Course Title: Develop and manage a budget

Part B: Course Detail

Teaching Period: Term2 2018

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:

Name and Contact Details of All Other Relevant Staff

Simon Embury

Phone (03) 9925 4345


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


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


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


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


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


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


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


ClassSchedule of Planned activities and assessment (Subject to change)Assessment
1 (week 4)Course overview, unit overview, assessment requirements. Budgeting in live production.  Why budgeting is important for an event manager/project manager. Who has put a budget together? Plan for and collect information for budget.   Plan for and collect information for budget. 
2 (week 5)Budget terms and concepts. Data required to develop a budget.  Budget Terms and Concepts.   
3 (week 6)Budget spreadsheet. Microsoft Excel template. Budget Terms and Concepts. Cash Flow Statement. Preparation for Theory Test. Line item expenditure. Cash Flow Statement. Hire Agreements.  Budget software systems.  Develop budget. 
4 (week 7)Budget spreadsheet template class 2 of 4. Develop budget. Preparation for Theory Test. 
5 (week 8)Assessment 1, Knowledge Evidence Test  in class. Preparation for Assesment 2.Assessment 1, Knowledge Evidence Test  in class
6 (week 9)Feedback on theory test. Commnece work in class on  Assessment 2. 
7 (week 10)Assistance with assessment 2 
8 (week 11)Assistance with assessment 2 
9 (week 12)Assistance with assessment 2 
10 (week 13)Assistance with assessment 2 
11 (week 14Assistance with assessment 2 
12 (week 15)Assistance with assessment 2Assessment 2, Practical Skills Assessment due
13 (week 16)Course review assessment check and feedback 


Learning Resources

Prescribed Texts


Other Resources

Other resources for this course are available via the learning Hub in MyRMIT.

Your teacher will provide you with the necessary resources in classes and you must bring note taking materials to classes. This may be a laptop, tablet, smart phone or note paper and pen.

Overview of Assessment

Assessment for this course will involve demonstration of practical tasks and testing of your knowledge.

Assessment Tasks

This course is ungraded

To demonstrate competency in this course you will need to complete the following pieces of assessment to a satisfactory standard. You will receive feedback from the teacher at the conclusion of each assessment task.

There are two assessment tasks for this course:

  1. Written Knowledge Evidence Test in class 5
  2. Practical Skills Assessment (Major Project) Due in class 12


You should refer to the assessment brief which is available via the Learning Hub in MyRMIT for full assessment criteria.


Results that apply to this course which is delivered and assessed in accordance with competency-based assessment are:


CA: Competency Achieved
NYC: Not Yet Competent
DNS: Did not Submit for Assessment

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

Performance Evidence

Evidence of the ability to:

  • collect and accurately interpret relevant data to develop and finalise a budget
  • consult effectively and negotiate outcomes with others on budgetary issues
  • accurately complete financial and statistical reports related to budgeting.


Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge Evidence

To complete the evidence requirements safely and effectively, the individual must:

  • define basic accounting and financial services industry terminology
  • outline types of data required to develop the budget
  • explain accounting techniques relevant to budget preparation and maintenance
  • describe budgeting techniques and tools
  • describe organisational and industry policy and procedures related to budget development and management.

Course Overview: Access Course Overview