BSBFIM501 Manage Budgets and Financial Plans

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Task 1

Question 1

Read the case study, then complete the questions that follow.

  1. Explain in your own words the role of a budget and its relationship with the strategic objectives of an organisation.
  2. Prepare a sales budget for March using the table provided below.
  3. Determine the total labour required for a standard month’s production and for the additional production in March. You are advised that the total labour availability is 2,400 hours based on normal working hours. Since the existing labour force is nearly fully utilised, are there any issues for Hasan? If so, what options would you investigate and what would you recommend, given that overtime is costed at $75 per hour
  4. What other issues Hasan face? List at least three. For each issue, suggest a contingency plan that you would expect to be in place.
  5. Describe the checks  that are performed to ensure a budget can be achieved.


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