Manage budgets and financial plans assessment answers

BSBFIM501 Assessment Tasks 1 | P a g e Revised: January 2016

BSBFIM501 Manage Budgets and

Financial Plans

Assessment 1

BSBFIM501 Assessment Tasks 2 | P a g e Revised: January 2016

Assessment 1- Written report

Submission details

The Assessment Task is due on the date specified by your trainer. Any variations to this

arrangement must be approved in writing by your trainer.

See procedure and task specifications below for details.

You must submit both printed copy and soft copy of your answers.

Submit the printed copy of required evidences (your answers) to your Trainer with the

"Assessment Cover Sheet" (Filled out and signed appropriately) attached on top of your

documents.

Upload the softcopy on the link provide in the eLearning site.

The Trainer/Assessor may further prompt and question in order to receive answers of

appropriate quality or if further clarification required and to validate authenticity of your

submitted work.

Assessment Description:

Based on your workplace or an organisation of your choice

Students are required to complete 9 tasks in this assessment. This assessment need to be submitted in a report format and in order to be satisfactory in the assessment students are required to complete all tasks. Students can choose the organisation they work at or any other organisation (see the criteria below).

Instruction:

 To be prepared on an individual basis.

 Assessment must be typed.

 Assignments will only be accepted if they have an assignment cover sheet on them signed by the student.

 The whole assessment should not be more than 1500 words (excluding appendices and references).

 All tasks need to be headlined properly. Tasks:

BSBFIM501 Assessment Tasks 3 | P a g e Revised: January 2016

You are required to produce a research and analysis report on the

planning and implementation of financial management approaches,

monitoring/controlling finances and reviewing/evaluating financial

management processes in your organisation or any other organisation

(approved by the trainer). You need to provide details of the organisation

in task 1.

This organisation can’t be a very small size organisation with less than 20

staff members and annual revenue has to be more than a million. The

organisation also needs to be operated in Australia and organisation must

have a website for referencing and need to be referred by students.

You must provide references and website details of the chosen

organisation.

This will include the following:

1. Provide an overview of the organisation and your business unit

2. Identify the internal strategic goals for this organisation and the

external stakeholders, and discuss their influence on the financial

decisions in to your organisation

3. Discuss the different types of budgets your organisation is required to

prepare and provide an explanation on how each budget is developed

4. List the people, their roles and responsibilities in the organisation

who are involved in the budget process (from planning to

implementation). List the specific budget they are interested in.

5. Discuss the process of negotiating budget funding after they have

been allocated? How would you relate budget changes to your

strategic and business goals

6. Develop a contingency plan to cover changed circumstances and

variations to budgets/financial plans

7. Discuss reports which are required to show an analysis of actual versus budgeted outcomes (variances). How do these reports assist with improving variances and achieving financial objectives?

8. What documentation do you need to manage the expenses and costs in

your organisation? How do you use this to calculate estimates and

develop cost management plans?

BSBFIM501 Assessment Tasks 4 | P a g e Revised: January 2016

9. How would you collect and analyse data and feedback on the

effectiveness of your financial management processes and make

recommendations to make improvement