please check all instruction and attached supporting document properly to avoid revision
Assessment Project - BSBMGT616A Develop and implement strategic plans SITXFIN004 Assessment 1: Assignment, v2, July 2017 © Apex Institute of Education Page 1 of 10 SIT50416 Diploma of Hospitality Management SITXFIN004 Prepare and monitor budgets ASSESSMENT 1: Assignment Student’s Name Student No Student Declaration I declare that the work submitted is my own. It has not been copied or plagiarised from any other person or source. Student’s Signature Date Submitted SITXFIN004 Assessment 1: Assignment, v2, July 2017 © Apex Institute of Education Page 2 of 10 Assessor Use Only SITXFIN004 Prepare and monitor budgets Assessment Assignment Marking Guide Checklist Did the student: Li n ks t o P e rf o rm a n ce C ri te ri a S a ti sf a ct o ry N o t Sa ti sf a ct o ry Prepare budget information by identifying and interpreting required data 1.1,1.2,1. 3,1.4 Complete a draft budget based on information and factors that were determined during an executive meeting at Hotel Futura. 2.1,2.2,2. 3,2.4,2.5 Negotiate budget according to organisational policy and procedures 3.1,3.2 Complete final budget by reflecting the changes based on the latest actuals and variances as well as major road works which will affect Futura Restaurant and Bar during 2017. 3.3,3.4 The budget performance is monitored according to the agreed intervals 4.1 Variance reports prepared showing under and over performance 4.2 Investigate and take appropriate action on significant deviations. 4.3 Collect feedback from relevant staff to determine the cause of variance. And discuss the matter with relevant managers and present a report outlining suggested options to address and rectify these issues. 4.4,4.5 Result: � Satisfactory � Not Satisfactory Assessor signature: Date: Comments SITXFIN004 Assessment 1: Assignment, v2, July 2017 © Apex Institute of Education Page 3 of 10 GENERAL INFORMATION ABOUT ASSESSMENT Please read the following carefully • Assessments are to be completed according to the instructions provided in the assessment document. Your trainer/assessor will go through the instructions with you. • Assignments are to be completed at home, in your own time. • Observations, presentations and role-plays must be completed under the assessor supervision. • If you are not sure about any aspect of an assessment, ask your trainer/assessor to explain the requirements. • All parts of each assessment (tasks and/or questions) must be completed/answered unless the individual assessment instructions tell you something different. • Paper submission – attach the evidence (as single submission) to the front page of this assessment, complete the details on the front page and use it as the Assessment Cover Page. • Online submission – Follow the guidelines outlined the Moodle Guide for Students • Assignment evidence (e.g. reports) must be typed in Arial 12-point type • Make sure you keep a copy of your assessment evidence before you submit. • All assignment work must be your own – your own words. All quotes from reference sources (e.g. books and websites) must be acknowledged and listed at the end of your assessment evidence. You must also ensure that the information you provide in assessment evidence must be relevant and current (recent enough). • Group or Team Work: In some cases, you will be required to work on a task in small groups, and your trainer/assessor will allocate you to a group to work as a team. You may even be allocated a particular role. If you are working as part of a group, you will still be required to submit your assessment evidence individually, and your performance will be assessed on an individual basis. Therefore, you must keep and submit with your assessment a record of the specific contribution you have made to the group task, as well as keep notes of team meetings to include in your final submission. • If you are unable to submit any assessment by the due date, you need to discuss this with your trainer/assessor beforehand and obtain an extension of time. Extensions will normally be granted only in exceptional circumstances (e.g. illness) • If you do not follow the above rules, you may need to be re-assessed and fees apply for reassessments. • Please remind your trainer/assessor of any special needs you may have. Where possible reasonable adjustment to the assessment will be made, provided that does not affect the validity of the assessment. • After you have completed an assessment, your assessor will give you feedback about your performance and tell you whether the result is “satisfactory” or “not satisfactory” • If your performance is not satisfactory, you will be advised about any gaps in your knowledge or skills and given an opportunity to be re-assessed. • If you think the assessment process was flawed, you may appeal against the assessment decision. Refer to Assessment Appeals section of the Complaints and Appeals policy. • After you have completed all the assessments for a unit (or group of units in some cases), you will be awarded C (Competent) if the assessor is satisfied you have provided enough appropriate evidence to meet all criteria. If you are unable to meet this requirement, you will receive the result NYC (Not Yet Competent). • If you are deemed NYC and require re-assessment, you will be informed of the process. SITXFIN004 Assessment 1: Assignment, v2, July 2017 © Apex Institute of Education Page 4 of 10 SITXFIN004 ASSESSMENT INFORMATION You need to complete two assessments for this unit of competency. Details are provided below. Assessment Number Assessment Task ASSESSMENT 1: Assignment Your trainer will give you this during the first classroom session for this unit of competency, together with any other relevant information required to complete the assessment. You are required to submit the assessment in the last week of class for the unit. Your trainer/assessor will tell you the due date during the first classroom session. This assessment is based on the tasks given below and the information provided by your assessor. ASSESSMENT 2: Written Exam During the last week of classes for this unit, you will be required to do an exam covering the content of the unit. During the first classroom session for the unit, your trainer will tell you the date of the exam. This is a 2 hour exam that you will complete in class under your trainer-assessor’s supervision. You may refer to your class notes and other materials in this exam. SITXFIN004 Assessment 1: Assignment, v2, July 2017 © Apex Institute of Education Page 5 of 10 Assessment 1 – Assignment This assessment is to be completed in addition to the learning and assessment activities you complete in class. The project is designed to assess performance outcomes, skills and knowledge required to analyse financial and other business information to prepare and monitor budgets. It requires the ability to draft and negotiate budgets, identify deviations, and manage the delivery of successful budgetary performance. If you are not sure about any aspect of the assessment or would like to discuss your particular needs, please speak to your trainer/assessor. Your trainer/assessor will tell you the date you need to submit your assignment. All parts of the assignment will be given to you at the same time. You need to complete all parts and submit them together by the due date. This will be in the last week of classes for the unit. This assignment is to be completed using the tasks given and using information provided by your assessor. The checklist and scope of submission table will identify the records that you are required to prepare and submit (as a single submission). Tasks requiring submission of evidence - If any task(s) of this assessment requires submitting an evidence (e.g. a report, answers to questions), you must type (in Arial 12- point type) and submit it using the approved submission methods (paper/online). Paper submission – attach the evidence (as single submission) to the front page of this assessment document, complete the details on the front page and use it as the Assessment Cover Page. Online submission – Follow the guidelines outlined the Moodle Guide for Students and make sure that you submit all evidence a single file. Make sure you keep a copy of your assignment evidence before you submit to your trainer/assessor. Tasks requiring demonstration - If any task(s) of this assignment requires demonstrating an activity (e.g. role-play, observation, presentation), your trainer/assessor will inform you of the date you need to demonstrate this activity. Your trainer/assessor will use a checklist to record your performance. SITXFIN004 Assessment 1: Assignment, v2, July 2017 © Apex Institute of Education Page 6 of 10 The assignment consists of 3 Tasks Task 1 Requires you to prepare a draft budget following a meeting with all heads of department where you have finalised the details and requirements to be included for next year’s budget. Task 2 Requires you to prepare a final budget, based on the changes made to your draft budget following a management meeting. Task 3 Requires you to assess actual performance against estimated performance and prepare accurate financial reports. You will be preparing a summary report for the budget and performance and making recommendations for next budget based on review. Task 1 You are required to complete a draft budget based on information and factors that were determined during an executive meeting at Hotel Futura. A. Access the excel spreadsheet named “A1-Task 1-Hotel Futura Budget_Forecast”. The first tab on this spreadsheet is labelled “Departments Small” and shows the existing budget figures for the 2016 financial year. B. Use the template “Draft Budget” on