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Financial Management And Budgeting

In this assessment, you can either build on your program plan developed in the module 2 assessment or you can design a new project. Building on your program plan from module 2 will enable you to expand your knowledge and skills gained and extend them to now include program management. In some of the questions for this assessment, you will be able to build on your answers from the previous module and look at it in a different way.

Alternatively, you can work with a new project – one that you may have worked on during work placement or in your workplace. If you have a current project, consider using it for this assessment. Further examples can be found online at if required.

To commence your program planning, you will need to decide on your project and its scope. You will need to complete the following templates.

Part 1

1.Project Scope Document. Define the following information for your chosen project. (Approximately 25-75 words each).

Identifying Stakeholders.Identify the relevant stakeholders for your project. Add an “x” in the right-hand column to identify who you believe would be a stakeholder/stakeholder group in your project. You can select as many as you feel are relevant.

Selectoneof the stakeholders/stakeholder groupsyou identified as relevant to your project in Question 2.In the table below, identify the stakeholder/group and outline what you believe to be their involvement with the project and then provide information on how you would engage with that stakeholder/group.

Projectmanagement. Your next step is to identify, in more detail, two of your project’s goals:including their objectives, tasks and time frames.

Complete the table below by identifying two project goals. Provide at least one objective for each goal. Also provide two tasks related to the goal and include a proposed due date or time frame for each task.

Task Chart. Using the goals identified in Question 4, create a Task Chart, such as a Gantt chart or WBS (work breakdown structure) in the space below to visually display the project time frames for both goals.

Very Good. Good. Well done. Part 2: Identifying and collecting resources and managing your project budgetIn this part of the assessment, you will develop a budget and identify in that budget where the resources come from. They may be funding or other resources such as staff or materials.For your project to be effective it must be adequately resourced. In topic 8.1.3, we looked at budgets for a project and this included a template. You can use this template or modify it to complete a budget for your project. Remember to include all costs associated with the project, including staffing.Answer the following questions below.

What is your budget?

Who in the organisation will need to approve this project budget? (Approximately 25 words)

Who in the work team will need to have access to the budget? (Approximately 25 words)

An important part of managing a project is ensuring the finances are on track. Describe how you would report on the project finances. (Approximately 25-50 words)

What organisational protocols would impact on your budget reporting? (Approximately 25-50 words)

Part 3: Finalising your project plan

An essential part of your project plan is a risk assessment. Formulate a risk management plan, including WHS/OH&S for the project. Identify two risks in the template provided below and describe the impact on the project and a contingency plan for each risk identified.

A project plan should be very clear on what is to be achieved by the project. Complete the following information for your project plan. (Approximately 25-50 words each):

Identify three project deliverables.

For each project deliverable, identify the work breakdown required.

Identify thetimelinesrequired for achieving each deliverable.

You have completed a number of tasks in developing your project. Produce a list of all the sections of the project plan you have developed. (Approximately 25-50 words).

Identify who you would need to show the final project plan to for approval. (Approximately 25 words).

Provide an example of the format you would use to report on your project to stakeholders. (Approximately 25-50 words)

Identify the record keeping systems you would need to assist you in your project management. (Approximately 25 words)

Part 4: Finalising your project Congratulations! The project is nearing completion. To complete this assessment, answer the following questions on how you will ensure the project is properly finalised.

How did you ensure team members were supported to achieve their deliverables? (Approximately 25-50 words)

How will you assist staff transition from this project to their next role?(Approximately 25-50 words)

What project documentation is required to finalise the project?(Approximately 25-50 words)

How will you report on the project outcomes? (Approximately 25-50 words)

How will you ensure the team is involved in this review? (Approximately 25-50 words)

What procedures in the organisation would be in place to manage the following aspects of the project? (Approximately 25-50 words each)

Project Management, including lines of authority and approvals.

Ensuring quality assurance.

Managing human resources.

Managing budgets and finance.

Recordkeeping requirements for the project.

Reporting on the project within the organisation.

Assessment Rubric

Below is a rubric that determines whether your answers and knowledge is satisfactory or not yet satisfactory.To pass the assessment, you must complete ALL the requirements for the column that is titled ‘satisfactory’.It is advisable to read the rubric before attempting the assessments to help you attain the correct submission standard.

Units of Competency

This assessment contributes to the overall competencies for the following units of competency: BSBFIM501 Manage budgets and financial plansBSBPMG522 Undertake project work All terms mentioned in this text that are known to be trademarks or service marks have been appropriately capitalised. Use of a term in this text should not be regarded as affecting the validity of any trademark or service mark.© Open Colleges Pty Ltd, 2016. All rights reserved.

No part of the material protected by this copyright may be reproduced or utilised in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without permission in writing from the copyright owner. ReferenceWhite, V. ed., 2013. Grant proposals that succeeded. Springer Science & Business Media.Schick, A., 2015. The road to PPB: The stages of budget reform. In Public Budgeting (pp. 39-56). Routledge.Vogt, S., Förster, B. and Kabst, R., 2014. Social media and e-participation: challenges of social media for managing public projects.

International Journal of Public Administration in the Digital Age (IJPADA), 1(3), pp.85-105.Curcio, A.L., Mak, A.S. and George, A.M., 2013. Do adolescent delinquency and problem drinking share psychosocial risk factors? A literature review. Addictive behaviours, 38(4), pp.2003-2013.Orford, J., Natera, G., Copello, A., Atkinson, C., Mora, J., Velleman, R., Crundall, I., Tiburcio, M., Templeton, L. and Walley, G., 2013. Coping with alcohol and drug problems: The experiences of family members in three contrasting cultures. Routledge.

1. Project background and description

2. The project will be launched for reduce the drinking habits among the young people in Australian those are aged between 18 years and 28 years.

2. Project objectives and goals

4. The main aim of the project is to minimise the frequent drinking habits of the young aged between 18 and 28 and lead them towards a beautiful life.

3. Project fit with organisations missions

6. Yes, the project fits with the mission of the organization as it will arrange various campaigns that will state the bad sides of drinking alcohol at young age and various after effect of drinking alcohol

4. High level requirements

7. Reducing the problematic drinking behaviour that will indicated through change in the attitude, reduction in the level of alcohol intake, better informed regarding the harmful impact of alcohol intake

5. Assumptions

10. Right equipment will be available

11. Staffing requirements and level of training for the staffs will be determined

12. Requirements for the hours and location will be determined

13. Various utilities requirements will be determined

6. Constraints

14.

15. Money is the most crucial limiting factor. Finding the correct people and making it sure that the people will be interested in minimising their alcohol intake is another important factor. Further, it must be assured that the required permissions from appropriate authority and all the legal regulations have been complied with

7. Project risk

16. Major risks associated with the project are improper estimation of fund requirement, preparing budgets for unforeseen expenses and non-availability of required resources for starting up the project. Apart from this, another major risk is that the people will be less interested in visiting for minimising their drinking intake

17.

8. Project deliverables

18. Evaluation of potential requirement for personnel like doctors, counsellors and psychiatrist

19. Receiving more funds through the anticipates

20. Establishing great association with the people those will come for treatment

21. Hiring a manager who will look after the complete details of the people those will visit the centre for minimising their alcohol intake

22.

9. Project staffing

23.

24. 5 physician who will conduct the initial session with the people

25. 10 nursing personnel who will assist the doctors and help the people with various medicines

26. Counsellors and social workers who will motivate the people to minimise their alcohol intake

27. 4 security staffs that will be responsible for the security and handling the patient if they become violent.

10. Stakeholders

28.

29. Group of young people

30. Local hotels and accommodation providers that will take part in the campaign

31. Liquor outlets who will provide pamphlet regarding harmful impact of alcohol with every purchase by the young people

11. Reporting requirements

32.

33. Small charity organization like “Stop drinking – Start living” requires submitting the annual information statement. For further requirements –

34. Can choose to use accrual system or cash system of accounting

35. Can chose to submit the financial report as it is optional

36. Not required to audit or review the financial statement

12. Estimated date/time frame

37.

38. 21^st April 2018 to 15^th December 2018

13. Estimated budget

39. Estimated budget for initial start up will be $ 75,000. Out of which $ 30,000 are expected to be received through government grant

40.

Types of Stakeholders

Possible Stakeholder Groups

Would they be a part of your project? Include an x

Staff

Program staff

Others accountable for program/project

Management

Program managers

Executive officer

Management board

Beneficiaries

Participants

Clients

Volunteers

Community Groups and leaders

Communitybased organisations

Community leaders

Religious leaders

Local police or committees

Community service groups

Chamber of commerce

Other

Staff from similar programs/initiatives

Professional associations

Media

Government

Local council

Other government departments

Funders

Funding body government

Funding body non-government

41. Stakeholder/Group

42. Involvement in project

(Approximately 25 words each)

44. Method of engagement

(Approximately 25 words each)

Local police

will take the young aged people who will be caught under drink and drive case or involvement in any kind of fight with another person or misbehaving with others

· Will spend some time to explain the ill effects of drinking at lower age

· Will provide pamphlet regarding harmful impact of alcohol with every purchase by the young people

52. Goal

53. (up to 25 words each)

54. Objective

55. (up to 25 words each)

56. Tasks

57. (up to 25 words each)

58. Due Date/Time Frame

59. Duration

60. Start Date

61. End Date

62. 1. Collecting information regarding the drinking history

63. Be aware regarding the dangerous side of binge drinking like vandalism, violence and sexual assault

64. 1. Observation of the drinking history of the target group

104 days

Mon 23-04-18

Thu 13-09-18

68. 2. Analysis of the collected data through observation

67 days

Mon 23-04-18

Tue 24-07-18

72. 2. review the strategies for staying safe while drinking alcohol and the legal ramification for alcohol use

73. Explain that the drinking patters can lead to habits for drinking and correlation among genetics and alcoholism

74. 1. Recording the bad incidents took place after drinking

3 months

Mon 23-04-18

Fri 13-07-18

78. 2. Conducting campaigns for developing awareness

7 days

Mon 16-07-18

Tue 24-07-18

Insert your budget here

	Annual Budget
Income	Amount
Grants	$ 30,000.00
Donations	$ 65,000.00
Interest	$ 5,000.00
Other Income	$ 25,000.00
TOTAL	$ 125,000.00
Expenditure
Rent	$ 12,000.00
Administration	$ 15,000.00
Depreciation	$ 5,000.00
Employee Costs	$ 45,000.00
Travel	$ 8,000.00
Program advertisement and campaign Costs	$ 5,000.00
Contingency	$ 6,000.00
Other	$ 12,000.00
TOTAL	$ 108,000.00

Finance executive is required to approve the budgetü

Accounts manager and finance managerü

The budget will be reviewed in each month regularly and the deviations from the budget in respect of receipt and expenses will be analysedü

· The budget shall not be discussed with the employees unless authorised. However, discussing the budgets with them will influence them to achieve the target

As per the protocol some of the budget expenses allocation shall be withdrawn under emergency. However, it may not be practical in all situations.ü

1. Description of risk

(25-50 words for each risk)

Impact on project

(Identify consequences)

(25-50 words for each risk)

Contingency plan to

mitigate the risk

(25-50 words for each risk)

2. 1. Improper estimation of fund requirement, preparing budgets for unforeseen expenses and non-availability of required resources for starting up the project.

· The project may face shortage of cash

· Cash outflow may be more than budgets

The budget shall be reviewed regularly to analyse the deviations

2. The people will be less interested in visiting for minimising their drinking intake

The target number of the patients may not be achieved and the project may fail eventually

The people will be informed about ill effects of alcohol intake through more campaigns

3. Establishing great association with the people those will come for treatment

4. 2. Evaluation of potential requirement for personnel like doctors, counsellors and psychiatrist

5. 3. Receiving more funds through the anticipates

1. Communicating with the people and conducting meeting with them

2. Doctors, psychiatrists will be contacted and will be hired if they are available

3. Influence various people and organization to donate for the noble cause

1. 3 months

2. 15 days

3. 2 months

6. Developing the [roject budget with the help of the financial management team

7. Presenting the budget to the shareholders for their approval

8. Preparing contingency plan for the budget

9. Arranging funds to accomplish the project

· Program manager

· Community-based organisations

· Local police

· Legal organisations

· Introduction

· Objectives and goals

· Staff requirement

· Legal obligations

· Financial planning

· Record will be maintained in computer that is in electronic system

· All the receipt vouchers and payment vouchers will be maintained

· The income statement and cash flow statement will be prepared so that the financial information can be gathered at single place.

The deliverable will be evaluated on weekly basis and the team members will be asked if they are facing any issues in providing deliverables. Further they will be asked if they need any assistance for achieving the deliverables

Before transition to to next role the staffs will be provided trainings and they will be provided with complete details regarding the next role.

· Legal requirements compliance

· Finance plan

· Location

· Confirmation from the shareholders

The outcomes of the project will be estimated first and then it will be presented as a report

It will be ensured that the team is involved in the review through stating every employee’s individual task details.

Preparing project planning document – project manager will be responsibleü

Quality assurance will be ensured through regular quality check and proper certification – project manager will be responsibleü

Human resource will be managed through planning human resource strategy planning – Human resource manager will be responsibleü

It will be managed through proper budget preparation – Finance manager and account manager will be responsibleü

· All the receipt vouchers and payment vouchers will be maintained

The income statement and cash flow statement will be prepared so that the financial information can be gathered at single place.ü

Reporting will be made to the finance head and then to the project manager.ü

Criteria

Satisfactory

Not yet satisfactory

Part 1

Question 1

The student is able to adequately complete the project scope document in all 13 criteria

The student fails to adequately complete the project scope document in all 13 criteria

Part 1

Question 2

The student is able toadequately identify one or more stakeholders for their project

The student fails toadequately identify one or more stakeholders for their project

Part 1

Question 3

For one stakeholder, the student is able toadequatelyoutline the stakeholder’s involvement with the project

And

the method of engagement with the stakeholder

For one stakeholder, the student fails toadequatelyoutline the stakeholder’s involvement with the project

And/or

the method of engagement with the stakeholder

Part 1

Question 4

The student is able toadequatelydocumenttwo projectgoals, objectives, tasks and time frame in the provided table format

The student fails toadequatelydocumenttwo projectgoals, objectives, tasks and time frame in the provided table format

Part 1

Question 5

The student is able toadequatelymake a Gantt chart or a similar chart to visually display the project time frames

The student fails toadequatelymake a Gantt chart or a similar chart to visually display the project time frames

Part 2

Question 1

The student is able toadequatelyprovide a project budget

The student fails toadequatelyprovide a project budget

Part 2

Question 2

The student is able toadequatelyidentify who needs to approve the project budget

The student fails toadequatelyidentify who needs to approve the project budget

Part 2

Question 3

The student is able toadequatelyidentify who in the work team needs to have access to the budget

The student fails toadequatelyidentify who in the work team needs to have access to the budget

Part 2

Question 4

The student is able toadequatelyidentify how to report on the project’s finances

The student fails toadequatelyidentify how to report on the project’s finances

Part 2

Question 5

The student is able to adequately identify the organisational protocols that apply to the budget reporting

The student fails to adequately identify the organisational protocols that apply to the budget reporting

Part 3

Question 1

The student is able toadequatelydevelop a risk management plan that takes account of WHS issues

The student fails toadequatelydevelop a risk management plan that takes account of WHS issues

Part 3

Question 2a

The student is able toadequatelyidentify 3 project deliverables

The student fails to adequately identify 3 project deliverables

Part 3

Question 2b

The student is able to adequately identify the work breakdown to achieve each of the project deliverables identified in Part 3 Question 2a

The student fails toadequately identify the work breakdown to achieve each of the project deliverables identified in Part 3 Question 2a

Part 3

Question 2c

The student is able toadequatelyallocate time lines to each of the deliverables identified in Part 3 Question 2a

The student fails toadequatelyallocate time lines to each of the deliverables identified in Part 3 Question 2a

Part 3

Question 3

The student is able toadequatelyidentify what tasks in the project plan they have completed

The student fails to adequately identify what tasks in the project plan they have completed

Part 3

Question 4

The student is able toadequatelyidentify who to show the final project plan to for approval

The student fails toadequatelyidentify who to show the final project plan to for approval

Part 3

Question 5

The student is able toadequatelyidentify to the format of a project report to stakeholders

The student fails toadequatelyidentify to the format of a project report to stakeholders

Part 3

Question 6

The student is able to adequately list the record keeping systems they will use

The student fails toadequatelylist the record keeping systems they will use

Part 4

Question 1

The student is able toadequatelyidentify how team members were supported to achieve their deliverables

The student fails to adequately identify how team members were supported to achieve their deliverables

Part 4

Question 2

The student is able toadequatelyshow how they will assist staff transition from this project to their next role

The student fails toadequatelyshow how they will assist staff transition from this project to their next role

Part 4

Question 3

The student is able toadequatelyidentify the project documentation required to finalise the project

The student fails to adequately identify the project documentation required to finalise the project

Part 4

Question 4

The student is able to adequately identify how they will report on the project outcomes

The student fails to adequately identify how they will report on the project outcomes

Part 4

Question 5

The student is able to adequately identify how they will ensure the team is involved in the project review

The student fails to adequately identify how they will ensure the team is involved in the project review

Part 4

Question 6a

The student is able toadequately identify the procedures in place in the organisation to ensure that Project Management including lines of authority and approvals is within organisational requirements

The student fails toadequately identify the procedures in place in the organisation to ensure that Project Management including lines of authority and approvals is within organisational requirements

Part 4

Question 6b

The student is able toadequately identify the procedures in place in the organisation to ensure that quality assurance for the project is within organisational requirements

The student fails toadequately identify the procedures in place in the organisation to ensure that quality assurance for the project is within organisational requirements

Part 4

Question 6c

The student is able toadequately identify the procedures in place in the organisation to ensure that the management of human resources for the project is within organisational requirements

The student failstoadequately identify the procedures in place in the organisation to ensure that the management of human resources for the project is within organisational requirements

Part 4

Question 6d

The student is able toadequately identify the procedures in place in the organisation to ensure that the management of budgets and finances for the project is within organisational requirements

The student failstoadequately identify the procedures in place in the organisation to ensure that the management of budgets and finances for the project is within organisational requirements

Part 4

Question 6e

The student is able toadequately identify the procedures in place in the organisation to ensure that record keeping for the project is within organisational requirements

The student fails toadequately identify the procedures in place in the organisation to ensure that record keeping for the project is within organisational requirements

Part 4

Question 6f

The student is able toadequately identify the procedures in place in the organisation to ensure that project management reporting is within organisational requirements

The student fails toadequately identify the procedures in place in the organisation to ensure that project management reporting is within organisational requirements

Overall assessment expectations

Word counts

As per tasks.

Plagiarism

All the student’s work is original and sourced where appropriate.

Referencing

Appropriate referencing conventions are used.

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