Course Title: Manage budgets and financial plans

Part B: Course Detail

Teaching Period: Term2 2024

Course Code: ACCT5437C

Course Title: Manage budgets and financial plans

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: Melbourne Cricket Education Academy

Program: C5406 - Diploma of Business

Course Contact: Steven Hansen

Course Contact Phone: +61 3 9925 5705

Course Contact Email: steven.hansen@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Unit Leader: Alexandra Iliopoulos

Contact: alexandra.iliopoulos@rmit.edu.au

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

None

Course Description

This unit describes the skills and knowledge required to undertake financial management in an organisation or work area. It includes planning and implementing financial management approaches and supporting and evaluating effectiveness of financial management processes.

The unit applies to managers in a wide range of organisations and sectors who have responsibility for the effective use of financial resources within work teams. They are responsible for ensuring that financial resources are managed in line with the financial objectives of the team and organisation.

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:

BSBFIN501 Manage budgets and financial plans

Element:

1. Plan financial management approaches

Performance Criteria:

1.1 Access budget and financial plans for work team

1.2 Evaluate budget and financial plan outcomes with required organisational personnel

1.3 Negotiate any changes required to be made to budget and financial plans with required organisational personnel

1.4 Prepare contingency plans in the event that initial plans need to be varied

Element:

2. Implement and monitor financial management plans

Performance Criteria:

2.1 Communicate details of agreed budget and financial plans to relevant team members

2.2 Support team members to access resources and systems to perform required roles

2.3 Implement processes to monitor actual expenditure, control costs and modify contingency plans as required according to financial objectives

2.4 Report on budget and expenditure according to organisational protocols

Element:

3. Review and evaluate financial management plans

Performance Criteria:

3.1 Collect information on effectiveness of financial management processes within work team

3.2 Analyse variance between actual and budgeted finances

3.3 Identify and recommend improvements to existing financial management processes

3.4 Implement agreed improvements according to financial objectives of work team and organisation

3.5 Evaluate agreed improvements

Learning Outcomes


This course is structured to provide students with the optimum learning experience in order to demonstrate the skills and knowledge required to undertake financial management in an organisation or work area. 


Details of Learning Activities

Weekly in and after class activities have been developed for this course. Each activity is specifically designed to increase student knowledge and understanding of the application of key concepts covered throughout the unit.

Activities will include collaborative group and self-paced individual tasks developed to simulate real workplace environments and requirements.

All activities require participation and completion.


Teaching Schedule

Cluster Name

Finance and Resource Management

Unit 1

ACCT5437C – Manage budgets and financial plans

Unit 2

BUSM8917C – Manage business resources

Week Number

Topics

 

1
  • Induction
  • Introduction to Unit and Educator
  • Unit guide
  • 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

  • Introduction to financial and resource management
  • Planning for financial management

Complete activities available on canvas

After Class Activities

  • Set up Microsoft Office 365

Workshop Assessment Tasks

Overview of all assessments

 

 

2

Accounting and business concepts

  • Business Structures
  • 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

Workshop Assessment Tasks

 

 

 

3

Understanding and clarifying budgets and financial plans

  • The role of budgets in financial and resource management
  • Budget differences based on business type
  • Using the budgets to measure organisational performance
  • Insights available from budgets in managing organisational risk

Complete activities available on canvas

Workshop Assessment Tasks

 

 

 

4

Analysing cost concepts and cost behaviour

  • Cost Classification and Concepts
  • Developing Budgets and Resource Plans
  • Legal and regulatory compliance including GST

Complete activities available on canvas

Workshop Assessment Tasks

 

 

 

5

Communication, Approvals and Risk Management

  •  Communication throughout the budget and resource planning process
  • Approvals and Stakeholders
  • Risk Management
  • Risk Treatments
  • Contingency Planning

Complete activities available on canvas

Workshop Assessment Tasks

 

 

 

6

Resource Procurement and Allocation

  • Identifying existing and shared resources
  • Allocation of resources
  • Skills Gap Analysis
  • Recruiting for Human Resources
  • Procurement for material and physical resources

Complete activities available on canvas

Workshop Assessment Tasks

 

 

 

7

Implementation of Budgets and Business Resource Plans

  • Human Resource training and supports
  • Performance metrics and KPI's
  • Key Result Areas (KRA's)
  • Developing systems and processes for monitoring budget performance and resource usage

Complete activities available on canvas

Workshop Assessment Tasks

 

 

 

Mid Semester Break 2 Sep to 8 Sep

8

Monitoring Budgets and Business Resource Plans

  • Using systems and processes to monitor performance
  • Monitoring Procedures
  • Cost controls and compliance
  • Corrective measures
  • Risk registers and contingency plans

Complete activities available on canvas

Workshop Assessment Tasks

 

 

 

9

Resource Procurement, Risk Registers & Communication

  • Physical Procurement Processes
  • Lifecycle Management
  • Risk Registers
  • Communication
  • Negotiation & Conflict Resolution

Complete activities available on canvas

Workshop Assessment Tasks

 

 

10

Outsourcing and managing resources according to business unit objectives

  • Resources outside of the organisation
  • Outsourcing Drivers
  • Introduction to Core Capabilities
  • Outsourcing
  • Offshoring
  • Complete activities available on canvas

Workshop Assessment Tasks

 

 

11

Legislative & Regulatory Compliance

  • Work Health & Safety Standards
  • Corporate Social Responsibility
  • Managing & Monitoring Work Teams

Complete activities available on canvas

Workshop Assessment Tasks

 

 

12

Organisational Strategy

  • Links to core capabilities
  • Corporate Strategy
  • Operational Strategy
  • Cash Flow
  • Progress Reports

Complete activities available on canvas

Workshop Assessment Tasks

 

 

13

Understanding organisational capabilities

  • Organisational capabilities
  • Competitive advantage
  • VRIO Analysis
  • Balanced Scorecard
  • Evaluation of resource plans and budgets
  • Complete activities available on canvas

Workshop Assessment Tasks

 

 

14

Continuous Improvement

  • Understanding Continuous Improvement
  • Kaizen & Deming Cycle Frameworks
  • Case Studies
  • Complete activities available on canvas

Workshop Assessment Tasks

 

 

15

Assessment Task 3 Review and feedback session

  • This session will be dedicated to support, peer review, feedback, and recommendation regarding the quality of students' submissions.
  • This session will be moderated by your teacher synchronously (F2F or online).

Great participation and professional collaboration are expected so that all students will benefit constructively from this opportunity. 

 

16

 Resubmit and feedback session

This session will be dedicated to support, peer review, feedback, and recommendation regarding the quality of students' submissions.

 


Learning Resources

Prescribed Texts


References


Other Resources

All learning material and activities are provided in a week to week format. Students are required to attend scheduled classes having completed the required reading.


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:

  • manage the budget and financial plan of an organisation for one reporting period.

In the course of the above, the candidate must:

  • communicate with relevant people to clarify budget and financial plans, negotiate changes and disseminate information
  • prepare, implement and modify financial contingency plans
  • monitor expenditure and control costs
  • support and monitor team members
  • report on budget and expenditure
  • review and make recommendations for improvements to financial processes
  • meet record-keeping requirements for Australian Taxation Office (ATO) and for auditing purposes.

 

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:

  • basic accounting principles
  • types of budgets and financial plans
  • legislation and current ATO requirements, including the Goods and Services Tax (GST)
  • key requirements for financial record keeping and auditing
  • principles for managing work teams
  • principles and techniques involved in managing:
  • budgeting
  • cash flows
  • electronic spreadsheets
  • Goods and Services Tax
  • ledgers and financial statements
  • profit and loss statements
  • evaluation of budget and financial plans.

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:

  • workplace policies and procedures
  • workplace budgets and financial plans.

 

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 delivered as a cluster with BUSM8917C - Manage Business Resources.

This course includes three (3) assessment tasks. All three (3) assessment tasks must be satisfactorily completed to achieve competency in the course. All assessment tasks are based on a simulated work environment provided via an organisational Case Study. All three assessment tasks will guide students through all the stages required to prepare 3 resource plans and financial budgets.

Assessment Task 1: Planning, conducting and communicating budgets and resource plans

Due Date:  Week 7

The purpose of this assessment is to allow students to demonstrate a range of skills and knowledge including their understanding of the following key areas:

  • Planning financial management approaches
  • Analysing resource requirements
  • Developing resource plans including the allocation of resources
  • Principles in risk, resource and legislative management and compliance.

This assessment will guide students through the planning, preparation and communication required when completing 3 resource plans and budgets for an organisation. The assessment is split into three parts where:

PART A: Resource Meeting Planning - Students will prepare budgets for a resource and finance planning meeting

Consisting of two (2) questions/tasks, this part of the assessment requires students to independently collate, analyse and complete resource planning and budget information. This will be reviewed during the resource plan meeting (Part B). 

PART B: Conduct the Resource Meeting  - Students will conduct a meeting to discuss the requirements of the budgets and resource plans. This will be an Observed Role Play.

In this part students will join with two other students to form a group of three. In each group students will conduct a role play of a resource plan meeting, where each resource plan will be discussed. Students will take it in turns to play the role of the resource manager and the remaining two students will support the discussion as the relevant department leads.

PART C: Communicate Meeting Outcomes - Students will communicate the outcomes of the resource meeting to all relevant parties.

Consisting of four (4) questions/tasks, this part of the assessment requires students to demonstrate their understanding of:

  • Communicating meeting outcomes
  • Addressing ATO and GST, legislative, accounting and risk management principles
  • Identifying resource acquisition and allocation processes
  • Identifying elements required to monitor usage of physical and human resources

Assessment Task 2: Case Study

Due Date: Week 10

The purpose of this assessment is to allow students to demonstrate a range of skills and knowledge including their understanding of the following key areas:

  • Planning, implementing and reviewing financial plans and resource management practices
  • Analysing resource requirements
  • Developing resource plans including the allocation of resources

This assessment task requires students to complete ten (10) questions/tasks based on a provided Case Study. The assessment is divided into three parts where:

Part A: Resource planning and Evaluation Framework - Students will be required to complete two (2) questions covering risk management, policies and resource planning concepts.

Part B: Determine resource requirements - Students will be required to complete four (4) questions specifically addressing the resource needs of the 3 required resource plans

Part C: Implement budgets and allocate resources - Students will be required to complete four (4) questions/tasks to implement the budgets and allocate resources required for the three resource plans.

Assessment Task 3: Progress Report

Due Date: Week 14

This is the third assessment required for this unit. 

The purpose of this assessment is to allow students to demonstrate a range of skills and knowledge including their understanding of the following key areas:

  • Implementing and reviewing financial plans and resource management practices
  • Developing resource plans including the allocation of resources
  • Reviewing, evaluating, and reporting on financial management plans and resource use

Assessment Task 3 is split into three parts:

PART A: Monitor and review resource and financial plans - Students are required to complete one (1) question addressing the monitoring and review procedures required for their three resource and finance plans.

PART B: Stingray Progress Report - Students are required to complete three (3) questions/ tasks required to report on the progress of their three finance and resource plans.

PART C: Implement review and evaluate financial and resource plan improvements - Students are required to complete three questions/tasks in evaluating their resource and finance plans.


Assessment Matrix

Course Overview: Access Course Overview