Course Title: Manage budgets and financial plans

Part B: Course Detail

Teaching Period: Term2 2008

Course Code: ACCT5125C

Course Title: Manage budgets and financial plans

School: 650T TAFE Business

Campus: City Campus

Program: C6071 - Advanced Diploma of Business (Public Relations)

Course Contact : Jenny Seiler

Course Contact Phone: +61 3 9925 1621

Course Contact Email:jenny.seiler@rmit.edu.au

Name and Contact Details of All Other Relevant Staff

Maurice Sheridan

Maurice.Sheridan@rmit.edu.au

Note Maurice is only available at RMIT on Thursday and Friday.

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 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.

National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:	BSBMGT504A Manage budgets and financial plans
Element:	Communicate budget and financial plans
Performance Criteria:	1.1 Budget/financial plan communication package 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:	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 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 2.7 Remedial action is taken swiftly to minimise negative impact and maximise benefits 2.8 Budgets and plans are renegotiated/restructured where necessary to optimise organisational performance
Element:	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

Learning Outcomes

On completion of this course students will be able to put into practice, the skills and knowledge gained as applicable within the workplace according to the performance criteria as stipulated against the elements of the competency above.

Learning Activities:

All students will participate within the classroom to provide real life solutions to problems as set by clients and teaching staff that reflect real life situations as found in the workplace. This may take the form of individual assessments, group projects and presentations to teaching staff and clients.

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	7th July	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	14th July	Topic Two Accounting concepts.	Underpinning Knowledge.	Knowledge and skills exercises Reflections
3	21st July	Topic Three Budgets and plans, the development of a budget	Underpinning Knowledge	Knowledge and skills exercises Reflections
4	28th July	Topic Four Financial Mathematics. Topic Five Cost benefit	Underpinning Knowledge.	Knowledge and skills exercises Reflections
5	4th August	Topic Six Capital expenditure proposals	Underpinning Knowledge.	Knowledge and skills exercises Reflections
6	11th August	Topic Seven Risk Management	BSBMGT504A 2.4	Knowledge and skills exercises Reflections
7	18th August	Topic Eight Monitoring budgets and performance plans	BSBMGT504A 2.1-8	Knowledge and skills exercises Reflections  Test One.
8	25th August	Topic Eight Monitoring budgets and performance plans	BSBMGT504A 2.1-8	Knowledge and skills exercises Reflections
9	8th September	Topic Nine Techniques for financial analysis	Underpinning Knowledge.	Knowledge and skills exercises Reflections
10	15th September	Topic Nine Techniques for financial analysis	Underpinning Knowledge.	Knowledge and skills exercises Reflections
11	22nd September	Topic Ten Communication and the budget process	BSBMGT504A 1.1-5	Knowledge and skills exercises Reflections
12	29th September	Topic Eleven Responsibility	BSBMGT504A 2.1-4	Knowledge and skills exercises Reflections Test Two
13	6th October	Topic Twelve Variance Analysis	BSBMGT504A 2.5	Knowledge and skills exercises Reflections
14	13th October	Topic Twelve Variance Analysis	BSBMGT504A 2.5	Knowledge and skills exercises Reflections
15	20th October	Topic Thirteen Remedial action for restructuring of budgets	BSBMGT504A 2.7	Knowledge and skills exercises Reflections
16	27th October	Topic Thirteen Remedial action for restructuring of budgets.	BSBMGT504A 2.7, 3.1-4	Knowledge and skills exercises Reflections
17	3rd November	Revision and final assessment		Test Three
18	10th November	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

Overview of Assessment

Grading
A pass in each assessment will result in a grade for the student. Where a pass is achieved competency for that assessment is given. Where there are multiple assessments for a single competency the students must achieve competency (a pass) in each assessment to be deemed competent. Competency MUST be achieved in all assessments of the course for a graded result to be obtained.
Grade Mark Description
HD > = 80 High Distinction (Competency Achieved)
DI 70 - 79 Distinction (Competency Achieved)
CR 60 - 69 Credit (Competency Achieved)
PA 50 - 59 Pass (Competency Achieved)
NN < 50 Fail (Not Yet Competent)
CA Not Applicable Competency Achieved
NYC Not Applicable Not Yet Competent

Assessments:

The student will undertake assessment by completing a number of written portfolios along with presentations to class as evidence of competence in relation to the above mentioned required elements of the competency as required under the direction of the training package.

Students will be provided specific assessment instructions, on commencement of this new course.

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.
1.Communicate budget and financial plans	Yes	Yes
2. Monitor and control activities against plans	Yes	Yes
3. Report outcomes of financial plans	Yes	Yes

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

Course Overview: Access Course Overview