Course Title: Manage business resources

Part B: Course Detail

Teaching Period: Term1 2022

Course Code: BUSM6517C

Course Title: Manage business resources

Important Information:


Please note that this course may have compulsory in-person attendance requirements for some teaching activities. 

To participate in any RMIT course in-person activities or assessment, you will need to comply with RMIT vaccination requirements which are applicable during the duration of the course. This RMIT requirement includes being vaccinated against COVID-19 or holding a valid medical exemption. 

Please read this RMIT Enrolment Procedure as it has important information regarding COVID vaccination and your study at RMIT: https://policies.rmit.edu.au/document/view.php?id=209

Please read the Student website for additional requirements of in-person attendance: https://www.rmit.edu.au/covid/coming-to-campus 


Please check your Canvas course shell closer to when the course starts to see if this course requires mandatory in-person attendance. The delivery method of the course might have to change quickly in response to changes in the local state/national directive regarding in-person course attendance. 

See Canvas

School: 525T Business & Enterprise

Campus: City Campus

Program: C5406 - Diploma of Business

Course Contact: Anahita (Annie) Barry

Course Contact Phone: +61 3 9925 5493

Course Contact Email: anahita.barry@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Sam Menai Course Leader

sam.menai@rmit.edu.au 


Student Enquiries: gbl.admin@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

This unit describes the skills and knowledge required to manage resources according to planned business strategies. It includes analysing resource requirements, developing resource plans, allocating resources, and reviewing and reporting on resource usage.

The unit applies to individuals with a role in allocating and monitoring the use of physical and/or human resources to meet defined business objectives.

No licensing, legislative or certification requirements apply to this unit at the time of publication.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

BSBOPS501 Manage business resources

Element:

1. Analyse resource requirements

Performance Criteria:

1.1 Develop resource bids according to required outputs specified in business plans

1.2 Consult with relevant stakeholders and determine the nature and level of resources required

1.3 Analyse resource requirements and identify proposed costs and benefits

1.4 Identify opportunities to share resources across business units within the organisation

Element:

2. Develop resource plans

Performance Criteria:

2.1 Determine internal resourcing capabilities and external resourcing requirements

2.2 Develop procedures for the evaluation of resource allocation and incorporate them in resource plans

2.3 Identify risks and establish risk management processes

2.4 Obtain required approvals from relevant personnel

 

 

Element:

3. Allocate resources

Performance Criteria:

3.1 Identify and adhere to organisational policies and procedures for resource allocation

3.2 Manage resource allocation according to business unit objectives

3.3 Negotiate and obtain resources within required timeframe according to business unit objectives

3.4 Develop and implement systems for monitoring resource usage

Element:

4. Review and report on resource usage

Performance Criteria:

4.1 Develop and implement procedures to review resource allocation against business unit objectives

4.2 Suggest improvements to work practices for the efficient use of resources

4.3 Monitor compliance with program and project budgets and take corrective action where necessary

4.4 Prepare report that indicates the level of performance achieved and any action taken to adjust or rectify procedures in meeting service and product delivery standards


Learning Outcomes


This course is structured to provide students with the optimum learning experience in order to demonstrate the skills and knowledge required to manage resources according to planned business strategies.


Details of Learning Activities

A range of learning activities are planned for this course including self-paced and collaborative classroom based activities.

The collaborative classroom based activities will include group discussion, group problem solving activities and opportunities to practice your skills in a simulated/real workplace environment. The learning activities include chapter review questions, case study, H5P weekly activities and imbedded 

We expect you to participate and contribute in all scheduled learning activities


Teaching Schedule

The Teaching Schedule for this course is as follows but please note that it is subject to change. 

The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete the course. This may include not only scheduled classes bit also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities. 

This course is co-delivered and co-assessed with ACCT5434C Manage budgets and financial plans

Sessions

Topic / Activities

(including any pre-reading and pre session activites/resources required)

Assessment

No.

Date

1

07/02/22

  • Introduction to Unit and Educator
  • Unit guide – handout and discussion
  • Elements of Competency – What will the unit/s cover
  • Overview of Assessments 1 – 3 and submission protocols
  • Subject protocols – methods of delivery/ facilitation
  • Required materials
  • Communication – LMS/email

 

Introduction to Financial Management

  • Planning for financial management
  • Accounting concepts for financial management
  • The budgetary control system and budget development
  • Budget process, communication and consultation
  • Supporting the financial management process
  • Complete activities available on canvas
  • Review questions
  • Self-quiz
  • Chapter case study

Start working on your Assessment task 1

(Knowledge Questions)

 

Start working on your Assessment task 2

(Short answers portfolio) 

2

14/02/22

Accounting and business concepts

  • Identifying business operations and structures
  • Accounting concepts and Accounting equation
  • Understanding and interpreting financial reports
  • Legislation and regulatory framework in context of resource management and ATO requirement
  • Compliance and financial record keeping
  • Complete activities available on canvas
  • Review questions
  • Self-quiz
  • Chapter case study

 

3

21/02/22

Understanding cost concepts and cost behaviour

  • Understand the differences between the various types of costs and how they behave.
  • Understanding of general costing structure and terminology used by all businesses
  • Cost concepts and the relationship between organisation activities and costs
  • Understanding the difference between a fixed cost, variable cost and a hybrid cost, direct and indirect costs
  • Complete activities available on canvas
  • Review questions
  • Self-quiz
  • Chapter case study

Submit two (2) questions from your Assessment task two (short answers portfolio)

4

28/02/22

Understanding and clarifying budgets and financial plans

  • Developing budgets and financial plans
  • Budget preparation – service organisation
  • Budget preparation – trading organisation
  • Budget preparation manufacturing organisation
  • Complete activities available on canvas
  • Review questions
  • Self-quiz
  • Chapter case study

 

5

07/03/22

Leveraging resources and capabilities

  • Understanding resources and capabilities
  • Resources capabilities and the value chain
  • Management of resources
  • Consult and communicate with stakeholders
  • When and when not to outsource
  • Complete activities available on canvas
  • Review questions
  • Self-quiz
  • Chapter case study

Submit two (2) questions from your Assessment task two (short answers portfolio)

 

Start working on your Assessment task three

 

6

14/03/22

Communication of budgets, resources and financial plans

  • Analyse resource requirements
  • Structuring the budgetary control process
  • Develop resource plans
  • Development of budget and resources proposals
  • Consultation on budget and resources proposals
  • Communication of approved budget and resources allocation
  • Complete activities available on canvas
  • Review questions
  • Self-quiz
  • Chapter case study

 

7

21/03/22

Monitoring and controlling financial performance and resources allocation

  • Monitoring financial performance
  • Analysing variances in financial performance
  • Optimising performance through budget revisions
  • Performance indicators
  • Develop and implement systems for monitoring resources usage
  • Complete activities available on canvas
  • Review questions
  • Self-quiz
  • Chapter case study

 

Submit two (2) questions from your Assessment task two (short answers portfolio)

 

Assessment task one (Knowledge questions) is due this week 7, Sunday at 23:59

8

28/03/22

Implementing financial management and resources management approaches

  • Support for competent performance
  • Resources and sytems
  • Recording financial performance
  • Adhering to organisational policies and procedures for resource allocation
  • Complete activities available on canvas
  • Review questions
  • Self-quiz
  • Chapter case study

 

 

9

09/04/22

Allocate resources according to business unit objectives

  • Introduction and Meaning of Resource Allocation
  • Definition of Resource Allocation
  • Resource Allocation at Different Levels
  • Factors Affecting Resource Allocation in Organizations
  • Complete activities available on canvas
  • Review questions
  • Self-quiz
  • Chapter case study

Submit two (2) questions from your Assessment task two (short answers portfolio)

10

Date

Planning for contingencies

  • Internal controls
  • Managing risks
  • Document your risk management plans
  • Risk management policies
  • Contingency plans
  • Common contingency plans
  • Common contingency situations and actions
  • Complete activities available on canvas
  • Review questions
  • Self-quiz
  • Chapter case study

 

11

11/04/22

Evaluating financial management process

  • Continuous improvement of financial management
  • Improving performance reporting
  • Improving organisational performance
  • Implementing and monitoring improvements
  • Financial analysis/ Ration analysis
  • Complete activities available on canvas
  • Review questions
  • Self-quiz
  • Chapter case study

Submit two (2) questions from your Assessment task two (short answers portfolio)



Mid -semester break (14th April to 20th April 2022)


12

25/04/22

Review and report on resources usage

  • Develop and implement procedures to review resources allocation
  • Suggest improvements to work practices for the efficient use of resources
  • Monitor compliance with program and project budgets
  • Report on performance achieved
  • Adjust and rectify procedures in meeting service and product delivery standards
  • Complete activities available on canvas
  • Review questions
  • Self-quiz
  • Chapter case study

 

13

02/05/22

Work integrated project

Construct a Master Budget for a manufacturing business

Group work simulation session

(Your Educator will provide you with further information at the start of this course)

Submit two (2) questions from your Assessment task two (short answers portfolio)

14

09/05/22


Assessment tasks progress review session

Submit last two (2) questions from your Assessment task two (short answers portfolio)

 

Assessment task three (Case study) is due this week 14, Sunday at 23:59

15

16/05/22

Feedback, Resit and resubmit

 

16

23/05/22 Feedback, Resit and resubmit

 

17

30/05/22

Final re-submissions



Learning Resources

Prescribed Texts


References


Other Resources


Overview of Assessment

In order to achieve competency in this unit, you must provide:

Performance Evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

  • develop, implement and review at least three resource plans.

In the course of the above, the candidate must:

  • consult with stakeholders and analyse information to determine the nature and level of resources required to achieve business objectives
  • plan for, acquire and allocate the resources, incorporating strategies to maximise efficiency and manage risk
  • develop and implement systems to:
  • incorporate efficient use of resources into work practices
  • monitor resource use against budgets and business objectives
  • prepare a report that indicates the level of performance achieved and any adjustments needed to achieve service and product delivery standards.

Knowledge Evidence

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

  • legislative and regulatory context of the organisation in relation to managing resources
  • contents of resource plans including:
  • acquisition and allocation of resources
  • timelines and the relationship to business strategies
  • contingency plans and processes
  • costs and budgets
  • resource acquisition processes
  • managing finance, including project budgets
  • resource allocation review procedures
  • objectives of business unit
  • typical risks associated with managing business resources and risk management strategies
  • procedures for risk management, including requirements for the consideration of potential changes in government priorities
  • key elements and sources of information required to monitor usage of:
  • physical resources
  • human resources.

Assessment Conditions

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

  • relevant legislation, regulations, standards and codes
  • workplace documentation and resources.

Feedback

Feedback will be provided throughout the semester in class and/or online discussions.  You are encouraged to ask and answer questions during class time and online sessions so that you can obtain feedback on your understanding of the concepts and issues being discussed.  Finally, you can email or arrange an appointment with your teacher to gain more feedback on your progress.

You should take note of all feedback received and use this information to improve your learning outcomes and final performance in the course.


Assessment Tasks

This course is co-delivered and co-assessed with ACCT5434C Manage budgets and financial plans

There are three assessment tasks for this course.  To be deemed competent students must successfully achieve competency in each task.

Assessment Task 1 : In class/online Open Book Knowledge Questions

Due Date: End of Week seven of this course.

Purpose: 

This assessment is Assessment Task one (1) of three (3) assessment tasks in this course: BSBFIN501 Manage Budgets and Financial plans.  All three (3) assessment tasks must be satisfactorily completed to be deemed competent in these two courses.

The purpose of this assessment is to create an environment where you can demonstrate your understanding and application of a range of business resources management skills and team leadership and participation skills.

You will be required to analyse business resources requirement, review and report on resource usage, review company performance and recommend strategies, plan financial management approaches, monitor and control finances, review and evaluate financial management processes, identify and explain relevant legislations.

This assessment will allow you to demonstrate your ability to understand and apply basic accounting knowledge and tax requirements, budgeting process, costing and simple management accounting concepts. By completing this assessment you will be equipped with the basic knowledge and skills to tackle more complex scenarios in this unit. 

This short-answer assessment task is one of three assessment tasks you need to complete satisfactorily, in order to be deemed competent for this unit. 

Assessment Task 2 : Short answers Portfolio

Due Date: End of Week fifteen of this course. 

Purpose: 

This assessment is Assessment Task two (2) of three (3) assessment tasks in this course: BSBFIN501 Manage Budgets and Financial plans.  All three (3) Assessment Tasks must be satisfactorily completed to be deemed competent in these two courses.

The purpose of this assessment is to for you  to demonstrate your understanding and application of a range of financial planning approaches. This includes monitoring and controlling budgets and financial plans, reviewing and evaluating financial management process and business resources. You will be required to analyse business resources requirement, conduct variance analysis, review and report on resource usage, review company performance and develop contingency plans, and collaboration with their team members.

This Assessment will also allow you to Prepare & present data in format that is easily understood, accurate and appropriate to budget reporting, complying with organisational policy and procedures.


Assessment Task 3 : Practical Case Study

Due Date: End of Week fifteen of this course. 

Purpose: 

This assessment is Assessment Task three (3) of three (3) assessment tasks in this course: BSBFIN501 Manage Budgets and Financial plans. All three (3) assessment tasks must be satisfactorily completed to be deemed competent in these two courses. The purpose of this assessment is to assess your understanding and application of a range of business resources management skills and team leadership and participation skills. You will demonstrate your skills and knowledge in analysing resource requirements and developing resource plans/bids. You will also be required to allocate resources and review and report on resource usage

This assessment will allow you to demonstrate your ability to monitor, analyse and report on a team budget. It will also allow you to monitor, analyse and report on Cash Flows and Contingency plans.

By completing this assessment you will be equipped with advanced knowledge and skills required in budgeting management and financial plans. 

Assessment Conditions

As a minimum, assessors must satisfy applicable regulatory requirements, which include requirements in the Standards for Registered Training Organisations, current at the time of assessment.

As a minimum, assessment must satisfy applicable regulatory requirements, which include requirements in the Standards for Registered Training Organisations, current at the time of assessment.

Assessment must occur in workplace operational situations where it is appropriate to do so; where this is not appropriate, assessment must occur in simulated workplace operational situations that replicate workplace conditions.

Assessment processes and techniques must be appropriate to the language, literacy and numeracy requirements of the work being performed and the needs of the candidate.

Resources for assessment include:

  • a range of relevant exercises, case studies and/or other simulations
  • relevant and appropriate materials, tools, equipment and personal protective equipment currently used in industry
  • applicable documentation including workplace procedures, regulations, codes of practice and operation manuals.



Assessment Matrix

The competency assessment map that maps all the assessment tasks is available on CANVAS mapping document 

Submission Requirements 

You should: 

  • Ensure that you submit assessments on or before the due date. 
  • 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 the Assessment task document that includes a declaration and statement of authorship.
  • Each page of your assessment should include a footer with your name, student number, the title of the assessment, unit code and title and page numbers.

Late Submission Procedures

You are required to submit assessment items and/or ensure performance based assessment is completed by the due dates.

 If you are prevented from submitting an assessment item on time, by circumstances outside your control, you may apply in advance to your teacher for an extension to the due date of up to seven calendar days.

More Information:  https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/extensions-of-time-for-submission-of-assessable-work

Where an extension of greater than seven days is needed, you must apply for Special Consideration.  You must submit your application within five working days after your assessment date or due date.

More Information: https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/special-consideration

Re-submissions (VE Programs):

If you are found to be unsuccessful (Not satisfactory/Unsatisfactory) in a Course Assessment Task you will be allowed one re-submission.  Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the re-submission. 

 If you are still not meeting the assessment requirements you must apply to your Program Manager in writing outlining the steps you will take to demonstrate competence in your course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as possible.

 Adjustments to Assessment

In certain circumstances students may be eligible for an assessment adjustment. For more information about the circumstances under which assessment arrangements might be granted please access the following website:

https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/adjustments-to-assessment

 

Final Results

 You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.

 You will receive feedback on each assessment task that will inform you about your progress and how well you are performing.

 The following grades are available for this course:

CA

Competency Achieved

NYC

Not Yet Competent

DNS

Did Not Submit for Assessment


Course Overview: Access Course Overview