Course Title: Manage finances

Part A: Course Overview

Program: C6082

Course Title: Manage finances

Portfolio: DSC

Nominal Hours: 50.0

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.

Course Code	Campus	Career	School	Learning Mode	Teaching Period(s)
BUSM6206C	Brunswick Campus	TAFE	350T Fashion & Textiles	Face-to-Face	Term1 2011

Course Contact: Julia Raath

Course Contact Phone: +61 3 9925 9201

Course Contact Email: julia.raath@rmit.edu.au

Course Description

This unit covers the skills and knowledge required to assess and monitor the financial requirements, viability and performance of the business and prepare and review pricing policy, financial systems and control measures.

Determining an enterprise’s financial requirements and setting policies and strategies in place is critical to the short and long term financial viability of the business.

This unit is particularly suitable for those wishing to begin small and micro businesses in a variety of industries including retail, smallgoods & food service.

Pre-requisite Courses and Assumed Knowledge and Capabilities

It is strongly advised that students complete all units in year 1 and 2 of the Advanced Diploma Textile Design and Development. 

Clustered subjects: Manage Finances + Develop & Implement a Sales or Marketing Plan + Complete a Business Plan. These are all Co-requisites and will be included in Term 2’s Business Plan.

Course are delivered over the course of 1 year at Advanced Diploma level.

National Competency Codes and Titles

National Element Code & Title:	BSX02307A Manage finances
Elements:	1. Translate financial plan into strategies
	2. Implement financial strategies
	3. Monitor financial performance
	4. Explore opportunities to improve financial performance

Learning Outcomes

As learning outcomes and  on completion the student should be able to:

• Apply financial concepts & principles to prepare a financial plan in standard format, consistent with the enterprise business plan
• Set financial targets within the context of the business plan
• Apply mathematical & financial concepts & skills to determine performance & current status of business/department
• Prepare cash-flow forecasts for the business
• Assess financial risks & prepare strategies to manage these risks
• Develop management strategies to meet tax requirements & obligations
• Formulate & implement contingency plans/corrective action to ensure financial viability
• Analyse, synthesize & apply a range of information, data, & own judgement to determine, prepare and inform budget & financial planning processes
• Negotiate changes in resource allocations to minimise negative impacts on the business and the enterprise
• Interpret enterprise financial trends & identify critical factors influencing performance
• Determine required return on investment
• Develop pricing policies & strategies which achieve short & long term sales profitability goals
• Authorise & monitor financial delegations & accountabilities

As learning outcomes the student will provide evidence of consistency in performance when:

• Organising work
• Completing tasks according to instructions
• Working systematically with attention to detail
• Identifying improvements & avoiding damage
• Using workplace & OHS practices
• Recording & reporting accidents & incidents
• Assessing operational readiness of equipment
• Recognising & adapting to cultural differences in the workplace, including modes of behaviour and interactions

Overview of Assessment

To achieve successful completion of this course students must demonstrate an understanding of all elements of the competency.

Assessment tasks have been designed to measure achievement of each competency in a flexible manner. In overview there is one assessment for the subject: Activities for this task will incorporate a variety of methods including: Individual data identification, analysis, review and reporting


Brief description: Manage Finances – Individual book-keeping activity relates to Elements 1 – 4.
Students will use mathematical ideas and techniques to present financial and costing information. They will also communicate ideas and information about the financial data, business and industry
Students will be awarded a grade only if competency has been demonstrated within the standard enrolment period on the first assessment attempt.

Units assessed as ‘not yet competent’ on a first assessment attempt and ‘competent’ on a second or subsequent attempt are to have results amended to competent but are not eligible for grading.

Students are advised that they are likely to be asked to personally demonstrate their assessment work to their teacher.
All work must be submitted by the due date.

Late submission will not be graded higher than a PASS.