BSBFIM501 Examination 2020 Term 2

BSBFIM501 Examination
2020 Term 2
BSBFIM501 Final Short Answer Exam Questions:
Covers the 4 Elements for knowledge and comprehension.
Instructions:
Complete the following answers in detail, using your OWN WORDS.
Do not copy and paste from the resources.
It is best if this is completed after Week 2 or 3’s presentations.
Enter your name below and complete the answers and then upload the final documents along with
your Cover Sheet to Canvas for grading.
STUDENT NAME:
1) Outline how you would gain access to the budget or financial plans for your allocated work
team:
For getting the access to financial plans or budget plan allocated to the work team over
the mail. It will be shared over the mail the mail of all the members of the team. It will be
communicated in the first group meeting where the financial plan will be actually discussed.
The link of the financial budget will be shared between the team members over the mails. Also
the communications channel, ways of interactions and how the changes in the financial budget
are to be made will be discussed in the initial meeting of team. All the other instructions will of
the work team will be discussed over the mail of team members. It is the most appropriate
channel to get access over budget and financial plans.
2) Outline the steps you would take, in detail to negotiate any changes required to the
budget for your work team.
It has to be ensured that whenever any changes seem to be done in the budget it has to
be studied properly. Deep study of the case analysing all the factors associated with the budget
or plan that are influential are to be identified.
After the factors are identified, the manner in which they could influence are to be
researched by the member. It will involve analysing how much impact would it be causing over
the budget or financial plan. The quantitative analysis will be done for supporting the findings
of the case.
Also if it is identified that the particular item should be placed in the manner which will
be more adequate should be recorded.
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BSBFIM501 Examination
2020 Term 2
After the issues are identified possible alternative solutions that could be made or
suggested should be found by the members related with the budget and how this will impact
the budget.
Members will be required to identify the reasons supporting their findings which makes
their solution as better from existing budget. They will be justifying the findings and solutions of
the budget.
Members will have to keep the views with team leader who will be discussing the same
with other members. The changes that will be accepted by the members and seems to make
budget more beneficial will be made in the financial plan.
Changes will be made in the financial plan and budget after discussing it with the
members of the team and member requiring the change is able to justify with strong supportive
negotiations for the change.
The change in financial plan will be then shared with all the members of the team along
with reasons for change.
A) Who would these negotiations take place with?
These negotiations will take place with team leaders and the members of the team.
Member will first put the views with team leaders. After the leader is satisfied with negotiations
it will be further placed over team members for discussion. Member will also require to give
clear reasons for the change to be made in the budget and how this will be making current
financial plan more effective.
B) Describe two of the negotiation strategies discussed in the modules
Problem solving
In this both the parties are seeking for solutions. parties discuss and examine all the
issues associated with the agreement closely. The negotiation between the parties should bring
solution to the problem and end with a positive outcome. In this approach problems are
analysed and the solutions that resolve the problem of both parties are accepted by parties.
Win – Win
It is the negotiation strategy where both the parties to the negotiations are at win with
the outcomes. This situation is most favorable and brings positive outcomes for the parties. In
the win win situation it has to be analyzed that requirements of the parties to the agreement
are achieved.
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BSBFIM501 Examination
2020 Term 2
3) List the 5 steps required in developing a Contingency Plan:
Contingency plan is important as it allows company in risk management as well as
proactive preparation instead of reactive decisions on emergency which could result in failure.
Step 1 – Conducting business impact analysis for identifying and prioritizing the functions &
operations that are critical for supporting goals of organization.
Step 2 – Identifying preventive controls that will reduce the impact of contingency and increase
the chances of revival and will reduce the life cycle cost of contingency.
Step 3 – Creating contingency strategies that will prevent or reduce the company from
potential impact. It also includes the measures that will be taken for the plan and the execution
strategies for the same.
Step 4 – Testing & exercise of the contingency plan. It provides with recovery capabilities and
training required for implementation of the plan.
Step 5 – After the testing, areas of improvement are identified for making potential changes in
the contingency plan.
4) List 2 types of reports that may be disseminated across team members
Two types of reports that could be disseminated between team members is
I) Informational report
II) Analytical report
5) Outline 4 tasks that would be expected of the budget/financial team?
Task 1 Research of the item
The task requires the members of the team in making research of the incomes and
expenditures to be placed in the budget. They will be analysing the other factors that could
influence the budget.
Task 2 Preparation of the budget
It will require the members to prepare the financial budgets after analysing the trend of
different items and expenses to be included in budget. Budget prepared will justify all the item
included in the budget.
Task 3 Execution
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