BSBFIM501 Manage Budgets and Financial Plans Assessment

This assessment requires students to review the implementation of their budget and provide a written report on its effectiveness, financial outcomes, areas of underperformance, and recommendations for improvements.

BSBFIM501 - Assessment
Assessment Summary
Unit Details: BSBFIM501 Manage budgets and financial plans
Prerequisite Units: Nil
Possible
Co-Requisite Units: Nil
Assessment Type: This is a summative assessment, which requires each student to
have adequate practice prior to undertaking this assessment.
Unit Summary:
This unit describes the performance outcomes, skills and knowledge
required to undertake financial management within a work team in an
organisation. This includes planning and implementing financial
management approaches, supporting team members whose role
involves aspects of financial operations, monitoring and controlling
finances, and reviewing and evaluating effectiveness of financial
management processes in line with the financial objectives of the work
team and the organisation.
This unit addresses the requirement for managers to ensure that
financial resources are used effectively. This is done by ensuring
access to budget/s and ongoing monitoring expenditure against the
budget/s.
The unit applies to managers working in small and large business
environments and not for profit organisations.
Assessment Methods
Projects
Assessment 1
(Prepare annual budget for business)
Assessment 2
(Meeting report)
Assessment 3
(Compare and revise budget)
Written Assessment or Project Assessment 4
(Written Assessment / Project)

Assessment: BSBFIM501 Manage budgets and financial plans
Online Assessment Assessment 5
(Online Quiz)
Due Date: 29/09/2017
Version Date: August 2017 Page 2 of 5

Assessment: BSBFIM501 Manage budgets and financial plans
ASSESSMENT 3 – STUDENT INFORMATION
This information is to be handed to each student to outline the assessment requirements
For this assessment, you are to interview your assessor and gather the required data to review the
implementation of your budget. To perform this task satisfactorily, you must be prepared, as your
assessor will only provide you with answers to questions asked.
In performing this task, you should:
 Consider your budget plan developed in Assessment 1.
 Identify the type of information required to determine the effectiveness of each KPI
 Assess the profitability and productivity outcomes of budget as per Appendix 2.
 Identify areas of underperformance
 Identify improvements that are appropriate to ensure the viability of the budget
Once you have gathered this information, you are to provide a written report that:
 comments on the effectiveness of the plans implementation
 reviews the financial outcome (in terms of viability, profitability and productivity) of each part of
the budget
 outlines the areas of underperformance, along with recommendations for improvements
 includes an amended version of your budget, with the changes highlighted
 outlines in detail how the changes will be implemented
Your report should also include:
 A detailed comparison of budgeted forecasts and actual figures for the 3 month period –
including comparison trends and other graphs as required demonstrating the information clearly
including validity of analysis.
 An analyse the budget variances
 A recommendation to Anzel Boutique regarding his business’ performances and
 A reviewed budget taking into account the latest figures. Anzel Boutique’s goals are skill the
same – is he on track? If not, what needs to be dome for Anzel Boutique business to get back
on track? Are her goals too unrealistic? Complete a feasibility report answering these questions.
Assessment Summary
You are to submit the following
 A detailed report to give to Proprietor of Anzel Boutique (instructor) with your recommendations
and covering the above points.
This assessment is due on: __________________________________
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Assessment: BSBFIM501 Manage budgets and financial plans
Report:
Effectiveness of plans:
On the basis of budget calculations, it has been found that the sales of the company would differed
according to the seasons time and this, the other items of the budget such as production, purchase,
creditors aunt, debtor amount etc would also be affected. On the basis of the budget, it has been found d
that the net income of the company is $2,10,233.00 in ext financial year. Further, it has been found that
the financial performance and the financial position of the company have been better. It explains about
better budgetary report
Review the financial outcome:
The budgetary reports of the company have been compared with the actual figures and it has been
found that huge changes have taken place into the performance of the company. Company has not
forecasted the sales amount perfectly which has impacted on all the other elements of the budget report.
The company is required to consider the current variances for the future evaluation and the performance
of the company. Due to these, the proftabiility position of the company has also been affected and it has
also harmed the financial performance of the company.
Recommendation:
On the basis of this evaluation, it is recommended to the company to make the next budgets after
evaluating the main reasons behind the variances. So, the next budgets could be prepared well. It briefs
that the reasons behind lower sales should be recognized by the company and it has been found that the
abnormal factors have affected the sales of the company.
Changes:
as the study epxlians that the abnormal factors have affected the factors of the company an d thus,
it is concluded that the budgetary reports should not be changed by the company as the factors would not
take place again in next year and the performance of the company would be better.
Conclusion:
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Assessment: BSBFIM501 Manage budgets and financial plans
to conclude, the budgetary reports should not be changed by the company as the factors would not
take place again in next year and the performance of the company would be better.
Version Date: August 2017 Page 5 of 5