Vinicius Braga- BSBFIM501 Portfolio Assessment 1.docx -...

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BSBFIM501 Manage budget and financial plans Student Name: Vinicius Braga Student ID: CSF190049 Assessment Type: Assessment 1 Other: Assessor’s Name: Katarina Barabasova Assessment Outcome: (S/NYS) Student Declaration: By submitting this assessment via Moodle, I declare that this is my own work and had not been copied or plagiarised from any other source. Please refer to the Student Handbook for more information. Assessment Conditions: Each assessment criteria is recorded as either Satisfactory (S) or Not Yet Satisfactory (NYS). A student can only achieve a ‘Satisfactory’ Assessment Outcome for the entire assessment when all assessment Criteria listed below are ‘Satisfactory’. A student who is assessed as ‘Not Yet Satisfactory’ is eligible for re-assessment with their trainer. All assessment answers must be typed, include this assessment cover sheet and uploaded in ‘WORD’ version to moodle. Assessment Criteria Element Performance Criteria S/NYS 1 Plan financial management approaches 1.1 Access budget/financial plans for the work team 1.2 Clarify budget/financial plans with relevant personnel within the organisation to ensure that documented outcomes are achievable, accurate and comprehensible 1.3 Negotiate any changes required to be made to budget/financial plans with relevant personnel within the organisation 1.4 Prepare contingency plans in the event that initial plans need to be varied 2 Implement financial management approaches 2.1 Disseminate relevant details of the agreed budget/financial plans to team members 2.2 Provide support to ensure that team members can competently perform required roles associated with the management of finances 2.3 Determine and access resources and systems to manage financial management processes within the work team 3 Monitor and control finances 3.1 Implement processes to monitor actual expenditure and to control costs across the work team Managing Finance, Assessment 1 Portfolio Page 1 V2 Last updated on 11/03/2019
BSBFIM501 Manage budget and financial plans 3.2 Monitor expenditure and costs on an agreed cyclical basis to identify cost variations and expenditure overruns 3.3 Implement, monitor and modify contingency plans as required to maintain financial objectives 3.4 Report on budget and expenditure in accordance with organisational protocols 4. Review and evaluate financial management processes 4.1 Collect and collate for analysis, data and information on the effectiveness of financial management processes within the work team 4.2 Analyse data and information on the effectiveness of financial management processes within the work team and identify, document and recommend any improvements to existing processes 4.3 Implement and monitor agreed improvements in line with financial objectives of the work team and the organisation Feedback Managing Finance, Assessment 1 Portfolio Page 2 V2 Last updated on 11/03/2019
BSBFIM501 Manage budget and financial plans Week 1:

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