BSBFIM501 Portfolio Assessment DONE.docx - Student Name...

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Student Name:MACIEJ ADAM STASINSKIStudent ID:CSF160511Assessment Type:Portfolio Assessment 1 Other:Assessor’s Name: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 CriteriaElementPerformance CriteriaS/NYS1 Plan financial management approaches1.1 Accessbudget/financial plansfor the work team1.2 Clarify budget/financial plans withrelevant personnelwithin the organisation to ensure that documented outcomes are achievable, accurate and comprehensible1.3 Negotiate any changes required to be made to budget/financial plans with relevant personnel within the organisation1.4 Preparecontingency plansin the event that initial plans need to be varied2 Implement financial management approaches2.1 Disseminate relevant details of the agreed budget/financial plans to team members2.2 Providesupportto ensure that team members can competently performrequired rolesassociated with the management of finances2.3 Determine and accessresources and systemsto manage financial management processes within the work team3 Monitor and control finances3.1 Implementprocesses to monitor actual expenditure and to control costs across the work team
3.2 Monitor expenditure and costs on an agreed cyclical basis to identify cost variations and expenditure overruns3.3 Implement, monitor and modify contingency plans as required to maintain financial objectives3.4 Reporton budget and expenditure in accordance with organisational protocols4. Review and evaluate financial management processes4.1 Collect and collate for analysis,data and information on the effectiveness of financial management processeswithin the work team4.2 Analyse data and information on the effectiveness of financial management processes within the work team and identify, documentand recommend any improvements to existing processes4.3 Implement and monitor agreed improvements in line with financial objectives of the work team and the organisationFeedbackWeek 1:Task 1: Give some examples for the following costs:(2 Mark)Direct costDirect Materials, manufacturing suppliers, wages of employees.

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