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BSBIFM501 Manage budgets and financial plansNamePremjai PhattanasaengStudent ID number 180155Assessment 3Assessment Task 3:There are 2 parts to this assessment.Part A:in response to the scenario provided, you create a simple spreadsheet budget to capturemonitoring information. Using the information provided to you by your assessor, you will then sue thebudget spreadsheet to produce a report on expenditure in accordance with organizational policies andprocedures. You will also modify a contingency plan.Part B:using the scenario information supplied, you will respond to a number of scenario tasks. You willcollect and analyse financial data and make recommendations to improve existing processes. You willalso 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 viewsample of columns required and formulae, see BSBFIM501_AT3_VarR_assessor_sample2.Implement, monitor and modify contingency plans as required to maintain financial objectivesYou 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 negativemessages
●introduce consultative program to gather employee views on reducing waste and increasingefficiency●ensure communication includes opportunity for feedback and underscores team member’s role inthe strategic aims of company.CONTINGENCY PLAN FOR TASK BContingency PlanCompany Name: Big Red Bicycle Pty. Ltd.Person developing the plan:Name: Premjai Phattanasaeng Position: ManagerRisk identified: Profit for FY more than 10% less than budgetedStrategies/activities to minimize the riskBy whenBy whomProduce quarterly variance reports to identifyincome/ expenditure and profit shortfalls over 10%.Q1PremjaiPhattanasaengImplement sales training/coaching.Q1PremjaiPhattanasaengIntroduce customer reward program to increase salesQ2PremjaiPhattanasaengParticipation of employees in budgetary decisionmakingQ2PremjaiPhattanasaengIncrease attention towards wastage, water andelectricity, paper and raw materialsQ2PremjaiPhattanasaengCONTINGENCY IMPLEMENTATION PLAN FOR TASK B
Risk identified: Profit for FY more than 10% less than budgetedActivityMonitoring activity and datePerson/sMonitor variance.Completion of variancereport: Q2.
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