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Assessment Details Qualification Code/Title Assessment Type Assessment Task 2 Time allowed Due Date Location Term / Year Unit of Competency National Code/Title SITXFIN010 Prepare and monitor budgets Student Details Student Name Student ID IIE Student Declaration: I declare that the work submitted is my own, and has not been copied or plagiarised from any person or source. Signature: Date: Assessor’s Name RESULTS (Please Circle) ☐SATISFACTORY ☐NOT SATISFACTORY Feedback to student: Assessor Declaration *If Student is Not Satisfactory Reassessment Required ☐ Yes ☐ No Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback. Signature: Date: Is This Theory Only Task ☐ Yes ☐ No Have student already completed practical/ Vocational Placement Component? ☐ Yes ☐ No Instructions to the Candidates · This assessment is to be completed according to the instructions given below in this document. · Should you not answer the tasks correctly, you will be given feedback on the results and gaps in knowledge. You will be entitled to one (1) resubmit in showing your competence with this unit. · If you are not sure about any aspect of this assessment, please ask for clarification from your assessor. · Please refer to the College re-submission and re-sit policy for more information. · If you have questions and other concerns that may affect your performance in the Assessment, please inform the assessor immediately. · Please read the Tasks carefully then complete all Tasks. · To be deemed competent for this unit you must achieve a satisfactory result with tasks of this Assessment along with a satisfactory result for another Assessment. · This is an Open book assessment which you will do in your own time but complete in the time designated by your assessor. Remember, that it must be your own work and if you use other sources then you must reference these appropriately · Submitted document must follow the given criteria. Font must be Times New Roman, Font size need to be 12, line spacing has to be Single line and Footer of submitted document must include Student ID, Student Name and Page Number. Document must be printed double sided. · This is Individual Assessments. Once you have completed the assessment, please provide the Hard copy of the Assessments to your Trainer/ Assessor. · Plagiarism is copying someone else’s work and submitting it as your own. Any Plagiarism will result in a mark of Not Satisfactory. Assessment Task 2: Budget planning project Information for students Tasks required for this unit This unit of competency requires that you: prepare a budget for a business that meets the specific business’ needs include the following when preparing the above budget: consultation on components analysis of factors that impact on the budget completion of draft and final versions of budget within designated timelines Instructions for how you will complete these requirements are included below. Activities Complete the following activities. Carefully read the following information. Blue Healer is a health resort and convention centre based in the Blue Mountains near Sydney which has been operating for 5 years. The resort, Blue Healer, is made up of five areas: catering, spa, meeting rooms accommodation, and administration. Blue Healer is very popular due to its competitive pricing structure, quality service and state of the art facilities. The resort was set up by Paul Byrnes, a burnt out consultant who wanted to provide a service for corporate executives to retreat from their business for at least a short time. Paul had a lot of networks and to date most of the business has been from Paul’s existing networks and word of mouth referrals. The business has a functional web site. Sales continue to increase but Paul wants to retire completely and step back from the business. Thus, he has hired a Resort Manager to oversee the business (you). An important aspect of the business that he wants the Resort Manager to focus on is preparing and monitoring budgets. Current staff include: an Accounts and Administration Manager, Resort Supervisor, Housekeeping staff, receptionist and contract therapists. Profit and loss reports show the status of the business’ financial health. What do I need to demonstrate? During your practical assessments you will be required to demonstrate a range of the skills and knowledge that you have developed during your course. These include: Prepare budget information Determine and confirm scope and nature of required budgets. Identify, access and interpret data and data sources required for budget preparation. Analyse internal and external factors for potential impact on budget. Provide opportunities for relevant personnel to contribute to budget planning process. Prepare budget Draft budget based on analysis of all available information. Estimate income and expenditure and support with valid, reliable and relevant information. Reflect organisational objectives within draft budget. Assess and present options and recommendations in a clear format. Circulate draft budget to colleagues and managers for input. Finalise budget Negotiate budget according to organisational policies and procedures. Agree on and incorporate modifications. Complete final budget in a clear format within designated timelines. Inform colleagues of final budget decisions and application within relevant work area, including reporting and financial management responsibilities. How will I provide evidence? Your assessor will provide you with templates to complete each task. You will find some detailed information about providing evidence; this will include; an email to CEO regarding budgets a Marketing Budget Briefing Report an email with Draft Marketing Budget attached a Final Marketing Budget. You will need to complete each activity and submit the required task at the end of each step completed. Tips for completing your activities Read through this assessment and each task before you get started and make sure you understand what you need to do. If you are unsure, speak to your assessor and/or supervisor. Stay up to date! Stay in touch with your assessor. Ask questions, raise issues, check in, communicate. Most importantly, ask for help if you are having trouble! 1. Determine and confirm scope and nature of the budgets. In your new role, the first step you need to take is to determine the scope and nature of all of the budgets that need to be prepared for Blue Healer. Draft an email to send to Paul to find out this information. Ensure your email includes questions that will provide all of the information you need to know, as well as identifies internal data sources that you need to access. Paul Byrnes (your assessor) will answer your email so that you are able to move ahead with developing the required budgets. Develop a Marketing Budget Briefing Report. As per the response provided to you, you are to focus on developing a Marketing Budget Briefing Report. Use Marketing Budget Briefing Report Template to develop your report. Review profit and loss for previous financial years to identify amounts spent on marketing for the previous two financial years, as well as the information provided to you by Paul Identify at least two sources of information on recommended marketing expenditure that could be used to inform the marketing budget. In addition, identify external factors that could impact on the marketing budget. This means that you should conduct market research on trends within the industry in terms of growth and opportunities and the types of marketing that similar businesses are conducting. Send an email to the CEO and Accounts and Administration Manager (your assessor) The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style. It should introduce and summarise the contents of the attachment. Attach your Marketing Budget Briefing Report to the email. Ask for input on your Marketing Budget Briefing Report. The CEO and Accounts and Administration Manager (your assessor) will provide you with feedback for input into your budget. Draft Marketing Budget. You are required to draft a Marketing Budget based on your Marketing Briefing Report and the input provided from the CEO and Accounts and Administration Manager (your assessor). To develop the Marketing Budget, you should use the accounting software used by your RTO. Save this document as draft Marketing Budget and send it via email to the CEO and Accounts and Administration Manager (your assessor). Your email should clearly outline the options for marketing expenditure as per your marketing budget, as well as your recommendations for the budget. You will discuss your draft budget at a meeting with the CEO and Senior Managers. Your assessor will advise you of the date of the meeting. Participate in a budget meeting. The next part of the assessment requires you to participate in a meeting with the CEO (role-played by your assessor) and the Accounts and Administration Manager (role-played by another student to discuss the marketing budget. At the meeting, the CEO will attempt to negotiate another option for the budget. You are required to demonstrate your negotiation skills to persuade the meeting participants that your budget is the best option. At the meeting, you will need to: Explain the marketing budget you have developed and the various options. Seek input on the budget. Negotiate for your budget as presented. During the meeting, you will need to demonstrate effective communication skills including: Speaking clearly and concisely Using non-verbal communication to assist with understanding Asking questions to identify required information Responding to questions as required. Revise the marketing budget. Following the meeting, revise your marketing budget to incorporate feedback from the CEO and Accounts and Administration Manager. You are to revise your marketing budget and send it out as Final Marketing Budget within 2 days of holding the meeting. You will be assessed on meeting this timeline. Save this document as Final Marketing Budget and send it out via email to the CEO and Senior Managers. The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style. It should introduce and summarise the contents of the attachment. Meet with colleagues to discuss the marketing budget. The final part of the assessment requires you to meet with colleagues to confirm the Marketing Budget for the year. You are also required to introduce the team to the company’s Finance Policies and Procedures. This is to ensure that they understand financial management responsibilities and reporting arrangements so that the marketing budget can be accurately implemented and monitored. These requirements form part of the company’s requirements for finalising budgets. At the meeting, you will need to: Discuss the overall budget allocation for marketing Discuss the amounts allocated to each marketing activity Provide an outline of the Finance Policies and Procedures. During the meeting, you will need to demonstrate effective communication skills including: Speaking clearly and concisely Using non-verbal communication to assist with understanding Asking questions to identify required information Responding to questions as required. Using active listening techniques to confirm understanding. Assessment Task 2: Checklist Student’s name: Has the following been completed? Completed successfully? Comments Yes No The student has determined and confirmed the scope and nature of required budgets for Blue Healer. The student has accessed and interpreted profit and loss statements to inform budget preparation. The student has identified and accessed relevant external data sources to inform budget preparation. The student has analysed internal and external factors for potential impact on budget. The student has provided the Marketing Budget Briefing Report to colleagues to enable them to contribute to the budget process. The student has drafted the budget based on all information provided and researched. The student has estimated income and expenditure for marketing based on valid, reliable and relevant information researched. The student has reflected objectives for the marketing budget within the draft budget. The student has determined options and recommendations for the marketing budget and present this information within the draft marketing budget. The student has provided draft budget to colleagues and managers. The student has discussed the budget with the team. The student has negotiated the budget in a meeting according to the company’s policy and procedures for finalising budgets. During the meeting to discuss budgets and financial policies and procedures, The student has demonstrated effective communication skills including: speaking clearly and concisely using non-verbal communication to assist with understanding asking questions to identify required information responding to questions as required using active listening techniques to confirm understanding. The student has provided final budget in a clear format and within the required timelines. The student has provided information to team members to follow required financial procedures. Task outcome: Satisfactory Not satisfactory Assessor signature: Assessor name: Date: © International Institute of Education RTO:45150 | CRICOS:03838G File Name: SITXFIN010 Student Assessment Task 2 Revised Date: 27/09/2023 Version: 1.0 Page:1 © International Institute of Education RTO:45150 | CRICOS:03838G File Name SITXFIN010 Student Assessment Task 2 Revised Date: 27/09/2023 Version: 1.0 Page:1