You are required to plan financial management approaches

Assignment Detail:- BSBFIN501 Manage budgets and financial plans Assessment Part: Project Portfolio ActivitiesComplete the following activities: 1- Carefully read the following:This assessment requires you to demonstrate your skills and knowledge in managing budgets and financial plans-This project can be based on the case study business in the BSBFIN501 Simulation Pack or you may like to base this on your own business, or a business you are currently working for or are familiar with- Speak to your assessor to get approval if you want to base this on your own business or one you work for-You will be collecting evidence for this unit in a Project Portfolio- The steps you need to take are outlined below- 2- PreparationMake sure you are familiar with the business you are basing this assessment on and have read through the necessary background information and policies and procedures- For the case study business, this is all of the documents included in the BSBFIN501 Simulation Pack- If it's your own business or a business where you are working or are familiar with, it's important at this step that you have your business or case study approved by your assessor-Complete Page 4 of your Project Portfolio for this unit-Read through the requirements of Section 1, 2, 3 and 4 of your Project Portfolio which include detailed guidance relevant to all the assessment activities-Remember to create logical folders for all of your work and in the final assessment task you will submit a screenshot of these folders- This will ensure you follow record keeping requirements- 3- Plan financial management approaches-You are required to plan financial management approaches for a business- This involves:• Accessing, reviewing and then reporting on the budget and financial plans relevant to your team or department-• Evaluating budget and financial plan outcomes-• Preparing contingency plans in case plans need to be varied-• Identifying if any changes need to be made to the budget and financial plans and negotiating these changes-If you are completing this for the case study business, you will answer all the questions in your Portfolio based on your Simulation Pack- If it is your own business, you will need to access the budgets and financial plans relevant to your team or department, as well as relevant workplace policies and procedures-Complete Section 1 of your Project Portfolio-Submit your Portfolio to your assessor- 4- Preparing to implement financial management plansYou are to prepare a presentation to provide to your team- This can be any format you wish as per the instructions in your Portfolio- The purpose of the presentation is to:• communicate the details of the agreed budget and financial plans• provide support to your team in order to implement the budgets and financial plans• provide information to your team about financial management processes to monitor expenditure, controls costs and adjust contingency plans as required-Prepare your presentation following the guidelines in your Portfolio- Make sure your presentation has a logical structure and is in language that your team can understand- Your presentation will last for approximately 15 minutes and you will need to ensure you provide the opportunity for other students to answer questions-Complete Section 2 of your Project Portfolio-Submit your Portfolio to your assessor- Your assessor will then advise you of the date and time of your presentation, as well as the students who will be participating- 5- Implementing financial management plansIn a group round-table style discussion with a student group of approximately two or three, you will provide your presentation-Each person will have a turn -15 minutes per person- to present their work-Your assessor will be looking to see that you can:• demonstrate effective communication skills including:o Speaking clearly and conciselyo Using non-verbal communication to assist with understandingo Asking questions to identify required informationo Responding to questions as requiredo Using active listening techniques to confirm understanding• Use language that your audience can understand- This can either be viewed in person by your assessor or you may like to video record the session for your assessor to watch later- Your assessor can provide you with more details at this step- Make sure you follow the instructions above and meet the timeframes allocated- 6- Monitoring and evaluating financial management plansIf you are using the case study business you are to complete this activity- If you are using your own business, you may analyse information on the budget and expenditure- If this is not possible, you may also complete this same activity-Assume it is the end of the reporting period- Review the information in the simulation pack and report on:• Expenditure and income• Actual versus forecasted budget• Effectiveness of the financial management processes as per the team's feedback• Recommended improvements to financial management processes-Work on Section 3 of your Project- 7- Implement agreed improvementsYou are to implement one of the recommendations you have identified in the previous activity and provide the required evidence- Follow the instructions in your Portfolio to complete this task-Complete Section 3 of your Project Portfolio-Submit your Portfolio to your assessor- 8- Evaluate improvementYou are to evaluate the improvement you implemented in the previous activity and provide the required evidence- Follow the instructions in your Portfolio to complete this task-Complete Section 4 of your Project Portfolio- 9- Submit your completed Project PortfolioMake sure you have completed all sections of your Project Portfolio, answered all questions, provided enough detail as indicated and proofread for spelling and grammar as necessary-Submit to your assessor for marking- Attachment:- Manage budgets and financial plans-rar

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