AT2-SITXFIN003

.doc
School
APEX Institute of Education **We aren't endorsed by this school
Course
BSBMGT 517
Subject
Management
Date
Oct 31, 2023
Pages
7
Uploaded by CountFireCheetah45 on coursehero.com
Assessment Task 2 SITXFIN003 Manage finances within a budget Assessment Submission details : 1. Please include following details on the top of your assessment: Your Name Your Student Id Your Trainer's name Title of your Assessment Assessment Due Date Actual Submission Date Please Note: Any changes in the assessment due date must be approved by your trainer. 2. This assessment can be hand written or in Microsoft word format. Following settings should be made for this assignment to keep consistency among all the assessments: Body text Page setup Font: Times New Roman Font size: 12 point Line spacing: Double Text style: Normal Top: 2.54 cm Bottom: 2.54 cm Left: 3.17 cm Right: 3.17 cm Header: 1.25 cm Footer: 1.25 cm 3. If hand written assessments are submitted, hand writing needs to be clear and legible. 4. Do not forget to attach the Cover Sheet at the front of the assessment. 5. Make sure you have signed the Cover sheet to declare this is your own work. 6. You can e-mail this assessment to your trainer's e-mail address with following details: In 'subject' mention your 'student Id - Your name'. Achieving Competence: To be deemed competent in this assessment you must: Correctly address all of the assessment requirements as described in this task Correctly address all of the submission instructions Successfully complete the Assessment Questions Submit assessment on or before the due date with an assessment cover sheet Durban International College Pty. Ltd 1 | P a g e SITXFIN003 Manage finances within a budget Assessment Activity 2
Performance objective : The purpose of this assessment is to assess your ability to complete tasks outlined in elements and performance criteria of this unit in the context of the job role, and: a) manage a budget for a business over a three-month period that meets the specific business' needs b) undertake at least two of the following to inform management of the above budget: o discussions with existing suppliers o evaluation of staffing and rostering requirements o evaluation of impact of potential roster changes o review of operating procedures o sourcing new suppliers c) monitor income and expenditure and evaluate budgetary performance over the above budgetary life cycle d) complete financial reports related to the above budget within designated timelines and using correct budget terminology Assessment description: Task1 Provide a fortnightly budget report which clearly identifies any under or over performances, and the actual and likely reasons for these. Use the table below as a reference list and attach each budget report together with a variance analysis for each to this project Date Budget Performance/Area Variance Reason Discussion with supervisor Action Budget Cycle Start 1 st Jan-14 th Jan 2023 Kitchen food cost $800 Prices gone up How to reduce your spending. Check the current inventory. Use the covers report to organise the ingredients for each period before purchasing. Week 2 15/1/2023 to 28/1/2023 Food sales $400 Special price for lunch time Analyze the success of various strategies and promotions. The lunch break is being extended. Week 4 29/1/2023 to Beverage sales $700 New cocktail Determine the population of various beverage cocktail sales Put a recommend ation for the famous cocktail on Durban International College Pty. Ltd 2 | P a g e SITXFIN003 Manage finances within a budget Assessment Activity 2
11/2/2023 strategies. the menu. To increase sales, increase the variety of drinks available during happy hour. Week 6 12/2/2023 to 25/2/2023 Beverage costs $700 Unfavorabl e Over stock holding How much stock is wasted Keep track of the differences between income generated and stock used up to avoid stock. Week 8 26/2/2023 to 9/3/2023 Wages $90 Unfavorabl e Over staff Extra paid The number of employees in each shift is increasing, which improves the staff roster. To determine how many employees should be required in each position and period, revenue levels and budgets were compared using average customer spend. Week 10 10/3/2023 to 23/3/2023 Laundry $30 Unfavorabl e Many times washed Determine who will be in charge and how many times per week. Creating a laundry schedule and collecting clothes from various departments . Week 12 24/3/2023 to 6/4/2023 Kitchen food cost $2500 Price gone up Informed None Durban International College Pty. Ltd 3 | P a g e SITXFIN003 Manage finances within a budget Assessment Activity 2
Page1of 7
Uploaded by CountFireCheetah45 on coursehero.com