Evidence of the ability to:
· prepare a comprehensive financial plan according to organisational and legislative requirements
· monitor and manage financial resources over a full planning-cycle including setting targets, managing risks and improving compliance mechanisms
· effectively communicate financial reports and operational execution
· revise forecast according to changes in budget deviations.
To complete the unit requirements safely and effectively, the individual must:
· explain the principles of accounting, financial statements and cash flow
· clarify best-practice communication processes and methods
· summarise compliance requirements, including relevant legislative responsibilities
· explain the cost of capital, capital structure and working capital
· identify finance and investment decisions
· describe the goal of financial resource management
· describe the principles of finance relevant to the organisation’s operations
· explain risk and return
You are required to complete all assessment tasks to demonstrate competency in this unit. The purpose of this assessment is to assess your ability to manage financial resources in a complex environment for a substantial business unit or organisation.
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the management and leadership field of work and include access to:
· legislation, regulations and codes of practice
· workplace plans, mission statements, policies and procedures
· case studies and, where possible, real situations
· interaction with others.
Trainers must ensure that students understand the assessment instructions, tasks and the expectations of the assessment. Our assessments allow for flexibility in that trainers can assess students verbally or offer written assessment to demonstrate skills and knowledge in some cases to allow for reasonable adjustment.
Assessor Instructions
· Students must participate in a ten-minute role plays assuming the role of the financial manager.
· During the role-play, students must communicate with the department managers in the organisation and use appropriate communication techniques to discuss the implementation of the budget.
· You must ask all given questions to the student during the role-play to ensure that all performance evidence requirements are met.
· Reasonable adjustment must be allowed for students who are eligible to receive it.
· Students will need:
o Classmates or colleagues to play the roles of managers.
o Applicable workplace policies and procedures, plans or mission statements, relevant legislation or regulations which may affect the outcome the scenario.
For the purposes of this role-play, you need to present your budget and plan for implementation to managers of Shoeperama. You will need to:
· Discuss the execution of the financial plan from assessment task B
· Discuss the budget goals and cost targets
· Explain the reporting requirements and importance of compliant record keeping
· Discuss management responsibilities for reporting
· Explain risk management contingencies and priorities
· Discuss how budget costs will be managed
Assessor Instructions · The purpose is to provide students with a documented project or assignment that requires them to undertake research or produce evidence of their knowledge and skills by preparing relevant reports and/or documentation. · There are two parts to this project. Students are required to answer both parts. · Students are required to use the templates provided to guide their answers. · Note that answers are subjective and rounding decisions may vary, and the solutions provided serve only as a suggested solution. Assessors are required to use their knowledge, discretion and expertise to assess the competency of the student in accordance with unit requirements. |
PART 1 |
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