Course Title: Develop and manage a budget
Part B: Course Detail
Teaching Period: Term1 2017
Course Code: ACCT5413C
Course Title: Develop and manage a budget
School: 345T Media and Communication
Campus: City Campus
Program: C5349 - Diploma of Live Production and Technical Services
Course Contact: Program Administration
Course Contact Phone: +61 3 9925 4815
Course Contact Email: mcvet@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Teacher: Simon Embury
Phone 03 9925 4345
Email: simon.embury@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
The ability to understand budgeting processes is a crucial skill required for work in the live production, events and audiovisual industries.
In this course you will learn to collect and analyse information and apply sound accounting principles to the development and ongoing management of a budget for a live production or event.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSORG501 Develop and manage a budget |
Element: |
1. Plan for and collect information for budget |
Performance Criteria: |
1.1 Determine and confirm areas for which budget is being prepared with appropriate personnel, and identify, access and analyse data required for development of budget 1.2 Determine budget parameters with estimates based on research, consultation and negotiation with appropriate personnel 1.3 Consult relevant colleagues in budget planning process as required |
Element: |
2. Develop budget |
Performance Criteria: |
2.1 Draft budget based on analysis of all available information in accordance with organisational policy 2.2 Identify and support income and expenditure estimates with reliable information and circulate draft budget for comment |
Element: |
3. Finalise budget and allocate resources |
Performance Criteria: |
3.1 Provide final budget which incorporates agreed modifications to appropriate personnel 3.2 Inform personnel affected by budget of its limits and goals in their work area and clarify financial management and reporting responsibilities 3.3 Obtain agreement to budget priorities and allocate resources |
Element: |
4. Monitor and control budget |
Performance Criteria: |
4.1 Check actual income and expenditure against budget at regular intervals, and prepare and present budget reports to appropriate personnel 4.2 Identify and respond to deviations, take appropriate action and advise relevant personnel on budget status |
Element: |
5. Complete financial and statistical reports |
Performance Criteria: |
5.1 Complete all required financial and statistical reports accurately within designated timelines 5.2 Make appropriate recommendations about future financial planning 5.3 Provide clearly presented and accurate reports to appropriate personnel |
Learning Outcomes
On successful completion of this course you will have developed and applied the skills and knowledge required to demonstrate competency in the above elements.
Through the application of these skills and this knowledge, you will be able to:
- Plan for and collect information for a budget for a live production or event
- Develop the budget
- Finalise the budget and allocate resources
Details of Learning Activities
Learning activities in this course include:
- Knowledge sharing and class discussions
- Industry guest presenters
- Examination and discussion of industry budget case studies
- Group activities and projects
- Peer learning
- Workshopping of student projects
- Peer and teacher feedback
- Budget preparation in computer lab.
Teaching Schedule
| Class | Class schedule (subject to change) | Assessment |
| Industry guest presenters to be determined. | ||
| Semester 1 | ||
| 1 (week 4) | Course overview, unit overview, assessment requirements. Budgeting in live production. Data required to develop a budget. Confidentiality and conflict of interest. Plan for and collect information for budget. | |
| 2 (week 5) | Why budgeting is important for an event manager/project manager. Who has put a budget together? Plan for and collect information for budget. | |
| 3 (week 6) | Budget spreadsheet Microsoft Excel template class 1 of 4. Line item expenditure. Budget software systems. Develop budget. | |
| 4 (week 7) | Budget spreadsheet template class 2 of 4 Develop budget. | |
| 5 (week 8) | Budget spreadsheet template class 3 of 4 Develop budget. | Theory test |
| 6 (week 9) | Budget spreadsheet template class 4 of 4. Crew expenditure Develop budget. | |
| 7 (week 10) | Conference Budget Exercise class 1 of 2. Data required to develop a budget. Feedback on theory test | |
| 8 (week 11) | Conference Budget Exercise class 2 of 2. Develop budget. Finalise budget and allocate resources. Monitor and control budget. | |
| 9 (week 12) | Review of semester 1 | |
| Semester 2 | ||
| Industry guest presenters to be determined. | ||
| 1 | Semester 2 course overview and assessments. Microsoft Excel tips and tricks | |
| 2 | In class budget exercises using Excel. Plan for and collect information for budget. | |
| 3 | In class budget exercises using Excel. Develop budget. Plan for and collect information for budget. | |
| 4 | In class budget exercises using Excel. Develop budget. Plan for and collect information for budget. | |
| 5 | In class budget exercises using Excel. Plan for and collect information for budget. Finalise budget and allocate resources. | |
| 6 | In class budget exercises using Excel. Plan for and collect information for budget. Finalise budget and allocate resources. | |
| 7 | Preparation for assessment 2 | |
| 8 | Assistance with assessment 2 | |
| 9 | Assistance with assessment 2 | |
| 10 | Complete and submit assessment 2 | Assessment 2 Due |
| 11 | Feedback on assessment 2. Preparation for assessment 3 | |
| 12 | Budget review in pairs. Finalise budget and allocate resources. Complete financial and statistical reports. | |
| 13 | Budget review in pairs. Finalise budget and allocate resources. Complete financial and statistical reports. | |
| 14 | Budget review in pairs. Finalise budget and allocate resources. Complete financial and statistical reports. | Assessment 3 Due |
| 15 | Finalise all assessment | |
| 16 | Course review assessment check and feedback |
Learning Resources
Prescribed Texts
References
Other Resources
Other resources for this course are available via the learning Hub in MyRMIT.
Overview of Assessment
Assessment for this course will involve demonstration of practical tasks and testing of your knowledge.
Assessment Tasks
To demonstrate competency in this course you will need to complete the following assessment to a satisfactory standard.
You will receive feedback on all assessment and once you have demonstrated competency, you will receive a grade for the graded Assessment Task (refer to MyRMIT for grading rubric).
For further information on the grading system and criteria used, please refer to the course blackboard site.
Grades which apply to courses delivered in accordance with competency-based assessment, but which also use graded assessment:
CHD - Competent with High Distinction
CDI - Competent with Distinction
CC - Competent with Credit
CAG - Competency Achieved - Graded
NYC - Not Yet Competent
DNS - Did Not Submit for Assessment
Assessment 1 (Semester 1)
Individual open book knowledge evidence theory test. Covering accounting techniques and financial services industry terminology. Class 5
Assessment 2 (Semester 2)
Develop and Manage a Budget Major Project. During class, each student will individually develop and finalise a budget in Excel including a financial and statistical report. Due class 10
Assessment 3 (Semester 2)
Budget review. Students will work in pairs in class to explain, justify and negotiate their budget and individually answer questions about their budgets. Due class 14
Assessment Matrix
The assessment matrix demonstrates alignment of assessment tasks with the relevant unit of competency. These matrices are available through Program Administration.
Other Information
Please refer to the RMIT student page for extensive information about study support, assessment, extensions, appeals and a range of other matters: http://www1.rmit.edu.au/students
Cover Sheet for Submissions:
You must complete and sign a submission cover sheet for every piece of submitted work, including online submissions.
http://mams.rmit.edu.au/s1llva641yxuz.pdf
Attendance:
Your learning experience will involve class-based teaching, discussion, demonstration and practical exercises
It is strongly advised that you attend all timetabled sessions. This will allow you to engage in the required learning activities, ensuring you the maximum opportunity to complete this course successfully.
Assessment Feedback:
You will receive spoken and written feedback on all your work. Where relevant, this feedback will also include suggestions on how you can proceed to the next stage of developing your projects.
http://www1.rmit.edu.au/policies/assessment-policy
Student Progress:
Monitoring academic progress is an important enabling and proactive strategy designed to assist you in achieving your learning potential.
http://www1.rmit.edu.au/students/acadprogress
Adjustments to Assessment (eg. applying for an extension of time):
If you are unable to complete any piece of assessment satisfactorily by the due date, you can choose to apply for an adjustment to your assessment. RMIT University offers a range of adjustments designed to support you in your studies, including an extension of time to complete the assessment.
http://www1.rmit.edu.au/students/assessment/adjustment
Academic Integrity and Plagiarism:
RMIT University has a strict policy on plagiarism and academic integrity. Please refer to the website for more information on this policy.
http://www1.rmit.edu.au/students/academic-integrity
Credit Transfer and Recognition of Prior Learning:
Credit transfer is the recognition of previously completed formal learning (an officially accredited qualification).
Recognition of Prior Learning (RPL) is an assessment process that allows you to demonstrate competence using the skills you have gained through experience in the workplace, voluntary work, informal or formal training or other life experiences.
Recognition of Current Competency (RCC) RCC applies only if you have previously successfully demonstrated competence in a unit of competency, and now require to be reassessed to ensure that the competence is being maintained.
Please speak to your teacher if you wish to discuss applying for Credit Transfer, RPL, or RCC for the unit(s) of competency addressed in this course.
http://www1.rmit.edu.au/students/enrolment/credit
Course Overview: Access Course Overview