FIM 501 Assessment Task 1.docx - Assessment Task 1 plans...

This preview shows page 1 - 7 out of 14 pages.

Assessment Task 1BSBFIM501A Manage budgets and financial plansPlan financial management approaches © 2011 Innovation and Business Industry Skills Council Ltd2ndedition version: 2Page 1 of 14
Assessment Task 1BSBFIM501A Manage budgets and financial plansSubmission detailsCandidate’s namePhone no.Assessor’s namePhone no.Assessment siteAssessment date/sTime/sThe assessment task is due on the date specified by your assessor. Any variations to this arrangement must be approved in writing by your assessor.Submit this document with any required evidence attached. See specifications below for details.© 2011 Innovation and Business Industry Skills Council Ltd2ndedition version: 2Page 2 of 14
Assessment Task 1BSBFIM501A Manage budgets and financial plansPerformance objectiveThe candidate will demonstrate the ability to plan financial management approaches.© 2011 Innovation and Business Industry Skills Council Ltd2ndedition version: 2Page 3 of 14
Assessment Task 1BSBFIM501A Manage budgets and financial plansAssessment descriptionIn response to the scenario provided, you will clarify budget plans with your manager and negotiate changes to the budget. You will then identify and analyse a risk to the budget and prepare a contingency plan to prevent or minimise the risk.© 2011 Innovation and Business Industry Skills Council Ltd2ndedition version: 2Page 4 of 14
Assessment Task 1BSBFIM501A Manage budgets and financial plansProcedure1.Read through the scenario provided and tasks A and B.2.Prepare to meet with your manager (assessor) to clarify budget and negotiate changes:a.identify areas of the budget that are not achievable, inaccurate or unclearb.prepare to negotiate necessary changes to the budgetc.set up a time with your manager to meet.3.Meet with your manager (assessor) to clarify budget and negotiate changes.a.identify at least two issues for clarificationb.negotiate at least two changes.4.Submit all documents required in the specifications below to your assessor. Ensure you keep a copy of all work submitted for your records.© 2011 Innovation and Business Industry Skills Council Ltd2ndedition version: 2Page 5 of 14
Assessment Task 1BSBFIM501A Manage budgets and financial plansSpecificationsYou must:meet with your assessor to clarify budget and negotiate changesprovide a contingency plan.Your assessor will be looking for:numeracy skills to read and understand a budget and negotiate budget re-allocationsknowledge of basic accounting principles to identify and use account balancesknowledge organisational requirements related to financial management such as contained in organisational policies and proceduresknowledge of principles and techniques involved in budgeting.

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture