BSBSUS401 Implement and monitor environmentally sustainable work practices
BSBSUS401 Implement and monitor environmentally sustainable work practices
Project
STUDENT NAME: STUDENT ID:
(if applicable) ASSESSMENT DATE: STUDENT DECLARATION: I certify that this is my own work.
STUDENTS SIGNATURE:
ASSESSORS NAME: ASSESSORS COMMENTS:
SATISFACTORY NOT YET SATISFACTORY
ASSESSORS SIGNATURE: DATE:
Instruction for assessment
This assessment consists of 2 parts:
Part A requires you identify and analyse legal requirements and initiatives that relate to your industry and workplace. You are required to measure current resource usage, analyse purchasing strategies and current work practices in order to identify opportunities for improvement of resource usage and set new targets.
Part B requires you to implement resource efficiency improvement plans by using techniques and tools to assist in achieving efficiency targets and monitor the performance of these.
All written work must be your own.
Any sources of information you access and use for this assessment must be clearly referenced.
Templates:
You may use the templates attached at the end of this assessment or amend these to suit your needs.
Part A
Legislation and sources of information for resources and initiatives
Identify the environmental regulations which apply in your local government area relevant to your workplace activities and provide details what is covered by these regulations and by-laws.
Identify any resources and initiatives which are in place or available in your state to help business to reduce their waste and use resources more efficiently.
List 1 initiative that is relevant to your sector within the Tourism, Hospitality and Events Industry and list all resources which are available through these initiative(s). Outline how these would be used.
Measuring current consumption and identifying existing procedures of work practices and purchasing:
Conduct a practical assessment of your organisations resources and practices. You may use the forms
attached below to collect your data or any software available to you (for example you may create a
spreadsheet using Microsoft Excel).
For this purpose you need to complete the following activities:
Take the current meter reading for gas, electricity and water.
Create a table or list and enter:
all equipment and appliances used in one specific department (for example Kitchen, F&B etc.), and measure the consumption of electricity as listed on the appliance labels.
Measure the flow rate for water of various taps using the formula Flow rate = Volume/Time (L/min)
Inspect the type of lighting used and determine the KW/H (1000 Watt = 1 KWH) used in that department based on typical or given workplace practices during operation.
Inspect the provisions for recycling.
Determine the intervals of waste collection and determine the size of the cubicle(s) used.
This task is performed outside: Wearing gloves and using tongs, physically inspect the contents of garbage bins from your department and inspect the approximate waste for each category (Glass, paper, card board, green waste etc) and express these in percent (approximately).
Determine the energy consumption ratings, use and settings of air conditioners and heaters where applicable and document the potential KWH usage for these units.
Determine the resources required for any plants, landscaping or outside areas as relevant.
List the purchasing strategies which are currently in place including environmentally sustainable approaches; carbon foot print considerations (for example use local supplies from growers etc.)
Identify any workplace environmental and occupational hazards you may encounter during your resource analysis.
Identify any breaches or potential breaches for environmental practices you have encountered in the audited area during your project and outline the issues.
Setting efficiency targets
Analyse the results you have obtained for usage of resources and compare these results against:
Work and workflow processes: which improvements could be made?
Industry Schemes: How do your results compare?
Technology: Are you using efficient technology?
Resources: Is there a benefit of switching e.g. from electricity to gas in some areas or using other measures?
Best Practice: Are there recommendations from manufacturers or bodies that recommend particular practices?
Set your targets in a table or spreadsheet based on your findings of the analysis.
Outline the provisions for communication this would require with key stakeholders relevant to your position and workplace and how this will be achieved. Include a template for an agenda and table for entering actions.
Part B
For this part of the assessment project you are required to write and environmental resource efficiency improvement plan which details the following:
The purpose of the plan
An overview what has been undertaken and why
The resource areas and targets you have established based on Section 3, Part A;
The measures and tools you will implement to achieve these targets;
Strategies that can be used to ensure staff compliance with environmental requirements and to achieve new targets;
Strategies you will use for purchasing and selection of supply chains;
A calculation which will provide information as to the potential savings that can be achieved over time, given the investment;
For example:
Use of e.g. 10 light bulbs rated at 0.060 KWH in Kitchen area could be replaced with 10 energy saving bulbs rated at 0.012 KWH which would represent an energy saving of (10 * 48 = 0.480KWH) 0.480 KW per hour x $ 0.28 = $ 0. 1344 per hour or at 10 hours per day: $ 0.1344 x 10 = $1.35/ Day.
For a 7 day operation this then equates to a potential saving of $ 492.75 minus the proportion of the cost of the energy saving bulb @ $ 7.50 /5000 hours ($1.50 per 1000 hours use)versus an ordinary bulb @ $ 0.75 /1000 hours lifespan.
10 Showerheads in guest rooms rated A could be replaced by ones rated AAA with a potential saving of (10 * 55 L = 550 L ) 550 Litres per day etc. (0.55 x 1.80 = $ 0.99/day x 365 = $ 361.35/year) minus the initial cost for purchasing the more efficient showerheads (for the first year only)
The provisions for communication to periodically discuss and network with colleagues to make adjustments and identify progress;
A spreadsheet or set of tools which can be used to record and monitor periodic results from readings and invoices/ statements for utilities;
Examples how you will evaluate strategies and make adjustments to the improvement plan.
Templates
Water MeterMeter Reading:
Quarterly Period Water Use kL/period Aver Daily Use Cost of Water per kLSewage Disposal Costs Connection Fees Target Variance
Water Appliances (determine usage)
Location Item Type Water flow (L/min) Amount/ Type
ElectricityMeter 1 Current Reading:
Meter 2 Current Reading:
Meter 3 Current Reading:
Meter 4 Current Reading:
Month Invoice # Amount $ Peak Off Peak Total Total for Month Target Variance
Jan Feb Mar April Gas Current Reading:
Month Invoice # Amount $ Total Total for Month
Jan Feb Mar April Waste
Review current waste contractual arrangements
(Waste Wise Hotels, 2007)
Material Type of
container and amount Collection frequency
(normal) Collection frequency
(busy periods) Average annual cost Contractor details
Over 1 period conduct a visual waste audit of all rubbish bins
Observe what is being thrown away
Look for contamination (materials disposed of wrongly)
Professional companies can undertake waste audits on a fee-for-service basis
Date/
Time Location Bin Size Plastic Bottles (%) Glass Bottles (%) Cans (%) Card (%) Paper (%) Milk Cartons (%) Organic (%) Other (Broken Glass)
Calculate the daily total amount of rubbish from each department Area
Bin Size Plastic Bottles (%) Glass Bottles (%) Cans (%) Card (%) Paper (%) Milk Cartons (%) Organic (%) Other (%) broken glass
Total
Work out your collection requirements
Total the volumes of each type of waste per day
Some items can be combined such as glass, metal, plastic, paper & milk cartons referred to as co-mingled waste. (but, no food scraps, polystyrene or plastic bags)
Calculate the required bin size and frequency of collection e.g. if your property produced 242.5 litres of co-mingled waste per week then 1 x 250 litre bin should be sufficient with a once a week collection frequency.
Review the packaging from your supplies
Attempt to reduce or eliminate waste at the source
Supplier Packaging Used on Delivery Waste Disposal Issues Opportunities for Avoidance Benefits
Bobs Fruits & Vegetables Waxed cardboard boxes
BSBSUS401 Implement and monitor environmentally sustainable work practicesProject
STUDENT NAME: STUDENT ID:
(if applicable) ASSESSMENT DATE: STUDENT DECLARATION: I certify that this is my own work.
STUDENTS SIGNATURE:
ASSESSORS NAME: ASSESSORS COMMENTS:
SATISFACTORY NOT YET SATISFACTORY
ASSESSORS SIGNATURE: DATE:
Please note: Institute cover sheet with details and instructions to be attachedBSBSUS401 Implement and monitor environmentally sustainable work practicesPractical Assessment Template
ElementsPerformance Criteria
1. Investigate current practices in relation to resource usage. 1.1 Identify environmental regulations applying to the enterprise
1.2 Analyse procedures for assessing compliance with environmental/sustainability regulations
1.3 Collect information on environmental and resource efficiency systems and procedures, and provide to the work group where appropriate
1.4 Collect, analyse and organise information from a range of sources to provide information/advice and tools/resources for improvement opportunities
1.5 Measure and document current resource usage of members of the work group
1.6 Analyse and document current purchasing strategies
1.7 Analyse current work processes to access information and data to assist in identifying areas for improvement
2. Set targets for improvements 2.1 Seek input from stakeholders, key personnel and specialists
2.2 Access external sources of information and data as required
2.3 Evaluate alternative solutions to workplace environmental issues
2.4 Set efficiency targets
3. Implement performance improvement strategies 3.1 Source and use appropriate techniques and tools to assist in achieving efficiency targets
3.2 Apply continuous improvement strategies to own work area of responsibility, including ideas and possible solutions to communicate to the work group and management
3.3 Implement and integrate environmental and resource efficiency improvement plans for own work group with other operational activities
3.4 Supervise and support team members to identify possible areas for improved practices and resource efficiency in work area
3.5 Seek suggestions and ideas about environmental and resource efficiency management from stakeholders and act upon where appropriate
3.6 Implement costing strategies to fully value environmental assets
4. Monitor performance 4.1 Use and/or develop evaluation and monitoring, tools and technology
4.2 Document and communicate outcomes to report on efficiency targets to key personnel and stakeholders
4.3 Evaluate strategies and improvement plans
4.4 Set new efficiency targets, and investigate and apply new tools and strategies
4.5 Promote successful strategies and reward participants where possible
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill Performance Criteria Description Examples/Instance observed Date
Reading 1.1-1.4, 1.6, 1.7, 2.3, 3.1 Identifies and analyses complex texts to determine legislative, regulatory and business requirements
Reviews reported information to evaluate workplace strategies and improvement practices Writing 1.5, 1.6, 2.1, 2.2, 2.4, 3.1-3.3, 4.4, 4.5 Documents findings of investigations from written and oral sources according to organisational requirements
Provides updates about progress using formats and language appropriate to the audience and context Oral Communication 2.1, 2.2, 3.3-3.5, 4.4, 4.5 Presents information and seeks advice using structure and language appropriate to audience
Participates in discussions using listening and questioning to elicit the views of others and to clarify or confirm understanding Numeracy 1.5, 2.4, 3.1, 3.6, 4.4 Analyses numerical information to measure usage and calculates metric measurements, quantities/ratios and financial data using appropriate tools Navigate the world of work 1.1, 1.2 Recognises and follows legislative requirements and organisational policies and procedures associated with own role Interact with others 1.3, 2.1, 2.2, 3.3-3.5, 4.2, 4.4, 4.5 Selects and uses appropriate conventions and protocols when communicating with internal and external stakeholders to seek or share information
Collaborates and consults with a range of stakeholders to achieve shared understanding of individual roles in meeting objectives Get the work done 1.2, 1.4-1.7, 2.3, 2.4, 3.1, 3.2, 3.3, 3.5, 3.6, 4.1, 4.3, 4.4 Develops plans to manage routine and non-routine tasks for own work group with an awareness of how they contribute to the broader organisation
Uses systematic, analytical processes to set environmental targets, gather relevant information, identify and evaluate alternative approaches
Evaluates outcomes of decisions to identify opportunities for improvement
Uses the main features and functions of digital tools to complete work tasks and access information
Performance Evidence
Evidence of the ability to:
analyse information from a range of sources to identify current procedures, practices and compliance requirements in relation to environmental and resource sustainability
consult and communicate with relevant stakeholders to seek input and encourage engagement with developing and implementing sustainability improvements, encourage feedback and suggestions and report on outcomes
plan and organise work group activities to:
measure current resource usage
solve problems and generate ideas for improvements
evaluate and implement strategies to improve resource usage
plan, implement and integrate improvements into operations
meet environmental requirements
apply continuous improvement approach to sustainability performance
apply change management techniques to support sustainability performance.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
Knowledge Evidence
To complete the unit requirements safely and effectively, the individual must:
identify relevant internal and external sources of information and explain how they can be used to identify sustainability improvements
explain the compliance requirements for the work area with reference to legislation, regulations, codes of practice and workplace procedures that relate to environmental and resource issues
outline common environmental and energy efficiency issues within the industry
give examples of benchmarks for environmental and resource sustainability that are relevant to the organisation
outline organisational systems and procedures that relate to environmental and resource sustainability improvements including:
supply chain, procurement and purchasing
quality assurance
making recommendations and seeking approvals
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the sustainability field of work and include access to:
relevant legislation, regulations, standards and codes
relevant workplace documentation and resources
case studies and, where possible, real situations
interaction with others.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
Working in teams
Scenario:
You own a small caf. Your electricity gas and water bills are very igh compared to the rest of the businesses around you according to the average consumption. You need to assess your business and come up with ideas as how to reduce the costs.
The area your business is in has a community that are very aware of the environment. How can you improve and let the community know what you are doing to gain their support?
What are the WHS issues if any that you have found when doing your review. Make a risk assessment template with all of the concerns.
Come up with a plan, with all of the information you have collected, with things that need to be done first to last in importance- for instance if there is a leak in the kitchen from one of the pipes and it is causing a slipping hazard then this will need to be addressed immediately, which in turn will reduce our water consumption.
No.
Assessment Method
1 Professional Attributes demonstrated prac2 Practical Tasks completed prac3 All Aspects of Health and Safety adhered to prac4 Assessment/Portfolio complete Written/practical
5 Checkpoints/Quiz completed Written/elec.
Adjustments required:
Location: Assessment context/TH&E area:
Practical/Task Spec Reference Criteria 1. Attempt 2. Attempt 3. Attempt
S NYS S NYS S NYS
Water or gas or electricity reading
(Attach photos)
Constructive feedback to student including the following aspects:
WHS:
Learning:
Work flow/Planning and Organising:
Technology:
Time Constraints:
Team work:
Communication:
Problem solving:
Self Management:
Initiative and Enterprise:
General:
Practical Spec Reference Criteria 1. Attempt 2. Attempt 3. Attempt
S NYS S NYS S NYS
Discussion on environmental problems in workplace with solutions, environmental awareness to the community input from all participants
Groups to submit discussion as a meeting agenda
Constructive feedback to student including the following aspects:
WHS:
Learning:
Work flow/Planning and Organising:
Technology:
Time Constraints:
Team work:
Communication:
Problem solving:
Self Management:
Initiative and Enterprise:
General:
Practical Spec Reference Criteria 1. Attempt 2. Attempt 3. Attempt
S NYS S NYS S NYS
WHS considerations- attach documents of a risk management assessment for the above
Attach risk assessment documentation
Constructive feedback to student including the following aspects:
WHS:
Learning:
Work flow/Planning and Organising:
Technology:
Time Constraints:
Team work:
Communication:
Problem solving:
Self Management:
Initiative and Enterprise:
General:
Practical Spec Reference Criteria 1. Attempt 2. Attempt 3. Attempt
S NYS S NYS S NYS
Make a plan as to what you will implement and time frames for the issues you have identifiedAttach plan with KPIS and timeframes
Constructive feedback to student including the following aspects:
WHS:
Learning:
Work flow/Planning and Organising:
Technology:
Time Constraints:
Team work:
Communication:
Problem solving:
Self Management:
Initiative and Enterprise:
General:
Assessment Tasks and Instructions
Student Name Student Number Course and Code Unit(s) of Competency and Code(s) SITXFIN004 Prepare and monitor budgets
Stream/Cluster Trainer/Assessor Assessment for this Unit of Competency/Cluster Details
Assessment 1 Short Answer Questions
Assessment 2 Assignment
Assessment 3 Project
Assessment conducted in this instance: Assessment 1 FORMCHECKBOX 2 FORMCHECKBOX 3 FORMCHECKBOX
Reasonable Adjustment
Has reasonable adjustment been applied to this assessment?
No FORMCHECKBOX No further information required
Yes FORMCHECKBOX Complete 2.
Provide details for the requirements and provisions for adjustment of assessment:
Student to complete
FORMCHECKBOX My assessor has discussed the adjustments with me
FORMCHECKBOX I agree to the adjustments applied to this assessment
Signature Date 2nd Assessor to complete
FORMCHECKBOX I agree the adjustments applied to this assessment are reasonable
Name Signature Date Assessment Guidelines
What will be assessed
The purpose of this assessment is to assess your underpinning knowledge to complete the tasks outlined in the elements and performance criteria for this unit of competency and relating to the following aspects:
types of budgets:
cash budgets
cash flow budgets
departmental budgets
event budgets
project budgets
purchasing budgets
sales budgets
wage budgets
whole of organisation budgets
budget terminology
specific industry sector and organisation:
role and nature of budgets
budget formats, budget performance and financial reports
financial reporting procedures and cycles
features and functions of accounting software programs used to prepare and monitor budgets
internal and external factors that impact on budget development:
growth or decline in economic conditions
human resource requirements
new legislation or regulation
organisational and management restructures
organisational objectives
scope of the project
shift in market trends
significant price movement for certain commodities or items
supplier availability and cost
budget preparation and monitoring practices and techniques:
sources and contents of data required for budget preparation:
competitor research
customer or supplier research
declared commitments in areas of operation
financial information from suppliers
financial proposals from key stakeholders
income and expenditure for previous time periods
departmental, event or project budgets
grant funding guidelines or limitations
management policies and procedures
organisational budget preparation guidelines
performance information from previous periods
techniques for making budget estimates
common reasons for deviations and budget deviation management.
Place/Location where assessment will be conducted
SSH to complete
Resource Requirements
Pen, Paper or computer.
Instructions for assessment including WHS requirements
Answer the questions for this assessment below.
You are required to address all questions to achieve competence. Your trainer will provide you with instructions for time frames and dates to complete this project.
Once completed, carefully read the responses you have provided and check for completeness. Your trainer will provide you with feedback and the result you have achieved.
Statement of Authenticity
FORMCHECKBOX I acknowledge that I understand the requirements to complete the assessment tasks
FORMCHECKBOX The assessment process including the provisions for re-submitting and academic appeals were explained to me and I understand these processes
FORMCHECKBOX I understand the consequences of plagiarism and confirm that this is my own work and I have acknowledged or referenced all sources of information I have used for the purpose of this assessment
Student Signature: Date: / /201
This assessment: First Attempt FORMCHECKBOX 2nd Attempt FORMCHECKBOX Extension FORMCHECKBOX Date: FORMTEXT / FORMTEXT / FORMTEXT
RESULT OF ASSESSMENT Satisfactory FORMCHECKBOX Not Yet Satisfactory FORMCHECKBOX
Feedback to Student:
Assessor(s) Signature(s): Date: FORMTEXT / FORMTEXT / FORMTEXT
Student Signature Date: FORMTEXT / FORMTEXT / FORMTEXT
Assessment 1
Your task: Answer each question below.
Name 4 business considerations you might consider when researching a budget.
Response
1.
2.
3.
4.
Describe how the following sources of data can be used for budget preparation.
Response
Competitor research
Customer or supplier research
Declared commitments in areas of operation
Financial information from suppliers
Financial proposals from key stakeholders
Performance data/information from previous time periods
Departmental, event or project budgets
Grant funding guidelines or limitations
Management policies and procedures
Organisational budget preparation guidelines
Explain how the following internal factors can impact on budgets.
Response
Management restructure
Human resources requirements
New projects and business objectives
Changes in commodity or service prices
Explain how the following external factors can impact on budgets.
Response
Legislation and regulations
Changes in the global economy
Market trends
How does involving staff from the bottom up in the budgeting process, help the business?
Response
What does the process of preparing a draft budget usually involve?
Response
How does breaking the budget down into groups, departments, or income and expense categories help colleagues?
Response
Name 3 people (job roles) you would circulate the draft budget to for feedback or approval:
Response
1.
2.
3.
The budgeting process requires strong negotiation skills. Why is it important to convince staff of the achievability of the budget?
Response
A staff member suggests a change or alteration to the budget. List 3 aspects you need to consider to ensure any changes would have no negative impacts:
Response
In most businesses/industries, when must the budget be complete?
Response
What information should department managers include in their monthly reports?
Response
How often should the budget be compared to the actual accounting results?
Response
Name and describe 5 financial reports you might generate from your accounting system to check your budget against actual income or expenditure.
Response
1.
2.
3.
4.
5.
Every revenue and expense item on the Profit and Loss Statement should be compared to what?
Response
When revenue variances occur, why is talking to staff a good way to help identify and find options to address the issue?
Response
List 3 factors that can cause variances in staff budgets.
Response
1.
2.
3.
Why is monitoring your budget progressively throughout the year so important?
Response
How can you collect information to help create future budget plans?
Response
Name an accounting program you can use to help manage budgets.
Response
Explain each of the following types of budgets:
Response
Cash budget/Cashflow budget
Departmental budget
Event budget
Project budget
Purchasing budget
Sales budget
Wage budget
Master budget
Student Name Student Number Course and Code Unit(s) of Competency and Code(s) SITXFIN004 Prepare and monitor budgets
Stream/Cluster Trainer/Assessor Assessment for this Unit of Competency/Cluster Details
Assessment 1 Short Answer Questions
Assessment 2 Assignment
Assessment 3 Project
Assessment conducted in this instance: Assessment 1 FORMCHECKBOX 2 FORMCHECKBOX 3 FORMCHECKBOX
Reasonable Adjustment
Has reasonable adjustment been applied to this assessment?
No FORMCHECKBOX No further information required
Yes FORMCHECKBOX Complete 2.
Provide details for the requirements and provisions for adjustment of assessment:
Student to complete
FORMCHECKBOX My assessor has discussed the adjustments with me
FORMCHECKBOX I agree to the adjustments applied to this assessment
Signature Date 2nd Assessor to complete
FORMCHECKBOX I agree the adjustments applied to this assessment are reasonable
Name Signature Date Assessment Guidelines
What will be assessed
Performance Evidence
The purpose of this assessment is to assess your ability to complete tasks outlined in elements and performance criteria of this unit in the context of the job role, and:
prepare a budget for a business that meets the specific business needs
demonstrate the following when preparing the above budget:
consultation on components
analysis of factors that impact on the budget
completion of draft and final versions of budget within designated timelines
Knowledge Evidence
types of budgets:
cash budgets
cash flow budgets
departmental budgets
event budgets
project budgets
purchasing budgets
sales budgets
wage budgets
whole of organisation budgets
budget terminology
specific industry sector and organisation:
role and nature of budgets
budget formats, budget performance and financial reports
financial reporting procedures and cycles
features and functions of accounting software programs used to prepare and monitor budgets
internal and external factors that impact on budget development:
growth or decline in economic conditions
human resource requirements
new legislation or regulation
organisational and management restructures
organisational objectives
scope of the project
shift in market trends
significant price movement for certain commodities or items
supplier availability and cost
budget preparation and monitoring practices and techniques:
sources and contents of data required for budget preparation:
competitor research
customer or supplier research
declared commitments in areas of operation
financial information from suppliers
financial proposals from key stakeholders
income and expenditure for previous time periods
departmental, event or project budgets
grant funding guidelines or limitations
management policies and procedures
organisational budget preparation guidelines
performance information from previous periods
techniques for making budget estimates
common reasons for deviations and budget deviation management.
Place/Location where assessment will be conducted; Timeframe for assessment tasks
Resource Requirements
Computer with Microsoft excel
Calculator
Spread Sheets:
Task 1-Hotel Futura Budget_Forecast
Task 2-Budget Futura_Restaurant_Bar
Instructions for assessment including WHS requirements
The assignment for Assessment 2 consists of 3 Tasks
Task 1
Requires you to prepare a draft budget following a meeting with all heads of department where you have finalised the details and requirements to be included for next years budget.
Task 2
Requires you to prepare a final budget, based on the changes made to your draft budget following a management meeting.
Task 3
Requires you to respond to 3 financial scenarios.
All responses must be typed and clearly referenced to each task. Your trainer will provide you with feedback for each task. You will be provided with the opportunity to rectify any shortfalls based on the feedback from submitted work for this assessment.
Each completed spreadsheet must be attached to the relevant task and clearly referenced.
Statement of Authenticity
FORMCHECKBOX I acknowledge that I understand the requirements to complete the assessment tasks
FORMCHECKBOX The assessment process including the provisions for re-submitting and academic appeals were explained to me and I understand these processes
FORMCHECKBOX I understand the consequences of plagiarism and confirm that this is my own work and I have acknowledged or referenced all sources of information I have used for the purpose of this assessment
Student Signature: Date: / /201
This assessment: First Attempt FORMCHECKBOX 2nd Attempt FORMCHECKBOX Extension FORMCHECKBOX Date: FORMTEXT / FORMTEXT / FORMTEXT
RESULT OF ASSESSMENT Task 1 FORMCHECKBOX
Task 2 FORMCHECKBOX
Task 3 FORMCHECKBOX Satisfactory FORMCHECKBOX Not Yet Satisfactory FORMCHECKBOX
Satisfactory FORMCHECKBOX Not Yet Satisfactory FORMCHECKBOX
Satisfactory FORMCHECKBOX Not Yet Satisfactory FORMCHECKBOX
Feedback to Student:
Assessor(s) Signature(s): Date: FORMTEXT / FORMTEXT / FORMTEXT
Student Signature Date: FORMTEXT / FORMTEXT / FORMTEXT
Task 1
Your Tasks:
You are required to complete a draft budget based on information and factors that were determined during an executive meeting at Hotel Futura.
Access the excel spreadsheet named Task 1-Hotel Futura Budget Forecast. The first tab on this spreadsheet is labelled Departments Small and shows the existing budget figures for the 2016 financial year.
Use the template Draft Budget on the second tab of the spreadsheet and perform the calculations below using basic formulas.
Your forecast needs to include the Dollar Figures and the % values for these affected by changes outlined below.
The % values must be listed for each expense item shown in the Expenses Analysis for each department.
You have met with the department heads of Hotel Futura and the following details have been discussed to prepare your draft budget for 2017:
Rooms Division:
Due to renovations the rooms available have been reduced to 96%.
The forecasted occupancy rate has been adjusted to 80%.
The revenue per available room needs to be increased to $150.00
The COGS will increase to 15% of total room revenue
Staff costs need to be increased to 20% of total room revenue to allow for increases in superannuation and awards.
Other Expenses need to increase to 8% of total room revenue to cover electricity price rises.
Catering:
The food revenue will be increased by 15% due to a new marketing campaign and specialty menus
The beverage revenue will increase by 8%.
Staff costs need to be adjusted to 44% of the food budget.
Other Expenses will need to be increased to 7%.
Banquet:
The Banquet Division will be directly affected by the new marketing campaign which has been directed at daytime seminars and corporate functions. For this purpose the kitchen has received specialised equipment including multiple combi steamers, hold-o-mats and sous-vide equipment.
The new food revenue budget was set at $ 2,000,000.00 ($2 Million) and the beverage revenue was increased by 75%.
The COGS will increase to 26%.
The staff costs have been reduced to 19%.
Other Expenses will need to increase to 14%.
Room Service:
The room service revenue from food needs to be increased by 15%.
Due to a different system to clear floors and organise delivery, the staff costs will be reduced to 34%.
Mini Bar:
The mini bar budget remains unchanged and increased staff costs are absorbed through different processes.
Bar Budget:
The food revenue budget has been increased by 25% with the implementation of a Tapas Menu.
The Beverage Revenue budget has been increased 20% with the introduction of a new cocktail bar and happy hour specials.
Staff costs will need to be adjusted to 36%.
Other Expenses need to be increased to 18%.
Task 2
Your Tasks:
You have provided the chief financial controller with the draft budget for 2017. Following the recent executive meeting where the draft budget was discussed, you are now required to establish the final budget reflecting the changes based on the latest actuals and variances as well as major road works which will affect Futura Restaurant and Bar during 2017.
Access the excel spread sheet named Task 2-Budget Futura_Rest.&Bar. The first tab on this spreadsheet is labelled Futura Restaurant and Bar and shows the Draft budget figures for the 2017 financial year.
Use the template Revised Budget on the second tab of the spreadsheet and perform the calculations below using basic formulas based on the following changes:
Month Customer numbers Average Spend (Food) Average Spend (Beverage)
January 1850 $ 45.00 $ 9.70
February 2000 $ 37.00 $ 9.70
March 700 $ 42.00 $ 9.70
April 1200 $ 48.00 $ 9.70
May 1200 $ 36.50 $ 9.70
June 600 $ 35.00 $ 9.70
July 950 $ 34.00 $ 9.70
August 800 $ 38.00 $ 9.70
September 900 $ 29.00 $ 9.70
October 650 $ 29.50 $ 9.70
November 980 $ 35.50 $ 9.70
December 2200 $ 48.00 $ 9.70
Calculate the anticipated Food revenue for each month and the yearly total.
Calculate the anticipated Beverage revenue per month and the yearly total.
Calculate the Total Revenue for each month and the yearly total.
Calculate the overheads total for each month (at 90% of turnover for each for each month with 1000 or more customers and at 96% for each month with less than 1000 customers) and the yearly total.
Calculate the profit for each month and the yearly total.
Calculate the Cost of Goods Sold for food and beverages, given a combined percentage of 32%.
Calculate the staff costs for each month at 31% for each month with 1000 or more customers and at 35% for each month with less than 1000 customers.
Calculate the Other overheads for the operation.
Print a copy of the revised budget.
Print the revised budget showing all formulae used.
Task 3
Your Tasks:
Read the following 3 scenarios and answer the questions attached for each scenario.
Scenario 1:
The finance team has created budget forecasts for Hotel Futura based on carefully researched factors for the last 3 years and these were always very accurate. The recent budget which included all departments of the hotel was implemented 3 months ago and the forecasted figures for Food Cost and COGS/Beverages in both the Restaurant and the Bar Operations have blown out by nearly 4.5 percent.
What could be the reasons for this? List 5 examples of areas you would investigate and explain why.
Scenario 2:
Hotel Futura has successfully operated for 7 years. During this period, overall turnover has doubled, and during the past 3 budget periods annual budgets have been increased by 15% each year which was exceeded each time. During the last 6 months however, management has noticed that the opposite trend seems to be occurring now.
List 5 external factors which could contribute to this and explain which methods you would use to determine this.
Scenario 3:
You have successfully negotiated the draft budget with each department head of the Hotel which has now been approved by the director and implemented 6 weeks ago.
You have finalised the financial data of the Hotel for the next management meeting and noticed the following:
Department Budget Actual Variance
Kitchen/Food Cost 28% 32% (-)$ 13467
The recently appointed F&B Manager has purchased 240 bottles of Hill of Blessings @ $90 each which represents a saving of $30 per bottle. However this exceeds the par stock level by 220 bottles and has created a cashflow problem, given the negative performance of the kitchen during this period as well.
Which reports would you need to prepare for these issues?
Who is it essential to involve when these matters need to be discussed?
Suggest options to address and rectify these issues.
How could the cashflow issue be addressed?
1047752409825Manage finances
BSBFIM601
Learner Workbook
00Manage finances
BSBFIM601
Learner Workbook
104140105410
4116128190865
Table of Contents
TOC o "1-3" h z u Instructions to Learner PAGEREF _Toc67299837 h 3Assessment instructions PAGEREF _Toc67299838 h 3Assessment requirements PAGEREF _Toc67299839 h 5Candidate Details PAGEREF _Toc67299840 h 7Assessment BSBFIM601: Manage finances PAGEREF _Toc67299841 h 7Observation/Demonstration PAGEREF _Toc67299842 h 8Third Party Guide PAGEREF _Toc67299843 h 9Third party details (required information from the learner) PAGEREF _Toc67299844 h 10Activities PAGEREF _Toc67299845 h 11Activity 1A PAGEREF _Toc67299846 h 11Activity 1A checklist for assessor PAGEREF _Toc67299847 h 12Activity 1B PAGEREF _Toc67299848 h 13Activity 1B checklist for assessor PAGEREF _Toc67299849 h 14Activity 1C PAGEREF _Toc67299850 h 15Activity 1C checklist for assessor PAGEREF _Toc67299851 h 16Activity 1D PAGEREF _Toc67299852 h 17Activity 1D checklist for assessor PAGEREF _Toc67299853 h 19Activity 1E PAGEREF _Toc67299854 h 20Activity 1E checklist for assessor PAGEREF _Toc67299855 h 21Activity 1F PAGEREF _Toc67299856 h 22Activity 1F checklist for assessor PAGEREF _Toc67299857 h 23Activity 2A PAGEREF _Toc67299858 h 24Activity 2A checklist for assessor PAGEREF _Toc67299859 h 25Activity 2B PAGEREF _Toc67299860 h 26Activity 2B checklist for assessor PAGEREF _Toc67299861 h 27Activity 2C PAGEREF _Toc67299862 h 28Activity 2C checklist for assessor PAGEREF _Toc67299863 h 29Activity 3A PAGEREF _Toc67299864 h 30Activity 3A checklist for assessor PAGEREF _Toc67299865 h 32Activity 3B PAGEREF _Toc67299866 h 32Activity 3B checklist for assessor PAGEREF _Toc67299867 h 34Activity 3C PAGEREF _Toc67299868 h 35Activity 3C checklist for assessor PAGEREF _Toc67299869 h 37Activity 3D PAGEREF _Toc67299870 h 38Activity 3D checklist for assessor PAGEREF _Toc67299871 h 39Activity 3E PAGEREF _Toc67299872 h 40Activity 3E checklist for assessor PAGEREF _Toc67299873 h 41Activity 3F PAGEREF _Toc67299874 h 42Activity 3F checklist for assessor PAGEREF _Toc67299875 h 43Activity 4A PAGEREF _Toc67299876 h 44Activity 4A checklist for assessor PAGEREF _Toc67299877 h 46Activity 4B PAGEREF _Toc67299878 h 47Activity 4B checklist for assessor PAGEREF _Toc67299879 h 48Activity 4C PAGEREF _Toc67299880 h 49Activity 4C checklist for assessor PAGEREF _Toc67299881 h 50Activity 4D PAGEREF _Toc67299882 h 52Activity 4D checklist for assessor PAGEREF _Toc67299883 h 53Skills and Knowledge Activity PAGEREF _Toc67299884 h 54Knowledge activity checklist for assessor PAGEREF _Toc67299885 h 59Major Activity PAGEREF _Toc67299886 h 62Major activity checklist for assessor PAGEREF _Toc67299887 h 66Workplace Documentation for learner PAGEREF _Toc67299888 h 70Workplace documents checklist PAGEREF _Toc67299889 h 70Supplementary Oral Questions (optional) for assessor PAGEREF _Toc67299890 h 71Competency record to be completed by assessor PAGEREF _Toc67299891 h 74
Instructions to LearnerAssessment instructionsOverviewPrior to commencing the assessments, your trainer/assessor will explain each assessment task and the terms and conditions relating to the submission of your assessment task. Please consult with your trainer/assessor if you are unsure of any questions. It is important that you understand and adhere to the terms and conditions and address fully each assessment task. If any assessment task is not fully addressed, then your assessment task will be returned to you for resubmission. Your trainer/assessor will remain available to support you throughout the assessment process.
Written workAssessment tasks are used to measure your understanding and underpinning skills and knowledge of the overall unit of competency. When undertaking any written assessment tasks, please ensure that you address the following criteria:
Address each question including any sub-points
Demonstrate that you have researched the topic thoroughly
Cover the topic in a logical, structured manner
Your assessment tasks are well presented, well referenced and word processed
Your assessment tasks include your full legal name on each and every page.
Active participationIt is a condition of enrolment that you actively participate in your studies. Active participation is completing all the assessment tasks on time.
PlagiarismPlagiarism is taking and using someone else's thoughts, writings or inventions and representing them as your own. Plagiarism is a serious act and may result in a learners exclusion from a course. When you have any doubts about including the work of other authors in your assessment, please consult your trainer/assessor. The following list outlines some of the activities for which a learner can be accused of plagiarism:
Presenting any work by another individual as one's own unintentionally
Handing in assessments markedly similar to or copied from another learner
Presenting the work of another individual or group as their own work
Handing in assessments without the adequate acknowledgement of sources used, including assessments taken totally or in part from the internet.
If it is identified that you have plagiarised within your assessment, then a meeting will be organised to discuss this with you, and further action may be taken accordingly.
CollusionCollusion is the presentation by a learner of an assignment as their own that is, in fact, the result in whole or in part of unauthorised collaboration with another person or persons. Collusion involves the cooperation of two or more learners in plagiarism or other forms of academic misconduct and, as such, both parties are subject to disciplinary action. Collusion or copying from other learners is not permitted and will result in a 0 grade and NYC.
Assessments must be typed using document software such as (or similar to) MS Office. Handwritten assessments will not be accepted (unless, prior written confirmation is provided by the trainer/assessor to confirm).
Competency outcomeThere are two outcomes of assessments: S = Satisfactory and NS = Not Satisfactory (requires more training and experience).Once the learner has satisfactorily completed all the tasks for this module the learner will be awarded Competent (C) or Not yet Competent (NYC) for the relevant unit of competency.
If you are deemed Not Yet Competent you will be provided with feedback from your assessor and will be given another chance to resubmit your assessment task(s). If you are still deemed as Not Yet Competent you will be required to re-enrol in the unit of competency.
Additional evidence
If we, at our sole discretion, determine that we require additional or alternative information/evidence in order to determine competency, you must provide us with such information/evidence, subject to privacy and confidentiality issues. We retain this right at any time, including after submission of your assessments.
Confidentiality
We will treat anything, including information about your job, workplace, employer, with strict confidence, in accordance with the law. However, you are responsible for ensuring that you do not provide us with anything regarding any third party including your employer, colleagues and others, that they do not consent to the disclosure of. While we may ask you to provide information or details about aspects of your employer and workplace, you are responsible for obtaining necessary consents and ensuring that privacy rights and confidentiality obligations are not breached by you in supplying us with such information.
Assessment appeals processIf you feel that you have been unfairly treated during your assessment, and you are not happy with your assessment and/or the outcome as a result of that treatment, you have the right to lodge an appeal. You must first discuss the issue with your trainer/assessor. If you would like to proceed further with the request after discussions with your trainer/assessor, you need to lodge your appeal to AIBTs website, in writing, outlining the reason(s) for the appeal.
Recognised prior learning.
Candidates will be able to have their previous experience or expertise recognised on request.Special needsCandidates with special needs should notify their trainer/assessor to request any required adjustments as soon as possible. This will enable the trainer/assessor to address the identified needs immediately.
Assessment requirementsAssessment can either be:
Direct observation
Product-based methods e.g. reports, role plays, work samples
Portfolios annotated and validated
Questioning
Third party evidence.
If submitting third party evidence, the Third Party Observation/Demonstration document must be completed by the agreed third party.
Third parties can be:
Supervisors
Trainers
Team members
Clients
Consumers.
The third party observation must be submitted to your trainer/assessor, as directed.
The third party observation is to be used by the assessor to assist them in determining competency.
The assessment activities in this workbook assess aspects of all the elements, performance criteria, skills and knowledge and performance requirements of the unit of competency.
To demonstrate competence in this unit you must undertake all activities in this workbook and have them deemed satisfactory by the assessor. If you do not answer some questions or perform certain tasks, and therefore you are deemed to be Not Yet Competent, your trainer/assessor may ask you supplementary questions to determine your competence. Once you have demonstrated the required level of performance, you will be deemed competent in this unit.
Should you still be deemed Not Yet Competent, you will have the opportunity to resubmit your assessments or appeal the result.
As part of the assessment process, all learners must abide by any relevant assessment policies as provided during induction. If you feel you are not yet ready to be assessed or that this assessment is unfair, please contact your assessor to discuss your options. You have the right to formally appeal any outcome and, if you wish to do so, discuss this with your trainer/assessor.
Candidate DetailsAssessment BSBFIM601: Manage financesPlease complete the following activities and hand in to your trainer/assessor for marking. This forms part of your assessment for BSBFIM601: Manage finances.
Name: _____________________________________________________________
Student ID: _____________________________________________________________
Email:_____________________________________________________________
Declaration:
I declare that no part of this assessment has been copied from another persons work with the exception of where I have listed or referenced documents or work and that no part of this assessment has been written for me by another person. I also understand the assessment instructions and requirements and consent to being assessed.
Signed: ____________________________________________________________
Date: ____________________________________________________________
If activities have been completed as part of a small group or in pairs, details of the learners involved should be provided below:
This activity workbook has been completed by the following persons and we acknowledge that it was a fair team effort where everyone contributed equally to the work completed. We declare that no part of this assessment has been copied from another persons work with the exception of where we have listed or referenced documents or work and that no part of this assessment has been written for us by another person.
Learner 1:____________________________________________________________
Signed: ____________________________________________________________
Learner 2:____________________________________________________________
Signed: ____________________________________________________________
Learner 3:____________________________________________________________
Signed: ____________________________________________________________
ActivitiesActivity 1AObjective To provide you with an opportunity to review and analyse previous financial data to establish areas which have generated a profit or loss.
Activity Question 1:
Identify an area of business
Explain how you could use different forms of current and present financial data to ascertain whether the department made a profit or a loss.
You do not have to use actual figures from your business.
The table below indicates as your example of financial data:
2018-2019 2019-2020 Difference on year
Budget for expenditure 500,000 500,000 Actual expenditure 350,000 1,200,000 Difference Projected income 800,000 850,000 Actual income 1,000,000 600,000 Difference
Activity 1A checklist for assessorThis should be used by the trainer/assessor to document the learners skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
Learners name Assessors name Unit of Competency
(Code and Title) Date(s) of assessment Marking checklist Performance Criteria
1.
Learner can correctly identify an area of business Yes No
(Please circle) 1.1
Learner can explain how to use different forms of current and present financial data to ascertain whether the department made a profit or a loss. Yes No
(Please circle) Comments
Assessors comments here
The learners performance was: Not yet satisfactory Satisfactory
Activity 1BObjective To provide you with an opportunity to undertake research to review reasons for previous profit and loss.
Activity Using your answer from the previous activity, explain how you would undertake research to review the reasons for the profit or loss.
Activity 1B checklist for assessorThis should be used by the trainer/assessor to document the learners skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
Learners name Assessors name Unit of Competency
(Code and Title) Date(s) of assessment Marking checklist Performance Criteria
1.
Learner can correctly explain how he/she would undertake research to review the reasons for the profit or loss. Yes No
(Please circle) 1.2
Comments
Assessors comments here
The learners performance was: Not yet satisfactory Satisfactory
Activity 1CObjective To provide you with an opportunity to review business plans to establish critical dates and initiatives that will require or generate resources in the next financial cycle.
Activity Identify businesses that would entertain increased demand for goods or services based on critical time periods (seasonal fluctuations).
Easter
Winter Season (Snowy Climate)
End of Financial Year
Christmas
Complete the following individually or in a group (as applicable to the specific activity and the assessment environment):
Using your business plan, identify your business critical dates in terms of income and resource use and generation.
Activity 1C checklist for assessorThis should be used by the trainer/assessor to document the learners skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
Learners name Assessors name Unit of Competency
(Code and Title) Date(s) of assessment Marking checklist Performance Criteria
1.
Learner can correctly identify businesses that would entertain increased demand for goods or services based on critical time periods (seasonal fluctuations). Yes No
(Please circle) 1.3
2. Learner can correctly identify your business critical dates in terms of income and resource use and generation in accordance with identified business plan. Yes No
(Please circle) Comments
Assessors comments here
The learners performance was: Not yet satisfactory Satisfactory
Activity 1DObjective To provide you with an opportunity to analyse cash flow trends.
Activity Explain how and why you would analyse your business cash flow trends.
Box and Co. is a storage company based in New York. You have been hired to analyse their cash flow from the 2019/20 financial year and identify potential explanations for performance and suggest improvements for the future.
Box and Co.
Cash Flow Statement for year end 30/04/2019
Cash flow from operating activities Receipts from sales of goods and services 64000
Payments to suppliers -6000
Payments to employees -100000
Interest payments -3000
Interest received 8000
Taxes paid -20000
Net cash flow from operating activities =-56000
Cash flow from investing activities Purchases of equipment -20000
Purchases of property Proceeds from sale of equipment 16000
Proceeds from sale of property Net cash flow from investing activities -4000
Cash flow from financing activities Proceeds from borrowings 10000
Payments of borrowings (repayment of principal) -14000
Investments into business -20000
Drawings from business investments 32000
Net cash flow from financing activities 8000
Net increase/decrease in cash held -52000
Cash at beginning of period 3000000
Cash at end of period 2948000
Activity 1D checklist for assessorThis should be used by the trainer/assessor to document the learners skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
Learners name Assessors name Unit of Competency
(Code and Title) Date(s) of assessment Marking checklist Performance Criteria
1.
Learner can correctly explain how he/she would analyse his/her business cash flow trends. Yes No
(Please circle) 1.4
Learner can correctly explain the importance to analyse his/her business cash flow trends. Yes No
(Please circle) 2. Learner can correctly analyse a provided cash flow (from the 2019/20 financial year). Yes No
(Please circle) Learner can correctly identify potential explanations for performance. suggest improvements for the future. Yes No
(Please circle) Learner can correctly suggest improvements for the future. Yes No
(Please circle) Comments
Assessors comments here
The learners performance was: Not yet satisfactory Satisfactory
Activity 1EObjective To provide you with an opportunity to review statutory requirements for compliance and liabilities for tax.
Activity Your business is conducting analysis of its taxable income for the 2015/16 financial year. The company is classes as a small business entity, with annual turnover below $5 million dollars and 10 full-time employees.
Which taxes apply to this business?
What level of company tax is your business required to pay in 2015/16?
If the company purchases an asset for $6 million in 2015, and 6 months later sells the asset for $7 million in 2016, what tax will the company be required to pay?
Explain why a large credit union is generally considered a more tax effective operating entity than a medium credit union?
What elements of Australian Consumer Law (ACL) do we need to be aware of when conducting trading relations between your business and consumers?
Activity 1E checklist for assessorThis should be used by the trainer/assessor to document the learners skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
Learners name Assessors name Unit of Competency
(Code and Title) Date(s) of assessment Marking checklist Performance Criteria
1.
Learner can correctly identify taxes apply to identified business Yes No
(Please circle) 1.5
2. Learner can identify the level of company tax that needs to be paid in 2015/16 Yes No
(Please circle) 3. Learner can identify correctly what tax will the company be required to pay. Yes No
(Please circle) 4. Learner can explain why a large credit union is generally considered a more tax effective operating entity than a medium credit union. Yes No
(Please circle) 5. Learner can explain what elements of Australian Consumer Law (ACL) need to be aware of when conducting trading relations between your business and consumers. Yes No
(Please circle) Comments
Assessors comments here
The learners performance was: Not yet satisfactory Satisfactory
Activity 1FObjective To provide you with an opportunity to review existing software and its suitability for financial management.
Activity 1. Why should your company seek to implement financial management software?
2. What specific tasks does effective Financial Management software assist in managing?
Activity 1F checklist for assessorThis should be used by the trainer/assessor to document the learners skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
Learners name Assessors name Unit of Competency
(Code and Title) Date(s) of assessment Marking checklist Performance Criteria
1.
Learner can correctly identify why the company needs seek to implement financial management software. Yes No
(Please circle) 1.6
2. Learner can identify specific tasks does effective Financial Management software assist in managing. Yes No
(Please circle) Comments
Assessors comments here
The learners performance was: Not yet satisfactory Satisfactory
Activity 2AEstimated Time 25 Minutes
Objective To provide you with an opportunity to use previous financial data to determine allocations for resources.
Activity 1. Give an example of how you could use previous financial data to determine the allocation of resources, for this scenario, human resources in the hospitality industry.
2. Explain the figures and how you would allocate resources accordingly.
Activity 2A checklist for assessorThis should be used by the trainer/assessor to document the learners skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
Learners name Assessors name Unit of Competency
(Code and Title) Date(s) of assessment Marking checklist Performance Criteria
1.
Learner can correctly provide example of how he/she could use previous financial data to determine the allocation of resources, for this scenario, human resources in the hospitality industry. Yes No
(Please circle) 2.1
2. Learner can explain the figures and how you would allocate resources accordingly. Yes No
(Please circle) Comments
Assessors comments here
The learners performance was: Not yet satisfactory Satisfactory
Activity 2BObjective To provide you with an opportunity to make informed estimates of new items for inclusion in budget.
Activity Identify a new item you could add to the budget in your business. Estimate the costs of the new item and how it would be included within the budget.
You need to estimate both upfront and ongoing costs.
Activity 2B checklist for assessorThis should be used by the trainer/assessor to document the learners skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
Learners name Assessors name Unit of Competency
(Code and Title) Date(s) of assessment Marking checklist Performance Criteria
1.
Learner can correctly identify a new item you could add to the budget in your business. Yes No
(Please circle) 2.2
Learner can identify cost estimation of the new item and how it would be included within the budget - both upfront and ongoing costs. Yes No
(Please circle) Comments
Assessors comments here
The learners performance was: Not yet satisfactory Satisfactory
Activity 2CObjective To provide you with an opportunity to prepare budgets in accordance with organisational requirements and statutory requirements.
Activity Give an overview of the organisational policies and requirements you need to adhere to when you are preparing budgets.
Why is it important to maintain both internal and external compliance measures to adhere with organisational requirements and statutory requirements?
Activity 2C checklist for assessorThis should be used by the trainer/assessor to document the learners skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
Learners name Assessors name Unit of Competency
(Code and Title) Date(s) of assessment Marking checklist Performance Criteria
1.
Learner can correctly identify an overview of the organisational policies and requirements he/she needs to adhere to when you are preparing budgets Yes No
(Please circle) 2.3
2. Learner can identify how it is important to maintain both internal and external compliance measures to adhere with organisational requirements and statutory requirements. Yes No
(Please circle) Comments
Assessors comments here
The learners performance was: Not yet satisfactory Satisfactory
Activity 3AObjective To provide you with an opportunity to circulate budgets and ensure managers and supervisors are clear about budgets, reporting requirements and financial delegations.
Activity 1. Suppose that you are managing a supermarket. In groups of 3-4, brainstorm the areas and departments in which the supermarkets budget could be allocated for.
2. Write a plan detailing how you would circulate newly written budgets to managers and explain any additional information they need to know, such as reporting requirements and financial delegations.
3. In the same groups, conduct a role play by allocating one individual the manager role in charge of communicating information about the annual budget review to other participating individuals representing their respective departments. Display positive verbal and non-verbal cues and handle any potential objections that may arise. This activity is complete once each individual has been provided the opportunity to be manager at least once. Students are assessed based on their deliverance of information and their ability to interpret forthcoming information. These factors should be taken in to consideration.
Activity 3A checklist for assessorThis should be used by the trainer/assessor to document the learners skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
Learners name Assessors name Unit of Competency
(Code and Title) Date(s) of assessment Marking checklist Performance Criteria
1.
Learner can effectively attend the group and perform brainstorm the areas and departments in which the supermarkets budget could be allocated for. Yes No
(Please circle) 3.1
2. Learner can write a plan detailing how he/she would circulate newly written budgets to managers and explain any additional information they need to know, such as reporting requirements and financial delegations. Yes No
(Please circle) 3. Learner can perform ability to interpret forthcoming information. Yes No
(Please circle) Comments
Assessors comments here
The learners performance was: Not yet satisfactory Satisfactory
Activity 3BObjective To provide you with an opportunity to manage risks by checking there are no opportunities for misappropriation of funds and that systems are in place to properly record all financial transactions.
Activity 1. Identify five different ways staff could misappropriate company funds and suggest a resolution for each.
2. Brainstorm common types of fraud which can pose risk to a business.
Activity 3B checklist for assessorThis should be used by the trainer/assessor to document the learners skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
Learners name Assessors name Unit of Competency
(Code and Title) Date(s) of assessment Marking checklist Performance Criteria
1.
Learner can correctly identify five different ways staff could misappropriate company funds and suggest a resolution for each. Yes No
(Please circle) 3.2
2. Learner can brainstorm common types of fraud which can pose risk to a business. Yes No
(Please circle) Comments
Assessors comments here
The learners performance was: Not yet satisfactory Satisfactory
Activity 3CObjective To provide you with an opportunity to review profit and loss statements, cash flows and ageing summaries.
Activity 1. How is cash flow calculated?
2. Do all profitable companies operate with positive cash flow for each reporting period?
3. Explain how organisation would use ageing summaries, in terms of accounts payable and receivable, where applicable.
4. Please consider the information below. Which customers would you identify as high credit risk (default) and eligible for blacklisting, explain your reasoning?
Customer 1-30 days 31-60 days 61-90 days Over 90 days
Mario Pty Ltd. 400 200
JBS Co. 20 Arganx Corp. 1000 400 300 Total $ 1420 400 300 200
Activity 3C checklist for assessorThis should be used by the trainer/assessor to document the learners skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
Learners name Assessors name Unit of Competency
(Code and Title) Date(s) of assessment Marking checklist Performance Criteria
1.
Learner can correctly explain how to calculate cash flow. Yes No
(Please circle) 3.3
2. Learner can correctly answer if all profitable companies operate with positive cash flow for each reporting period. Yes No
(Please circle) 3. Learner can explain how organisation would use ageing summaries, in terms of accounts payable and receivable, where applicable. Yes No
(Please circle) 4. Learner can correctly identify which customers would he/she should identify as high credit risk (default) and eligible for blacklisting, explain your reasoning. Yes No
(Please circle) Comments
Assessors comments here
The learners performance was: Not yet satisfactory Satisfactory
Activity 3DObjective To provide you with an opportunity to revise budgets, as required, to deal with contingencies.
Activity 1. Give an example of a contingency that could occur at your workplace and explain how you would revise the budget to deal with it.
2. How does insurance assist in contingency planning?
Activity 3D checklist for assessorThis should be used by the trainer/assessor to document the learners skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
Learners name Assessors name Unit of Competency
(Code and Title) Date(s) of assessment Marking checklist Performance Criteria
1.
Learner can correctly explain how to calculate cash flow. Yes No
(Please circle) 3.4
2. Learner can correctly answer if all profitable companies operate with positive cash flow for each reporting period. Yes No
(Please circle) 3. Learner can explain how organisation would use ageing summaries, in terms of accounts payable and receivable, where applicable. Yes No
(Please circle) 4. Learner can correctly identify which customers would he/she should identify as high credit risk (default) and eligible for blacklisting, explain your reasoning. Yes No
(Please circle) Comments
Assessors comments here
The learners performance was: Not yet satisfactory Satisfactory
Activity 3EObjective To provide you with an opportunity to maintain audit trails to ensure accurate tracking and to identify discrepancies between agreed and actual allocations.
Activity 1. Your business completed a transaction with a stationary retailer for $2000. Upon inspection of the audit trail, it is recognised that the transaction occurred twice, four seconds apart, yet only the regular order was received. As a finance manager, how would you rectify this scenario with the stationary retailer?
2. What occurrences encountered in the audit trail may identify fraudulent activities?
Activity 3E checklist for assessorThis should be used by the trainer/assessor to document the learners skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
Learners name Assessors name Unit of Competency
(Code and Title) Date(s) of assessment Marking checklist Performance Criteria
1.
Learner can correctly explain how he/she would rectify this scenario with the stationary retailer. Yes No
(Please circle) 3.5
2. Learner can correctly identify what occurrences encountered in the audit trail may identify fraudulent activities. Yes No
(Please circle) Comments
Assessors comments here
The learners performance was: Not yet satisfactory Satisfactory
Activity 3FObjective To provide you with an opportunity to ensure compliance with due diligence.
Activity 1. As a manager, compliance is an essential component of maintaining daily operations. In this position, there are three essential components that compliance can be broken down into: budgets, reporting requirements, spending rules.
Activity 3F checklist for assessorThis should be used by the trainer/assessor to document the learners skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
Learners name Assessors name Unit of Competency
(Code and Title) Date(s) of assessment Marking checklist Performance Criteria
1.
Learner can correctly identify three essential components that compliance can be broken down into: budgets, reporting requirements, spending rules. Yes No
(Please circle) 3.6
Comments
Assessors comments here
The learners performance was: Not yet satisfactory Satisfactory
Activity 4AObjective To provide you with an opportunity to ensure structure and format of reports are clear and conform to organisational and statutory requirements.
Activity 1. Your organisation is creating a quarterly report. How will the report be formatted?
2. Input the missing values into the balance sheet.
Assets Liabilities Current Assets Current Liabilities Cash 20000 Accounts payable 400000
Accounts receivable 800000 Short-term notes 200000
(less doubtful accounts) 40000 Current portion of long-term notes 300000
Inventory Interest payable 40000
Temporary investment 40000 Taxes payable 120000
Prepaid expenses 20000 Accrued expenses 100000
TOTAL CURRENT ASSETS =SUM(ABOVE) 2120000 TOTAL CURRENT LIABILITIES Fixed Assets Long-term liabilities Long-term investments 3800000 Mortgage Property 4200000 Other long-time liabilities 3000000
Plant and Equipment 1800000 TOTAL LONG-TERM LIABILITIES =SUM(ABOVE) 9000000
Furniture 600000 Capital stock 1260000
Paid in Capital 700000
Retained earnings Total Net Fixed Assets Total Shareholders Equity =SUM(ABOVE) 2360000 =SUM(ABOVE)
TOTAL ASSETS TOTAL LIABILITIES & EQUITY
Activity 4A checklist for assessorThis should be used by the trainer/assessor to document the learners skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
Learners name Assessors name Unit of Competency
(Code and Title) Date(s) of assessment Marking checklist Performance Criteria
1.
Learner can correctly explain how the report will be formatted. Yes No
(Please circle) 4.1
2. Learner can correctly input the missing values into the balance sheet. Yes No
(Please circle) Comments
Assessors comments here
The learners performance was: Not yet satisfactory Satisfactory
Activity 4BObjective To provide you with an opportunity to identify and prioritise significant issues in statements, including comparative financial performances for review and decision making.
Activity 1. How are significant issues in statements highlighted for priority attention in your workplace?
2. Give three examples of significant issues in your workplace which need to be communicated for review?
Activity 4B checklist for assessorThis should be used by the trainer/assessor to document the learners skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
Learners name Assessors name Unit of Competency
(Code and Title) Date(s) of assessment Marking checklist Performance Criteria
1.
Learner can correctly explain how to highlight significant issues in statements for priority attention in his/her workplace. Yes No
(Please circle) 4.2
2. Learner can correctly give three examples of significant issues in his/her workplace which need to be communicated for review. Yes No
(Please circle) Comments
Assessors comments here
The learners performance was: Not yet satisfactory Satisfactory
Activity 4CObjective To provide you with an opportunity to prepare recommendations to ensure financial viability of the organisation.
Activity 1. Explain how you would use each of the following to determine the financial viability of the organisation:
Cash flow
Changes in business activity, including markets, goods or services traded
Consolidation
Expenses and overheads
Labour costs, including decisions to move production to other locations or sites
Loss
Profit
Write-offs.
Activity 4C checklist for assessorThis should be used by the trainer/assessor to document the learners skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
Learners name Assessors name Unit of Competency
(Code and Title) Date(s) of assessment Marking checklist Performance Criteria
1.
Learner can correctly explain how to use cash flow to determine the financial viability of the organisation. Yes No
(Please circle) 4.3
Learner can correctly explain how to use changes in business activity, including markets, goods or services traded to determine the financial viability of the organisation. Yes No
(Please circle) Learner can correctly explain how to use consolidation to determine the financial viability of the organisation. Yes No
(Please circle) Learner can correctly explain how to use expenses and overheads to determine the financial viability of the organisation. Yes No
(Please circle) Learner can correctly explain how to use labour costs, including decisions to move production to other locations or sites to determine the financial viability of the organisation. Learner can correctly explain how to use loss to determine the financial viability of the organisation. Learner can correctly explain how to use profit to determine the financial viability of the organisation. Learner can correctly explain how to use write-offs to determine the financial viability of the organisation. Comments
Assessors comments here
The learners performance was: Not yet satisfactory Satisfactory
Activity 4DObjective To provide you with an opportunity to evaluate the effectiveness of financial management processes.
Activity 1. Outline here how you would evaluate the effectiveness of your organisations financial management processes.
Activity 4D checklist for assessorThis should be used by the trainer/assessor to document the learners skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
Learners name Assessors name Unit of Competency
(Code and Title) Date(s) of assessment Marking checklist Performance Criteria
1.
Learner can correctly outline how to evaluate the effectiveness of his/her organisations financial management processes. Yes No
(Please circle) 4.4
Comments
Assessors comments here
The learners performance was: Not yet satisfactory Satisfactory
Skills and Knowledge ActivityObjective To provide you with an opportunity to demonstrate your knowledge of the foundation skills, knowledge evidence and performance evidence.
Activity Attach your completed work to your workbook.
The answers to the following questions will enable you to demonstrate your knowledge of:
Plan for financial management
Read and review profit and loss statements, cash flows and aging summaries
Prepare, implement and revise a budget which aligns with the business plan, is based on research and analysis of previous financial data and cash flow trends, and meets all compliance requirements
Contribute to financial bids and estimates
Establish a budget and allocate funds in accordance with statutory and organisational requirements
Communicate with other people
Analyse the effectiveness of existing financial management approaches, including reviewing financial management software, managing risks of misappropriation of funds, ensuring systems are in place to record all transactions, maintaining an audit trail and complying with due diligence
Reading skills
Writing skills
Oral communication skills
Numeracy skills
Navigate the world of work
Interact with others
Get the work done
Identify the requirements for financial probity
Describe the principles of accounting and financial systems
Explain Australian, international and local legislation and conventions that are relevant to financial management in the organisation
Outline the requirements of the Australian Tax Office, including Goods and Services Tax, Company Tax and Pay As You Go.
Answer each question in as much detail as possible, considering your organisational requirements for each one.
Why is examining previous financial data important for managing current and future finances?
Why might you need to understand the reasons for profit and loss?
Give examples of your business or industrys critical dates and describe how they can be used to increase profit.
Why might you need to analyse cash flow trends?
Why do you need to be aware of your tax liabilities?
What are some of the questions you should ask yourself to ensure that your financial management software is suitable for your business?
Why do you need to consider previous financial data when managing resource allocation?
Why do you need to estimate the costs of potential new items?
Why do you need to prepare budgets in line with organisational policies?
Why do prepare budgets in line with organisational policies?
Give several examples of how a companys funds might be misappropriated and detail how this could be detrimental to the company.
Why are ageing summaries useful?
Give an example of a contingency and how the budget may have to be revised in order to compensate for the loss of time, goods etc.
How can an audit trail help you identify discrepancies? Which type of discrepancies may be identified?
Why do you need to be diligent when ensuring compliance? Give an example based on your own workplace where a lack of diligence regarding compliance has caused problems in the past or could cause problems if not observed.
Research your own organisations requirements for report formatting. Why might your organisation make specifications about report formatting?
Why do you need to draw attention to significant issues in reports?
Describe ways in which you can monitor the financial viability of the organisation and why this is necessary.
Review your own companys financial management processes and offer a commentary on areas which could be improved.
Knowledge activity checklist for assessorThis should be used by the trainer/assessor to document the learners skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
Learners name Assessors name Unit of Competency
(Code and Title) Date(s) of assessment Marking checklist Performance Criteria
1.
Learner can identify why examining previous financial data is important for managing current and future finances. Yes No
(Please circle) Knowledge Evidence
2. Learner can identify the need of understanding the reasons for profit and loss Yes No
(Please circle) 3. Learner can give examples of businesses or industrys critical dates and describe how they can be used to increase profit. Yes No
(Please circle) 4. Learner can identify the importance of analysing cash flow trends. Yes No
(Please circle) 5. Learner can identify why tax liabilities need to be aware of. Yes No
(Please circle) 6. Learner can identify questions to ensure that organisations financial management software is suitable for the business. Yes No
(Please circle) 7. Learner can explain why previous financial data needs to be considered when managing resource allocation. Yes No
(Please circle) 8. Learner can explain the importance of estimating the costs of potential new items. Yes No
(Please circle) 9. Learner can outline why preparing budgets in line with organisational policies is essential. Yes No
(Please circle) 10. Learner can identify why we need to prepare budgets in line with organisational policies Yes No
(Please circle) Knowledge Evidence
11. Learner can give several examples of how a companys funds might be misappropriated and detail how this could be detrimental to the company. Yes No
(Please circle) 12. Learner can explain the importance of ageing summaries useful Yes No
(Please circle) 13. Learner can give an example of a contingency and identify how the budget may have to be revised in order to compensate for the loss of time, goods etc. Yes No
(Please circle) 14. Learner can explain how an audit trail can help identifying discrepancies. Yes No
(Please circle) Learner can explain how type of discrepancies may be identified. Yes No
(Please circle) 15. Learner can identify why it is important to be diligent when ensuring compliance. Yes No
(Please circle) Learner can give an example based on his/her own workplace where a lack of diligence regarding compliance has caused problems in the past or could cause problems if not observed. Yes No
(Please circle) 16. Learner can research his/her own organisations requirements for report formatting. Yes No
(Please circle) Learner understands and explains why organisation should make specifications about report formatting Yes No
(Please circle) 17. Learner can explain why drawing attention to significant issues in reports is needed. Yes No
(Please circle) 18. Learner can describe ways in which he/she can monitor the financial viability of the organisation and why this is necessary. Yes No
(Please circle) 19. Learner can review his/her own companys financial management processes and offer a commentary on areas which could be improved. Yes No
(Please circle) Comments
Assessors comments here:
The learners performance was: Not yet satisfactory Satisfactory
Major Activity
This major activity consists of two assessment tasks.
For assessment task 1, the student is required to review existing financial information and prepare budgets.
What do students need in order to complete this assessment?
Computer and Microsoft Office
Access to the internet for research and to access web sites such as the Australian Tax Office
2019 2020 Profit and Loss Statement
2019 - 2020 Cash flow statements
Financial performance report template
Business Plan Grow Management Consultants
Financial Management Policy and procedure
Conference/e-book costs and income
WHAT DO STUDENTS HAVE TO SUBMIT?
Financial performance report
Completed budgets for 2020 2021
Instructions to students:
Analyse finances and prepare budgets
Grow Management Consultants is a consultancy business specialising in leadership consultancy and has been operational for the last five years. The company offers a range of services to assist companies to assess leadership behaviour of existing managers and performance metrics and to design and implement customised leadership programs based on the assessment. Services are offered Australia-wide.
The company employs a General Manager (you), 2 Principal Consultants (who are also Directors), 1 Senior Consultant, an Administration Officer and Receptionist.
Over the last two years, the company has diversified and offers regular professional development workshops on all aspects of leading and managing staff. These workshops are conducted approximately every 3 months in all major cities including Sydney, Brisbane and Melbourne. In 2018 2019, the company ran a total of 36 workshops. The company has also recently produced an E-book about leadership techniques.
The intention is to replace the workshops with the annual conference in the next financial year as the workshops were not well attended and client feedback indicates a personalised, company focused approach in the form of consulting services is the service of choice.
The E-book has had reasonable sales but there needs to be a wider selection of books, as well as more marketing. The plan is to generate $10,000 worth of sales for the e-books during the next financial year and increasing over time.
As the General Manager for the company and with responsibility for finances, you are currently completing the financial planning for the year ahead. This involves a review of the companys business plan, previous years profit and loss statement, the current business plan and strategic directions and cash flow statements. Based on the review, you will be establishing budgets and allocating funds. In developing the budget you are to assume a 5% increase in cost of sales, as well as a 10% increase in sales for consulting services and executive search.
As per the business plan, the company plans to run an annual conference starting in 2020. The costs for the conference have been estimated by the Principal Consultant as set out in the Estimated Conference Costs document. Conference attendance is aimed at 100 people paying $750 each.
The Principal Consultant has also asked you to review the current accounting software used by the business. The company is currently using MYOB but as it has grown, the Principal Consultant wishes to review whether this is the best accounting software for the business. He has also requested that the software have a cloud feature.
Complete the following activities:
1.Conduct research in preparation for your financial performance report.
Review the scenario information above and the 2018-2019 Profit and Loss Statements and the 2018-2019 Cash Flow Statements provided to you. Using this information, identify areas of the business that have generated a profit and those that have generated a loss.
Conduct research to establish why those areas have made a profit or loss. Your research should include a review of the financial data provided to you, economic conditions and business trends that may have resulted in the profit or loss. You will be required to report on your findings in the financial performance report as outlined below.
Conduct research on financial software systems as per the scenario information. Make notes for use in your report.
2.Prepare a financial performance report for the Principal Consultants using the template provided by your assessor that includes an:
Overview of the purpose of the report.
Analysis of the previous years (2018-2019) profit and loss statement for Grow Management Consultant, including revenue generated, cost of sales, gross profit/loss margin and net profit/loss margin.
Analysis of overall business performance including the performance of each of the income streams for 2019-2020.
Outline of reasons for profit or loss based on your analysis of the data and research on economic conditions and business trends.
Analysis of the organisations goals and priorities for the upcoming financial year as documented in the Strategic Business Plan and financial resources required to achieve these goals, as well as key dates.
An analysis of cash flow trends as per the cash flow statements.
Review and analysis of at least three other financial software packages that the business could use, including the advantages and disadvantages of each, as well as the advantages and disadvantages of MYOB that is currently used.
3.Develop budget forecasts for the next financial year.
Ensure that the analysis of the previous years data and future plans as indicated in the business plan is taken into account in determining projected income and expenditure.
As per the organisations financial management policy and procedure, the budget forecasts are to be submitted in Excel. Develop a suitable format within Excel for your budget.
Ensure that your budget includes the estimated income and costs for the conference and e-book to be implemented in 2020. This is provided to you as a separate document.
Assume a 5% increase in all general costs, as well as a 10% increase in income for consulting and executive recruitment service. Input costs and income for the conference and e-book as per the data indicated in the document.
4.Circulate report and budgets
Ensure your documents are accurate and error free, and set out in a standard business format.
Submit the completed report and budgets to the learning management system(moodle)
Assessment task 2: Review project
Task summary:
This assessment task requires the student to review the profit and loss statement for 2019 2020, as well as the cash flow statement for Grow Management Consultants.
What do students need to complete this assessment?
Computer and Microsoft Office
Access to the internet for research
Profit and Loss Account 2019 - 2020
Cash flow statements 2019 2020.
What do students have to submit?
Report on performance, including revisions to budget.
Instructions to students:
It is now one year later and you are required to review the profit and loss account for 2019 2020, as well as the cash flow statement.
The Principal Consultant has also asked you to focus on reviewing the conference costs as while there was very positive feedback from the conference and the company wishes to run it next year, there needs to be revisions to the budget and a potential price increase for the conference fee to make the conference profitable.
The Principal Consultant would like you to report on a proposed conference fee given a 10% increase in all the recorded costs for the conference as shown in the profit and loss statement (and that match the conference costs for the document you reviewed in Assessment Task 1) and assuming 70 people will attend the 2020 conference. The Principal Consultant would also like a 20% return on the conference costs.
Complete the following activities:
1.Analyse financial information
Analyse the information provided in the profit and loss account and cash flow statement including:
Review of overall performance and gross/net profit margins.
Calculation of variation in actual versus budgeted amounts for each income source.
Calculation of variation in actual versus budgeted costs, focusing particularly on conference costs.
Recommended revisions to the budget for conference costs for 2020 2021.
Proposed conference fee for 2021 conference assuming attendance of 70 people and to make a profit of at least 20%.
2.Based on your analysis of the profit and loss account, develop and submit a short report that includes your analysis as above.
Major activity checklist for assessorThis should be used by the trainer/assessor to document the learners skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
Learners name Assessors name Unit of Competency
(Code and Title) Date(s) of assessment Marking checklist Performance Criteria
Assessment1
1.
Conduct research in preparation for your financial performance report. Performance evidence, Knowledge Evidence and foundation skills
Learner can correctly conduct research in preparation for the financial performance report Yes No
(Please circle) Learner can correctly review the provided scenario information and the 2018-2019 Profit and Loss Statements and the 2018-2019 Cash Flow Statements. Yes No
(Please circle) Learner can correctly use provided information to identify areas of the business that have generated a profit and those that have generated a loss. Yes No
(Please circle) Learner can understand and explain a review of the financial data provided, including economic conditions and business trends that may have resulted in the profit or loss. Yes No
(Please circle) Learner can conduct research on financial software systems as per the scenario information. Yes No
(Please circle) 2. Prepare a financial performance report for the Principal Consultants using the template provided by your assessor that includes an: Learner can include revenue generated, cost of sales, gross profit/loss margin and net profit/loss margin. Yes No
(Please circle) Learner can complete analysis of overall business performance including the performance of each of the income streams for 2019-2020. Yes No
(Please circle) Learner can outline reasons for profit or loss based on his/her analysis of the data and research on economic conditions and business trends. Yes No
(Please circle) Learner can analyse the organisations goals and priorities for the upcoming financial year as documented in the Strategic Business Plan and financial resources required to achieve these goals, as well as key dates. Yes No
(Please circle) Learner can analyse cash flow trends as per the cash flow statements. Yes No
(Please circle) Learner can review and analyse at least three other financial software packages that the business could use, including the advantages and disadvantages of each, as well as the advantages and disadvantages of MYOB that is currently used. Yes No
(Please circle) 3. Develop budget forecasts for the next financial year. Learner can ensure that the analysis of the previous years data and future plans as indicated in the business plan is taken into account in determining projected income and expenditure. Yes No
(Please circle) Learner submitted the budget forecasts through Excel with a suitable format. Yes No
(Please circle) Learner can esure that budget includes the estimated income and costs for the conference and e-book to be implemented in 2020. Yes No
(Please circle) 4. Circulate report and budgets Learner can ensure your documents are accurate and error free, and set out in a standard business format. Yes No
(Please circle) Learner can successfully submit the completed report and budgets to the learning management system (Moodle) Yes No
(Please circle) 1.
Assessment task 2 Analyse financial information Yes No
(Please circle) Learner can review of overall performance and gross/net profit margins. Yes No
(Please circle) Learner can calculate the variation in actual versus budgeted amounts for each income source. Yes No
(Please circle) Learner can calculate of variation in actual versus budgeted costs, focusing particularly on conference costs. Yes No
(Please circle) Learner can recommend revisions to the budget for conference costs for 2020 2021. Yes No
(Please circle) Learner can develop and submit a short report including required analysis above Yes No
(Please circle) Comments Yes No
(Please circle)
Assessors comments here:
The learners performance was: Not yet satisfactory Satisfactory
Workplace Documentation for learnerWorkplace documents checklist To demonstrate and support workplace knowledge, workplace documents can be submitted to the assessor or third party. Indicate in the table below the documents that have been provided. Please refer to your trainer/assessor if clarification is required or if you have any further questions on what you are able to provide or use.
Document name/description Document attached
Yes No (Please circle)
Yes No (Please circle)
Yes No (Please circle)
Yes No (Please circle)
Yes No (Please circle)
Yes No (Please circle)
Yes No (Please circle)
Yes No (Please circle)
For RTO use only
Have originals or digital copies been supplied for the workplace documents? Yes No (Please circle)
If not originals, have the originals been validated or checked? Yes No (Please circle)
Learners signature Assessors signature
Supplementary Oral Questions (optional) for assessorThe below table is for you to document any supplementary verbal questions you have asked the learner to determine their competency. For example, if you are unsure of their answer to a question in the Learner Workbook, you may choose to ask them a supplementary question to clarify their understanding of the relevant criteria.
Learners name Assessors name Unit of Competence
(Code and Title) Date of assessment Question:
Learner answer:
Assessor judgement: Satisfactory Not Satisfactory
Question:
Learner answer:
Assessor judgement: Satisfactory Not Satisfactory
Question:
Learner answer:
Assessor judgement: Satisfactory Not Satisfactory
Question:
Learner answer:
Assessor judgement: Satisfactory Not Satisfactory
Question:
Learner answer:
Assessor judgement: Satisfactory Not Satisfactory
Feedback for the learner
I have read, understood, and am satisfied with the feedback provided by the assessor.
Learners name Learners signature Assessors name Assessors signature
Competency record to be completed by assessorThis should be used by the trainer/assessor to document the learners skills, knowledge and performance as relevant to the overall unit. Indicate in the table below if the learner is deemed competent or not yet competent for the unit or if reassessment is required.
Learners name Assessors name Unit of Competence
(Code and Title) Date(s) of assessment Has the learner completed all required assessments to a satisfactory standard? Yes No
(Please circle)
Has sufficient evidence and information been provided by the learner to prove their competency across the entire unit? Yes No
(Please circle)
The learner has been assessed as competent in the elements and performance criteria and the evidence has been presented as:
Authentic Yes No
(Please circle)
Valid Yes No
(Please circle)
Reliable Yes No
(Please circle)
Current Yes No
(Please circle)
Sufficient Yes No
(Please circle)
Learner is deemed: Not yet competent Competent
If not yet competent, date for re-assessment: Comments from trainer/assessor:
Learners signature Assessors signature