Project Monitor and control finances Assignment

Assignment Help Managerial Accounting

Reference no: EM132460662

BSBFIM501 Manage budgets and financial plans - International College of Melbourne

Assessment Task 1- Case Study

Plan and implement financial management approaches

Task summary

This assessment task is about analysing a case study of a simulated workplace to plan financial management approaches related to the Unit of Competency "BSBFIM501 Manage budgets and financial plans" and its elements and performance criteria.

Performance objective

To test your ability to demonstrate the skills and knowledge required to plan and implement financial management approaches.

Case scenario

You are a project manager for Australian Constructions. The CFO/Accountant, Lynn has prepared and shared his financials with the management team for a review.

Mr. Australian, the CEO has asked you to review and would like you to meet with him to discuss whether the budget projections are achievable, accurate, understandable and fair. He would like you to look at the budget for projects closely, note any changes you think are necessary, develop an argument for the changes and negotiate those changes with the relevant individuals and teams. As a special project, the CEO has asked you to perform a risk assessment and develop a contingency plan to manage the risk of sales falling 20%.

Your task

Complete the following activities and document for the use by Australian Constructions teams and individuals. Then meet with the CEO (Your Assessor) to discuss your contingency strategies:

Question 1. Read and review the financial information and the other information available in the case scenario (Appendix 1). Note down the summary in dot point.

Question 2. Read the "budgeting and finance Policy" to ensure budgets and financial plans are prepared in line with the policy and considering organizational requirements and note down any variations.

Question 3. Identify and write down the areas that may vary due to latest industry financial information on banking industry. (Minimum three areas)

Question 4. After completing above, meet with the CEO or the CFO/Accountant (Your Assessor) to discuss the documented outcomes in a role-play.

Question 5. Discuss and negotiate any changes required due to developing financial climate that may affect Australian Construction's business during the next three years.

Question 6. Prepare a contingency plan for above situations identified in Activity 3. You may use the contingency plan format provided in the Appendix 3.

Question 7. After completing above contingency plan, meet with your project manager team (Your assessor) in a role-play and provide details of the agreed budget/financials plans.

Question 8. Identify and list the areas of the project manager (in the scenario of Appendix 1) who need support in management of finances in their specific areas.

Question 9. Prepare a training plan/coaching plan to provide support to the project manager with resources and systems to be able to perform the role of project manager competently.

Question 10. Submit the documents to your assessor.

Assessment Task 2- Project Monitor and control finances

Task summary

This assessment task is about analysing a case study of a simulated workplace to monitor and control related to the Unit of Competency "BSBFIM501 Manage budgets and financial plans" and its elements and performance criteria.

Performance objective

To test your ability to demonstrate the skills and knowledge required to plan and implement financial management approaches.

Specifications to submit
You must provide:
1. a budget spreadsheet including a budget variation report.
2. a modified contingency plan and modified implementation plan and
3. meet with your manager (assessor) in a role-play to present your findings.

Case scenario

It is the end of financial year for the year 2019/2020 and the CFO/Accountant, Lynn has completed the financial statements and shared the actual statement of financial position with other managers. CEO is very concerned of the financial performance and has asked you to review budgeted financial statements against actual performance and identify the variance. He also asked you to review the contingency plan you have developed last year and modify the contingency plan taking the current situational information into consideration.

Your task

Complete the following activities and document for the use by Australian Constructions teams and individuals. Then meet with the CEO (Your Assessor) to discuss the variance and modified contingency plan including its implementation:

Question 1. Read and review the financial information and the other information available in the case scenario (Appendix 1). Note down the summary in dot point.

Question 2. Access actual budget figures from relevant managers, the CFO/Accountant, Mr. Roberts Gillard (Your assessor) and accounting systems in Appendix 1.

Question 3. Analyse the actuals against the budgeted financial performance and identify the variance. (Income variance, cost of variance and expenses variance).

Question 4. Design and develop a spreadsheet to capture budgeted and actual figures and produce a variance report as per organisational requirements (Appendix 2 Organisational Protocols).

Question 5. Monitor and record actual figures against budgeted figures.

Question 6. Consider the scenario information and contingency plan you developed (Assessment Task 1) and analyse the variance report to modify the contingency plan. Note down the areas that need modification.

Question 7. Modify the contingency plan and develop an implementation plan which you have developed in Assessment Task 1 to improve effectiveness.

Question 8. After completing above, using the organizational protocols in Appendix 2, meet with the CEO or the CFO/Accountant and report on this budget variance and your modified contingency plan to the CEO (Assessor) in a role-play.

Question 9. Discuss your implementation strategies and monitoring agreed improvements in line with financial objectives of the work team and the organization.

Question 10. Submit the documents to your CEO (assessor).

Attachment:- Manage budgets and financial plans.rar

Reference no: EM132460662

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