Course Title: Manage budgets and financial plans

Part B: Course Detail

Teaching Period: Term1 2016

Course Code: ACCT5333C

Course Title: Manage budgets and financial plans

School: 650T Vocational Business Education

Campus: City Campus

Program: C5302 - Diploma of Logistics

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: 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

None

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:

3 Report outcomes of financial plans

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

Element:

1 Communicate budget and financial plans

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

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


Learning Outcomes


Students will develop 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.


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

Week NoDateTopic
1 Feb 8

(1) Course 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

(2) Overview of the specific technology required for this course:
o Blackboard
o Excel Training

2 Feb 15Budgeting and Financial Planning
3 Feb 22Budgeting and Financial Planning
4 Feb 29Developing a Budget
5 Mar 7Developing a Budget
6 Mar 14Public Holiday - No Class
7 Mar 21Resources & Systems

Review of first 7 weeks

  Mid Semester Break
8 Apr 4Assessment 1 - Test (Individual)
9 Apr 11Analyse and Explain Budget Variances
10 Apr 18Analyse and Explain Budget Variances
11 Apr 25Public Holiday - No Class
12 May 2Review and evaluate financial management processes

Revision/ Exercises

13 May 9In class pair Assignment
14 May 16Interviews/ Portfolio of Evidence
15 May 23Interviews/ Portfolio of Evidence
16 May 30Assessment feedback /resubmissions


Learning Resources

Prescribed Texts


References


Other Resources

Relevant learning resources will be placed on the online learning hub (Blackboard)  progressively throughout the semester.   You will need to access this site on a weekly basis to ensure that you keep up to date with important information related to this course.


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 3 assessment tasks and you must successfully complete all of them in order to be deemed competent in this unit.

Assessment Task 1 – In class Test (Closed book) - 30%

Due date:  Week 8
Submission procedure: This is an individual assessment and it is to be completed in-class and handed in at the end of the class. 

Requirements: You will be required to answer 20 short questions on various topics covered in weeks 1 to 7.

Assessment Task 2 – In class Assignment (Closed book) - 30%
Due date:  Week 13
Submission procedure: This is a group  assessment (2 students) and it is to be completed in-class and handed in at the end of the class.

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

Requirements:
You are to complete a budget and comment on the variances you may find. You will be given background and financial information of an organisation related to the following:
• Sales Budget
• Expense Budget
• Profit and Loss Budget

Assessment Task 3 – Portfolio of Evidence - 40%
Date handed out: Week 14 &15
Date and time due: Week 14 &15
Group or Individual: This is an individual assessment

Purpose:
This assessment focuses on the all four elements of the unit and contributes to the learning objectives of this competency.  An interview may be required to validate work presented as part of your portfolio of evidence if the evidence provided does not clearly demostrate the students’ grasp of the concepts and techniques used to review and Manage Budgets and Financial Plans.

Requirements:
Submission of all activities uploaded into Blackboard in order to demonstrate competency - Attend interview if required.

Detailed marking guides will be provided for all assessments during the semester.

Submission Requirements

You should:

• Ensure that you submit assessments on or before the due date.
• 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 each assessment task is available on blackboard.
• 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.


Assessment Matrix

Other Information

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 unsuccessful 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