Course Title: Manage budgets and financial plans

Part B: Course Detail

Teaching Period: Term1 2014

Course Code: ACCT5272C

Course Title: Manage budgets and financial plans

School: 650T TAFE Business

Campus: City Campus

Program: C6102 - Advanced Diploma of Business (Public Relations)

Course Contact : Sally Parrott

Course Contact Phone: +61 3 9925 5175

Course Contact Email:sally.parrott@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Maroun Chamoun - maroun.chamoun@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 addresses the requirement for managers to ensure that financial resources are used effectively. This is done by ensuring access to budget/s and ongoing monitoring expenditure against the budget/s. The unit applies to managers working in small and large business environments and not for profit organisations.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

BSBFIM501A Manage budgets and financial plans

Element:

4. Review and evaluate financial management processes

Performance Criteria:

3.1.Implement processes to monitor actual expenditure and to control costs across the work team

3.2.Monitor expenditure and costs on an agreed cyclical basis to identify cost variations and expenditure overruns

3.3.Implement, monitor and modify contingency plans as required to maintain financial objectives

3.4 Report on budget and expenditure in accordance with organisational protocols
 

Element:

1. Plan financial management approaches

Performance Criteria:

1.1.Access budget/financial plans for the work team

1.2.Clarify budget/financial plans with relevant personnel within the organisation to ensure that documented outcomes are achievable, accurate and comprehensible

1.3.Negotiate any changes required to be made to budget/financial plans with relevant personnel within the organisation

1.4 Prepare contingency plans in the event that initial plans need to be varied

Element:

2. Implement financial management approaches

Performance Criteria:

2.1.Disseminate relevant details of the agreed budget/financial plans to team members

2.2.Provide support to ensure that team members can competently perform required roles associated with the management of finances

2.3.Determine and access resources and systems to manage financial management processes within the work team

Element:

3. Monitor and control finances

Performance Criteria:

3.1.Implement processes to monitor actual expenditure and to control costs across the work team

3.2.Monitor expenditure and costs on an agreed cyclical basis to identify cost variations and expenditure overruns

3.3.Implement, monitor and modify contingency plans as required to maintain financial objectives

3.4 Report on budget and expenditure in accordance with organisational protocols


Learning Outcomes


This unit describes the performance outcomes, skills and knowledge required to undertake financial management within a work team in an organisation. This includes planning and implementing financial management approaches, supporting team members whose role involves aspects of financial operations, monitoring and controlling finances, and reviewing and evaluating effectiveness of financial management processes in line with the financial objectives of the work team and the organisation.


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

<thead> <th scope="col">Week</th> <th scope="col">Week Commencing</th> <th scope="col">Topic</th> <th scope="col">Elements</th> </thead>
1Feb 10Course 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
Overview of the specific technology required for this course:
o Blackboard
o Excel Training
1.1
2Feb 17Accounting Concepts1.2
3Feb 24Revenue & Expense Budgets1.1/ 1.2
4March 3Negotiation of Business Plans1.3

5

 

March 10

(Labour Day Monday)

Friday class work will be allocated to Monday classes to complete online

Contingency Plans

1.4/ 3.1
6March 17

Disseminations of Budgets

2.1/ 2.2
7March 24Resources & Systems2.3
8March 31

Variance Analysis - In class assessment

Revision of first 8 weeks

3.1
9April 7Test 1 
10April 14Implementing Contingency Plans4.1

  Easter Friday 18 – 25th (Anzac day 25TH) inclusive 

11April 28Financial Management Process4.2
12May 5Financial Mathematics Techniques 4.3
13May 12Assignment Part A - Presentation 
14May 19Test 2 
15May 26Assignment Part B 
16June 1Interviews/Assessment feedback /resubmissions 


Learning Resources

Prescribed Texts


References


Other Resources

Relevant learning resources will be placed on the online learning hub progressively throughout the semester. Students will need to access this site on a weekly basis, print the materials and bring them to class.

Copies of materials will NOT be handed out in class.


Overview of Assessment

Students must demonstrate an understanding of all elements of a particular competency to be deemed competent. Assessment methods have been designed to measure achievement of each competency in a flexible manner over a range of assessment tasks.

Assessment will incorporate a variety of methods including assignments, journals, presentation and written or test. 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.
 


Assessment Tasks

Students must demonstrate an understanding of all elements of a particular competency to be deemed competent. Assessment methods have been designed to measure achievement of each competency in a flexible manner over a range of assessment tasks.

All tasks must successfully be completed to be deemed competent in this unit.


More detailed assessment sheets for each assessment task will be disseminated throughout course delivery.
Students must complete all pieces of assessment and achieve a mark of 50% or greater to achieve an overall pass in this unit
 

Test1:
Week 9 - During class time
Test on elements 1.1/ 1.2/ 1.3/ 1.4/ 2.1/ 2.2/ 2.3/ 2.4 & 3.1
 

Test 2:
Week 14 - During class time
Test on elements 3.1/ 4.1/ 4.2 & 4.3

Assessment Task 3
Week 13 & Week 15 - The assignment will be a combination of group and individual assessment. The assignment will cover the majority of topics for the semester.
Notes can be used during assessment presentation.
Detailed marking guides will be provided for all assessments during the semester.
 


Assessment Matrix

Full details on how this course is assessed against the Unit elements and performance criteria plus critical aspects of evidence can be found in the Learning and Assessment Tool available from your course teacher.

Other Information

Submission Requirements:

Format:
Work to be saved in a word doc/ excel and/ or .pdf and uploaded to the assessment tab in your course blackboard shell by required date. Work sent by email will not be marked.
 

Work submitted after the deadline and without one of the forms below will not be accepted or marked.
Assessment deadline extensions:
 

Ensure that you submit assessments on or before the due date. If you think you might not make the due date due to circumstances beyond your control, you must apply for an application of extension time BEFORE the due date:
 

You can apply for an extension of seven or fewer days from the original due date for submission of assignments, projects, or essays. You must lodge it no later than one working day before the original submission due date. See link below for eligibility criteria and forms.
 

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 for extension time and special consideration can be found at: http://rmit.edu.au/browse;ID=ls0ydfokry9rz.
 

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. Cover sheets for submission of work is available from the Student forms website.
 

Resubmission:
It is the student’s responsibility to check their results and complete resubmissions by deadline set (usually within 2 weeks of receiving feedback/results). Students are entitled to one re-submission per assessment. All resubmissions will be marked to competent or non-competent only, no grades will be given. All resubmissions must be received by week 16.
 

Course Overview: Access Course Overview