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Prepare to meet with your manager (assessor) to clarify budget and negotiate changes

ASSESSMENT SUMMARY / COVER SHEET

 

This form is to be completed by the assessor and used as a final record of student competency.

All student submissions including any associated checklists are to be attached to this cover sheet before placing on the students file.

Student results are not to be entered onto the Student Management Database unless all relevant paperwork is completed and attached to this form.

 

Student Name:

 

Student ID No:

 

Completion Date:

 

 

Unit Code:

BSBFIM501

Unit Title:

Manage budgets and financial plans

 

Please attach the following documentation to this form

Result

S = Satisfactory

NS = Not Satisfactory

NA = Not Assessed

Reassessment

S = Satisfactory

NS = Not Satisfactory

NA = Not Assessed

Assessment Task 1 

r  Plan financial management approaches

S   |   NS   |   NA

S   |   NS   |   NA

Assessment Task 2 

r  Implement financial management approaches

S   |   NS   |   NA

S   |   NS   |   NA

Assessment Task 3

r  Monitor and control finances

S   |   NS   |   NA

S    |   NS   |   NA

            Final Assessment Result for this unit

C   /   NYC


Assessor Comments and Feedback to student:

__________________________________________________________________________

 

__________________________________________________________________________

 

__________________________________________________________________________

 

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I am also aware of my appeal rights.

Name:          ____________________________

Signature:    ____________________________

Date:           ____/_____/_____

Assessor Declaration:I declare that I have conducted a fair, valid, reliable and flexible assessment with this student. I have provided appropriate feedback and advised the student of their result.

 

 

Name:          ____________________________

Signature:    ____________________________

Date:           ____/_____/_____

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Entered onto Student Management Database

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Date

 

Initials

 

 

Plan financial management approaches

Submission details

The assessment task is due on the date specified by your assessor. Any variations to this arrangement must be approved in writing by your assessor.

Submit this document with any required evidence attached. See specifications below
for details.

Performance objective

The candidate will demonstrate the ability to plan financial management approaches.

Assessment description

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

Procedure

       1.      Read the scenario provided in Appendix 1 to this assessment task and tasks A and B.

       2.      Prepare to meet with your manager (assessor) to clarify budget and negotiate changes:

                          a.       identify areas of the budget that are not achievable, inaccurate or unclear

                          b.       prepare to negotiate necessary changes to the budget

       3.      set up a time with your manager to meet. Meet with your manager (assessor) to clarify budget and negotiate changes:

                          a.       identify at least two issues for clarification

                          b.       negotiate at least two changes

                          c.       include discussion of basic accounting principles

                          d.       refer to relevant legislation and ATO requirements

                          e.       refer to principles and techniques of managing budget items

                           f.       take and keep notes of agreed changes.

       4.      Use the template provided in Appendix 3 to this assessment task to prepare a contingency plan document for persistent risks after budget changes

       5.      Submit all documents required in the specifications below to your assessor. Ensure you keep a copy of all work submitted for your records.

Specifications

You must:

  • meet with your assessor to clarify budget and negotiate changes
  • provide a contingency plan
  • submit your notes.

Your assessor will be looking for:

  • numeracy skills to read and understand a budget and negotiate budget re-allocations
  • knowledge of basic accounting principles to identify and use account balances
  • knowledge organisational requirements related to financial management such as contained in organisational policies and procedures
  • knowledge of principles and techniques involved in budgeting.

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