BSBFIM501 - Assessment

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
organization. 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 organization.
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 organizations.
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
ASSESSMENT 2 – STUDENT INFORMATION
This information is to be handed to each student to outline the assessment requirements
Following Assessment 1, you are to prepare for and implement your budget part.
Your implementation will encompass running a meeting for your team in which you:
 Explain and discuss the budget in detail
 Explain how your budget will be implemented
 Explain how your budget will be monitored
 Allocate responsibilities for at least 2 different budget components
 Instruct / mentor each person to whom you have allocated a responsibility to, to ensure
they understand and are empowered to perform their allocated task
It is important that you are prepared for this session, ensuring you:
 prepare for the session to ensure everything is covered
 develop and provide relevant documentation / supporting materials to your team
Your assessor will observe you running the meeting.
Meeting Context
 Each meeting will consist of yourself (running the meeting), and at least 2 other people, who will
role-play the employees. Other people may include trainers or students from your course
Things to consider whilst performing this task:
 Be organised - prepare and plan for the session thoroughly.
 Know your budget thoroughly
 Arrange access to all required documentation for this process
 Be prepared to ask questions
 Be prepared to be asked questions
Things to consider whilst role-playing an employee:
 Be prepared
 Act professionally throughout the process
 Be prepared to ask questions when you require more information
 Answer all questions to the best of your ability
 Make sure that by the end of the session, you are fully aware of the strategy you have been
allocated, along with the actions you would need to perform to achieve this.
Remember, you will be required to both run the meeting, and role-play an employee (during another
students assessment), so be sure to perform at your best at all times.
Assessment Summary
You are to submit the following
 Your meeting plan
 Copies of documentation provided to employees
Version Date: August 2017 Page 2 of 5