Manage budgets and financial plans

Assessment Details
Qualification Code/Title BSB50120 Diploma of Business
Assessment Type Assessment -02 (Project) Time allowed 5 weeks
Due Date   Location AHIC Term / Year 2/2022

 

Unit of Competency
National Code/Title BSBFIN501 Manage budgets and financial plans

 

Student Details
Student Name   Student ID  

 

Student Declaration:  I declare that the work submitted is

my own, and has not been copied or plagiarised from any

person or source.

Signature: ____________________________

Date:         _____/______/__________

 

Assessor Details
Assessor’s Name  
RESULTS  (Please Circle) SATISFACTORY NOT SATISFACTORY

 

Feedback to student:

 

 

 

 

 

 

 

 

 

Student Declaration:  I declare that I have been

assessed in this unit, and I have been advised of my

result.  I am also aware of my appeal rights.

 

 

 

 

 

 

 

Assessor Declaration:  I declare that I have conducted a fair,

valid, reliable and flexible assessment with this student, and I

have provided appropriate feedback.

Signature  

 

 

 

 

 

 

Signature  
Date  

 

 

 

 

Date  

 

 

Instructions to the Candidates

 

v  This assessment is to be completed according to the instructions given below in this document.

v  Should you not answer the tasks correctly, you will be given feedback on the results and gaps in knowledge. You will be entitled to one (1) resubmit in showing your competence with this unit.

v  If you are not sure about any aspect of this assessment, please ask for clarification from your assessor.

v  Please refer to the College re-submission and re-sit policy for more information.

v  If you have questions and other concerns that may affect your performance in the Assessment, please inform the assessor immediately.

v  Please read the Tasks carefully then complete all Tasks.

v  To be deemed competent for this unit you must achieve a satisfactory result with tasks of this Assessment along with a satisfactory result for another Assessment.

v  This is an Open book assessment which you will do in your own time but complete in the time designated by your assessor. Remember, that it must be your own work and if you use other sources then you must reference these appropriately.

Resources required completing the assessment tasks are Learner guide, PowerPoint presentation, Unit Assessment Pack (UAP), Access to other learning materials such as textbooks, Access to a computer, the Internet and word-processing system such as MS Word.

v  Submitted document must follow the given criteria. Font must be Times New Roman, Font size need to be 12 and line spacing has to be Single line.

v  Once you have completed the assessment, please upload the softcopy of the Assessment into AHIC Moodle.

v  Plagiarism is copying someone else’s work and submitting it as your own. Any Plagiarism will result in a mark of Zero.

 

 

 

 

 

 

 

Reasonable adjustments

  • Students with carer responsibilities, cultural or religious obligations, English as an additional language, disability etc. can request for reasonable adjustments.
  • Please note, academic standards of the unit/course will not be lowered to accommodate the needs of any student, but there is a requirement to be flexible about the way in which it is delivered or assessed.
  • The Disability Standards for Education requires institutions to take reasonable steps to enable the student with a disability to participate in education on the same basis as a student without a disability.
  • Trainer/Assessor must complete the section below “Reasonable Adjustment Strategies Matrix” to ensure the explanation and correct strategy have been recorded and implemented if applicable.
  • Trainer/Assessor must notify the administration/compliance and quality assurance department for any reasonable adjustments made.
  • All evidence and supplementary documentation must be submitted with the assessment pack to the administration/compliance and quality assurance department.

 

Reasonable Adjustment Strategies Matrix (Trainer/Assessor to complete)
Category Possible Issue Reasonable Adjustment Strategy

(select as applicable)

¨ LLN ¨ Speaking

¨ Reading

¨ Writing

¨ Confidence

¨ Verbal assessment

¨ Presentations

¨ Demonstration of a skill

¨ Use of diagrams

¨ Use of supporting documents such as wordlists

¨ Non-English-Speaking Background ¨ Speaking

¨ Reading

¨ Writing

¨Cultural background

¨ Confidence

¨ Discuss with the student and supervisor (if applicable) whether language, literacy and numeracy are likely to impact on the assessment process

¨ Use methods that do not require a higher level of language or literacy than is required to perform the job role

¨ Use short sentences that do not contain large amounts of information

¨ Clarify information by rephrasing, confirm understanding

¨ Read any printed information to the student

¨ Use graphics, pictures and colour coding instead of, or to support, text

¨ Offer to write down, or have someone else write, oral responses given by the student

¨ Ensure that the time available to complete the assessment, while meeting enterprise requirements, takes account of the student’s needs

¨ Indigenous ¨ Knowledge and understanding

¨ Flexibility

¨ Services

¨ Inappropriate training and assessment

¨ Culturally appropriate training

¨ Explore understanding of concepts and practical application through oral assessment

¨ Flexible delivery

¨ Using group rather than individual assessments

¨ Assessment through completion of practical tasks in the field after demonstration of skills and knowledge.

¨ Age ¨ Educational background

¨ Limited study skills

¨ Make sure font size is not too small

¨ Trainer/Assessor should refer to the student’s experience

¨ Ensure that the time available to complete the assessment takes account of the student’s needs

¨ Provision of information or course materials in accessible format.

¨ Changes in teaching practices, e.g. wearing an FM microphone to enable a student to hear lectures

¨ Supply of specialised equipment or services, e.g. a note-taker for a student who cannot write

¨ Changes in lecture schedules and arrangements, e.g. relocating classes to an accessible venue

¨ Changes to course design, e.g. substituting an assessment task

¨ Modifications to physical environment, e.g. installing lever taps, building ramps, installing a lift

¨ Educational background ¨ Reading

¨ Writing

¨ Numeracy

¨ Limited study skills and/or learning strategies

¨ Discuss with the Student previous learning experience

¨ Ensure learning and assessment methods meet the student’s individual need

¨ Disability ¨ Speaking

¨ Reading

¨ Writing

¨ Numeracy

¨ Limited study skills and/or learning strategies

¨ Identify the issues

¨ Create a climate of support

¨ Ensure access to support that the student has agreed to

¨ Appropriately structure the assessment

¨ Provide information or course materials in accessible format, e.g.  a textbook in braille

¨ Changes in teaching practices, e.g. wearing an FM microphone to enable a student to hear lectures

¨ Supply of specialised equipment or services, e.g. a note- taker for a student who cannot write

¨ Changes in lecture schedules and arrangements, e.g. relocating classes to an accessible venue

¨ Changes to course design, e.g. substituting an assessment task

¨ Modifications to physical environment, e.g. installing lever taps, building ramps, installing a lift

     
Explanation of reasonable adjustments strategy used (If required)
 

 

 

 

 

 

 

What if you disagree on the assessment outcome?

 

You can appeal against a decision made in regards to your assessment.   An appeal should only be made if you have been assessed as ‘Not Yet Competent’ against a specific unit and you feel you have sufficient grounds to believe that you are entitled to be assessed as competent. You must be able to adequately demonstrate that you have the skills and experience to be able to meet the requirements of units you are appealing the assessment of.

Your trainer will outline the appeals process, which is available to the student. You can request a form to make an appeal and submit it to your trainer, the course coordinator, or the administration officer. The AHIC will examine the appeal and you will be advised of the outcome within 14 days. Any additional information you wish to provide may be attached to the appeal form.

 

 

 

Academic Integrity:

Academic Integrity is about the honest presentation of your academic work. It means acknowledging the work of others while developing your own insights, knowledge and ideas.

As a student, you are required to:

  • Undertake studies and research responsibly and with honesty and integrity
  • Ensure that academic work is in no way falsified
  • Seek permission to use the work of others, where required
  • Acknowledge the work of others appropriately
  • Take reasonable steps to ensure other students cannot copy or misuse your work.

 

Plagiarism:

Plagiarism means to take and use another person’s ideas and or manner of expressing them and to pass them off as your own by failing to give appropriate acknowledgement. This includes material sourced from the Internet, RTO staff, other students, and from published and unpublished work.

Plagiarism occurs when you fail to acknowledge that the ideas or work of others are being used, which includes:

  • Paraphrasing and presenting work or ideas without a reference
  • Copying work either in whole or in part
  • Presenting designs, codes or images as your own work
  • Using phrases and passages verbatim without quotation marks or referencing the author or web page
  • Reproducing lecture notes without proper acknowledgement.

 

Collusion:

Collusion means unauthorised collaboration on assessable work (written, oral or practical) with other people. This occurs when a student presents group work as their own or as the work of someone else.

Collusion may be with another RTO student or with individuals or student’s external to the RTO. This applies to work assessed by any educational and training body in Australia or overseas.

Collusion occurs when you work without the authorisation of the teaching staff to:

  • Work with one or more people to prepare and produce work
  • Allow others to copy your work or share your answer to an assessment task
  • Allow someone else to write or edit your work (without rto approval)
  • Write or edit work for another student
  • Offer to complete work or seek payment for completing academic work for other students.

 

Both collusion and plagiarism can occur in group work. For examples of plagiarism, collusion and academic misconduct in group work please refer to the RTO’s policy on Academic integrity, plagiarism and collusion.

Plagiarism and collusion constitute cheating. Disciplinary action will be taken against students who engage in plagiarism and collusion as outlined in RTO’s policy.

Proven involvement in plagiarism or collusion may be recorded on students’ academic file and could lead to disciplinary action.

 

Assessment Formatting and Answer length Guidance:

Your submitted document must follow the given criteria:

  • Font must be Times New Roman, Font size need to be 12 and line spacing has to be Single line.
  • Your assessment needs to be submitted as an electronic copy unless requested differently by your assessor.
  • The Assessment file name for electronic copy should follow :

 

Student Id_Assessment_No ( Example AHI000014_Assessment 1

 

Referencing

Include a reference list at the end of your work on a separate page or as footnotes. You should reference the sources you have used in your assessments in the Harvard Style.

To access a web-based tool, see Harvard Style online generator

http://www.harvardgenerator.com

 

 

 

 

 

 

Assessment Task 2: Project Portfolio

Information for students

In this task, you are required to demonstrate your skills and knowledge by working through a number of activities and completing and submitting a project portfolio.

You will need access to:

  • a suitable place to complete activities that replicates a business environment including a meeting space and computer and internet access
  • workplace policies and procedures relating to financial management (included in the BSBFIN501 Simulation Pack for students completing this assessment for the case study organisation)
  • workplace budgets and financial plans (included in the BSBFIN501 Simulation Pack for students completing this assessment for the case study organisation)
  • your learning resources and other information for reference
  • Project Portfolio

Ensure that you:

  • review the advice to students regarding responding to written tasks in the Business Works Student User Guide
  • comply with the due date for assessment which your assessor will provide
  • adhere with your RTO’s submission guidelines
  • answer all questions completely and correctly
  • submit work which is original and, where necessary, properly referenced
  • submit a completed cover sheet with your work
  • avoid sharing your answers with other students.

 

Assessment information
Information about how you should complete this assessment can be found in Appendix A of the Business Works Student User Guide. Refer to the appendix for information on:

·           where this task should be completed

·           how your assessment should be submitted.

Note: You must complete and submit an assessment cover sheet with your work. A template is provided in Appendix B of the Student User Guide. However, if your RTO has provided you with an assessment cover sheet, please ensure that you use that.

 

 

Activities

Complete the following activities:

  1. Carefully read the following:
This assessment requires you to demonstrate your skills and knowledge in managing budgets and financial plans.

This project can be based on the case study business in the BSBFIN501 Simulation Pack or you may like to base this on your own business, or a business you are currently working for or are familiar with. Speak to your assessor to get approval if you want to base this on your own business or one you work for.

You will be collecting evidence for this unit in a Project Portfolio. The steps you need to take are outlined below.

  1. Preparation
Make sure you are familiar with the business you are basing this assessment on and have read through the necessary background information and policies and procedures. For the case study business, this is all of the documents included in the BSBFIN501 Simulation Pack. If it’s your own business or a business where you are working or are familiar with, it’s important at this step that you have your business or case study approved by your assessor.

Complete Page 4 of your Project Portfolio for this unit.

Read through the requirements of Section 1, 2, 3 and 4 of your Project Portfolio which include detailed guidance relevant to all the assessment activities.

Remember to create logical folders for all of your work and in the final assessment task you will submit a screenshot of these folders. This will ensure you follow record keeping requirements.

  1. Plan financial management approaches.
You are required to plan financial management approaches for a business. This involves:

·           Accessing, reviewing and then reporting on the budget and financial plans relevant to your team or department.

·           Evaluating budget and financial plan outcomes.

·           Preparing contingency plans in case plans need to be varied.

·           Identifying if any changes need to be made to the budget and financial plans and negotiating these changes.

If you are completing this for the case study business, you will answer all the questions in your Portfolio based on your Simulation Pack. If it is your own business, you will need to access the budgets and financial plans relevant to your team or department, as well as relevant workplace policies and procedures.

Complete Section 1 of your Project Portfolio.

Submit your Portfolio to your assessor.

  1. Preparing to implement financial management plans
You are to prepare a presentation to provide to your team.  This can be any format you wish as per the instructions in your Portfolio. The purpose of the presentation is to:

·           communicate the details of the agreed budget and financial plans

·           provide support to your team in order to implement the budgets and financial plans

·           provide information to your team about financial management processes to monitor expenditure, controls costs and adjust contingency plans as required.

Prepare your presentation following the guidelines in your Portfolio. Make sure your presentation has a logical structure and is in language that your team can understand. Your presentation will last for approximately 15 minutes and you will need to ensure you provide the opportunity for other students to answer questions.

Complete Section 2 of your Project Portfolio.

Submit your Portfolio to your assessor. Your assessor will then advise you of the date and time of your presentation, as well as the students who will be participating.

  1. Implementing financial management plans
In a group round-table style discussion with a student group of approximately two or three, you will provide your presentation.

Each person will have a turn (15 minutes per person) to present their work.

Your assessor will be looking to see that you can:

·           demonstrate effective communication skills including:

o     Speaking clearly and concisely

o     Using non-verbal communication to assist with understanding

o     Asking questions to identify required information

o     Responding to questions as required

o     Using active listening techniques to confirm understanding

·           Use language that your audience can understand.

This can either be viewed in person by your assessor or you may like to video record the session for your assessor to watch later. Your assessor can provide you with more details at this step. Make sure you follow the instructions above and meet the timeframes allocated.
  1. Monitoring and evaluating financial management plans
If you are using the case study business you are to complete this activity. If you are using your own business, you may analyse information on the budget and expenditure. If this is not possible, you may also complete this same activity.

Assume it is the end of the reporting period. Review the information in the simulation pack and report on:

·           Expenditure and income

·           Actual versus forecasted budget

·           Effectiveness of the financial management processes as per the team’s feedback

·           Recommended improvements to financial management processes.

Work on Section 3 of your Project.

  1. Implement agreed improvements
You are to implement one of the recommendations you have identified in the previous activity and provide the required evidence. Follow the instructions in your Portfolio to complete this task.
Complete Section 3 of your Project Portfolio.

Submit your Portfolio to your assessor.

  1. Evaluate improvement
You are to evaluate the improvement you implemented in the previous activity and provide the required evidence. Follow the instructions in your Portfolio to complete this task.
  Complete Section 4 of your Project Portfolio.
  1. Submit your completed Project Portfolio
Make sure you have completed all sections of your Project Portfolio, answered all questions, provided enough detail as indicated and proofread for spelling and grammar as necessary.

Submit to your assessor for marking.

 

Assessment Task 2: Checklist

Student’s name:
Did the student: Completed successfully? Comments
Yes No  
Manage the budget and financial plan of an organisation for one reporting period?      
Access and review budget and financial plans for work team?      
Evaluate budget and financial plan outcomes?      
Negotiate at least one change required to be made to budget and financial plans?      
Develop contingency plans in case that the initial budget/financial plan needs to be varied?      
Communicate details of agreed budget and financial plans to relevant team members?      
During the presentation, demonstrate effective communication skills including:

·           speaking clearly and concisely

·           using non-verbal communication to assist with understanding

·           asking questions to identify required information

·           responding to questions as required

·           using active listening techniques to confirm understanding?

     
Support team members to access resources and systems to perform required roles?      
Implement processes to monitor actual expenditure, control costs and modify contingency plans and according to financial objectives?      
Report on budget and expenditure?      
Collect and assess information on effectiveness of financial management processes within work team?      
Analyse variance between actual and budgeted finances?      
Identify and recommend improvements to existing financial management processes?      
Implement agreed improvements as per the financial objectives of work team and organisation?      
Evaluate and report on agreed improvements to financial management processes?      
Task outcome: Satisfactory Not satisfactory
Assessor signature:  
Assessor name:  
Date: