Shavneel Kumar: Implementing Program Governance and Managing Finances

This assignment, completed by student Shavneel Kumar, addresses the core concepts of program governance and financial management within the BSB61215 Advanced Diploma of Program Management. The assessment focuses on implementing program governance, managing finances, and ensuring compliance. The assignment involves answering discussion questions that explore the key roles and responsibilities in program governance, the factors for establishing appropriate finance and resource authorities, and the methods for making reliable program governance decisions. The student's responses cover topics like internal controls, stakeholder engagement, financial planning, budget establishment, and variance analysis. The assessment also covers the use of documented methods such as RACI matrices to ensure repeatable and documented methods for decision-making. The assignment highlights the importance of financial management in the context of program success.

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
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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.
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completing all tasks on time. If you do not participate you will be required to report to Student
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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
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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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