Course Title: Manage budgets and financial plans

Part B: Course Detail

Teaching Period: Term1 2014

Course Code: ACCT5333C

Course Title: Manage budgets and financial plans

School: 650T TAFE Business

Campus: City Campus

Program: C5294 - Diploma of Logistics

Course Contact : John Fowler

Course Contact Phone: +61 3 9925 5666

Course Contact Email:john.fowler2@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Stuart Castricum

stuart.castricum@rmit.edu.au

Nominal Hours: 80

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

Nil

Course Description

This unit involves the skills and knowledge required to manage budgets and financial plans. It covers all of the significant aspects of financial management for operational managers who are not financial specialists. It emphasises the preparation of users of budgets/financial plans through communication and training and consistent surveillance over budget performance, with early intervention where required. This unit derives from BSBMGT504A Manage budgets and financial plans. Licensing, legislative, regulatory or certification requirements are applicable to this unit


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

TLIP5035A Manage budgets and financial plans

Element:

1. Communicate budget and financial plans

1.1 Budget/financial plan communication package is reviewed by finance specialists
1.2 Package is amended/revised where appropriate
1.3 Training activities are undertaken with users of the budget and plans across the organisation
1.4 All data and terms are defined and understood by the users of the plans
1.5 Communication outcomes are tested to ensure clear understanding of objectives, processes and accountabilities
 

Performance Criteria:

1.1 Budget/financial plan communication package is reviewed by finance specialists
1.2 Package is amended/revised where appropriate
1.3 Training activities are undertaken with users of the budget and plans across the organisation
1.4 All data and terms are defined and understood by the users of the plans
1.5 Communication outcomes are tested to ensure clear understanding of objectives, processes and accountabilities
 

Element:

2 Monitor and control activities against plans

2.1 Delegations and budget accountabilities are confirmed in writing prior to budget period
2.2 Funds are allocated in accordance with budget objectives and parameters
2.3 Recording systems and documentation meet all audit requirements and legal obligations
2.4 Risk management plans are implemented and contingency plans are in place for all financial plans
2.5 Performance is monitored and variances identified on a real time basis
2.6 Variances are analysed in conjunction with relevant experts to determine cause and effect
 

Performance Criteria:

2.1 Delegations and budget accountabilities are confirmed in writing prior to budget period
2.2 Funds are allocated in accordance with budget objectives and parameters
2.3 Recording systems and documentation meet all audit requirements and legal obligations
2.4 Risk management plans are implemented and contingency plans are in place for all financial plans
2.5 Performance is monitored and variances identified on a real time basis
2.6 Variances are analysed in conjunction with relevant experts to determine cause and effect
 

Element:

3 Report outcomes of financial plans

3.1 Records of financial performance are properly maintained within organisational systems
3.2 Financial performance is analysed and reported in a form and language appropriate to the audience
3.3 Non financial objectives are reported in the context of overall organisational performance
3.4 Strategies and plans are reviewed and updated to optimise organisational performance
 

Performance Criteria:

3.1 Records of financial performance are properly maintained within organisational systems
3.2 Financial performance is analysed and reported in a form and language appropriate to the audience
3.3 Non financial objectives are reported in the context of overall organisational performance
3.4 Strategies and plans are reviewed and updated to optimise organisational performance
 

 


Learning Outcomes



Details of Learning Activities

A range of learning activities are planned for this course including self-paced and collaborative class room based activities.

The self-based activities will be delivered through various technology platforms and will include quizzes, scenario case studies and interactive sessions.

The collaborative classroom based activities will include group discussion, group problem solving activities and opportunities to practice skills in a simulated workplace environment.


Teaching Schedule

Week   Date    Topic
110 Feb Induction and Pre-training review
217 Feb Budgeting and Financial Planning
324 Feb Budgeting and Financial Planning
43 Mar Developing a Budget
510 Mar Developing a Budget
617 Mar Developing a Budget
724 Mar Analyse and Explain Budget Variances
831 Mar Analyse and Explain Budget Variances
97 Apr Analyse and Explain Budget Variances
1014 Apr Financial Risk Management
   
1128 Apr Quality Assurance
125 May Lodging Documents and Reports
1312 May Lodging Documents and Reports
1419 May Legal requirements
1526 May Presentations
162 June Presentations and resubmissions

Week 1 will consist of an induction to the course which will include completion of a pre training review and familiarisation with:

  • Your teacher(s) and other students.
  • Services and facilities
  • Student responsibilities
  • Where to get support
  • Course requirements, key learning outcomes, assessment, feedback and grading.
  • Submission requirements and the resubmission policy
  • Plagiarism
  • Appeals
  • Extensions and Special Consideration
  • Privacy

This unit is codelivered and coassessed with BUSM7817C Develop operational procedures


Learning Resources

Prescribed Texts


References


Other Resources


Overview of Assessment

Assessment may incorporate a variety of methods including in-class exercises, problem-solving exercises, assignments, group or individual projects, presentations and written or practical tests, as well as homework activities.

Other activities may be workplace-based or simulate work practices. These may include the production of technical requirements documents, direct observation of workplace practices and the presentation of a portfolio of evidence. This portfolio may include documents, photographs, video and/or audio files.

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

This course has three assessments.  You must fully and successfully complete all assessments to be deemed competent in this unit.

Assessment Task 1 – Budget Variance Analysis
Date handed out: Week 1
Date and time due: Week 11
Group or Individual: Individual

Purpose:
As a manager in the Transport and Logistics industry, you will be required to manage a budget designed to ensure you meet your objectives and business targets. A budget is a detailed plan for the allocation of funds in a business/business unit. It is sometimes referred to as the financial picture of the business.

Requirements:
You will be provided with a sample budget. You will be required to analyse and assess the budget and write a report on budget performance. The report should not exceed 1000 words.


Assessment Task 2 – Income & Expenditure Variance Report
Date handed out: Week 1
Date and time due: Week 14
Group or Individual: Individual

Purpose:
As a manager in the Transport and Logistics industry, you will be required to set and achieve targets for revenue and expenditure. You may not always meet these targets and you may need to explain why.

Requirements:
You will be provided with an income statement, and based on this you are required to prepare a written report for the chief financial officer on the outcomes for July. Your report should not exceed 800 words.

Assessment Task 3 – Presentation
Date handed out: Week 1
Date and time due: Week 15&16
Group or Individual: Individual

Purpose:
As a manager in the Transport and Logistics industry, you will be required to manage communicate budget requirements to your team to ensure you meet your objectives and business targets.

Requirements:
You are to take the role of Operations Manager within a logistics enterprise, and present to the organisations ‘board of directors’ (your class) for 5-7 minutes on the importance of the organisational budget and expectations for performance. You should model your presentation as though you were representing an Australian business of your choice.


Submission Requirements

Assessment tasks must be submitted online through blackboard. 

You must:

  • 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.
  • 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 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”. 

Final Date for All Assessments
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

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


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