Course Title: Manage budgets and financial plans

Part B: Course Detail

Teaching Period: Term2 2019

Course Code: ACCT5431C

Course Title: Manage budgets and financial plans

School: 174T School of VE Engineering, Health & Science

Campus: City Campus

Program: C4388 - Certificate IV in Surveying

Course Contact: Thierry Demathieu

Course Contact Phone: +61 3 9925 8359

Course Contact Email: thierry.demathieu@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

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

NIL

Course Description

This unit describes the skills and knowledge required to undertake financial management within a work team in an organisation. It 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.

 

It applies to managers in a wide range of organisations and sectors who have responsibility for ensuring that work team financial resources are used effectively and are managed in line with financial objectives of the team and organisation.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

BSBFIM501 Manage budgets and financial plans

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

Element:

4 Review and evaluate financial management processes

Performance Criteria:

4.1 Collect and collate for analysis, data and information on the effectiveness of financial management processes within the work team

4.2 Analyse data and information on the effectiveness of financial management processes within the work team and identify, document and recommend any improvements to existing processes

4.3 Implement and monitor agreed improvements in line with financial objectives of the work team and the organisation

Learning Outcomes


Please refer to the Elements of Competency.


Details of Learning Activities

You will learn how to plan,implement, monitor and review budgets/financial plans

The total number of scheduled hours of teaching, learning and assessment involved in this course includes all planned activities (face to face classes, lectures, workshops and seminars; workplace visits, online learning and other forms of structured teaching and learning). It also covers the amount of effort necessary to undertake, evaluate and complete all assessment requirements, observation of work performance, discussions with supervisors and others providing third party evidence and one on one and group assessment sessions with students.

Students will be able to access course information and learning materials through the Learning Hub and may be provided with additional materials in class. Lists of relevant reference books, resources in the library and accessible Internet sites will be provided where possible. You will also use equipment and software packages in the laboratory for the project work. During the course, you will be directed to websites to enhance your knowledge and understanding of difficult concepts.


Teaching Schedule

Session 1 - Plan and Implement

Session 2 - Monitor and Review

Session 3 - Presentation


Learning Resources

Prescribed Texts


References


Other Resources

Students will be able to access course information and learning materials through the Learning Hub and may be provided with additional materials in class. Lists of relevant reference books, resources in the library and accessible Internet sites will be provided where possible. You will also use equipment and software packages in the laboratory for the project work. During the course, you will be directed to websites to enhance your knowledge and understanding of difficult concepts


Overview of Assessment

Assessment Tasks

You must pass each of the following assessment tasks to demonstrate competency 

Assessment

Task 1

Assignment 1

Task 2

Assignment 2

Task 3

Assignment 3

These tasks assesses the following Course Learning Outcomes (CLOs):

Assessment Mapping Matrix

Elements/

Performance Criteria Covered

Task 1

Task 2

Task 3

1.1

X

 

X

1.2

X

 

X

1.3

X

 

X

1.4

X

 

X

2.1

X

 

X

2.2

X

 

X

2.3

X

 

X

3.1

 

X

X

3.2

 

X

X

3.3

  

X

X

3.4

 

X

X

4.1

 

X

X

4.2

   X X

4.3

   X X

To be deemed competent you must demonstrate an understanding of all aspects required of the competency. Assessment methods have been designed to measure your achievement of each competency in a flexible manner over multiple tasks.


Assessment Tasks

No

Name of Assessment Task

Method of Assessment

1.

Assignment 1

Create a budget

2.

Assignment 2

 

Amend and improve existing budget

3

Assignment 3

Financial plan presentation


Assessment Matrix

No

Name of Assessment Task

Elements Performance Criteria

1.

Assignment 1

E1 PC1.1, 1.2, 1.3,1.4

E2 PC2.1, 2.2, 2.3

 

2.

Assignment 2

 

E3 PC3.1, 3.2, 3.3, 3.4

E4 PC4.1, 4.2, 4.3

3

Assignment 3

E1 PC1.1, 1.2, 1.3,1.4

E2 PC2.1, 2.2, 2.3

E3 PC3.1, 3.2, 3.3, 3.4

E4 PC4.1, 4.2, 4.3

Other Information

Study and learning Support:

Study and Learning Centre (SLC) provides free learning and academic development advice to you.

Services offered by SLC to support your numeracy and literacy skills are:

assignment writing, thesis writing and study skills advice

maths and science developmental support and advice

English language development

Please Refer http://www.rmit.edu.au/studyandlearningcentre to find more information about Study and learning Support

Equitable Learning Services (ELS):

If you are suffering from long-term medical condition or disability, you should contact Equitable Learning Services (ELS) to seek advice and support to complete your studies.
Please refer tohttps://www.rmit.edu.au/students/support-and-facilities/student-support/equitable-learning-services  to find more information about services offered by Equitable Learning Services (ELS).

Late submission:

If you require an Extension of Submittable Work (assignments, reports or project work etc.) for 7 calendar days or less (from the original due date) and have valid reasons, you must complete and lodge an Application for Extension of Submittable Work (7 Calendar Days or less) form and lodge it with the Senior Educator/ Program Manager.

The application must be lodged no later than one working day before the official due date. You will be notified within no more than 2 working days of the date of lodgment as to whether the extension has been granted.

 If you seek an Extension of Submittable Work for more than 7 calendar days (from the original due date) must lodge an Application for Special Consideration form under the provisions of the Special Consideration Policy, preferably prior to, but no later than 2 working days after the official due date.

 Submittable Work (assignments, reports or project work etc.) submitted late without approval of an extension will not be accepted or marked.

 

Special consideration:

Please Refer http://www.rmit.edu.au/staff/studentadmin/specialconsideration to find more information about special consideration

 Plagiarism:

Plagiarism is a form of cheating and it is very serious academic offence that may lead to expulsion from the University.

 Please Refer: www.rmit.edu.au/academicintegrity to find more information about plagiarism.

Course Overview: Access Course Overview