Assessment Tasks | My Assignment Tutor

Assessment Tasks and Instructions Student NameStudent NumberCourse and CodeUnit(s) of Competency and Code(s)SITXFIN003 Manage finances within a budgetStream/ClusterTrainer/AssessorNick Mercy Assessment for this Unit of Competency/ClusterDetailsAssessment 1Short AnswersAssessment 2ProjectAssessment 3Assessment conducted in this instance: Assessment 1 2 3 Reasonable AdjustmentHas reasonable adjustment been applied to this assessment?No No further information requiredYes Complete 2.Provide details for the requirements and provisions for adjustment of assessment: Student to completeMy assessor has discussed the adjustments with meI agree to the adjustments applied to this assessmentSignatureDate 2nd Assessor to completeI agree the adjustments applied to this assessment are reasonableNameSignatureDate Assessment Guidelines What will be assessed – Performance EvidenceThe purpose of this assessment is to assess your ability to complete tasks outlined in elements and performance criteria of this unit in the context of the job role, and:manage a budget for a business over a three-month period that meets the specific business’ needs undertake at least two of the following to inform management of the above budget: discussions with existing suppliers evaluation of staffing and rostering requirements evaluation of impact of potential roster changes review of operating procedures sourcing new suppliers monitor income and expenditure and evaluate budgetary performance over the above budgetary life cycle complete financial reports related to the above budget within designated timelines and using correct budget terminology.Place/Location where assessment will be conductedSSH to completeResource Requirementscomputers, printers and accounting software packages budgets for specific projects, events or operational activities Pen, Paper, calculator access to and provisions for completion of reports during the budget cycleInstructions for assessment including WHS requirementsFor the purpose of this assessment project you are required to monitor and manage a budget for a business, for example your workplace or as instructed by your trainer, over a 3 month period. You need to complete the following tasks to reflect how you monitor and accordingly manage the budget and its underlying factors that affect performance.TYPE of Budget: ­­­­­­­­­­­­­­­­­­­­­­­___________________________________ Business: ___________________________________ TH&E sector: ___________________________________Task 1. Requires you to provide a fortnightly budget report which clearly identifies any under or over performances and the actual and likely reasons for these.Task 2. During the monitoring cycle you are required to undertake 2 of the following processes to inform management of the actual budget: (you clearly need to select these relevant for the performance of your budget; the process you choose will be informed by the type of variance and accordingly, the operational aspect that would need to be investigated)discussions with existing suppliers evaluation of staffing and rostering requirements evaluation of impact of potential roster changes review of operating procedures sourcing new suppliersTask 3. You are required to identify any reports, which you need to complete during the 3-month budget cycle. Set the times these are due and complete these reports to the set due dates. Attach each report to this project on completion of the monitoring cycle. Please tick the boxes below and sign! Statement of AuthenticityI acknowledge that I understand the requirements to complete the assessment tasksThe assessment process including the provisions for re-submitting and academic appeals were explained to me and I understand these processesI understand the consequences of plagiarism and confirm that this is my own work and I have acknowledged or referenced all sources of information I have used for the purpose of this assessmentStudent Signature: Date: / /201 This assessment:First Attempt2nd AttemptExtension – Date:    /    /   RESULT OF ASSESSMENTSatisfactory Not Yet SatisfactoryFeedback to Student:Assessor(s) Signature(s):Nick MercyDate:20-04-2020   /    /     Student SignatureDate:   /    /      Assessment 2 Your Tasks: Task 1 Provide a fortnightly budget report which clearly identifies any under or over performances, and the actual and likely reasons for these. Use the table below as a reference list and attach each budget report together with a variance analysis for each to this project DateBudget Performance/AreaVarianceReasonDiscussion with supervisorActionBudget Cycle StartWeek 2Week 4Week 6Week 8Week 10Week 12Budget Cycle End Task 2 During the monitoring cycle you are required to undertake 2 of the following processes to inform management of the actual budget: (you clearly need to select these relevant for the performance of your budget; for example if your staffing and rostering performs within the budget and service provisions are being met, then it would be unlikely that you would need to reduce staff or cut rosters; if your budget is created on the best quotes received from suppliers and the quality is perfect, then this aspect is likely not one that would be changed) discussions with existing suppliersevaluation of staffing and rostering requirementsevaluation of impact of potential roster changesreview of operating proceduressourcing new suppliers Attach details for each process you have undertaken clearly marked “TASK 2 – process: __________”. Details for each process selected must include the following details: (For example if you changed a roster, you need to provide the information why this was done, what the changes will achieve in $ values for the budget, and attach the old and revised roster to this project) Nature of the problemReason for undertaking the selected processWhat did you do? Who was involved? What was discussed? What was agreed on? What was achieved in the process?What was changed?How were any changes implemented? Task 3 Identify any reports, which you need to complete during the 3-month budget cycle. Set the times these are due in the table below and complete these reports to the set due dates. Attach each report (or a copy) to this project on completion of the monitoring cycle. Type of reportFrequencyDue Date(s)Completed byEXAMPLE e.g. Stock Take reportmonthlyend week 4 (insert date) end week 8 (insert date) end week 12 (insert date)student (you) A. Johns, supervisor student (you) Marking GuideSNYSCommentsCriteriaTask 1Provides a copy of the opening budgetProvides a copy of the closing budgetProvides a budget report for each fortnightThe performance of each category is identifiedThe variance for each fortnight is identifiedThe reasons for variance(s) are identifiedVariances are communicated with colleagues/ supervisorActions are identified where suitable or applicableActions are explored and implemented as applicableTask 22 processes are selected to inform management of budgetThe processes are suitable for identified budget variances or operational issuesDetails are provided what entailed each processThe details for each process selected are completeThe changes investigated are relevant to improve budget performanceThe parties involved are identifiedDetails for communication are providedThe agreed actions are providedThe changes as a result of undertaking process are outlinedThe financial benefit/impact on the budget is explainedWhere implementation of changes occurs, each process is explainedTask 3The type of reports to be completed by the business over the budget cycle are identifiedThe frequency of reports is identifiedThe frequency for reports is documented and scheduledReports are completed as scheduledA number of different reports were completed by student relevant to the budget: ______________________________ ______________________________ ______________________________ ______________________________Reports or copies for reports are attached to the projectList additional criteria as relevant Please don’t forget to put your name and student number plus unit name when saving the file!