SITXFIN009 Manage finances within a budget ASSESSMENT 3 - Practical Assessment v1
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SITXFIN009 Manage finances within a budget ASSESSMENT 3 - PRACTICAL ASSESSMENT v1.0 Updated 1 July 2022 This is uncontrolled when printed (Printed on 30 August 2022) Page 1
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ASSESSMENT COVERSHEET Student name: Pimtploy Charatkornsakul Student number: AIC22168 Assessor name: Thawadchai Drairat Date submitted: 11/2/24
Qualification: SIT40521 Certificate IV in Kitchen Management SIT50422 Diploma of Hospitality Management SIT60322 Advanced Diploma of Hospitality Management Unit of competency: SITXFIN009 Manage finances within a budget The following questions are to be completed by the assessor: Has the student completed adequate training? Yes No Has the assessment process been explained? Yes No Does the student understand which evidence is to be collected and how? Yes No Have the student’s rights and the appeal system been fully explained? Yes No Have you discussed any special needs to be considered during assessment? Yes No The following documents may be completed and attached: Comments: ☐
Written Assessment The student will answer a range of short answer and/or extended response questions. S NYS ☐
Project Assessment The student will demonstrate a range of skills and the assessor will observe where appropriate to the unit. The Observation Checklist will be completed by the assessor. S NYS ☒
Practical Assessment
The student will complete a series of tasks relating to budgets and variances S NYS STUDENT DECLARATION ☒
I acknowledge that I understand the requirements to complete the assessment tasks. ☒
The assessment process including the provisions for re-submitting and academic appeals were explained to me and I understand these processes. ☒
I understand the consequences of plagiarism and confirm that this is my own work and I have acknowledged or referenced all sources of information I have used for the purpose of this assessment. Student Signature:
Date:
12/2/24
SITXFIN009 Manage finances within a budget ASSESSMENT 3 - PRACTICAL ASSESSMENT v1.0 Updated 1 July 2022 This is uncontrolled when printed (Printed on 30 August 2022) Page 2
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ASSESSMENT GUIDELINES Qualification:
SIT40521 Certificate IV in Kitchen Management SIT50422 Diploma of Hospitality Management SIT60322 Advanced Diploma of Hospitality Management Unit of Competency:
SITXFIN009 Manage finances within a budget Assessment 1 Written Assessment Assessment 2
Project Assessment Assessment 3
Practical Assessment
Assessments to be completed for this unit: Your trainer/ assessor would have told you when the assessments will take place on the first day of training delivery for this unit. •
The written assessment (Assessment 1) will assess your knowledge and is one part of the assessment tool for this unit of competency that assesses your ability source and interpret information on the Hospitality industry. •
The project (Assessment 2) will assess your skills through completing documentation related to the practical scenario. Your assessor will record behaviours they have observed to confirm competency against each Performance Criteria •
The practical assessment (Assessment 3) will assess your practical skills through a series of tasks. This will take place in the College’s premises on Level 2, 38 College Street on the assessment date designated by your Assessor. Reasonable Adjustment
1. Has reasonable adjustment been applied to this assessment?
No Skip question 2 Yes Proceed to question 2 2. Provide details for the requirements and provisions for adjustment of assessment:
SITXFIN009 Manage finances within a budget ASSESSMENT 3 - PRACTICAL ASSESSMENT v1.0 Updated 1 July 2022 This is uncontrolled when printed (Printed on 30 August 2022) Page 3
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What will be assessed
This unit describes the performance outcomes, skills and knowledge required to take responsibility for budget management where others may have developed the budget. It requires the ability to interpret budgetary requirements, allocate resources, monitor actual income and expenditure, and report on budgetary deviations. Demonstrated knowledge required to complete the task outlined in the elements and performance criteria of this unit: To complete the unit requirements safely and effectively, the individual must show the ability to: Knowledge evidence: •
types of financial records: o
bank deposit documentation o
bank statements o
business activity statements (BAS) o
credit card transaction statements o
invoices o
journal entries o
labour and wages reports o
merchant statements o
transaction reports •
types of budgets: o
cash o
cash flow o
departmental o
project o
purchasing o
sales o
wage o
whole of organisation •
factors for consideration in the preparation of financial and statistical reports: o
cash flow o
commercial account activity o
commission earnings o
covers and financial return o
daily, weekly and monthly transactions o
expenditure o
income o
occupancy rates and financial return o
sales performance o
staff costs o
stock levels o
variance in income or expenditure o
wastage o
yield •
use, contents of and formats for: o
budgets o
financial reports o
statistical reports o
budget terminology •
use of budgets to control costs and enhance profitability •
importance of budget control •
techniques for maximising budget performance •
financial reporting procedures and cycles •
features and functions of accounting software programs used to manage budgets.
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Performance Evidence:
Evidence of the ability to complete tasks outlined in elements and performance criteria of this unit in the context of the job role, and: •
manage a budget for a business over a three-month period that meets the specific business’ needs •
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 •
monitor income and expenditure and evaluate budgetary performance over the above budgetary life cycle •
complete financial reports related to the above budget within designated timelines and using correct budget terminology. Foundation Skills: Evidence of the ability to: •
Reading skills: o
Interpret business and financial documents. •
Writing skills: o
Document clear recommendations based on budget information and reports. •
Oral communication skills: o
Discuss budget requirements and seek and provide feedback. •
Numeracy skills: o
Interpret the use of budget figures in day to day work operations o
Calculate budget estimates and scenarios for performance management. •
Problem-solving skills: o
Identify budget deviations and deficiencies and develop options for improved budgetary performance. •
Team work skills: o
Discuss desired budget outcomes with team members and provide direction on resource use.
SITXFIN009 Manage finances within a budget ASSESSMENT 3 - PRACTICAL ASSESSMENT v1.0 Updated 1 July 2022 This is uncontrolled when printed (Printed on 30 August 2022) Page 5
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Tasks instructions •
Your assessor will explain the assessment process and your rights if you are unhappy with the outcome of your assessment. •
Your trainer will also ask you if you have any special needs to complete the assessment. •
You will have a chance to ask questions. •
You need to complete 2 tasks, a Case Study Analysis and a Variance Analysis. This will assess your ability to interpret budgetary requirements, allocate resources, monitor actual income and expenditure, and report on budgetary deviations
.
•
Read the instructions for each question carefully. They are provided below. •
You have 180 minutes to complete this assessment. Your assessor may vary the time to complete this assessment to suit individual or group needs. •
You are encouraged to ask your trainer/assessor any questions you may have about the assessment. •
Your assessor will observe you during the practical tasks and he/she will write down what they see you do. Your assessors will use the ‘Performance Record’ table at the end of the assessment to record your behaviours that he/she observes. Place/Location where assessment will occur, recording and reporting requirements
•
This practical assessment will be completed under supervised conditions and in the presence of
your assessor in one of the training rooms on Level 2, 38 College Street Darlinghurst 2010.
•
Your assessor will have notified you of the date of the assessment date on the first day of training delivery for this unit. Your trainer will also have told you that attendance on assessment day is compulsory. •
Your assessor will allocate you a time to complete these practical assessments. •
When you have completed all assessment tasks, your assessor will discuss your performance and provide you with feedback. •
Both you and your assessor must complete the Assessment Outcome Record at the end of this assessment booklet. Resource Requirements
•
The primary resource you require to complete this assessment is the facilities available at the College Street campus. •
Skills must be demonstrated in an operational business environment. This can be: o
an industry workplace; or o
a simulated industry environment set up for the purposes of assessment. •
Assessment must ensure access to: •
Computers , printers and software packages •
Budgets for specific projects, events or operational activities. These can be: o
those in an industry workplace who are assisted by the individual during the assessment process; or o
individuals who participate in role plays or simulated activities, set up for the purpose of assessment, in a simulated industry environment operated within a training organisation. •
To complete this assessment, you will also have access to: o
a computer and internet connection o
websites and files (listed in the task descriptions)
SITXFIN009 Manage finances within a budget ASSESSMENT 3 - PRACTICAL ASSESSMENT v1.0 Updated 1 July 2022 This is uncontrolled when printed (Printed on 30 August 2022) Page 6
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ASSESSMENT 3 Practical Assessment
Task 1 - Case study - Analysis This task consist of 2 parts, Part A and Part B. Part A: You need to complete an analysis of the budget. The Ocean View Hotel manager has asked you to calculate the totals for the quarterly budget for the months June, July and August, calculate the total costs that was budgeted and the actual profit. You must also calculate the dollar $ variance. Then you must analyse your findings and inform them of the variance as they are monitoring the income, expenditure, profit levels and budgetary performance of their food and beverage department. Please go to the Learner Assessment Resources Folder download the Excel file ASSESSMENT 3 – PRACTICAL ASSESSMENT TASK ONE and complete the budget Name the file ‘Practical Assessment Task One’ This is to be uploaded to the Moodle as a separate file Part B: The hotel owner and managers would like to know from you the major areas of concern where there is a deviation that needs further monitoring and improvement. You need to answer 4 questions about the importance of monitoring and analysing budgets and identifying methods to amend shortfalls. Answer the following questions 1. Explain to the Ocean View Hotel manager the importance of monitoring budgets and why you think doing so will help them to manage the hotels finances better for business Budget monitoring is essential for helping businesses fulfill goals, cut costs, and identify
deviations in real time. Businesses can make adjustments and set up alternative tactics
to make up for shortcomings if they can identify them early enough. For this reason, the
budget needs to be routinely reviewed all year round.
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2. Explain to them the use of analysing the monthly budget and comparing the forecasted budget against the actual budget The purpose of the monthly budget analysis is to verify that the business is operating as
anticipated by contrasting the actual accounting results on a monthly basis.
It is necessary to compare every item of actual revenue and expense with the allocated
amount. Whether a budget deviation is over or under budget, it is vital to investigate it
further. Finding areas of underperformance and making operational adjustments should
be the result of comparing the projected and actual budgets. Additionally, assess each
section's performance in relation to the budgeted forecast and address any issues
before they have a significant negative impact on profitability.
3. Explain your findings and the possible reasons for the variations The sales revenue variance in July was -$2,000, which was unfavorable. It had an
unfavorable variance of -$2,000 in August.
The difference in food costs was not only unfavorable in July, at -$2,000, but also in
August, at -$1,000. The discrepancy in beverage costs was unfavorable in July—a $1,000
loss—but favorable in August when the actual costs balanced the budget.
Additionally unfavorable was the labor cost variance in July and August, which was -
$5,000 in July and -$4,000 in August.
Thus, there was an unfavorable overall cost variance in July and August—$8,000 in July
and $5,000 in August.
As a result, actual profits for July were less than projected, with a negative variance of
$3,000. Although the August budget was altered less than the July budget, actual
earnings have not yet exceeded the revised amount, meaning that the overall profit
variance was unfavorable at -$7,000.
The Food and Beverage Department laid out the budget, but the data showed that it
wasn't working and wasn't what was expected. It is evident that the actual profit for July
was much less than the budgeted $19,000, at just $6,000. As a result, they changed the
profit estimate in August to $17,000, although the real profit was just $10,000. Both
months had favorable deviations that were unexpected, with high costs being the main
cause of such differences. They planned for higher costs in August while maintaining the
same budgeted sales income as the actual costs in July were higher than anticipated.
That seems to have no improvement and just affects the final profit.
The expenses for labor, food, and drink continued to be considerable. The earnings was
hurt since they did not lower the overall cost in August. And the reason for the higher
cost than in July could be that they overprepared food and beverages in July, hired more
employees than necessary to maintain a level of service for customers, or didn't give the
current team enough work to increase production.
SITXFIN009 Manage finances within a budget ASSESSMENT 3 - PRACTICAL ASSESSMENT v1.0 Updated 1 July 2022 This is uncontrolled when printed (Printed on 30 August 2022) Page 8
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4. What improvements do you think the manager of the hotel can take to improve this situation? According to study, there are a few ways to boost sales and revenue on the website
Basically a few things like stepping up promotion, reevaluating pricing tactics, and
broadening distribution networks.
Upon completion of the research, some recommendations have been made to enhance
the company. The owner just raised costs in August and didn't keep an eye on finances
in July. However, the owner did not boost sales income at the same time. In fact,
although the statistic indicates that the profit variance decreased in August, it did not
improve.
SITXFIN009 Manage finances within a budget ASSESSMENT 3 - PRACTICAL ASSESSMENT v1.0 Updated 1 July 2022 This is uncontrolled when printed (Printed on 30 August 2022) Page 9
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Task 2 Variance Analysis Please go to the Learner Assessment Resources Folder download the Excel file ASSESSMENT 3 – PRACTICAL ASSESSMENT TASK TWO and complete the budget In this task you are provided with an excel file with 2 spread sheets (
Budgeted Rooms Revenue Sheet, Actual Rooms Revenue sheet) with the actual figures on the rooms for a given quarter. You are required to calculate the actual revenue that has been generated for each month for the Ocean View Hotel in the given quarter based on the actual occupancy rate. Calculate the following details using the appropriate sheet as per the given instructions Budgeted Rooms Revenue Sheet Refer to the projected data sheet. •
In this sheet first calculate the total projected/forecasted revenue per room type for all 365 days. •
You are also required to calculate total projected/forecasted revenue per room type for each month for Jan, Feb and Mar. •
Calculate the total rooms for each month •
Calculate the Total Revenue for all room types for each month •
Calculate the total projected revenue for 3 months (Jan, Feb and Mar) Actual Rooms Revenue Sheet •
In this sheet you are provided with the Actual occupancy for each month. •
Calculate the Revenue per room type for each month (Jan, Feb and Mar) •
Calculate the total rooms for each month •
Calculate the Total Revenue for all room types for each month •
Calculate the Variance for each room type for each month (Note before you can do this calculation you have first calculated the budgeted rooms revenue for each month as instructed above using the Budgeted Room Revenue sheet) •
Calculate the variance % Name this file ‘Practical Assessment Task Two’ This is to be uploaded to the Moodle as separate file Submission Requirements This Completed Assessment Workbook 2 x Completed Budget Files (Task one and Task Two) Three files in total
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PERFORMANCE RECORD 1. Allocate budget resources. Assessment Criteria The learner has demonstrated they have the skills required to:
Assessor Comments
Assessors must record observed behaviors that confirm competency in the ‘Comments’ spaces below
Satisfactory S Not Yet Satisfactory NYS 1.1. Allocate funds according to budget and agreed priorities.
1.2. Discuss changes to income and expenditure priorities with relevant colleagues prior to implementation
1.3. Consult with and inform relevant resources personnel about resource decisions.
1.4. Promote awareness of the importance of budget control.
1.5. Maintain detailed records of resource allocation according to organisational control systems.
2. Monitor Financial Activities against budget Assessment Criteria
The learner has demonstrated they have the skills required to:
Assessor Comments
Satisfactory S
Not Yet Satisfactory NYS
2.1. Identify and use relevant financial records to check actual income and expenditure against budget.
2.2. Ensure accuracy of reference records for monitoring purposes.
2.3. Identify and report deviations according to significance of deviation.
SITXFIN009 Manage Finances within a Budget ASSESSMENT 3 - PRACTICAL ASSESSMENT v1.0 Updated 1 July 2022 This is uncontrolled when printed (Printed on 30 August 2022) Page 11
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2.4. Investigate appropriate options for more effective management of deviations.
2.5. Advise relevant colleagues of budget status in relation to targets.
3. Identify and evaluate options for improved budget performance Assessment Criteria
The learner has demonstrated they have the skills required to:
Assessor Comments
Satisfactory S
Not Yet Satisfactory NYS
3.1. Assess existing costs and resources and proactively identify areas for improvement.
3.2. Discuss desired budget outcomes with relevant colleagues.
3.3. Undertake appropriate research to investigate new approaches to budget management.
3.4. Define and communicate the benefits and disadvantages of new approaches.
3.5. Take account of impacts on customer service levels and colleagues in developing new approaches.
.3.6. Present clear and logical recommendations for budget management. 4.Complete financial and statistical reports Assessment Criteria The learner has demonstrated they have the skills required to:
Assessor Comments
Satisfactory S
Not Yet Satisfactory NYS
4.1. Complete financial and statistical reports within designated timelines.
4.2. Prepare and present clear and concise information to enable informed decision making.
Assessor to complete Assessment outcome Satisfactory °
Not Yet Satisfactory °
Feedback to student REASONABLE ADJUSTMENT Has reasonable adjustment been applied to this assessment? Yes °
No °
If yes, provide details of adjustments Student signature: Date:
12/2/24
Assessor signature: Date: Student to complete ☒
My assessor has provided me with feedback about my assessment ☒
My assessor has discussed the adjustments with me ☒
I agree to the adjustments applied to this assessment SITXFIN009 Manage finances within a budget ASSESSMENT 3 - PRACTICAL ASSESSMENT v1.0 Updated 1 July 2022 ASSESSMENT OUTCOME RECORD Date: 12/2/24 Student signature:
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Maintenance
Expense
$300,000.00
$450,000.00
Dietary
Expense
$615,000.00
$645,000.00
General
Services
$21,500,000.00 ?
$21,200,000.00 ?
Supply
Expense
Total
$5,500,000.00
$6,150,000.00
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Prepare a budgeted balance sheet at June 30th
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