Classroom Assessment Methods and Tools

Assessment Tool
Qualification BSB61215 Advanced Diploma of Program Management
Cluster number and name: PMAD 2.2 Implement program governance & manage finances
Units of competency: BSBPMG612 Implement program governance
BSBFIM601 Manage finances
Student’s ID and full name 41823 – Shavneel shavneet Kumar
Assessor’s name: Stuart
Number of weeks Weeks 1-4
ASSESSMENT INSTRUCTIONS
Overview
Prior to commencing the assessments your assessor will explain each task and the terms and
submission of your task. Please consult your assessor if you are unsure of any questions. It is
important that you understand adhere to the terms and conditions and address each task. If any
task I not fully address than your assessment task will not be marked. The assessor will support
you throughout this process.
Written work
The assessment tasks are used to measure your understanding and underpinning skills and
knowledge of this unit of competency. When answering please ensure you address each criteria
and sub point, demonstrate your research of each of the questions and cover the topic in a
logical and structured manner.
Active participation
It is a condition of enrolment that you actively participate in your studies. Active participation is
completing all tasks on time. If you do not participate you will be required to report to Student
Services Coordinator.
Plagiarism
Plagiarism 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 student’s 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 student 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 student
 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 task, then we will organise a
meeting to discuss this with you.
Copyright
BSBPMG409 Assessment Tool Version 1 Issued 18/03/2017
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Assessment Tool
Qualification BSB61215 Advanced Diploma of Program Management
Cluster number and name: PMAD 2.2 Implement program governance & manage finances
Units of competency: BSBPMG612 Implement program governance
BSBFIM601 Manage finances
Student’s ID: 41823 – Shavneel Shavneet Kumar
Assessor’s name: Stuart
Number of weeks Weeks 1-4
You must be careful when copying the work of others. The owner of the material may take legal
action against you if the owner's copyright has been infringed. You are allowed to do a certain
amount of copying for research or study purposes. Generally, 10% or one chapter of a book is
acceptable, where the participant is studying with, or employed by, an educational institution.
Competency Outcomes
Each activity in this assessment tasks will be marked as either Satisfactory or Not
Satisfactory.
If your work is marked as Not Satisfactory you will be provided with feedback from your
assessor and then given time to complete the task. Your assessor will provide you with a timeline
in which you will be required to submit your task. Resubmission timeline will be determined by
the assessor and based on the extent of the re-submission.
When you have completed all tasks in this document you will be granted an overall competency
outcome, which will be either Competent or Not Yet Competent.
If your work is marked as Not Yet Competent you will be asked to resubmit the assessment
tasks as indicated by your assessor. You will not be able to gain competency if any of your tasks
are not fully completed.
Assessment Appeals Process
If you are dissatisfied with the outcome of one of the assessment tasks or the final outcome of
the assessment task because you feel that the result is unfair or incorrect, you may request to
have the task/s or overall assessment task reviewed. If you are still dissatisfied with the
outcome, you may lodge a formal assessment appeal. Refer to SBTA’s Complaints/Appeals Policy
and Procedure.
Application of the unit – BSBFIM601
This unit describes the skills and knowledge required to undertake budgeting, financial
forecasting and reporting and to allocate and manage resources to achieve the required outputs
for the business unit. It includes contributing to financial bids and estimates, allocating funds,
managing budgets and reporting on financial activity.
It applies to individuals who have managerial responsibilities which include overseeing the
management of financial and other resources across a business unit, a series of business units or
teams, or an organisation. It covers all areas of broad financial management. In a larger
organisation, this work would be supported by specialists in financial management.
Application of the unit – BSBPMG612
This unit describes the skills and knowledge required to implement governance requirements to
ensure effective program management. It includes the performance criteria required to
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Assessment Tool
Qualification BSB61215 Advanced Diploma of Program Management
Cluster number and name: PMAD 2.2 Implement program governance & manage finances
Units of competency: BSBPMG612 Implement program governance
BSBFIM601 Manage finances
Student’s ID: 41823 – Shavneel Shavneet Kumar
Assessor’s name: Stuart
Number of weeks Weeks 1-4
demonstrate competency in implementing systems and processes for decision-making,
management systems, compliance and support.
A program is defined as a set of interrelated projects, each of which has a project manager.
'Multiple projects', or 'a program of projects', refers to a number of related projects managed by
the same person as a program to achieve organisational objective/s.
It applies to individuals who are program managers and those managing a suite of projects (a
program). They operate within assigned authority levels, are responsible for their own
performance and sometimes the performance of others.
Individuals in this role may be operating within an organisation, a business or working as a
consultant.
Assessment matrix
ELEMENTS BSBPMG612 PERFORMANCE CRITERIA ASSESSMENT TASKS
1. Facilitate effective decisions making 1.1, 1.2, 1.3, 1.4 Task 1, 2
2. Implement systems and methods 2.1, 2.2, 2.3, 2.4 Task 1, 2
3. Ensure program compliance 3.1, 3.2, 3.3, 3.4 Task 1, 2
4. Enable program support services 4.1, 4.2, 4.3 Task 1, 2
Performance Evidence Document program role and responsibilities, determine finance and
resource authorities, support program implementation
Task 1, 2
Knowledge Evidence Documentation of program role and responsibilities, design
program, records and configuration system
Task 1, 2
Foundation Skills Reading, Writing, Oral Communication, Navigate the world of work,
interact with others and Get the work done
Task 1, 2
Dimensions of Competency Task skills, task management skills, communication management
skills, analysis & problem solving skills
Task 1, 2
ELEMENTS BSBFIM606 PERFORMANCE CRITERIA ASSESSMENT TASKS
1.1. Plan for financial management 1.1, 1.2, 1.3, 1.6 Task 1, 3
1.2. Establish budgets and allocate funds 2.1, 2.2, 2.3 Task 1, 3
1.3. Implement budgets 3.1, 3.2, 3.3, 3.4, 3.5, 3.6 Task 1, 3
1.4. Report on finances 4.1, 4.2, 4.3, 4.4 Task 1, 3
Performance Evidence Plan for financial management, prepare, implement and revise a Task 1, 3
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Assessment Tool
Qualification BSB61215 Advanced Diploma of Program Management
Cluster number and name: PMAD 2.2 Implement program governance & manage finances
Units of competency: BSBPMG612 Implement program governance
BSBFIM601 Manage finances
Student’s ID: 41823 – Shavneel Shavneet Kumar
Assessor’s name: Stuart
Number of weeks Weeks 1-4
budget, allocate funds and analyse effectiveness of approach
Knowledge Evidence Financial probity, principles of accounting and financial systems,
legislation
Task 1, 3
Foundation Skills Reading, Writing, Oral Communication, Numeracy, Navigate the
world of work, interact with others and Get the work done
Task 1, 3
Dimensions of Competency Task skills, task management skills, communication management
skills, analysis & problem solving skills
Task 1, 3
Assessment task 1: Knowledge and Discussion Questions
Information to students:
This assessment task will enable you to demonstrate your knowledge of:
 Implementing program governance
 Managing financial
To complete this assessment task, you can research your answers using books provided or
the Internet but your answers must be in your own words.
At the end of this task your assessor will give you feedback. Your assessor will also check all
your answers; if your answers have been copied from other students from your current or
other classes you will be required to resubmit this task again.
Please clarify any questions which you do not understand fully with your trainer and
assessor prior to you completing each question to ensure you are answering your questions
correctly.
Please note that this task is to be typed up when you are submitting the task for marking
unless specified otherwise.
Questions:
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Assessment Tool
Qualification BSB61215 Advanced Diploma of Program Management
Cluster number and name: PMAD 2.2 Implement program governance & manage finances
Units of competency: BSBPMG612 Implement program governance
BSBFIM601 Manage finances
Student’s ID: 41823 – Shavneel Shavneet Kumar
Assessor’s name: Stuart
Number of weeks Weeks 1-4
Read all discussion points below in class with your colleagues and your trainer and assessor,
and provide answers to each question below.
Answer guide: This assessment task is to be typed with 2 – 5 paragraphs per question
1.1. What roles are required for effective program governance and how you would agree
the key roles, accountabilities and responsibilities with senior stakeholders?
The issue that has been presented in the question refers to the fact that the roles that are required
for the purpose of maintaining effective governance in an organization is that of an executive or a
manager who is required to look after the internal controls that has been implemented within an
organization. This means that the internal controls play a significant role in the controlling of the
aspect of corporate governance in an organization. This means that the different roles also include
the role of an auditor who is willing to audit the quality of the corporate governance statement
(Martinelli and Milosevic 2016).
Moreover, the key roles responsibilities and accountabilities that have been carried out by
the senior stakeholders are also important in developing effective program governance. This
means that the stakeholders on the basis of the agency and the stakeholder theory will result in
the proper establishment of the fact that the stakeholders will certainly have an opinion in regards
to the development of a corporate governance statement. For instance, a veto that is given by a
senior stakeholder will result in the stoppage of a project.
1.2. What factors would need to be considered to ensure that the appropriate finance and
resource authorities were in place with senior stakeholders, throughout the program?
The factors that are needed to be considered for the purpose of ensuring that the appropriate
finance and resource authorities are in place with the senior stakeholders throughout the program
are as follows:
 The appropriate finance and the resource authorities will be in place with the senior
stakeholders when the development of a corporate governance statement will result in the
generation of optimum amount profitability of the corporate entity.
 the appropriate type of finance that is required will have to be decided by the executives
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Assessment Tool
Qualification BSB61215 Advanced Diploma of Program Management
Cluster number and name: PMAD 2.2 Implement program governance & manage finances
Units of competency: BSBPMG612 Implement program governance
BSBFIM601 Manage finances
Student’s ID: 41823 – Shavneel Shavneet Kumar
Assessor’s name: Stuart
Number of weeks Weeks 1-4
or the other official bodies for the purpose of determining the fact as to what kind of debt
should be considered for the purpose of developing the statement.
 Moreover, it is very important to analyse the sources of funding that is required for the
purpose of implementing the project. The sources of funding might be the long term or
short term sources of finance. This can be carried out by comparing the paybacks or the
internal rates of returns between the projects in which an estimate of the costs of the
projects are made.
 A budget should also be established and the calculation of the overall projects costs have
to be estimated by the totalling of the individual activity costs
 The management should also take an initiative to develop a variance analysis for the
purpose of understanding the value of the projects.
 The budget timelines that have been established can be carried out in a proper manner by
the process of reconciliation. This can be explained by the following diagram.
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Assessment Tool
Qualification BSB61215 Advanced Diploma of Program Management
Cluster number and name: PMAD 2.2 Implement program governance & manage finances
Units of competency: BSBPMG612 Implement program governance
BSBFIM601 Manage finances
Student’s ID: 41823 – Shavneel Shavneet Kumar
Assessor’s name: Stuart
Number of weeks Weeks 1-4
1.3. How do you ensure that reliable program governance decisions regarding complex
priorities and competing demands on the program were made using repeatable and
documented methods?
The issue that has been presented in the question refers to the fact as to how it has been
determined that the reliable program governance decisions in regards to the priorities that have
been complicated in nature and the competitive demands on the program were made using
documented and repeatable methods. This can be ensured with the help of the fact that results
that have been drawn are in accordance to the results that have been drawn from the industrial
benchmark of the company. Moreover, the issue of documented methods can also be found in the
papers that have states the details. A RACI matrix can be used for this purpose. The acronym RACI
stands for responsible, accountable, consulted and informed. Therefore, a RACI matrix consists of
the decisions and the activities that should be taken by an authority for the people belonging to an
organization.
1.4. Why is it important to compare decision making processes and outcomes against
program objectives?
It is important to carry out the comparison between the decision making processes and
outcomes that have been derived from the objectives of the program in order to analyze the
importance of the different components of the corporate governance statement. This means that
if the objectives of the corporate governance statement match with the outcomes of the same
then the corporate governance that will be established in the company will result in the achieving
of the desired results. Moreover, the comparison will also help in the identification of the
loopholes of the management of the company. Furthermore, the use of the correct procedures will
help in the attainment of the program objectives.
1.5. How do program controls help ensure program governance makes timely and
effective decisions?
The program controls that help in the ensuring the program governance will make timely and
effective decisions are generally the internal controls that have been established within a
corporate entity. This means that the internal controls that are incorporated within the structure
of a company results in the identification of the fact accounting statements to where are the
loopholes of the organization and where is the scope to implement improved controls with the
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Assessment Tool
Qualification BSB61215 Advanced Diploma of Program Management
Cluster number and name: PMAD 2.2 Implement program governance & manage finances
Units of competency: BSBPMG612 Implement program governance
BSBFIM601 Manage finances
Student’s ID: 41823 – Shavneel Shavneet Kumar
Assessor’s name: Stuart
Number of weeks Weeks 1-4
corporate entity. Moreover, the program controls that ensures the governance of the program.
This means that the program governance will result in effective and timely decisions. The
effectiveness of the controls which are being established within an organization should be timely in
nature.
1.6. What program management systems might be used to ensure effective program
governance takes place?
The program management systems that can be used for the purpose of ensuring effective program
governance is that the management of the program can be carried out with the help of the
different tools and techniques that can be utilized for the purpose of developing the governance
programs are the development of a systematic approach towards the program management
systems. The other types of software that can be utilized for the purpose of the project refer to the
fact that the management might develop a particular kind of governance program. There should be
specific project management systems for the planning of the project in regards to the estimation of
the costs, valuation of the projects and the selection of the right kind of staff for the project.
1.7. How can a program management office help with program governance and delivery?
The program management office can help with the process of program governance and delivery by
effectively leading to the development of a structure that is not effective in regards to the
particular project. This means that an effective program management will result in the
development of an effective corporate governance program that will effectively delivering of the
desired products. This means that the management of the program aims to determine the quality
of the product that it delivers. In case of the process of project management, the support of the
admin who is at the top of a project is very important. The delivery of the scheduling mechanisms
is another important part of the program, which has to be considered and carried out properly.
Moreover, the issues that are related to business management has to be carefully dealt with by
the member of the project management group.
1.8. What audit and/or compliance requirements would you need to factor in when
designing program governance?
At the time of designing the program governance, the compliance requirements that should be
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Assessment Tool
Qualification BSB61215 Advanced Diploma of Program Management
Cluster number and name: PMAD 2.2 Implement program governance & manage finances
Units of competency: BSBPMG612 Implement program governance
BSBFIM601 Manage finances
Student’s ID: 41823 – Shavneel Shavneet Kumar
Assessor’s name: Stuart
Number of weeks Weeks 1-4
utilized are that the nature of the program should be defined. The other factors include the
determination of the aspect or the objective of the program. Moreover, at the time of designing
the program governance the factors that should be incorporated are that the corporate
governance statement should be free of any kind of error or misstatement (Hutchings and Shipway
2017). The financial/ IT/ legal compliance that is mandatory for all corporate entities to maintain
should be strictly adhered to.
1.9. How would records be securely maintained to ensure appropriate access and
currency of information?
The records that are required for the for the purpose of maintaining the corporate governance
statement refers to the essential documents of the corporate entity whose corporate governance
program is being designed. This means that the documents are vital in the preparation of the
program and should be maintained securely for the purpose of ensuring appropriate access and
currency of information. This can be achieved by the proper installation of security system within
the corporate organization along with the proper accessory passwords and other data back -up
techniques and tools.
1.10. What steps would you take to rectify a program compliance issue?
The steps that should be incorporated for the purpose of rectifying a compliance issue in regards
to a program refers to the fact that the corporate governance statement or the governance
program should be prepared in such a way that the rectification of the compliance issue has been
carried out in the desired way. Moreover, the other factors that have been included are that the
governance statement that affects the delivery of the program should be effectively amended. The
actions that should be taken for a compliance issue depends on the level of non-compliance that
has been carried out by the staff or other members of the organization.
1.11. What consequences can occur if program governance does not act in an appropriate
and ethical manner when handling compliance issues?
The issue that has been presented in the question is that the consequences that can occur if the
aspect of program governance fails to act in the most appropriate way. The particular happening
that takes place, might result in the development of the corporate standards that are not right or
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Assessment Tool
Qualification BSB61215 Advanced Diploma of Program Management
Cluster number and name: PMAD 2.2 Implement program governance & manage finances
Units of competency: BSBPMG612 Implement program governance
BSBFIM601 Manage finances
Student’s ID: 41823 – Shavneel Shavneet Kumar
Assessor’s name: Stuart
Number of weeks Weeks 1-4
has been falling upon the employees of the organization. This means that the different standards
that have been utilized might result in the ruining of the compliance issue in case the program
governance does not act in an ethical or appropriate manner. In case of a breach in the ethical
standards of the program, the consequences can be as severe as the cancelling of the license of a
project.
1.12. What kinds of management and governance support needs do programs have?
The management and the governance support that the programs need to have refer to the fact
that the governance needs in goods should be properly defined and clarified for the purpose of
defining the program. Moreover, the management and the governance support that should be
included for developing a corporate governance statement refer to the fact that the management
of the organization should be aware about the needs and particulars of the corporate entity. This
means that the governance support that the program should receive is that the program should be
defined in the nature of the objectives that it aims to fulfil. The senior stakeholders or the
management of a corporate entity is also skilled at the process of strategic reporting that is
effective in the selection of the projects. Moreover, the section of the projects can be carried out
with the help of the different techniques like NPV and other payback methods. (Regezi et al. 2016).
1.13. What steps would you need to take to establish skill development support systems
for program personnel to meet program needs?
The steps that are needed to be incorporated for the purpose of establishment of the skill
development support system refer to the fact that the program personnel should meet up to the
needs of the program. This means that the program personnel should be skilled enough in order to
understand and carry out the requirements of the program. Moreover, the other requirements
include that the program personnel should be a good communicator. This is due to the fact that
the skill development system has been designed in such a way that it should be explained to the
different members of the organization. This means that the skill development support system
should be established in such a way that the program personnel get to understand and know about
the developments that have been incorporated. It should be noted here that it is also very
important to train the staff in order to enhance their degree of performance.
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Assessment Tool
Qualification BSB61215 Advanced Diploma of Program Management
Cluster number and name: PMAD 2.2 Implement program governance & manage finances
Units of competency: BSBPMG612 Implement program governance
BSBFIM601 Manage finances
Student’s ID: 41823 – Shavneel Shavneet Kumar
Assessor’s name: Stuart
Number of weeks Weeks 1-4
1.14.What factors would you need to consider designing and effective program knowledge
management system that can support current and future organisation requirements, for
program development?
The factors that are needed to be considered for the designing of the program knowledge
management system that will help in the supporting of the current and the future organizational
needs is that the development of the program, should be carried out in a particular way. This
means that the information that has been delivered by it is easy to understand and undertake.
Moreover, the other considerations include the conveying of the information should be simple and
in accordance to the needs of the organization.
1.15. What is meant by financial probity?
Financial probity refers to the standard of ethics that have been maintained for the purpose of
ensuring the fact that whether the financial statements of the corporate entity have been
prepared in accordance to the delegated standards of ethics. Moreover, the other considerations
that have been included refer to the fact that the aspect financial probity is a primary requirement
in the different corporate organizations and is an important topic for the purpose of ensuring the
fact that the audit of the financial statements have been carried out with the required number of
ethical standards.
1.16. Describe the principles of accounting and financial systems
The principles of accounting and financial systems refer to the fact that the principles that have
been adhered to while preparing the financial statements of the corporate organization. The
management of the corporate entities takes an optimum amount of initiative for the purpose of
developing the accounting standards that should be adhered to while preparing the financial
statements. The accounting regulatory bodies of the different countries have developed these
accounting standards (Rashid 2017). This means that the principles of accounting and financial
systems are developed by the accounting regulatory bodies on the basis of the regulatory settings
and other social, political or economic settings of the country to which the accounting body
belongs to. These principles like the double entry principle states that each entry should be made
twice in order to cancel out their effects. These accounting principles act as the base of the subject.
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Assessment Tool
Qualification BSB61215 Advanced Diploma of Program Management
Cluster number and name: PMAD 2.2 Implement program governance & manage finances
Units of competency: BSBPMG612 Implement program governance
BSBFIM601 Manage finances
Student’s ID: 41823 – Shavneel Shavneet Kumar
Assessor’s name: Stuart
Number of weeks Weeks 1-4
1.17. What are INCOTERMS?
INCOTERM refers to the particular process that should be incorporated by a seller of a particular
good that needs to be transported. This means that the seller has the responsibility to take up the
cost in regards to the transporting of the goods and also is responsible for the insurance in regards
to the shipping of the goods to the particular destination point. This means that the seller falls
under the effect of the term, INCOTERM. Moreover, it has been founded out that the seller has to
bear the risk of carrying the product and also has to take up the responsibility of insurance of the
goods that have to be transferred to the point of destination.
1.18. What is the trades practice Act?
The trade practices act refers to that particular act that has been defined as an Act that will result
in the providence of the operation of the economic system does not result in the concentration of
economic power to the common detriment. This is for the control of monopolies, for the
prohibition of monopolistic and restrictive trade practices and for matters connected therewith or
incidental thereto. Therefore, this is known accounting statements the Trade Practices Act
1.19. What is the World Trade Organisation?
The World Trade Organization refers to the point of purchase that has been constructed in order to
access a common link for the purpose of developing the unison of the different business links and
other related issues. This means that the World Trade Organization acts accounting statements
centre of trade for different organizations and institutions. This means that the different
organizations that have been developed under a particular type of business should be registered
under the official bodies of the World Trade Organization (Larsen and Marx 2017).
1.20. What are Bilateral and Regional Free Trade Agreements?
"Trade" means any trade, business, industry, profession or occupation relating to the production,
supply, distribution or control of goods and includes the provision of any services;
"trade association" means a body of persons (whether incorporated or not) which is formed for the
purpose of furthering the trade interests of its members or of persons represented by its
members; "trade practice" means any practice relating to the carrying on of any trade. Moreover,
it includes-anything done by any person which controls or affects the price charged by, or the
method of trading of, any trader or any class of trader; a single or isolated action of any person in
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Assessment Tool
Qualification BSB61215 Advanced Diploma of Program Management
Cluster number and name: PMAD 2.2 Implement program governance & manage finances
Units of competency: BSBPMG612 Implement program governance
BSBFIM601 Manage finances
Student’s ID: 41823 – Shavneel Shavneet Kumar
Assessor’s name: Stuart
Number of weeks Weeks 1-4
relation to any trade. "Undertaking" means an enterprise which is, or has been, or is proposed to
be, engaged in the production, storage, supply, distribution, acquisition or control of articles or
goods. Moreover, the provision of services, of any kind, either directly or through one or more of
its units or divisions, whether such unit or division is located at the same place where the
undertaking is located or at a different place or at different places.
Bilateral Trade agreements refer to those trade agreements that have encourages the process of
trade within the international boundaries of two countries.
1.21. What records need to be kept for the ATO for a small business with an annual
turnover of less than $2million (cash basis)?
"Article" includes a new article and "service" includes a new service "unit" or "division", in relation
to an undertaking includes- a plant or factory established for the production, storage, supply,
distribution, acquisition or control of any article or goods; (ii) any branch or office established for
the provision of any service. For the purposes of this clause, a body corporate, which is, or has
been, engaged only in the business of acquiring, holding, underwriting or dealing with shares,
debentures or other securities of any other body corporate shall be deemed to be an undertaking.
For the removal of doubts, it is hereby declared that an investment company shall be deemed, for
the purposes of this Act, to be an undertaking.
1.22. Which of the following statements relating to a budget is not true?
a) It is a detailed plan
b) It is a management tool
c) It provides many of the performance targets used in responsibility
accounting
d) It is prepared on a historical basis
e) It identifies certain financial and operating targets
The statements that have been discussed in the particular question are that there have been
several statements. The statements are as follows:
 It is a detailed plan
 It is a management tool
 It provides many of the performance targets used in case of responsibility accounting
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Assessment Tool
Qualification BSB61215 Advanced Diploma of Program Management
Cluster number and name: PMAD 2.2 Implement program governance & manage finances
Units of competency: BSBPMG612 Implement program governance
BSBFIM601 Manage finances
Student’s ID: 41823 – Shavneel Shavneet Kumar
Assessor’s name: Stuart
Number of weeks Weeks 1-4
 It has been prepared on historical basis
 It results in the identification of the certain operating and financial targets.
The particular statement that has not been true is the statement is that the budgets result in the
providence of the performance targets that has been used in case of responsibility accounting. This
is because in case of budgets there have been no link between the aspect of responsibility
accounting and the standard upon which the budgets have been prepared. There is also a link
between the budgets that are prepared and the responsibility with which such a task has been
carried out.
1.23. List 4 different types of budgets, and their purposes.
Budgets help businesses track and manage their resources. Businesses use a variety of budgets to
measure their spending and develop effective strategies for maximizing their assets and revenues.
The following types of budgets are commonly used by businesses
A master budget is an aggregate of a company's individual budgets designed to present a complete
picture of its financial activity and health. The master budget combines factors like sales, operating
expenses, assets, and income streams to allow companies to establish goals and evaluate their
overall performance, as well as that of individual cost centers within the organization. Master
budgets are often used in larger companies to keep all individual managers aligned.
An operating budget is a forecast and analysis of projected income and expenses over the course
of a specified time period. To create an accurate picture, operating budgets must account for
factors such as sales, production, labor costs, materials costs, overhead, manufacturing costs, and
administrative expenses. Operating budgets are generally created on a weekly, monthly, or yearly
basis. A manager might compare these reports month after month to see if a company is
overspending on supplies (ALEXANDER 2016).
A cash flow budget is a means of projecting how and when cash comes in and flows out of a
business within a specified time period. It can be useful in helping a company determine whether
it's managing its cash wisely. Cash flow budgets consider factors such as accounts payable and
accounts receivable to assess whether a company has ample cash on hand to continue operating,
the extent to which it is using its cash productively, and its likelihood of generating cash in the near
future. A construction company, for example, might use its cash flow budget to determine whether
BSBPMG612 fIM601 Ass TOOL Version 1 Issued 3/02/2017
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Assessment Tool
Qualification BSB61215 Advanced Diploma of Program Management
Cluster number and name: PMAD 2.2 Implement program governance & manage finances
Units of competency: BSBPMG612 Implement program governance
BSBFIM601 Manage finances
Student’s ID: 41823 – Shavneel Shavneet Kumar
Assessor’s name: Stuart
Number of weeks Weeks 1-4
it can start a new building project before getting paid for the work it has in progress.
A financial budget presents a company's strategy for managing its assets, cash flow, income, and
expenses. A financial budget is used to establish a picture of a company's financial health and
present a comprehensive overview of its spending relative to revenues from core operations. A
software company, for instance, might use its financial budget to determine its value in the context
of a public stock offering or merger. A static budget is a fixed budget that remains unaltered
regardless of changes in factors such as sales volume or revenue. A plumbing supply company, for
example, might have a static budget in place each year for warehousing and storage, regardless of
how much inventory it moves in and out due to increased or decreased sales.
1.24. What information would you require planning and prepare a budget for a new
business? Detail where this information would come from.
The information that is required refers to the preparation of the budget on the basis of the
historical cost that has been incorporated by the corporate entity in the preparation of the
different kinds of budgets. The other information that is required is the costs of the different
processes and the other expenditures both in the nature of incurred or estimated.
1.25. Use the table below to describe each of the financial terms
Financial
term
Brief description
Capital
investment
Capital investment refers to the type of investment that is used in the initiation or
starting of a business.
BSBPMG612 fIM601 Ass TOOL Version 1 Issued 3/02/2017
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Assessment Tool
Qualification BSB61215 Advanced Diploma of Program Management
Cluster number and name: PMAD 2.2 Implement program governance & manage finances
Units of competency: BSBPMG612 Implement program governance
BSBFIM601 Manage finances
Student’s ID: 41823 – Shavneel Shavneet Kumar
Assessor’s name: Stuart
Number of weeks Weeks 1-4
Capital
expenditure
Capital expenditure on the other hand refers to the expenditure that has been
incorporated for the carrying out of the business.
Cash flow Cash flow on the other hand refers to the inflow or the outflow of cash from the
business of a corporate entity.
Break even Breakeven point refers to the point in which the total sales equalize the total
expenditure that has been carried out by a corporate entity.
Gross profit Gross profit refers to the profit that has been acquired by a firm before the
payment of the taxes.
Risk
management
Risk management refers to the strategies that have been incorporated by a
corporate entity for the purpose of managing the risks.
1.26. What are the financial reporting cycles relevant to your Industry?
The financial reporting cycles that are relevant to the industry are annual in nature. It must be
noted here that the other industries also pose the similar periodical cycles for the carrying out of
the financial proceedings. This means that the annual cycles are not a rare occurrence. However,
the seasonal industries might make use of the quarterly cycles.
Case Study
As an accountant to a large production firm, John looks at a proposal to purchase a
$900,000 stamping machine to increase output. He determines the following
information:
• The new machine can do 100 more units per hour
• The 4 workers currently doing the stamping can be replaced
• The units will be higher quality because they are more uniform
John calculates the selling price of the 100 units per hour multiplied by the number of
production hours per month, plus adding the 3% that aren’t rejected due to the
increased quality of the machine output vs. manual stamping. He adds the monthly
wages of the workers that are no longer required and in the end, you have a healthy
benefit calculated.
BSBPMG612 fIM601 Ass TOOL Version 1 Issued 3/02/2017
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Assessment Tool
Qualification BSB61215 Advanced Diploma of Program Management
Cluster number and name: PMAD 2.2 Implement program governance & manage finances
Units of competency: BSBPMG612 Implement program governance
BSBFIM601 Manage finances
Student’s ID: 41823 – Shavneel Shavneet Kumar
Assessor’s name: Stuart
Number of weeks Weeks 1-4
John then calculates the monthly cost of the machine by dividing the purchase price by
12 months per year and divide that by 10 years the machine should last. The
manufacturer’s specs state the power consumption of the machine and John calculates
the cost of that as well. He subtracts the total cost figure from the total benefit figure
and this shows a healthy benefit calculated.
1.27. Consider the above example of cost benefit analysis. Explain whether you feel John
has done an adequate job on his.
John has carried out an adequate job on the cost as optimum amount of profits have been derived
from the stamping machine. Moreover, the expenditures that have been incorporated have also
been covered.
1.28. Consider the costs of the new machine. Has John factored in all associated costs? If not,
what has he left out?
Yes, he has factored all his cost
1.29. Calculate the Equivalent Annual Cost of the following 2 machine purchases to
determine which would be the better investment.
Machine 1:
 Investment Cost: $50,000
 Expected Lifespan: 3 years
 Annual Maintenance: $13,000
Cost of Capital = 5%
Machine 2:
 Investment Cost: $150,000
 Expected Lifespan: 8 years
 Annual Maintenance: $7,500
Equivalent Annual Cost
Particulars Machine 1 Machine 2
Cost of Machine $50,000.00 $150,000.00
BSBPMG612 fIM601 Ass TOOL Version 1 Issued 3/02/2017
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Assessment Tool
Qualification BSB61215 Advanced Diploma of Program Management
Cluster number and name: PMAD 2.2 Implement program governance & manage finances
Units of competency: BSBPMG612 Implement program governance
BSBFIM601 Manage finances
Student’s ID: 41823 – Shavneel Shavneet Kumar
Assessor’s name: Stuart
Number of weeks Weeks 1-4
term (n) 3 8
Cost of Capital 5% 5%
A(t,r) 2.723248 6.46321276
Annual Maintenance $13,000.00 $7,500.00
Equivalent Annual Cost $31,360.43 $30,708.27
Assessor instructions:
Assessors please ensure that students receive appropriate feedback for this Assessment Task.
BSBPMG612 fIM601 Ass TOOL Version 1 Issued 3/02/2017
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Assessment Tool
Qualification BSB61215 Advanced Diploma of Program Management
Cluster number and name: PMAD 2.2 Implement program governance & manage finances
Units of competency: BSBPMG612 Implement program governance
BSBFIM601 Manage finances
Student’s ID: 41823 – Shavneel Shavneet Kumar
Assessor’s name: Stuart
Number of weeks Weeks 1-4
Assessment task 2: Implement Program
Governance
Information to students:
This assessment task is for you to demonstrate your ability to implement program
governance. Using the case study Zootz Kitchen Bar and Zero Waste SA and additional
material answer the questions below. The case study is based on an actual organisation
and their interaction with Zero Waste SA to implement new waste management systems to
qualify for Green Table Australia.
Green Table Australia is an education and certification program that supports and
recognises Australian restaurants, cafes and catering business that are doing what they can
to reduce their impact on the environment.
You can research Green Table Australia http://rca.asn.au/rca/what-we-do/products-
programs/environmental-sustainability-green-table/
You can research Zootz Kitchen Bar
http://www.zerowaste.sa.gov.au/upload/REAP/91393%20ZWSA%20SnapShot%20Zootz
%20WEB.pdf and http://zootzhenleybeach.wixsite.com/home
Answer Guide: Answer guide: This assessment task is to be typed. Information is required
in a report style suggest using each step as a topic heading
A couple of surprises were in store for Zootz Kitchen Bar when it joined a new industry
sustainability and waste management program in Adelaide. First was a realisation of
just how much food waste the restaurant was sending to landfill and the second was
how quickly it could improve its recycling performance.
The Henley Beach restaurant is part of a new partnership between Zero Waste SA and
Restaurant & Catering SA (RCSA) to improve sustainability in the hospitality sector.
Zootz Kitchen Bar was given specialist advice under Zero Waste SA’s Industry Program
to help it implement new waste management systems and to qualify for Green Table
Australia certification.
You have been assigned as Zero Waste’s Program Manager to work with Zootz and
RCSA with the program vision of attaining Green Table accreditation for Zootz.
BSBPMG612 fIM601 Ass TOOL Version 1 Issued 3/02/2017
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Assessment Tool
Qualification BSB61215 Advanced Diploma of Program Management
Cluster number and name: PMAD 2.2 Implement program governance & manage finances
Units of competency: BSBPMG612 Implement program governance
BSBFIM601 Manage finances
Student’s ID: 41823 – Shavneel Shavneet Kumar
Assessor’s name: Stuart
Number of weeks Weeks 1-4
3.1. As the Program Manager with Zero Waste SA working with Zootz Kitchen Bar you need to
create and document a program governance plan for the Zootz Kitchen Bar that
addressed the below:
a. Create Program organisation chart
b. Description of roles, accountabilities and responsibilities of individuals in the
Sponsoring Group – factoring appropriate finance and resourcing authorities
c. Business change management organisation and responsibilities
d. Tolerances for management of finance, time, risk and benefits
e. Decisions register
f. Program reporting and escalation processes
g. Allocation of assurance arrangements within the program
BSBPMG612 fIM601 Ass TOOL Version 1 Issued 3/02/2017
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The program organization chart that has to be created will consist of the roles
and responsibilities of the different officials who are involved in the process of
project management.
The official-in-charge who is responsible for the management of the responsibilities should be
hired for the purpose of developing a proer governance program.
The selection of the business change management organization should be carried out for the
purpose of incorporating the changes in the business. This means that the corporate entity will
result in the creation of the corporate governance statement that will result in the changes in
business that needs to be incorporated and this requires the selection of a business change
management organization.
The tolerances that are required for the management of finance, risk, time and benefits refer
to the fact that the program should be established in such a way that the management should
be able to acquire the desired level of benefits from the governance program.
The decisions register refer to the documentation of the different decisions that have been
taken in for the purpose of developing the corporate governance statement
The program reporting and the escalation processes should be developed for the purpose of
improving the quality of the corporate governance statement. Moreover, this program
reporting and escalation process should be developed for the purpose of removing the errors
of the governance program.
The assurance agreements should be allocated in a proper way.

Assessment Tool
Qualification BSB61215 Advanced Diploma of Program Management
Cluster number and name: PMAD 2.2 Implement program governance & manage finances
Units of competency: BSBPMG612 Implement program governance
BSBFIM601 Manage finances
Student’s ID: 41823 – Shavneel Shavneet Kumar
Assessor’s name: Stuart
Number of weeks Weeks 1-4
3.2. Create and document a Program management Office (PgMO) design for the Zootz
program that fully describes the following:
a. KPIs for the PMO operational performance
b. Role descriptions for the individuals within the program management team and
Program Management Office, aligned to those KPIs
c. Assets required, such as buildings and office equipment to deliver the Program
d. Technology and services required to deliver the Program
e. The alignment of suitable systems and processes to meet program objectives
f. What management control systems will be put in place to monitor program
progress
g. How the PgMO will generate audit and configuration information and maintain
documented integrity
h. How the PgMO will establish process efficiency and support it with suitable
program policy
BSBPMG612 fIM601 Ass TOOL Version 1 Issued 3/02/2017
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The key performance indicators that have been developed for the purpose of establishing a
Program Management Office are the efficiency of the program management staff, the output
produced or the service delivered by the different employees of the organization.
The assets that are required for the purpose of delivering the required services refer to the
program management assets. The use of buildings along with the official equipment also fall
under the category of program management assets.
The services and the technology like the latest versions of the IT solutions or the software that
can be used for the purpose of developing a program management solution should be
included. The management control systems should be properly installed.
Proper procedures of audit should also be incorporated in order to understand and analyze the
data. The collection of the data from the different aspects of business for the purpose of
carrying out the auditing procedures refer to the fact that the data can be collected with the
help of the sampling methods.
the management control systems that can be used to test the quality of the
different resources that are used in an organization are of three types. The
management control system that can be used in this particular organization are
the corrective controls and the detective controls.
The PgMo will result in the generation of the audit and configure the information
and result in the maintenance of the integrity of the documents by the proper
implementation of the corrective controls.
The efficiency of the process will be established by the PgMO and support it with
the program policy that is suitable in nature. This means that the PgMO will be
constructed in such a way that the program will be supported with the help of
the policy which is needed in order to maintain the organizational policies and
structures.

Assessment Tool
Qualification BSB61215 Advanced Diploma of Program Management
Cluster number and name: PMAD 2.2 Implement program governance & manage finances
Units of competency: BSBPMG612 Implement program governance
BSBFIM601 Manage finances
Student’s ID: 41823 – Shavneel Shavneet Kumar
Assessor’s name: Stuart
Number of weeks Weeks 1-4
i. Establishment of audit records, data collections and ensuring records are securely
maintained
j. Reporting on progress and compliance within regular interval to relevant
authorities
k. What skill development support systems will be used for program personnel to
meet program needs
l. Implementation of program knowledge management to support current and
future organisation requirements for program development
3.3.
Create and document a program compliance plan for the organisation that fully describes
the following
a. What compliance aspects affect this program and why?
b.
Links to- and expectations of any organisational governance authorities (e.g. Corporate Risk,
Compliance, Accounting, Legal, Strategic Procurement, etc.)
BSBPMG612 fIM601 Ass TOOL Version 1 Issued 3/02/2017
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The audit records that have been established along with the collection of the
data and the maintenance of the audit records have established the fact that
the audit records have to be maintained in a proper way. This means that the
audit records can be maintained in registers or in the form of soft copies with
the help of the computers that have been established centrally.
The reports that are prepared on the basis of the progress of the project and
the compliance with the relevant authorities has also been adhered to in this
project.
The steps that are needed to be incorporated for the purpose of establishment of the skill
development support system refer to the fact that the program personnel should meet up to
the needs of the program. This means that the program personnel should be skilled enough in
order to understand and carry out the requirements of the program. Moreover, the other
requirements include that the program personnel should be a good communicator
a. the other requirements include that the program personnel should be a good
communicator. This is due to the fact that the skill development system has been
designed in such a way that it should be explained to the different members of the
organization.
b. Answer to 3.3
c.
The compliance plan that should be developed for the purpose of controlling the various
aspects of the organization like the aspect of any kind of risks like the Corporate risk, legal,
accounting and strategic procurement
The compliance plan that should be developed for the purpose of controlling the various
aspects of the organization like the aspect of any kind of risks like the Corporate risk, legal,
accounting and strategic procurement

Assessment Tool
Qualification BSB61215 Advanced Diploma of Program Management
Cluster number and name: PMAD 2.2 Implement program governance & manage finances
Units of competency: BSBPMG612 Implement program governance
BSBFIM601 Manage finances
Student’s ID: 41823 – Shavneel Shavneet Kumar
Assessor’s name: Stuart
Number of weeks Weeks 1-4
c. Description of roles, accountabilities and responsibilities of individuals for monitoring,
control, reporting and escalation of compliance status (and issues)
d.
Escalation process and regulatory notification processes in the event of an issue
3.4.
Choose one role within your program and prepare a brief presentation to your class group as
if they were the person or people who will be carrying out this role. You need to discuss
the role, the responsibilities and the KPI’s you have aligned to the role to allow the
objectives to be met and ask for feedback from the class on your strategy. (approximately
15 minutes) to present to your class.
Assessors Observation Checklist
The student demonstrated the ability to:
Satisfactory
Oral communication skills to participates in verbal exchanges using language and
features appropriate to audience and uses active listening and questioning techniques
to confirm understanding
 Yes  No
Interact with others by selecting and using appropriate practices when communicating
with relevant stakeholders to seek or share information  Yes  No
Received and responded to feedback from stakeholders (class members)  Yes  No
Assessor Feedback:
Assessor
signature:
Date
BSBPMG612 fIM601 Ass TOOL Version 1 Issued 3/02/2017
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The description of the roles, responsibilities and accountabilities of the individuals for the
purpose of monitoring, reporting and controlling the compliance status of the different
organizations refer to the fact that the escalation of the compliance processes have been
developed in order to identify the errors in the governance programs.
Moreover, the compliance with the different standards should be such that the governance
program has been established carefully.

Assessment Tool
Qualification BSB61215 Advanced Diploma of Program Management
Cluster number and name: PMAD 2.2 Implement program governance & manage finances
Units of competency: BSBPMG612 Implement program governance
BSBFIM601 Manage finances
Student’s ID: 41823 – Shavneel Shavneet Kumar
Assessor’s name: Stuart
Number of weeks Weeks 1-4
Assessment task 3: Manage Finances
Information to students:
3.1. Using the McPherson’s 2015 and 2016 Annual Financial Report and information
available on their website https://www.mcphersons.com.au/, prepare a report on the
following:
a. Review and analyse previous financial data to establish areas which have
generated a profit or loss
b. Undertake research to review reasons for previous profit and loss
c. Review business plan to establish critical dates and initiatives that will require
or generate resources in the next financial cycle
d. Analyse cash flow trends
e. Review statutory requirements for compliance and liabilities for tax
f. Review software and its suitability for financial management
Answer
The objective of this study is to ascertain the financial health of McPherson’s Limited after analysing the
annual report of the company. An effort has been made to analyses the company’s profit and loss statement
by undertaking thorough research, review of the company business plans, analyses the trend of cash flows of
the company and also to review the statutory obligations for the purpose of tax compliances. At the end, an
attempt has been made to review the suitability and appropriateness of the software used for the purpose of
financial management for the company (Mai et al. 2015).
After a thorough study and analysis of the company’s consolidated statement of comprehensive
income for the year ended 2016, it can be established that during the year the company has earned some
income and at the same time it has incurred losses as well. The sales revenue during the year 2015 was found
to be $349,069,000 which significantly decreased to $312,586,000 in the year 2016. Though the interest
amount has slightly increased from $214,000 in 2015 to $217,000 in 2016 but the overall or total revenue for
the year 2016 has hugely decreased by $36,483,000 during the year 2016 due to the decrease in the figure of
actual revenue from sales for the company.
BSBPMG612 fIM601 Ass TOOL Version 1 Issued 3/02/2017
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Assessment Tool
Qualification BSB61215 Advanced Diploma of Program Management
Cluster number and name: PMAD 2.2 Implement program governance & manage finances
Units of competency: BSBPMG612 Implement program governance
BSBFIM601 Manage finances
Student’s ID: 41823 – Shavneel Shavneet Kumar
Assessor’s name: Stuart
Number of weeks Weeks 1-4
Apart from these, under total revenue and other incomes, the amount of commission also decreased from
$205,000 in 2015 to just $66,000 in the year 2016. At the end of the year 2016, the figure of other incomes
and total revenue stands at $351,850,000 and $315,194,000 for the year 2015 and 2016 respectively. In this
case also it can be noticed that the significant decrease in the amount of revenue for both the year is only
because of the huge deficit in the figure of sales revenue which dropped heavily during the year 2016. The
profit before tax for the year ended 2016 was found to be $14, 607, 00 which is comparatively higher than
that of 2015 which was $11,224,000. As a result during the year 2016 the amount of net profit of the
company was also higher than that of 2015. In the year 2015 the company’s profit after tax was $8,840,000
compared to which the profit in 2016 was $11,001,000.
However, it was found that though the company’s profit was greater than that of the year 2015 but
the company’s total comprehensive income for the year ended 2016 was less than that of the previous year.
In 2015 the company’s total comprehensive income was $14,394,000 which declined to $8,664,000 in 2016.
This decreased in the amount of total comprehensive income despite of an increase in the amount of net
profit is primarily due to the loss incurred in other comprehensive loss/ income for the year. Under this head,
the company has incurred a loss of $2,337,000 in the year 2016 whereas in 2015 the company had made a
profit of $5,554,000 which ultimately resulted in the overall decrease in the amount of comprehensive income
for the company.
BSBPMG612 fIM601 Ass TOOL Version 1 Issued 3/02/2017
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Assessment Tool
Qualification BSB61215 Advanced Diploma of Program Management
Cluster number and name: PMAD 2.2 Implement program governance & manage finances
Units of competency: BSBPMG612 Implement program governance
BSBFIM601 Manage finances
Student’s ID: 41823 – Shavneel Shavneet Kumar
Assessor’s name: Stuart
Number of weeks Weeks 1-4
After analysing the business and the income statement of the company, it can be said that in order to
maintain an increasing trend in profit creation, the company needs to focus on certain things very carefully.
Firstly, the sales revenue figure must be focus and sales must be increased as it is the primary source of
revenue for the company. Second of all, certain expenses related to advertising and promotions, cost related
to restructure, amortization costs, etc. need to be cut down in order to make a positive trend in creating
income and profit for the company.
Further, on considering the company’s cash flow statement, it was found that the company’s net cash
flow for the year 2016 has increased significantly from $6,950,000 in 2015 to $24,926,000 in 2016.
This increase is primarily due an increase in the amount of receipt from customers. Moreover, in the year
2016, a cash inflow from investing activities was observed which amounted to $5,924,000 compared to the
cash outflow in 2015 of amount ($2,974,000). However, as far as the cash flow from financing activities are
concerned, year 2016 shows net cash outflows of amount ($25,859,000) compared to that of cash inflow of
BSBPMG612 fIM601 Ass TOOL Version 1 Issued 3/02/2017
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Assessment Tool
Qualification BSB61215 Advanced Diploma of Program Management
Cluster number and name: PMAD 2.2 Implement program governance & manage finances
Units of competency: BSBPMG612 Implement program governance
BSBFIM601 Manage finances
Student’s ID: 41823 – Shavneel Shavneet Kumar
Assessor’s name: Stuart
Number of weeks Weeks 1-4
amount $3,450,000 during the year 2015. This is due to decrease in the figure of proceeds from borrowing
and also because of buyback of bonds during the year 2016 (Roos and Drusch 2015). However, cash held in
hand in the year 2016 was $16,490,000 which is more compared to that of year 2015 which was $11,283,000.
For the purpose of ensuring that all the tax compliances are duly adhered to the company is required to keep
detailed records of all the transactions that are going to be entered into by it.
3.2. Using the information available to you in the McPherson’s Annual Report, choose one
strategy they are taking into 2017. You will need to establish and implement a budget
and report on finances. Within your report, you need to include the following:
a. Use previous financial data to determine allocations for resources
b. Make informed estimates of new items for inclusion in budget
c. Prepare budgets in accordance with organisational requirements and statutory
requirements
d. Outline how you will circulate budgets and ensure managers and supervisors
are clear about budgets, reporting requirements and financial delegations
e. Manage risks by checking there are no opportunities for misappropriation of
funds and that systems are in place to properly record all financial
transactions
f. Review profit and loss statements, cash flows and ageing summaries
g. How will you revise budgets, as required, to deal with contingencies?
h. How will you maintain audit trails to ensure accurate tracking and to identify
discrepancies between agreed and actual allocations?
i. Ensure compliance with due diligence
j. Ensure structure and format of reports are clear and conform to organisational
and statutory requirements
k. Identify and prioritise significant issues in statements, including comparative
financial performances for review and decision making
l. Prepare recommendations to ensure financial viability of the organisation
m. Evaluate the effectiveness of financial management processes
Answer
Budgeted Income Statement
Particular 2015 2016
%
Change 2017
Revenue
34906
9
31258
6 -10% 279916
Interest 214 217 1%
220.04
2
BSBPMG612 fIM601 Ass TOOL Version 1 Issued 3/02/2017
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Assessment Tool
Qualification BSB61215 Advanced Diploma of Program Management
Cluster number and name: PMAD 2.2 Implement program governance & manage finances
Units of competency: BSBPMG612 Implement program governance
BSBFIM601 Manage finances
Student’s ID: 41823 – Shavneel Shavneet Kumar
Assessor’s name: Stuart
Number of weeks Weeks 1-4
Total Revenue
34928
3
31280
3 -10% 280136
Commissions 205 66 -68%
21.248
8
Contingent Consideration adjustment 2036
Gain on sale of Joint venture 1961
Other Income 326 364 12%
406.42
9
Total Revenue and other income
35185
0
31519
4 -10%
427.67
8
Expenses
Material
20848
5
17951
3 -14% 154567
Employee costs
42925
3 45767 -89%
4879.6
8
Advertising and promotional 20560 21896 6%
23318.
8
Cartage and freight 17571 13235 -25% 9969
Third party warehousing 6904 5884 -15% 5014.7
Rental expenses relating to operating leases 6583 5518 -16% 4625.3
Depreciation 2256 2204 -2% 2153.2
Amortization of other intangibles 403 599 49%
890.32
5
Restructure costs 4123 5766 40%
8063.7
3
Other expenses 16564 14737 -11%
13111.
5
Borrowing costs 8347 7320 -12%
6419.3
6
Impairment of intangible assets 637 -100%
Share of net profit of associates accounted for using the equity
method 1060 1825 72% 3142.1
Profit Before tax 11224 14607
43125.
9
BSBPMG612 fIM601 Ass TOOL Version 1 Issued 3/02/2017
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Assessment Tool
Qualification BSB61215 Advanced Diploma of Program Management
Cluster number and name: PMAD 2.2 Implement program governance & manage finances
Units of competency: BSBPMG612 Implement program governance
BSBFIM601 Manage finances
Student’s ID: 41823 – Shavneel Shavneet Kumar
Assessor’s name: Stuart
Number of weeks Weeks 1-4
For the purpose of ensuring that the managers of the company get to know the significance of the budget
that has been presented to them special meeting will be conducted with the supervisors and the
corresponding project managers. In the meeting specific instructions will be given out to the managers in
respect of ensuring that they strictly adhere to the budgeted performance for the purpose of actualizing the
performance and achieving the long term goals of the company.
For the purpose of revising the budgets an effort will be made to quantify the outflow of resources embodying
monetary value from the company and the same will be included in the budget. After the inclusion is being
made an effort will be made to ensure that the impact of the same is objectively analyzed and presented to
the managers and the stakeholders of the company.
The budget will also help in maintaining the audit trails because of the fact that the deviations in the same
will be objectively analyzed by the auditor for the ascertainment of the reasons for the deviation that
occurred in the performance. In the absence of justifiable reasons the auditor may exercise more substantive
procedures and mitigate the same (Urben 2017).
The company must foster in the environment wherein the management makes sure that all the compliances
related to the law and other aspects of the statutory requirements are adhered to by the company.
For the purpose of maintaining proper structure of the reports that are prepared by the entity, the guidelines
issued by the statute and the standards are to be followed diligently.
For the purpose of ensuring that the financial viability of the entity is maintained, it should not indulge in over
acquisitions of debt capital.
The statements including the budget throw light on the viability of the several items like that of the revenue
that is being earned by the entity.
The financial management measures taken up by the company has definitely improved over the period, the
reason being that the entity has been able to reduce the borrowing costs that are being incurred by it for the
purpose of arranging its finances.
Assessor will provide you with feedback:
Assessors Observation Checklist
The student demonstrated the ability to:
Satisfactory
Facilitate effective decision making by negotiate clear roles and responsibilities
within the program and make available to all relevant stakeholders. Allocates
unambiguous financial and resource authorities and confirm with relevant parties.
Documents decisions relevant to the program objectives and makes valid and
reliable decisions regarding complex priorities and competing demands using
repeatable methods
 Yes  No
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Assessment Tool
Qualification BSB61215 Advanced Diploma of Program Management
Cluster number and name: PMAD 2.2 Implement program governance & manage finances
Units of competency: BSBPMG612 Implement program governance
BSBFIM601 Manage finances
Student’s ID: 41823 – Shavneel Shavneet Kumar
Assessor’s name: Stuart
Number of weeks Weeks 1-4
Implement systems and methods by aligning suitable systems and processes to
meet program objectives and implementing effective management control
systems to monitor program progress. Generates audit and configuration
information and maintain documented integrity and establishes process efficiency
and support it with suitable program policy
 Yes  No
Ensure program compliance by identifying both organisation and external
compliance requirements relevant to the program and establishing audit records
data collections and ensure records are securely maintained. Reports on
compliance within regular interval to relevant authorities and identify and
implement actions to rectify non-compliant behaviours, processes and products
 Yes  No
Enable program support services by identifying management and governance
support needs for the program. Establishing skill development support systems
for program personnel to meet program needs and implementing program
knowledge management to support current and future organisation requirements
for program development
 Yes  No
Plan for financial management by reviewing and analyse previous financial data to
establish areas which have generated a profit or loss and undertaking research to
review reasons for previous profit and loss. Reviewing business plan to establish
critical dates and initiatives that will require or generate resources in the next
financial cycle, analyse cash flow trends, review statutory requirements for
compliance and liabilities for tax and existing software and its suitability for
financial management
 Yes  No
Establish budgets and allocate funds using previous financial data to determine
allocations for resources, make informed estimates of new items for inclusion in
budget and prepare budgets in accordance with organisational requirements and
statutory requirements
 Yes  No
Implement budgets by circulating budgets and ensure managers and supervisors
are clear about budgets, reporting requirements and financial delegations.
Managing risks by checking there are no opportunities for misappropriation of
funds and that systems are in place to properly record all financial transactions.
Review profit and loss statements, cash flows and ageing summaries, revise
budgets, as required, to deal with contingencies. Maintain audit trails to ensure
accurate tracking and to identify discrepancies between agreed and actual
allocations and ensure compliance with due diligence
 Yes  No
Report on finances by ensuring structure and format of reports are clear and
conform to organisational and statutory requirements and identifies and prioritise
significant issues in statements, including comparative financial performances for
review and decision making. Prepares recommendations to ensure financial
viability of the organisation and evaluate the effectiveness of financial
management processes
 Yes  No
Interacts effectively in verbal exchanges, using clear language to convey  Yes  No
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