Manage Budgets and Financial Plans | My Assignment Tutor

BSBFIM501 Manage Budgets and Financial Plans Assessment Task 1Feedback Cover SheetStudent Name  Student Id Assessor Name Evidence CollectedBenchmark Requirements MetYESNO1. Observation checklists:Clarify budget and negotiate changes☐☐ 2. Tasks:☐☐☐☐OutcomeSatisfactory ☐Not Satisfactory ☐Feedback To Student Assessor’s Signature Date Students please note: Your results will be made available in your Student Portal. Your Trainer will also email you with feedback on your performance, including where gaps are identified. Please ensure you regularly login to your student portal and Stanley College email to check this information. All decisions, including Assessments Outcomes can be appealed. For more information please refer to our Complaints and Appeals Policy (available from Student Services team or via our website) Assessment Task 1: Plan financial management approaches Submission details This assessment task is due on the ‘Assessment Cover Sheet’ specified by your assessor. Any variations to this arrangement must be approved in writing by your assessor. Submit this document through management@stanleycollege.edu.au inbox or if your unit is on Moodle you will submit through your student log-in: https://sclms.moodle.school/login/index.php. All assessments to be submitted electronically with any required evidence attached. See specifications below for details. Performance objective You will demonstrate the ability to plan financial management approaches. Assessment description In response to the scenario provided, you will clarify budget plans with your manager and negotiate changes to the budget. You will then identify and analyse a risk to the budget and prepare a contingency plan to prevent or minimise the risk. Assessment introduction The assessment task includes two main sections: Procedure and Specifications. You are required to understand the difference between these sections:    Procedure Review the scenario below: Role You are the Manager of Sales Centre A, based in Adelaide at Big Red Bicycle Pty Ltd. The centre has achieved great success over the last year and consistently outsells other sales centres. In fact, due to the large number of accounts managed by your sales team and larger staff, your centre is expected to sell as much volume as the other two sales centres put together. Naturally, you expect cost allocations to reflect the both the needs and importance to the business of Cost Centre A. Task A The Sales General Manager, Sam Gellar, has asked you to review the master budget and cost centre budgets prepared by the Senior Accountant. She would like you to meet with her to discuss the whether the budget projections are achievable, accurate, understandable and fair. She would like you to look closely at the budget for your cost centre, note any changes you think are necessary, develop an argument for the changes and negotiate those changes with her. Information you are aware of includes: Sales in the first quarter (Q1), third quarter (Q3), and the fourth quarter (Q4) are generally 30% less than the second quarter (Q2).Sales in Q2 depend on completion of 90% of repair and maintenance.Sales for Q2 have been estimated to be $1,000,000.Commission negotiated with members of the sales team is now at 2.5%. Task B It has come to the attention of the Managing Director, Tom Copeland, that due to the current economic climate, sales volume may be 20% below target this financial year. Tom is worried that this may severely impact profit projections. The company can accept as much as a 10% variance in profit projections; however, more than this could severely affect the company’s ability to pay obligations and invest. Reliable data to determine whether the risk has eventuated should be available by mid Q2, when sales data for the company’s product are in. As a special project, the Managing Director has asked you to perform a risk assessment and develop a contingency plan to manage the risk of sales falling 20%. As per organisational policy you should use the contingency plan template provided.   Read and analyse the Big Red Bicycle Pty Ltd Case Study information in Appendix 1 – 3. Appendices Prepare to meet with your Manager (assessor) to clarify budget and negotiate changes:Identify areas of the budget that are not achievable, inaccurate or unclear.Prepare to negotiate necessary changes to the budget.Set up a time with your manager to meet.Role-play 1: Meet with your manager (assessor) to clarify budget and negotiate changes:Identify at least two issues for clarifications.Negotiate at least two changes.Include discussion of basic accounting principles.Refer to relevant legislation and ATO requirements (including the Goods and Services Tax (GST)).Refer to principles and techniques of managing budget items (include: budgeting, cash flows, electronic spreadsheets, GST, ledgers and financial statements, profit and loss statements).Take and keep notes of agreed changes.Your assessor will observe your oral communication skills and ability to interact with others: Observation Checklist  Use the template provided in Appendix 3 for this assessment task, to prepare a Contingency Plan document for persistent risks after the budget changes.Submit all documents required in the specifications below to your assessor. Ensure you keep a copy of all work submitted for your records. Specifications You must: Participate in a role-play:Clarify budget and negotiate changesSubmit:Completed assessment evidence documents. Assessment evidenceInserted documentProvide a contingency plan Notes (including calculation / clarifications / negotiation during the role-play)  Your assessor will be looking for: numeracy skills to read and understand a budget and negotiate budget re-allocationsknowledge of basic accounting principles to identify and use account balancesknowledge organisational requirements related to financial management such as contained in organisational policies and proceduresknowledge of principles and techniques involved in budgeting. Adjustment for distance-based learners No variation of the task is required.Documentation can be submitted electronically or posted in the mail

QUALITY: 100% ORIGINAL PAPER – NO PLAGIARISM – CUSTOM PAPER

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