Assessment Report 1
For this assessment task, you are required to read the case study provided in the appendix and develop a written report of any Bicycle company in Australia about 1200 words on team budgets or financial plans, making changes to team budgets or financial plans, contingency planning and financial management approaches using the guidelines provided. Students can use the given template for written report and contingency plan and are allocated with a week’s time to complete this assessment. The report should be detailed and well-structured and must include answers to the following:
1.Team budgets or financial plans
Provide the background to the budgets and financial plans you are responsible for by answering the following:
- What is the name of your organisation and a describe the type of activities it conducts?
- What is the name of the team that you manage and a describe the activities the team undertakes?
- What team budgets or financial plans are you responsible for implementing and monitoring. Examples of budgets/financial plans may include:
- Cash flow projections
- Long-term budgets/plans
- Operational plans
- Short term budgets/plans
- Targets or KPI for production, productivity, wastage, sales, income and expenditure
2. Making Changes to Team Budgets or Financial Plans
Select one of the budgets and answer the following:
- Explain the purpose of the team budget or financial plan
- Explain the team budget/financial plan you selected in terms of:
I. Is it achievable? Explain the reason for your response.
ii. Is it accurate? Explain the reason for your response.
iii. Is it comprehensive? Explain the reason for your response.
- Identify the areas that could be adjusted in order to make improvements in the team budget/financial plan selected and the reasons why adjustments need to be made.
- Identify the role of the person within the organisation who you would approach to discuss and clarify the team budget/financial plan.
3. Contingency Planning
A large part of a manager’s function is planning. Planning includes preparing contingency plans in the event the initial plans need to be varied. Using the team budget/financial plan in the previous part, give an example of a situation or event that would cause a problem/issue during the implementation phase of the team budget/financial plan.
- Explain the contingency plan you would implement. Your contingency plan should include:
- The consequences if the situation or event occurred
- The steps you would take and the records you would consult in order to identify the required adjustments to the budget/financial plan
- The budget/financial plan adjustments that you would make
- The way that you would align the adjustments to achieve the original plan in task 2
- The expected outcome if the contingency plan was implemented.
4. Financial Management Approaches
Before implementation of a budget/financial plan it is important that all members of the team who are impacted be the plan are involved in its formation and implementation.
Using the team budget/financial plan from previous tasks, explain the following:
- The organisational process required to disseminate the relevant details of the agreed plan (not the contingency plan)
- The steps taken to disseminate the information. Examples may include meetings, emails etc.
- The methods you would use to communicate and gain agreements on the details of the plan
- The team responsibilities that you would allocate to your team before implementation of the budget/financial plan
- The feedback process you would use to ensure that members of your team understand their roles, responsibilities and the objectives of the budget/financial plan
- The support methods or organisational processes you would use to ensure the team members are able to perform the financial management roles they are allocated
- The identified resources and organisational systems you would access and how you would use them to manage the financial processes within the work team