Course Title: Manage budgets and financial plans

Part B: Course Detail

Teaching Period: Term1 2025

Course Code: ACCT5434C

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: City Campus

Program: C5406 - Diploma of Business

Course Contact: Jeremy Glover

Course Contact Phone: +61 3 9925 1485

Course Contact Email: jeremy.glover@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Alexandra Iliopoulos

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

This course is structured to provide you with the optimum learning experience. A range of learning activities are provided during the semester and are designed to enhance learning and understanding of the topics.

You will be required to participate in a combination of group and individual learning activities. These activities will be provided through classroom work time and additional learning activities will be provided to you to complete outside of the scheduled class time.

A range of in class activities, case studies and independent research is included as the learning activities for this course. We expect you to participate and contribute in all scheduled learning activities.

The learning activities will also include group discussion, group problem solving activities and opportunities to practice your skills in a simulated workplace environment.


Teaching Schedule

Course Schedule:                                                           Semester 1 2025

  

Week

  

Week Commencing

  

Topic / Activities

 

Assessment

  

Week 1

 

  		 10th Feb 2025 Course Induction
Introduction to Financial & Resource Management

 

  

Week 2

 

  

17 Feb 2025

  

Accounting & Business Concepts

  • Business structures
  • Accounting concepts
  • The budgetary development process & control systems

 

  

Week 3

 

  

24th Feb 2025

  

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

 

  

Week 4

 

  

3rd March 2025

  

Analysing cost concepts and cost behaviour

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

 

  

Week 5

 

  

10th March 2025

  

Communication, Approvals and Risk Management

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

 

 

 

  

Week 6

 

  

17th March 2025

  

Resource Procurement and Allocation

  • Resource allocation and proposals
  • Planning for resource allocation
  • Human and Physical resource considerations
  • Cost Benefit Analysis Overview
  • Challenges in Resource Allocation and Mitigation Strategies
  • External Resourcing

Assessment 1: Part B Role Play Observation Due

  

Week 7

  

24th March 2025

  

Implementation of Budgets and Business Resource Plans

  • Human Resource Recruiting Process
  • Human Resource Training & Supports
  • Performance Metrics including OKRs, KRAs & KPIs
  • Implementation Methods and Tools

 

Assessment 1: Part A & C Written Submission Due

Week 8 

 31st March 2025

Monitoring Budgets and Business Resource Plans

  • Monitoring resource plans & budgets
  • Systems and processes to monitor performance
  • Root Cause Analysis
  • Cost controls & compliance
  • Corrective measures
  • Contingency plans
  

Week 9

 

  

7th April 2025

  

Resource Procurement, Risk Registers & Communication

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

 

  

Week 10

 

  

14th April 2025

  

Outsourcing and managing resources according to business unit objectives

  • Resourcing outside of the organisation
  • Outsourcing Drivers
  • Introduction to core capabilities
  • Outsourcing

Assessment 2: Case Study Due

  

Mid Semester Break 18th April 2025 to 25th April 2025

Week 11

 

  		 28th April 2025

Legislative & Regulatory Compliance

  • Work Health & Safety Standards
  • Corporate Social Responsibility
  • Principles of Managing Work Teams
  • Developing Evaluation Procedures  

 

  

Week 12

 

  

5th May 2025

  

Organisational Strategy & Financial Statements

  • Corporate, Business and Operational Strategy
  • Corporate Strategic Decisions
  • Links between corporate strategy, resource management & budgets
  • Financial Statements
  

 

  

Week 13

  

12th May 2025

  

Understanding organisational capabilities

  • Organisational Capabilities
  • Competitive Advantage
  • Assessing Capabilities

    • VRIO
    • Balanced Scorecard

 

  

Week 14

  

19th May 2025

  

Continuous Improvement

  • Continuous Improvement 
  • Case Studies
  • CI Frameworks including Kaizen and Deming Cycle

 

  

Week 15

  

26th May 2025

  

Assessment Task 3 Review and feedback session

  

Assessment 3: Progress Report Due

  

Week 16

  

 2nd June 2025

  

Re-submissions and resit 

  

Assessment Resubmissions

  


Learning Resources

Prescribed Texts


References


Other Resources

Available on Canvas


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 BUSM6517C - 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 15

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

Available on Canvas

Other Information

None

Course Overview: Access Course Overview