BSBFIN501 Manage Budgets and Financial Plans Assessment

Task 1:

Project Task 1: Plan financial management approaches

1. Prepare to meet with your manager to clarify budget and negotiate changes:
   • identify two issues of the budget that are not achievable, inaccurate or unclear for clarification;
   • negotiate two changes
2. Develop a contingency plan.

Task 2:

Project Task 2: Implement financial management approaches

1. Develop a coaching plan;
2. Conduct a coaching session (role-play);
3. Complete the coaching session record. 

Task 3:

Project Task 3: Monitor and control finances

1. Create a simple spreadsheet budget to capture monitoring information;
2. Produce a variance report;
3. Modify the contingency and implementation plans to improve effectiveness.

Task 4:

Project Task 4: Review and evaluate financial management processes

• Written responses (from Task A to Task E – a total of five activities).

Project Task 1: Plan financial management approaches

Section 1: Performance objective

Objectives: In this assessment task, you will need to demonstrate the skills and knowledge required to plan financial management approaches.

Section 2: Assessment description

Description: In response to the scenario provided, you will be required to clarify budget plans with your manager and negotiate changes to the budget. You will then be required to identify and analyse risk to the budget and prepare a contingency plan to prevent or minimise the risk.

Project Task 2: Implement financial management approaches

Section 1: Performance objective

Objectives: In this assessment task, you will need to demonstrate the ability to implement financial management approaches.

Section 2: Assessment description

Description: You are required to access and communicate details of the budget to a team member. You will then conduct a training needs analysis and create a coaching plan to support the team member to perform their required role with respect to software resources and systems.

You will need to facilitate a coaching/training session to the team member (role-play) and record the session as required. 

Project Task 3: Monitor and control finances

Section 1: Performance objective

Objectives: In this assessment task, you will need to demonstrate the ability to monitor and control finances.

Section 2: Assessment description

Description: You are required to create a simple spreadsheet budget to capture monitoring information. Using information provided, you will then use the budget spreadsheet to produce a report on expenditure in accordance with organisational policies and procedures. You will also modify a contingency and implementation plan.

Project Task 4: Review and evaluate financial management processes

Section 1: Performance objective

Objectives: In this assessment task, you will need to demonstrate the ability to review and evaluate financial management processes.

Section 2: Assessment description

Description: You are required to respond to a number of scenario tasks. You will collect and analyse financial data and make recommendations to improve existing processes. You will also create a plan to implement and monitor solutions.

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