attached the student resources. If you need to use the location please use NSW, Australia

attached the student resources. If you need to use the location please use NSW, Australia


Assessment Details Qualification Code/Title Assessment Type Assessment Task 3 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 3: Budget monitoring and review project Information for students In this task, you must review budget figures, action deviations and report on these as part of monitoring and review processes. You will need access to: your learning resources and other information for reference Marketing Expenditure Report Marketing Budget Analysis and Recommendations Report template. Ensure that you: review the advice to students regarding responding to written tasks in the Hospitality Works Student User Guide comply with the due date for assessment which your assessor will provide adhere with your RTO’s submission guidelines answer all questions completely and correctly submit work which is original and, where necessary, properly referenced submit a completed cover sheet with your work avoid sharing your answers with other students. i Assessment information Information about how you should complete this assessment can be found in Appendix A of the Hospitality Works Student User Guide. Refer to the appendix for information on: · where this task should be completed · how your assessment should be submitted. Note: You must complete and submit an assessment cover sheet with your work. A template is provided in Appendix B of the Student User Guide. However, if your RTO has provided you with an assessment cover sheet, please ensure that you use that. Tasks required for this unit This unit of competency requires that you: · monitor and review the above budget against performance over its life cycle. Instructions for how you will complete these requirements are included below. Activities Complete the following activities. Carefully read the following information. Assume it is twelve months later and you are reviewing the marketing budget against actual amounts using the Marketing Expenditure Report. Note: that the company deems a standard variance in budgets of up to 5% acceptable. You have also been recently informed that a competitor has set up a resort in the nearby area and you are required to assess how this will impact the marketing budget for the following year. 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: Monitor and review budget Regularly review budget to assess actual performance against estimated performance Prepare accurate financial reports. Incorporate all financial commitments into budget and budget reports. Investigate and take appropriate action on deviations. Analyse changes in internal and external environment and make any required adjustments. Collect and record relevant information to assist in future budget preparation. 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; a Marketing Budget Performance Report a Marketing Budget Analysis and Recommendations Report. 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. Develop a Marketing Budget Analysis and Recommendations Report. Review the marketing budget expenditure to assess actual performance against estimated performance. Based on your review and using the accounting software, prepare a report that shows actual expenditure against budgeted expenditure. Include graphs to make your report clear. Save this report as Marketing Performance Budget Report. Prepare an accompanying report, Marketing Budget Analysis and Recommendations Report, that analyses: Projected budget and actual budget Deviations from the budget Reasons for deviations Recommendations for next year’s budget based on marketing performance and new competitor. Use the Marketing Budget Analysis and Recommendations Template to guide your work. Send an email to management. 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 attachments. Attach the following to your email: Marketing Budget Performance Report Marketing Budget Report Analysis and Recommendations Assessment Task 3: Checklist Student’s name: Has the following been completed? Completed successfully? Comments Yes No The student has assessed actual performance against estimated performance and prepared accurate financial reports. The student has included financial commitments relevant to marketing into the marketing budget and all marketing budget reports. The student has investigated and taken appropriate action on significant deviations to the marketing budget. The student has analysed changes in internal and external environment and make necessary adjustments. The student has collected and recorded relevant information to assist in future budget preparation for marketing. Task outcome: Satisfactory Not satisfactory Assessor signature: Assessor name: Date: Final results record Student name: Assessor name: Date: Unit name: SITXFIN010 Prepare and monitor budgets Qualification name: Final assessment results Task Type Result Satisfactory Unsatisfactory Did not submit Assessment Task 1 Knowledge questions S U DNS Assessment Task 2 Budget planning project S U DNS Assessment Task 3 Budget monitoring and review project S U DNS Overall unit results C NYC Feedback My performance in this unit has been discussed and explained to me. I would like to appeal this assessment decision. Student signature: Date: I hereby certify that this student has been assessed by me and that the assessment has been carried out according to the required assessment procedures. Assessor signature: Date: © International Institute of Education   RTO:45150 | CRICOS:03838G   File Name: SITXFIN010 Student Assessment Task 3 Revised Date: 27/09/2023 Version: 1.0 Page:1 © International Institute of Education   RTO:45150 | CRICOS:03838G   File Name SITXFIN010 Student Assessment Task 3 Revised Date: 27/09/2023 Version: 1.0 Page:1