180155 Premjai-20200617-Assessment 333333333333333333.docx - BSBIFM501 Manage budgets and financial plans Name Premjai Phattanasaeng Student ID number

180155 Premjai-20200617-Assessment 333333333333333333.docx...

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BSBIFM501 Manage budgets and financial plans Name Premjai Phattanasaeng Student ID number 180155 Assessment 3 Assessment Task 3: There are 2 parts to this assessment. Part A: in response to the scenario provided, you create a simple spreadsheet budget to capture monitoring information. Using the information provided to you by your assessor, you will then sue the budget spreadsheet to produce a report on expenditure in accordance with organizational policies and procedures. You will also modify a contingency plan. Part B: using the scenario information supplied, you will respond to a number of scenario tasks. You will collect and analyse financial data and make recommendations to improve existing processes. You will also create a plan to implement and monitor solutions. Part A: Read through the scenario provided in Appendix 1 to this assessment task and tasks A and B. 1. You should develop a budget spreadsheet to capture information as per scenario. To view sample of columns required and formulae, see BSBFIM501_AT3_VarR_assessor_sample 2. Implement, monitor and modify contingency plans as required to maintain financial objectives You should produce modified contingency plan and implementation plan to include most of (or similar): reduce contract employees by 50% remove unnecessary changes to overtime policy make training or coaching a regular activity make training or coaching consultative to receive views before implementation make training/coaching relevant to actual need ensure communication is positive and stresses incentives; reduce use of email for negative messages
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introduce consultative program to gather employee views on reducing waste and increasing efficiency ensure communication includes opportunity for feedback and underscores team member’s role in the strategic aims of company. CONTINGENCY PLAN FOR TASK B Contingency Plan Company Name: Big Red Bicycle Pty. Ltd. Person developing the plan: Name: Premjai Phattanasaeng Position: Manager Risk identified: Profit for FY more than 10% less than budgeted Strategies/activities to minimize the risk By when By whom Produce quarterly variance reports to identify income/ expenditure and profit shortfalls over 10%. Q1 Premjai Phattanasaeng Implement sales training/coaching. Q1 Premjai Phattanasaeng Introduce customer reward program to increase sales Q2 Premjai Phattanasaeng Participation of employees in budgetary decision making Q2 Premjai Phattanasaeng Increase attention towards wastage, water and electricity, paper and raw materials Q2 Premjai Phattanasaeng CONTINGENCY IMPLEMENTATION PLAN FOR TASK B
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Risk identified: Profit for FY more than 10% less than budgeted Activity Monitoring activity and date Person/s Monitor variance. Completion of variance report: Q2.
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