SITXFIN004 – Prepare and monitor budgets | My Assignment Tutor

SITXFIN004 – Prepare and monitor budgets Assessment ToolMode | Classroom Delivery Assignment Cover Sheet Student IDStudent NameUnitSITXFIN004 – Prepare and monitor budgetsAssessment Task – Title/NumberTrainer/AssessorDate Submitted Note: Plagiarism/Cheating is a serious offence. If a student is found plagiarising/cheating, it may result in a penalty of suspension/cancellation of student’s enrolment. In submitting their work, students must be aware of college’s Plagiarism and Academic Misconduct Policy available in student handbook, college’s website and student administration. Declaration of Originality: By submitting this assignment for assessment, I acknowledge and agree that: This assessment task/work is submitted in accordance with the college’s Plagiarism and Academic Misconduct Policy. I also understand the serious nature of academic dishonesty (such as plagiarism) and the penalties attached to being found guilty of committing such offenceNo part of this assessment task/work has been copied from any other source without acknowledgement of the sourceNo part of this assessment task/work has been written by any other person, except to the extent of team and/or group work as defined in the unit/assessment taskA copy of the original assessment task/work is retained by me and that I may be required to submit the original assignment to the trainer/assessor upon requestThe trainer/assessor may, for the purpose of assessing this assessment task/work:Provide a copy of this assignment to another member of the faculty for review and feedback; and/orSubmit a copy of this assignment to a plagiarism checking service. I acknowledge that a plagiarism checking service provider may then retain a copy of this assessment task/work on its database for the purpose of future plagiarism checking Late submission: Late submission without a prior approval of the trainer/assessor will not be accepted and may delay the assessment outcome. You may also need to resubmit work as per college’s Reassessment Policy. I declare that this assessment is my own work. Student signature:Date: —————————————————————————————————————————————————————————————————————————————————————————————————— Admin Use Only Received | Date StampComments (if any) Assessment SummaryRead all the instructions below before attempting the assessment task. Assessment tasks are tools used to determine if you have the knowledge and skills to complete tasks to industry standards within the workplace. Your trainer/assessor will help you throughout this task and it is your responsibility to provide enough evidence to justify a competent decision by the trainer/assessor. If you do not understand the questions or what is required, ask your trainer/assessor for assistance. For group assessments, all students are to contribute to the assessment tasks. You can work in groups up to a maximum of four people. You are to complete all tasks by the due date and assessments must have a coversheet attached. If you think you do not have enough time to complete the tasks by the due date, discuss with the trainer/assessor the reasons of why you cannot submit on time. Writing your responses When answering questions, ensure that your answers are detailed enough to so the assessor can draw a conclusion that you have the knowledge and/or skills to demonstrate competency. Handwritten answers must be written in blue or black pen. When producing reports, ensure that your project has a title page, table of contents, page numbers, reference list, ensuring that your answers thoroughly match the questions asked. Answer all questions in your own words to avoid plagiarism. Plagiarism is copying someone else’s work or ideas and saying that it your own work. Sources of work must be properly referenced, outlining the source of your ideas. Penalties may include having to resubmit the assessment task again, repeating the Unit of competency, or for repeat plagiarism, expulsion from Australian College of Hospitality & Business Management. Marking of Assessments On submission of your assessment will be marked for a result of either Satisfactory (S) or Not Yet Satisfactory (NYS). If you receive a NYS result, you will be asked to redo the tasks again. To achieve a competent result with this unit, all tasks need to be completed and marked as satisfactory. Your trainer/assessor will provide feedback to you on each task, outlining where you must improve to achieve a Satisfactory (S) result. When all tasks are marked as Satisfactory (S), you will receive a result of Competent (C) for this unit otherwise, you will be marked Not Yet Competent (NYC). Assessments submitted to the trainer/assessor after the due date may not be accepted, and you may have to pay a resubmission fee / adjustment may apply. Students with Special Needs If leaners/learners have any special needs (e.g. physical disability, learning difficulty) regarding assessment, they should be directed to discuss these with the Course Coordinator. The college will endeavour to make all possible and reasonable adjustments to any aspect of assessment in order to address those needs. Some examples of additional support could include: Language, literacy and numeracy (LLN)Assistive technologyAdditional materials or tutorialsAssistance in using technology for online delivery components. Reasonable adjustment Reasonable adjustment refers to any modification made to the learning environment, certification requirements, training delivery or assessment method to help learners with a disability access and participate in education and training on the same basis as those without disability (IBSA, 2015). The Disability Standards for Education 2005 were formed under the Disability Discrimination Act 1992. They clarify the obligations of training providers to ensure that learners who have a disability are able to access and participate in education and training on the same basis as those without disability. Some examples of reasonable adjustments could include: Personal support services, e.g. a reader, Auslan interpreter, a scribeassistive technology or special equipment, e.g. screen readers, magnifiers, alternative keyboardsmodifying the presentation method, e.g. visual, oral, print, electronicadjustments to timeframes, e.g. providing materials prior to class, extended time limitsadjustment of the physical environment, e.g. specific furniture, arrangement of classroom. The determination of “reasonableness” requires judgement that must take into account the impact on the RTO and the need to maintain the integrity of the qualification. While reasonable adjustments can be made to the ways in which evidence of performance is gathered and demonstrated, the criteria for making Competent/Not Yet Competent decisions (and/or awarding grades) should not be altered in any way. That is to say, the standards expected should be the same irrespective of the group and/or individual being assessed (Disability Standards for Education 2005). Skill Recognition and Credit Transfer Appropriate credit(s) may be granted to eligible students against each unit of competency on presentation of evidence of successful completion of the same unit in an equivalent or higher qualification. Under the Australian Qualifications Framework, this qualification recognises competencies achieved as part of a Nationally Recognised Qualification from other institutes or universities. Students may also apply for Recognition of Prior Learning (RPL) by providing evidence that they have the required skills and knowledge in the specific areas of competency through work/industry experience and/or completed eligible assessments in equivalent or higher qualification. Please refer to college’s RPL/Credit Transfer Policy for more information and applicable procedures. The policy is available either through the faculty coordinator or college’s website Academic Policies and Procedures Applicable policies and procedure related to this course including plagiarism, assessments, appeals and complaints, can be found with the course coordinator as well as in the “Policies and Procedures” section of the college’s website. Submission of Work All the written works must be submitted in a hard copy, and an additional soft/electronic copy if required by the trainer/assessor, with an accompanying “Assessment Cover Sheet”. Each Assessment Cover Sheet should be signed by the student and must contain student details and date of submission. Material submitted for assessment—Word processed assignments, reports, essays, projects, etc. must contain student’s name, ID (if available). Within the context of these assessment tasks, the assessor fulfils the role of client, manager or supervisor, as applicable. Work submitted for “approval” within this context must demonstrate care and attention to detail, such that the student inspires confidence that the work is being undertaken competently. Where soft copy/electronic files are submitted, students are encouraged to name the files according to established procedure. This would typically include a course or unit code, assessment or submission code, and in the case of multiple files an alphanumeric identifier. Multiple files may also be required to be submitted within an enclosing folder (with similar, appropriate naming conventions) or archive format—e.g. zip. Follow submission guidelines in each assessment task for specific instructions. Unit Overview This unit describes the performance outcomes, skills and knowledge required to analyse financial and other business information to prepare and monitor budgets. It requires the ability to draft and negotiate budgets, identify deviations, and manage the delivery of successful budgetary performance. The unit applies to all tourism, travel, hospitality and event sectors. The budget may be for an entire organisation, for a department or for a particular project or activity. It applies to senior personnel who operate independently or with limited guidance from others and who are responsible for making a range of financial management decisions. Learning Outcomes On successful completion of this unit, the learner/trainee will be able to; Prepare budget information.Prepare budget.Finalise budget.Monitor and review budget. As well as demonstrating the performance criteria, to be assessed as competent, the learner must demonstrate their ability to apply the required knowledge and skills in a range of situations. These are summarised in the Competency Standards section below. Pre-requisite Requirements Nil Performance Criteria The following performance criteria specify the required level of performance for each of the elements of competency: ElementPerformance Criteria1. Prepare budget information.1.1.Determine and confirm scope and nature of required budgets. 1.2.Identify, access and interpret data and data sources required for budget preparation. 1.3.Analyse internal and external factors for potential impact on budget. 1.4.Provide opportunities for colleagues to contribute to budget planning process.2. Prepare budget.2.1.Draft budget based on analysis of all available information. 2.2.Estimate income and expenditure and support with valid, reliable and relevant information. 2.3.Reflect organisational objectives within draft budget. 2.4.Assess and present options and recommendations in a clear format. 2.5.Circulate draft budget to colleagues and managers for input.3. Finalise budget.3.1.Negotiate budget according to organisational policy and procedures. 3.2.Agree on and incorporate modifications. 3.3.Complete final budget in a clear format within designated timelines. 3.4.Inform colleagues of final budget decisions and application within relevant work area, including reporting and financial management responsibilities.4. Monitor and review budget.4.1.Regularly review budget to assess actual performance against estimated performance and prepare accurate financial reports. 4.2.Incorporate all financial commitments into budget and budget reports. 4.3.Investigate and take appropriate action on significant deviations. 4.4.Analyse changes in internal and external environment and make necessary adjustments. 4.5.Collect and record relevant information to assist in future budget preparation. Performance Evidence Evidence of the ability to: prepare a budget for a business that meets the specific business’ needsdemonstrate the following when preparing the above budget: consultation on componentsanalysis of factors that impact on the budgetcompletion of draft and final versions of budget within designated timelinesmonitor and review the above budget against performance over its life cycle. Knowledge Evidence The following knowledge must be assessed as part of this unit: Demonstrated knowledge required to complete the tasks outlined in elements and performance criteria of this unit: types of budgets: cash budgetscash flow budgetsdepartmental budgetsevent budgetsproject budgetspurchasing budgetssales budgetswage budgetswhole of organisation budgets budget terminologyspecific industry sector and organisation: role and nature of budgetsbudget formats, budget performance and financial reportsfinancial reporting procedures and cyclesfeatures and functions of accounting software programs used to prepare and monitor budgetsinternal and external factors that impact on budget development: growth or decline in economic conditionshuman resource requirementsnew legislation or regulationorganisational and management restructuresorganisational objectivesscope of the projectshift in market trendssignificant price movement for certain commodities or itemssupplier availability and costbudget preparation and monitoring practices and techniques:sources and contents of data required for budget preparation: competitor researchcustomer or supplier researchdeclared commitments in areas of operationfinancial information from suppliersfinancial proposals from key stakeholdersincome and expenditure for previous time periodsdepartmental, event or project budgetsgrant funding guidelines or limitationsmanagement policies and proceduresorganisational budget preparation guidelinesperformance information from previous periods techniques for making budget estimatescommon reasons for deviations and budget deviation management. Assessment Task 1: Assessment TaskKnowledge AssessmentScheduleOutcomes AssessedPerformance evidence:1.1,1.2, 1.4, 2.1,2.2,2.3,2.4,2.5, 3.1,3.2,3.3,3.4, 4.1, 4.3,4.4,4.5 Knowledge & Performance EvidenceAddresses some elements of required foundation skills and knowledge as shown in the Assessment Mapping documents Instructions for answering written questions: Student must have to complete a written assessment consisting of a series of questions.It is expected from students to correctly answer all the questions.Answers must demonstrate an understanding and application of relevant concepts, critical thinking, and good writing skills.Student must concise to the point and write answers according to the given word-limit or provide enough evidences to each question and do not provide irrelevant information.Student must not use non-discriminatory language. The language used should not devalue, demean, or exclude individuals or groups based on attributes such as gender, disability, culture, race, religion, sexual preference or age. Gender inclusive language should be used.Assessor should not accept answers copied directly from texts without acknowledgement of the textTrainer/Assessor will provide student further information regarding the location of completing this assessment task. Information for students Knowledge questions are designed to help you demonstrate the knowledge which you have acquired during the learning phase of this unit. Ensure that you: comply with the due date for assessment which your assessor will provideadhere with your ACHBM’s submission guidelinesanswer all questions completely and correctlysubmit work which is original and, where necessary, properly referencedsubmit a completed cover sheet with your workavoid sharing your answers with other students. Knowledge AssessmentQuestions Describe the purpose of each of the following budgets: Budget typePurposeCash/Cash flow budgetDepartmental budgetEvent budgetProject budgetPurchasing budgetSales budgetWages budgetOrganisation wide budget. Define each of the following budget terminology. Budget type terminology DefinitionBudget varianceBalanced scorecardFinancial forecastDescribe why companies may choose to develop budgets. ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ Explain the use of electronic spreadsheets in developing budgets and give two of their key features. ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ List five ways to improve cash inflow and give examples. Ways to improve cash inflows ExampleIdentify and explain three types of financial statements and their purpose. ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ Describe the type of entity that is required to have financial reports audited. ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ Explain three key principles relating to the management of a chart of accounts. ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ Explain the purpose of a profit and loss statement and give two of its key features. ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ Explain the purpose of financial reporting procedures. ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ List the two common reporting cycle periods for financial reporting. ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ For the listed accounting software, describe two key features and two functions of the accounting software. Accounting software Features FunctionsXeroMYOBExplain how each of the factors below impact on budget development. FactorsImpactgrowth or decline in economic conditionshuman resource requirementsnew legislation or regulationorganisational and management restructuresorganisational objectivesscope of the projectshift in market trendssignificant price movement for certain commodities or itemssupplier availability and cost 14. Explain how each of the data below can assist in preparing a budget DataHow the data is useful for preparing a budget.competitor researchcustomer or supplier researchdeclared commitments in areas of operationfinancial information from suppliersfinancial proposals from key stakeholdersincome and expenditure for previous time periodsdepartmental, event or project budgetsgrant funding guidelines or limitationsperformance information from previous periods 15. Explain the importance of each of the following budget preparation practices PracticeImportancemanagement policies and proceduresorganisational budget preparation guidelines 16. Describe two techniques for making budget estimates. ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 17. Explain the concept of budget deviation management. ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 18. Give three common reasons for deviations from budgets. ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ Practical Assessment Project Assessment 2 Assessment TaskBudget planning projectScheduleOutcomes AssessedPerformance Criteria 1.1,1.2, 1.4, 2.1,2.2,2.3,2.4,2.5, 3.1,3.2,3.3,3.4, 4.1, 4.2, 4.3,4.4,4.5Knowledge & Performance EvidenceAddresses some elements of required foundation skills, Knowledge skills and Performance Evidence as shown in the Assessment Mapping documents Learner Instructions The Practical Assessment is a set of tasks that must be completed in a workplace, or in an environment with conditions similar to that of a real workplace. This assessment will help you demonstrate skill requirements relevant to develop, administer and communicate staff rosters for situations involving potentially large numbers of staff working across a range of different service periods or shifts. Answers must demonstrate an understanding and application of relevant concepts, critical thinking, and good writing skills.Student must concise to the point and write answers according to the given word-limit or provide enough evidences to each question and do not provide irrelevant information.Student must not use non-discriminatory language. The language used should not devalue, demean, or exclude individuals or groups based on attributes such as gender, disability, culture, race, religion, sexual preference or age. Gender inclusive language should be used.Assessor should not accept answers copied directly from texts without acknowledgement of the textTrainer/Assessor will provide student further information regarding the location of completing this assessment task. Information for students This task requires you, in the role of the Resort Manager for Blue Healer, to determine the scope and nature of all of the budgets that need to be prepared for Blue Healer and then to draft and finalise a marketing budget for the business. You will need access to: your learning resources and other information for referenceMarketing Budget Briefing Report templateFinance Policies and Proceduresaccounting softwareprinterspace for a meetingroleplay participants. Ensure that you: comply with the due date for assessment which your assessor will provideadhere with your ACHBM’s submission guidelinesanswer all questions completely and correctlysubmit work, which is original and, where necessary, properly referencedsubmit a completed cover sheet with your workavoid sharing your answers with other students. Practical Assessment Activities Complete the following activities. Carefully read the following scenario: Blue Healer is a health resort and convention centre based in the Blue Mountains near Sydney which has been operating for 5 years. The resort, Blue Healer, is made up of five areas: catering, spa, meeting rooms accommodation, and administration. Blue Healer is very popular due to its competitive pricing structure, quality service and state of the art facilities. The resort was set up by Paul Byrnes, a burnt-out consultant who wanted to provide a service for corporate executives to retreat from their business for at least a short time. Paul had a lot of networks and to date most of the business has been from Paul’s existing networks and word of mouth referrals. The business has a functional web site. Sales continue to increase but Paul wants to retire completely and step back from the business. Thus, he has hired a Resort Manager to oversee the business (you). An important aspect of the business that he wants the Resort Manager to focus on is preparing and monitoring budgets. Current staff include an Accounts and Administration Manager, Resort Supervisor, Housekeeping staff, receptionist and contract therapists. Profit and loss reports show the status of the business’ financial health.Determine and confirm scope and nature of the budgets In your new role, the first step you need to take is to the determine the scope and nature of all of the budgets that need to be prepared for Blue Healer. Draft an email to send to Paul to find out this information. Ensure your email includes questions that will provide all of the information you need to know, as well as identifies internal data sources that you need to access. Paul Byrnes (your assessor) will answer your email so that you are able to forget ahead with developing the required budgets.Develop a Marketing Budget Briefing Report As per the response provided to you, you are to focus on developing a Marketing Budget including Briefing Report. Use Marketing Budget Briefing Report Template to develop your report. Review profit and loss for previous financial years to identify amounts spent on marketing for the previous two financial years, as well as the information provided to you by Paul Identify at least two sources of information on recommended marketing expenditure that could be used to inform the marketing budget. In addition, identify external factors that could impact on the marketing budget. This means that you should conduct market research on trends within the industry in terms of growth and opportunities and the types of marketing that similar businesses are conducting.Send an email to the CEO and Accounts and Administration Manager (your assessor) The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style. It should introduce and summarise the contents of the attachment. Attach your Marketing Budget Briefing Report to the email. Ask for input on your Marketing Budget Briefing Report. The CEO and Accounts and Administration Manager (your assessor) will provide you with feedback for input into your budget.Draft Marketing Budget You are required to draft a Marketing Budget based on your Marketing Briefing Report and the input provided from the CEO and Accounts and Administration Manager (your assessor). After considering the internal and external factors you are requested to develop the Marketing Budget for 2019-2020, you should use the accounting software/suitable available application used by your organisation. The income & expenses that will be impacted by inflation are as follow: Accommodation increased by 5%Room hire increased by 10%Catering increased by 2%Advertising and marketing increased by 10%Insurance increased by 2%Motor vehicle expenses increased by 2%Rent & Rates increased by 5%Desktop publishing for brochures increased by 5%Brochure development increased by 5% Save this document as draft Marketing Budget and send it via email to the CEO and Accounts and Administration Manager (your assessor). Your email should clearly outline the options for marketing expenditure as per your marketing budget, as well as your recommendations for the budget. You will discuss your draft budget at a meeting with the CEO and Senior Managers. Your assessor will advise you of the date of the meeting.Participate in a budget meeting. The next part of the assessment requires you to participate in a meeting with the CEO (role-played by your assessor) and the Accounts and Administration Manager (role-played by another student to discuss the marketing budget. At the meeting, the CEO will attempt to negotiate another option for the budget. You are required to demonstrate your negotiation skills to persuade the meeting participants that your budget is the best option. At the meeting, you will need to:Explain the marketing budget you have developed and the various options.Seek input on the budget.Negotiate for your budget as presented.During the meeting, you will need to demonstrate effective communication skills including:Speaking clearly and conciselyUsing non-verbal communication to assist with understandingAsking questions to identify required informationResponding to questions as required.Revise the marketing budget Following the meeting, revise your marketing budget to incorporate feedback from the CEO and Accounts and Administration Manager. You are to revise your marketing budget and send it out as Final Marketing Budget within 2 days of holding the meeting. You will be assessed on meeting this timeline. Save this document as Final Marketing Budget and send it out via email to the CEO and Senior Managers. The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style. It should introduce and summarise the contents of the attachment.Meet with colleagues to discuss the marketing budget. The final part of the assessment requires you to meet with colleagues to confirm the Marketing Budget for the year. You are also required to introduce the team to the company’s Finance Policies and Procedures. This is to ensure that they understand financial management responsibilities and reporting arrangements so that the marketing budget can be accurately implemented and monitored. These requirements form part of the company’s requirements for finalising budgets. At the meeting, you will need to: Discuss the overall budget allocation for marketing Discuss the amounts allocated to each marketing activity Provide an outline of the Finance Policies and Procedures. During the meeting, you will need to 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. Project Assessment 3 Assessment TaskBudget monitoring and review projectScheduleOutcomes AssessedPerformance Criteria 4.1,4.2, 4.3,4.4,4.5Knowledge & Performance EvidenceAddresses some elements of required foundation skills, Knowledge skills and Performance Evidence as shown in the Assessment Mapping documents Learner Instructions The Practical Assessment is a set of tasks that must be completed in a workplace, or in an environment with conditions similar to that of a real workplace. This assessment will help you demonstrate skill requirements relevant to develop, administer and communicate staff rosters for situations involving potentially large numbers of staff working across a range of different service periods or shifts. Answers must demonstrate an understanding and application of relevant concepts, critical thinking, and good writing skills.Student must concise to the point and write answers according to the given word-limit or provide enough evidences to each question and do not provide irrelevant information.Student must not use non-discriminatory language. The language used should not devalue, demean, or exclude individuals or groups based on attributes such as gender, disability, culture, race, religion, sexual preference or age. Gender inclusive language should be used.Assessor should not accept answers copied directly from texts without acknowledgement of the textTrainer/Assessor will provide student further information regarding the location of completing this assessment task. Information for students In this task, you must review budget figures, action deviations and report on these as part of monitoring and review processes. You will need access to: your learning resources and other information for referenceMarketing Expenditure ReportMarketing Budget variance Analysis and Recommendations Report template. Ensure that you: comply with the due date for assessment which your assessor will provideadhere with your ACHBM’s submission guidelinesanswer all questions completely and correctlysubmit work which is original and, where necessary, properly referencedsubmit a completed cover sheet with your workavoid sharing your answers with other students. Activities Complete the following activities. 1. Carefully read the following scenario: Assume it is twelve months later and you are reviewing the marketing budget against actual amounts using the Marketing Expenditure Report. Note: that the company deems a standard variance in budgets of up to 5% acceptable. You have also been recently informed that a competitor has set up a resort in the nearby area and you are required to assess how this will impact the marketing budget for the following year. 2. Develop a Marketing Budget variance Analysis and Recommendations Report Review the marketing budget expenditure to assess actual performance against estimated performance. Based on your review and using the accounting software, prepare a report that shows actual expenditure against budgeted expenditure. Include graphs to make your report clear. Save this report as Marketing Performance Budget Report. Prepare an accompanying report, Marketing Budget Analysis and Recommendations Report, that analyses: Projected budget and actual budget Deviations from the budget Reasons for deviations Recommendations for next year’s budget based on marketing performance and new competitor. Use the Marketing Budget Analysis and Recommendations Template to guide your work. 3. Send an email to management The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style. It should introduce and summarise the contents of the attachments. Attach the following to your email: Marketing Budget Performance Report Marketing Budget Report Analysis and Recommendations Student Feedback FormUnitSITXFIN004 – Prepare and monitor budgetsStudent Name:DateAssessor Name:Please provide us some feedback on your assessment process. Information provided on this form is used for evaluation of our assessment systems and processes. This information is confidential and is not released to any external parties without your written consent. There is no need to sign your name as your feedback is confidential.Strongly AgreeAgreeAverageDisagreeStrongly DisagreeI received information about the assessment requirements prior to undertaking the tasks54321The assessment instructions were clear and easy to understand54321I understood the purpose of the assessment54321The assessment meets your expectation54321My Assessor was organised and well prepared54321The assessment was Fair, Valid, Flexible and Reliable54321My Assessor’s conduct was professional54321The assessment was an accurate reflection of the unit requirements54321I was comfortable with the outcome of the assessment54321I received feedback about assessments I completed54321The pace of this unit was:Too SlowGreat PaceToo FastComments:

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

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