Assignment Task
Task
Unit Summary
This unit describes the skills and knowledge required to undertake financial management in an organisation or work area. It includes planning and implementing financial management approaches and supporting and evaluating effectiveness of financial management processes. The unit applies to managers in a wide range of organisations and sectors who have responsibility for the effective use of financial resources within work teams. They are responsible for ensuring that financial resources are managed in line with the financial objectives of the team and organisation. No licensing, legislative or certification requirements apply to this unit at the time of publication.
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Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.
This includes access to:
- workplace policies and procedures
- workplace budgets and financial plans.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
This assessment will be conducted in the CAC classroom or simulated workplace environment or at actual designated workplace:
- Address of actual designated workplace:
Specific Resources Required
- Computer with internet and email access and a working web browser
- Installed software: MS Word, Adobe Acrobat Reader
- A workplace that will allow you access to:
- Workplace documentation, including:
- Financial plan for your work team that includes the following:
- Cash flow projections
- Ageing Summaries
- Petty Cash Statements
- Goods and Service Tax (GST)
- Profit and Loss Statements
- One budget plan
Budget plans may include, but is not limited to the following:
- Short-term budget plan
- Long-term budget
- People, including:
Assessment Instruction
Assessment is mapped to the unit and must be completed by the end of each unit. For answers to written questions, reports and projects, you must:
• Print clearly in black or blue pen or type it as a word document
• Answer each of the key points and /or follow instructions
• Assessments written in pencil or are illegible will not be accepted.
Please NOTE: Student has to submit each and every assessment task. Ask your assessor if you do not understand any part of the assessment. Whist your assessor cannot tell you the answer, he/she may be able to re-word a question or instruction to assist in a better understanding for you.
Assessment Task 1:
This part of the project requires you to review an existing budget plan and financial plan in your organisation. Specifically, you are required to:
- Access budget plan and financial plan documentation
- Negotiate changes that need to be applied to budget plan and financial plan
- Clarify budget plan and financial plan on their achievability, accuracy, and comprehensibility
- Prepare contingency plans in the event that initial plans change
Assessment Task 2:
This part of the project requires you to implement a new financial management plan. Specifically, you are required to:
- Communicate details of agreed budget and financial plans to relevant team members
- Support team members to access resources and systems to perform required roles
- Implement processes to monitor actual expenditure and control costs as required according to financial objectives
- Implement contingencies in the event that initial plans need to be varied
- Report on budget and expenditure according to organisational protocols
Assessment Task 3:
This part of the project requires you to evaluate current financial management processes in your organisation. Specifically, you are required to:
- Identify and recommend improvement to existing financial management processes
- Implement and monitor agreed improvements according to financial objectives of work team and organisation
Assessment Task 4:
This is a written assessment that will test student’s knowledge. This assessment may be completed over the duration of the training days. As the students learn, practice and review knowledge and skills, students will keep Assessment Task 4 in front of them and answer the questions as the information becomes clearer. At the beginning of each review session students will be given a few minutes to familiarise themselves with the questions. Students will be given extra time at the end of the day to complete this assessment or to clarify facts with the Trainer/Assessor.
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