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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
Answered 3 days AfterApr 14, 2024

Answer To: Student resources attached

Anjali answered on Apr 17 2024
7 Votes
Section1
Hello Paul,
This is to inform you that I am your new resort manager, who is hired to manage the financial aspects of Blue Healer. For this purpose I need to know the scope and nature of the business first so that I can manage the business according to the requirement. I am responsible for making the marketing budget for the business kindly provide me the relevant information of the business that includes the following details:
To identify the scope of the budget I need to know the facts related to investment, capital decision, and financial decision dividend decisions and profit management etc. For this purpose suitable documents are required such as the financial plans, budget plans and ex
penditure of the previous years. The details related annual year reports of the company are required o that I can get the clear picture about the business budge, sales and expenditure. The internal and external factors can only be analysed through the reports therefore it is necessary for me to access the reports related to previous years. The details related to previous year expenditure also required that help to provide an overview of cash flow I the company, for this purpose you need to provide me the budgetary details of company. The details related to any kind of deviation I the cost management plan is also required that help me to understand the financial issues in the company, if applicable. On the basis of these details I can design better financial management plan that help to manage the risks related to cost overrun in the company. The details related to mission and vision of the company that is defined by your team is also required, please provide me the suitable details so that I can proceed further with the opportunities. The details related to marketing expenditure is also required that help me to make the effective decision in concern of new marketing plan and budget to attract the target audience in the company. The scope and nature of the budget can be analysed easily by the use of annual year reports, I is quite necessary for me to access these resources to ensure the success of the business. The business oriented decision can only be generated on the basis of these details therefore; it is humble request of mine to you to provide the details related to previous budget of the companies so I can handle the business in more effective manner.
ABC
Resort manager
Blue healer
Section 2
Section 3
Respected sir,
I am attaching my marketing brief report in this email kindly tell me any updates related to this report and any input from your side would be highly appreciated. My marketing brief report is including the information related to marketing expenditure, the source of information and external factors that can affect the marketing budget of the business. The expenditure that is required to manage the different marketing the channels of the company are mentioned in this report such as the cost required for campaigning (national marketing, local marketing, public relations, content marketing, social media, online, advertising market research and sales campaigning). This report includes the details related to total marketing budget in the year of 2021 and 2022 that is $5000. Kindly provide your feedback on the respected report; your feedback will be highly appreciated.
ABC
Resort manager
Blue healer
Section 4
    Blue Healer Spa
    
    
    
    
    
    
    
    
    
    
    
    
    Master Marketing Budget (monthly)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2020 - 2022 FY Projected expenses
     
     
     
     
     
     
     
     
     
     
     
    Marketing Activity
    July
    August
    September
    October
    November
    December
    January
    February
    March
    April
    May
    June
    2019/20 Total
    staff/personnel
    75
    75
    75
    75
    75
    75
    75
    75
    75
    75
    75
    75
    $900
    sales support
    75
    75
    75
    75
    75
    75
    75
    75
    75
    75
    75
    75
    $900
    advertising
    100
    100
    100
    100
    100
    100
    100
    100
    100
    100
    100
    100
    $1,200
    public relations
    100
    100
    100
    100
    100
    100
    100
    100
    100
    100
    100
    100
    $1,200
    research
    75
    75
    75
    75
    75
    75
    75
    75
    75
    75
    75
    75
    $900
    Miscellaneous
    100
    100
    100
    100
    100
    100
    100
    100
    100
    100
    100
    100
    $1,200
    Total
    $525
    $525
    $525
    $525
    $525
    $525
    $525
    $525
    $525
    $525
    $525
    $525
    $6,300
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2021-2022 Actual Expenses
     
     
     
     
     
     
     
     
     
     
     
     
    Marketing Activity
    July
    August
    September
    October
    November
    December
    January
    February
    March
    April
    May
    June
    2019/20 Total
    staff/personnel
    50
    50
    50
    50
    50
    50
    50
    50
    50
    50
    50
    50
    $600
    sales support
    50
    50
    50
    50
    50
    50
    50
    50
    50
    50
    50
    50
    $600
    advertising
    90
    90
    90
    90
    90
    90
    90
    90
    90
    90
    90
    90
    $1,080
    public relations
    90
    90
    90
    90
    90
    90
    90
    90
    90
    90
    90
    90
    $1,080
    research
    50
    50
    50
    50
    50
    50
    50
    50
    50
    50
    50
    50
    $600
    Miscellaneous
    85
    85
    85
    85
    85
    85
    85
    85
    90
    90
    90
    90
    $1,040
     
    $415
    $415
    $415
    $415
    $415
    $415
    $415
    $415
    $420
    $420
    $420
    $420
    $5,000
Section5
In the newly developed marketing budget plan the different factors that can affect the expenditure like public relations, advertising, market research and advertising campaigning. The cost that is required to manage the different channels like social media adverting, sales support etc is included in this document that help to clear picture about the expenditure of different channels, on the basis of which effective decisions can be formulated. My marketing plan includes the details of every month of the year 2019 and 2020 that provide a clear overview of marketing expenditure of the company. The horizontal and vertical analysis technique are used to define the total projected and actual budget of the company, by the use of this approach it is easy to understand the monthly the yearly expenditure. This budget also used to analyse the monthly and yearly deviation in the cost or expenditure of marketing of blue healer. This report includes the details related to actual total to date marketing budget that is $5000, and projected marketing expense of company that is $6300.
Section 6
Respected sir,
I am writing you this email to provide an overview of the suggested improvement in the budget discussed in the corresponding meeting, kindly go through the details and attachment attached in this email. Following are the improvements suggested by the management for the corresponding marketing plan:
It is necessary add the more factors like national marketing, local marketing, content marketing, social media and online expenditure in your budget plan and the details related to difference in the expenditure must be provided in the budgetary plan. Following is the attachment attached that help to provide an overview of total expense alongside the recommend...
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