Manage Budgets And Financial Plans
The assessment activities in this workbook assess aspects of all the elements, performance criteria, skills and knowledge and performance requirements of the unit of competency.
- To demonstrate competence in this unit you must undertake all activities (formative and summative) in this workbook and have them deemed satisfactory by the assessor. If you do not answer some questions or perform certain tasks, and therefore you are deemed to be Not Yet Competent, your trainer/assessor may ask you supplementary questions to determine your competence. Once you have demonstrated the required level of performance, you will be deemed competent in this unit. Should you still be deemed Not Yet Competent, you will have the opportunity to resubmit your assessments or appeal the result.
As part of the assessment process, all learners must abide by any relevant assessment policies as provided during induction.
If you feel you are not yet ready to be assessed or that this assessment is unfair, please contact your assessor to discuss your options. You have the right to formally appeal any outcome and, if you wish to do so, discuss this with your trainer/assessor.
Complete the following activities individually or in a group (as applicable to the specific activity and the assessment environment).
Objective To provide you with an opportunity to access budget/financial plans for the work team; clarify budget/financial plans with relevant personnel within the organisation to ensure that documented outcomes are achievable, accurate and comprehensible; negotiate any changes required to be made to budget/financial plans with relevant personnel within the organisation.
Activity Create a one-page guide for a hypothetical organisation outlining how to access budget and financial plans. You should also note which personnel you would need to consult and what issues might need to be addressed, e.g. any changes to be made.
Objective To provide you with an opportunity to prepare contingency plans in the event that initial plans need to be varied.
Activity 1. What is the purpose of a contingency plan? Note five possible contingencies that an organisation could implement.
Case Study A – Contingency Plans
Developing your contingency plan
Remember these guidelines when it’s time to prepare your contingency plan:
Your main goal is to maintain business operations – Look closely at what you need to do to deliver a minimum level of service and functionality.
Define time periods – What must be done during the first hour of the plan being implemented? The first day? The first week? If you look at the plan in this way, you’re less likely to leave out important details.
Identify the trigger – What, specifically, will cause you to implement the contingency plan? Decide which actions you’ll take, and when. Determine who is in charge at each stage and what type of reporting process they must follow.
Keep the plan simple – You don’t know who will read and implement the plan when it’s needed, so use clear, plain language.
Consider related resource restrictions – Will your organization be able to function the same way if you have to implement Plan B, or will Plan B necessarily reduce capabilities?
Identify everyone’s needs – Have people throughout the company identify what they must have, at a minimum, to continue operations.
Define ‘success’ – What will you need to do to return to “business as usual?”
Objective To provide you with an opportunity to disseminate relevant details of the agreed budget/financial plans to team members.
Activity Who might you need to inform about budget/financial plans in an organisation? What information would the respective people need to know?
Do you need high quality Custom Essay Writing Services?