Proper maintenance of equipment at regular intervals

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Proper maintenance of equipment at regular intervals. Natural Disaster unlikely High Monitoring the weather forecast or upcoming predictions. Insured all premises and employees of company. Stockout of major material Very likely High Monitoring the material purchased, used in production and closing stock monthly basis Maintain buffer stock and substitute material for production or substitute supplier to overcome this risk Labor Strike Likely High Monitor issues that the employees are facing and try to Use advanced technology and move automation. BSBFIN501 Assessment Tool V 14 April 2021 P a g e | 7
ASSESSMENT TOOL Qualification: BSB50420 Diploma of leadership and management Cluster number and name: LMD-20_2.1_Budgets and financial plans Units of competency: BSBFIN501 Manage budgets and financial plans Student’s ID and full legal name: 47054 Van Tung PHAM - Van Tung PHAM Assessor’s name: Davendra SINGH resolve them to avoid strike. d) Monitoring expenditure is important when controlling costs. Identify five (5) key cost elements the chosen business should constantly monitor.
2.3. Case study Read the case study below and use the information to calculate the answer. Sam goes on a driving holiday and at the end of the holidays his actual costs against his planned costs are as follows: Petrol was planned to be $400-Actual resulted in $450; Accommodation was planned to be $564-Actual resulted in $564; Food and Beverage was planned to be $230-Actual resulted in $220; The process of identifying variances is called Variance Analysis. Identify the following variances and determine if they are positive or negative variances.
2.4. Case Study Read the case study below and use the information to calculate the answer In the table provided below create a Variance Report using the following Budget and Actual figures: Salaries and Wages-Budget $2000-Actual $2549-Variance? IT-Budget $548-Actual $659-Variance? Marketing & Promotions-Budget $5300-Actual $4900-Variance? Office Costs-Budget $221-Actual $231-Variance? (Also place (F) for favourable if the result is positive or (U) unfavourable if the result is negative next to the Variance figure). Item $Budget $Actual $Variance Salaries and Wages 2000 2549 549 U BSBFIN501 Assessment Tool V 14 April 2021 P a g e | 8
ASSESSMENT TOOL Qualification: BSB50420 Diploma of leadership and management Cluster number and name: LMD-20_2.1_Budgets and financial plans Units of competency: BSBFIN501 Manage budgets and financial plans Student’s ID and full legal name: 47054 Van Tung PHAM - Van Tung PHAM Assessor’s name: Davendra SINGH IT 548 659 111 U Marketing and Promotions 5300 4900 400 F Office 221 231 10 U 2.5. Types of Variances that can occur. What could be the reasons why actual and planned results differed in the following instances.

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