Course Title: Interpret and use financial statistics and tools
Part B: Course Detail
Teaching Period: Term1 2021
Course Code: MKTG7947C
Course Title: Interpret and use financial statistics and tools
School: 650T Vocational Business Education
Campus: City Campus
Program: C6163 - Advanced Diploma of Accounting
Course Contact: Doug Gourlay
Course Contact Phone: +61 3 9925 5944
Course Contact Email: doug.gourlay@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Colin Byron
Nominal Hours: 60
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 t to access, interpret and analyse statistical data relevant to the financial services industry. It encompasses producing new statistical information and reports from existing data using a range of tools and processes.
It applies to individuals with a thorough understanding of the sources of financial data, and statistical methods and techniques for analysis. It is a base unit on which other skills required for work in the financial services industry can be built. It may be applied in all sectors of the industry.
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: |
FNSINC602 Interpret and use financial statistics and tools |
Element: |
1. Apply statistical methods to work |
Performance Criteria: |
1.1 Evaluate and select appropriate statistical methods that apply to financial services work to suit required work outcome 1.2 Understand and effectively use suitable tools and techniques for statistical analysis |
Element: |
2. Source and interpret statistical data |
Performance Criteria: |
2.1 Identify and access internal and external data and information sources to gather relevant current data 2.2 Validate data in accordance with industry statistical standards 2.3 Use data summaries and trends to verify currency and utility 2.4 Interpret correctly and use sampling techniques and diagrammatic, graphical and tabular information for required purpose |
Element: |
3. Analyse data using appropriate techniques and tools |
Performance Criteria: |
3.1 Reflect organisational requirements and priorities in analysis of statistical data 3.2 Use analysis and descriptive tools and techniques to meet required outcomes and correct any data errors 3.3 Produce on time reports of analysis in appropriate detail and format, including use of diagrammatic, graphical and tabular information |
Element: |
4. Record statistical data analysis results and records |
Performance Criteria: |
4.1 Validate records of data and statistical analysis to ensure accuracy and consistency with industry and organisational standards 4.2 File and store records for easy retrieval while meeting all security requirements |
Learning Outcomes
Details of Learning Activities
A range of learning activities are planned for this course including self-paced and collaborative classroom based activities.
The self-paced activities will be delivered thought various technology platforms and include your contribution to, reflective journals, quizzes and interactive sessions.
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.
We expect you to participate and contribute in all scheduled learning activities.
Teaching Schedule
This course is clustered (co-delivered and co-assessed) with MKTG7947C Evaluate organisation’s financial performance
The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete this course. This may include not only scheduled classes but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.
Week |
Topic |
Readings and Activities |
Assessment |
1 |
Course requirements Overview of assessment requirements including Recognition of Prior Learning and Credit Transfers Topic 1. Finance Introduction and Finance function. Overriding goal of financial management |
Reading: * Canvas Shell Navigation * What is leverage Activity: EPS Questions
|
|
2 |
Topic 2 : Accessing, Interpreting and using Financial Statistics for the Financial Services Industry This includes discussing the Australian Bureau of statistics (ABS), Reserve Bank, ATO, Etc
|
Reading: Topic Slides Activity: ABS Website questions
|
|
3 |
Topic 3 Statistical Ratios and Analytical Tools for the Financial Services Industry |
Reading: Ratio summaries and frequency distributions and Histograms Activities: Review questions |
|
3 |
Topic 3 - Statistical Ratios and analysis tools for the Financial Services Industry |
Reading: Ratio summaries, frequency tables Activity: Review questions and Histograms |
|
4 |
Topic 4 Business Statistics Measures of Central Tendency and Dispersion Standard Deviation and Normal Distribution |
Reading: Canvas Week 4 Materials Activities: Central Tendency questions Measures of dispersion questions Normal Distribution questions |
|
| 5 |
Topic 5 Correlation and Regression Analysis Portfolio Analysis Capital Asset Pricing Model (CAPM) |
Reading: Week 5 Canvas materials Activities: Correlation and Regression questions |
Assessment 1 Due for Submission |
| 6 |
Topic 6 - Cost of Capital Debentures - Yield to Maturity Weighted Average Cost of Capital (WACC) |
Reading: Week 6 Canvas materials Activities: Cost of Capital questions and WACC questions |
|
| 7 |
Topic 7 - Working Capital Management Time Value of Money |
Reading: Week 7 Canvas materials Activities: Working Capital Questions |
|
| 8 |
Topic 8 Inventory Management including EOQ and Safety Stock and Z factors |
Reading: Week 8 Canvas materials Activities: EOQ and Safety stock questions |
|
| 9 | Topic 9 Accounts Receivable Management including DSO and Prompt discount rate calculations |
Reading: Week 9 Canvas Materials Activities: Debtors questions |
Assessment 2 Due for Submission |
| 10 |
Topic 10 - Long Term Planning and Capital Budget NPV and cash flow construction |
Reading : Week 10 Canvas materials Activities: Capital Investment questions |
|
| 11 |
Topic 11 Lease versus Buy IFRS16 Leasing Standard |
Reading: Week 11 Canvas materials Activities: Lease versus Buy questions |
|
| 12 | Work in class on Assessment 3 | Activities: Pit Stop meeting with teacher to review Excel model calculations | |
| 13 | Work in Class on Assessment 3 | Activities: Pit Stop meetings to review excel model calculations and business Report | |
| 14 | Work in Class on Assessment 3 |
Activities; Complete excel model and Business Report / SWOT |
Assessment 3 Due for Submission |
| 15 | Assessment 3 Role Play | Activity: One on one role plays with student and Mr. Murray (owner of the business) | |
| 16 | Resubmissions |
Learning Resources
Prescribed Texts
References
Other Resources
Overview of Assessment
Performance Evidence
Evidence of the ability to:
- apply statistical methods to work in the financial services industry
- source and access statistical and other data, and produce and interpret statistics
- use financial data tools and calculations to produce accurate and informative statistical reports from data
- efficiently record and store data for retrieval.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
Knowledge Evidence
To complete the unit requirements safely and effectively, the individual must:
- explain and apply mathematical principles and statistical methods
- describe the range of statistical ratios and analysis tools relevant to the financial services industry
- outline sources of relevant information available to the financial services industry, and their relevance
- recognise and explain types of graphs, charts, diagrams and tables used in statistical modelling and reporting
- explain the principles of statistical standards and sampling techniques that are used to gather valid data.
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the industry capability field and include access to:
- statistical modelling software and data
- common office equipment, technology, software and consumables
- statistical reports and data.
Assessors must satisfy NVR/AQTF assessor requirements.
You are advised that you are likely to be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met.
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 clustered (co-delivered and co-assessed) with ACCT5390C Interpret and Use Financial Statistics & Tools
The cluster will have 3 assessments.
Assessment 1 comprises a report that consists of a series of extended response questions that cover a. Financial statistics and b. Financial Performance. This assessment will allow you to demonstrate your knowledge required to access, interpret and analyse statistical data in the financial services industry and evaluate returns to operations, determine short-term and ling-term needs and evaluate an organisation's financial position and performance. This assessment will be due to be submitted in Week 5.
Assessment 2 - This product assessment task will allow you to demonstrate your ability to access, interpret and analyse statistical data relevant to the financial industry. You will be required to source and interpret financial statistical data and analyse the data using appropriate techniques and tools. You will preparing a report to your client outlining your recommendations. This assessment will be due to be submitted in Week 9.
Assessment 3 This will consist of a holistic case study. The case study will be discussed extensively in class and students will have the opportunity to work on it during the Semester. You will be assessing the financial performance of the company using financial techniques submitted on a spreadsheet and preparing a Report including an evaluation of the business and recommendations to address the owners concerns. This assessment will be due to be submitted in Week 14.
You must successfully complete all tasks to be deemed competent in this course.
Assessment Matrix
Refer Competency Assessment Maps in CANVAS. Refer https://rmit.instructure.com/courses/74472/assignments/475045
Other Information
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 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. Applications for special consideration must be submitted no later than two working days after the assessment task deadline or scheduled examination.
More Information: https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/special-consideration
Resubmissions (VE Programs):
If you are found to be unsuccessful in a particular Course Assessment Task (or you do not submit/attend) you will be allowed one resubmission. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission.
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 the assessment arrangements might be granted please access the following website:
Marking Guide (Competency):
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.
Course Overview: Access Course Overview