Post-Workshop Assignment for Unit 520 – Managing Finance

Level 5 Diploma in Management and Leadership
Module 5 –Financial Management
Post-Workshop Assignment
CMI Level 5Diploma in Management and Leadership
Unit Number 520 – Managing Finance
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Participant Name:
CMI Registration Number:

Post-Workshop Assignment
Welcome to your Post-Workshop Assignment
The purpose of this post-work is to help you to reflect on and apply the learning gained from this module by
completing a number of structured activities. These outputs will be submitted to the Chartered Management
Institute (CMI) as evidence of application of learning.
CMI Units
By completing the Pre-Workshop Pack, attending and participating in the workshop and completing this Post-
Workshop Pack you will meet the assessment criteria for the following CMI unit:
 520 – Managing Finance:
Learning Outcome 1 – Understand Finance within organisations
1.1 Analyse the relationship between the financial function and other functional areas within
organisations
1.2 Examine the impact of financial objectives on decision making within organisations
1.3 Differentiate between management accounting and financial accounting
1.4 Analyse the impact of organisational and regulatory frameworks on an organisation’s approach to
financial management
1.5 Analyse the challenges organisations face accessing finance
Learning Outcome 2 – Know how to set and manage budgets
2.1 Differentiate between budget setting and financial forecasting
2.2 Evaluate budget setting approaches used by organisations
2.3 Formulate and justify a budget for an area of management responsibility
2.4 Analyse the factors that impact on budget management
2.5 Specify corrective actions to be taken in response to budgetary variance
2.6 Discuss reporting procedures for authorising corrective actions to a budget
What you need to do
As explained during the workshop, you need to carry out all of the activities in this pack as they will provide
evidence of application of learning. This post-work assignment also counts towards the ‘20% off the job’
training time for your apprenticeship.
Read through the pack and begin to plan in time to carry out the different activities. Book time in with any
colleagues you need to work with to make best use of their and your time.
Carry out all the activities and record in the space provided within this pack the actions you took along with
any findings and outputs. Support your analysis, findings and conclusions by providing additional relevant
documents where the task requires this and illustrate your responses wherever possible with specific
workplace examples.
To achieve a Pass, it is essential that you provide evidence for each and every assessment criterion.
You must also pass every section in this assignment.
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Assessment
The assessment and internal verification of this Post-Workshop Assignment will be undertaken by the
accreditation arm of The Learning Space (TLS). The following pages provide full details of the CMI units
covered and what the Assessor will be looking for.
To gain the Level 5 Qualification you must meet the assessment criteria for all learning outcomes. For every
assignment, the CMI only distinguishes between a PASS and a REFER.
This is in line with other management awarding bodies and should an assignment not be up to the standard
of a Pass you will have the opportunity to resubmit your work following feedback from the assessor as to
where further work is required.
Submitting your work
 Once you have completed this pack you must return it, along with any supporting information and/or
documents, to [e-mail]
before the next workshop – please refer to your Assignment Submission deadlines.
 Wherever possible send electronic copies via email, but if this isn’t possible, send hard copy to the
address provided on the following page. Ideally these should be posted a few days prior to the
submission date.
REMEMBER: once you have completed the activities in this pack always retain a copy (along with any
supporting documents) for your own records.
Postal submissions should be sent to:
Melanie James
2 Church Close
Dunston
Staffs
ST18 9AF
The following pages provide details of the CMI assessment criteria and the post-workshop assignment. A
separate marking sheet is provided – this is the document that the Assessor/Internal Verifier will use when
assessing your work.
Please remember that this pack is part of your development and it is vital that you approach it with the right
mind-set and are committed to completing it.
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Assignment for Unit 520 – Managing Finance(Guideline word count for the assignment
– 2500 – 3000 words)
Task 1 - Understand finance within organisations
This task relates to the following CMI criteria:
1.1 Analyse the relationship between the financial function and other functional areas within organisations
1.2 Examine the impact of financial objectives on decision making within organisations
1.3 Differentiate between management accounting and financial accounting
1.4 Analyse the impact of organisational and regulatory frameworks on an organisation’s approach to
financial management
1.5 Analyse the challenges organisations face accessing finance
1.1 Finance and its relationship with other business functions
As part of your pre-work and workshop, you explored the different functions in an organisation and their
relationship with the finance function/system. In the space given below, describe how financial systems and
the financial function interact and relate to other functions within your organisation. Discuss the importance of
this relationship to achieve business objectives and strategies.
Description of the relationship between financial systems/functions and other functions
Finance is considered as one of the most significant systems or functional areas
within an organization; and this plays crucial role in joining other functional areas of a
business such as production, marketing, human resource and others. This relationship
is shown below:
Relationship Between Finance and Production – The main duty of production
department is the production of goods; and there is a need for raw materials, labour
and other expenses for production. Production department requires money as well as
fund for paying all expenses and the finance department is responsible for providing
the required money and funds. Finance department is responsible for checking the
production budget while allowing the necessary funds for the department. In case the
production department works efficiently, there will be increase in sales as well as
profitability and this is helpful in recycling the same fund with high profit to the
finance department. This implies the dependency of both of these departments on
each other.
Relationship between Finance and Marketing – The main duty of marketing
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