inform clients of any legislative / contractual obligations with regard to reporting any changes in funding arrangements to the relevant party / authority.
• Inform client of financing arrangements impact on entity financial stability and profitability.
• Development of a financial model to perform the relevant financial calculations.

4. Online multiple choice / short answer test

UDSC is an incorporated association but it could easily also have selected registering as a company limited by guarantee. This online multiple choice short answer test is required to be completed within a designated time through the Black Board.

The test will cover differences / similarities related to the two entity types, with regards to management; structure; role and duties, member’s liability, applicable legislation relevant overriding statutory authority (to whom is UDSC answerable) under what circumstance would either option be selected, and related obligations with emphasis on Corporations and Consumer Law.



2. Marking Guide for each assessment task

Competency

The assessments have been designed to provide an opportunity for the candidate to demonstrate the required skills and knowledge listed above along with completing the requisite performance criteria. The assessments therefore will provide the vehicle through which evidence will be collected so as to allow the instructor to make a judgement relating to the candidates competency. Competency therefore simply means you are able to apply the the necessary skills and knowledge required and can perform the tasks along with their embedded criteria as outlined by the unit of competency. To put it simply; we are establishing whether you are able to do the job.

All the skills / knowledge and performance criteria espoused by the unit of competency must therefore be covered successfully to achieve competency. It is obligatory that ALL the criteria related to the separate assessment pieces should be completed satisfactorily, but on occasion where not all criteria have been successfully completed in all assessment pieces, as far as specific unit requirements are included in more than one assessment piece then satisfactory completion of a unit requirement in one of the assessment pieces may be adequate. 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.

Grading

Grading will only apply after a candidate has been able to successfully demonstrate competency. Grading will be based on the application of employability skills, with higher levels of employability skills demonstrated; a higher grade will be awarded.

The grading is according to the following criteria:

1. LEVEL OF INDEPENDENCE, INITIATIVE, ENTERPRISE AND PERFORMANCE OF WORK TASK

We are looking for a high level of ability to complete all tasks independently as per the specifications as well as demonstrating a high level of initiative in your approach to your tasks

2. DEMONSTRATED BREADTH OF UNDERPINNING KNOWLEDGE AND A WILLINGNESS TO CONTINUE LEARNING

We are looking for depth of understanding of the key concepts and knowledge required in completing your tasks. You should be able to demonstrate a thorough understanding of all applicable requirements in all the assessment tasks.

3. TECHNIQUES & PROCESSES, TECHNOLOGY SKILLS AND PROBLEM SOLVING

We are looking for appropriate use of technology to assist in presenting all tasks clearly and suitable for the intended audience.
4. WORK ORGANISATION, PLANNING AND SELF MANAGEMENT

We expect to see timely submission of all required assessment tasks.

3. Submission Requirements

Assessment tasks need to be submitted via Blackboard.

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.

4. Resubmission Arrangements
Candidates will be able to resubmit tasks as required. Unlimited number of resubmissions are allowed up to and including week 16 of the semester unless further weeks are permitted via negotiation with your facilitator. All resubmissions must be uploaded into Blackboard.

5. Feedback Arrangements
Feedback will be provided progressively throughout the semester within the designated pitstop weeks. Assessment will further be provided through the Assessment Evidence Sheet, which will be uploaded onto Blackboard (gradebook) for student perusal
 


Assessment Matrix

Late Submission Procedures
You are required to submit assessment items and/or ensure performance based assessment is completed by the due dates.
If you are prevented from submitting an assessment item on time, by circumstances outside your control, you may apply in advance to your teacher for an extension to the due date of up to seven calendar days.
More Information: http://www.rmit.edu.au/students/assessment/extension
Form to use: http://mams.rmit.edu.au/seca86tti4g4z.pdf
Where an extension of greater than seven days is needed, you 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: http://www.rmit.edu.au/browse;ID=g43abm17hc9w
Form to use: http://mams.rmit.edu.au/8a5dgcaqvaes1.pdf

Resubmissions (VET Programs):
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.

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