Manage budgets and financial plans

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Criteria
Unit code, name and release number
BSBFIM501 Manage budgets and financial plans (Release 1)
Qualification/Course code, name and release number
BSB51918 Diploma of Leadership and Management (Release 4)                              
BSB50215 Diploma of Business
 Student details
Student number
Student name
Assessment Declaration
Version:                                20200821
Date created:                      06/07/2018
Date modified:                    21/08/2020
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This assessment can be found in the: Learning Bank
The contents in this document is copyright © TAFE NSW 2020, and should not be reproduced without the permission of the TAFE NSW. Information contained in this document is correct at time of printing: 19 October 2021. For current information, please refer to our website or your teacher as appropriate
Assessment instructions
Table 1 Assessment instructions
Assessment details
Instructions
Assessment overview
The objective of this assessment is to assess your knowledge and performance as would be required to undertake financial management within a work team in an organisation
Assessment Event number
3 of 3
Instructions for this assessment
This is a written assessment and it will be assessing you on your knowledge of the unit. This assessment is in three parts: Prepare a report Monitor expenditure and costs Prepare, implement and modify contingency plans This assessment also contains: Assessment feedback
Submission instructions
On completion of this assessment, you are required to upload it or hand it to your trainer for marking. If you study online, you will submit this assessment by uploading it in your online platform. Ensure your name is at the bottom of each page of this assessment. It is important that you keep a copy of all electronic and hardcopy assessments submitted to TAFE and complete the assessment declaration when submitting the assessment.
What do I need to do to achieve a satisfactory result?
To achieve a satisfactory result for this assessment all questions must be answered correctly. This may involve your assessor, allowing you to resubmit some of your answers. Alternatively, your teacher/assessor may ask you additional questions to confirm your understanding and knowledge of the topic area.
What do I need to provide?
Access to : office equipment computer with relevant software such as MS Word and Excel or similarinternet accessstudent workbook, training materials and other research you have completed
What the assessor will provide?
Access to: learning materialsvirtual enterprise and learning management systems such as online learning platform where applicablerelevant legislation, regulations, standards and codesrelevant workplace documentation and resources
Due date and time allowed
The assessment must be submitted by the due date noted on the Unit Assessment Guide. If you study online, you can find assessment due dates/time allowed/venue information on your online platform on the Assessments page or in your Training plan. You should allow a minimum of three hours to complete this assessment. You may need additional time for preparation, research, revision group work and stakeholder engagement activities to ensure you have responded to each question satisfactorily.
Supervision
This is an unsupervised assessment. Your assessor may ask for additional evidence to verify the authenticity of your submission and confirm that the assessment task was completed by you. This may include oral questioning, comparison with work samples, or observation.
Assessment feedback, review or appeals
In accordance with the TAFE NSW policy Manage Assessment Appeals, all students have the right to appeal an assessment decision in relation to how the assessment was conducted and the outcome of the assessment. Appeals must be lodged within 14 working days of the formal notification of the result of the assessment. If you would like to request a review of your results or if you have any concerns about your results, contact your Teacher or Head Teacher.  If they are unavailable, contact the Student Administration Officer. Contact your Head Teacher for the assessment appeals procedures.

The instructions and the criteria in the case study below will be used by the assessor to determine whether you have satisfactorily completed the Case Study Scenario. Use these instructions and criteria to ensure you demonstrate the required knowledge.
Senario: Perfect Plants Pty Ltd
This event is based on Perfect Plants Pty Ltd and has three Parts.
Figure 1 Assessment Event Journey
To complete this assessment event, you are required to read the Case Study for Perfect Plants Pty Ltd provided in this document.
You will be required to upload an electronic version of your responses to certain questions where you have used software such as MS Excel.
Submission of documentation:
(This document)
copy of your excel workbook showing your workings for questions; 1, 2 and 4 with appropriately labelled tabs for each.
copy of your excel workbook showing your workings for question 3 with appropriately labelled tabs for each.

Setting the scene
Perfect Plants Pty Ltd is a mid-sized wholesale plant nursery based in the western suburbs of Sydney. As well as their wholesale business they have a small retail operation and propagation facility where they grow a select number of specialist varieties of orchids. The following financial statements for 2019/20 tax year have been provided.
Case Study: Perfect Plants Pty Ltd Financial Statements
Balance Sheet
as at 30/6/20
Owner’s Equity
$
$
Capital
2,766,000
 
Add: Net Profit
469,000
 
 
3,235,000
 
Less: Drawings
350,000
2,885,000
 
 
 
Assets
 
 
Current Assets
 
 
Cash at Bank
200,000
 
Debtors Control
350,000
 
Stock Control
550,000
1100,000
Non-Current Assets (Fixed Assets)
 
 
Premises
5,000,000
 
Equipment
1,000,000
 
Vehicles
750,000
6,750,000
Total Assets
 
7,850,000
 
 
 
Liabilities
 
 
Current Liabilities
 
 
Creditors Control
915,000
 
GST Clearing
50,000
965,000
Non-Current Liabilities
 
 
Loan XYZ Bank
 
4,000,000
Total Liabilities
 
4,965,000
 
 
 
Net Assets (Assets less Liabilities)
 
2,885,000
Table 2: Perfect Plants Balance sheet
Cash Flow Statement
for the year ended 30/6/20
Cash Flows from Operating Activities
$
Retail Cash Sales
1,050,000
Receipts from Debtors
4,750,000
Interest Received
10,000
GST Collected
640,000
GST Paid
(458,500)
ATO – GST Settlement
(171,500)
Payments to Creditors
(2,535,000)
Wages & Salaries
(1,055,000)
Interest Paid
(200,000)
Other Operating Expenses
(985,000)
Income Tax Paid
(201,000)
Total Cash Flow from Operating Activities
844,000
Cash Flow from Investing Activities
 
Purchase of Equipment
(250,000)
Total Cash Flows from Investing Activities
(250,000)
Cash Flow from Financing Activities
 
Drawings
(120,000)
Loan Repayments
(350,000)
Total Cash Flows From Financing Activities
(470,000)
Net Change in Cash Position
124,000
Opening Bank Balance
76,000
Closing Bank Balance
200,000
Table 3T Perfect Plants Cash Flow Statement
Profit and Loss Statement
For the year ended 30/6/20
Revenue
$
$
Retail Cash Sales
1,050,000
 
Wholesale Credit Sales
5,450,000
 
Interest Received
10,000
6,510,000
Less Cost of Sales
 
 
Cost of Goods Sold
3,200,000
 
Cartage Inward
150,000
3,350,000
Gross Profit
 
3,160,000
Less Expenses
 
 
Wages & Salaries
1,055,000
 
Interest Paid
200,000
 
Other Operating Expenses
985,000
 
Bad Debts
100,000
 
Depreciation
150,000
2,490,000
Net Profit Before Tax
 
670,000
Income Tax Expenses
 
201,000
Net Profit After Tax
 
469,000
Table 4: Perfect Plants P & L Statement

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You are the financial manager for Perfect Plants. Use the financial statements provided for Perfect Plants Pty Ltd to assist you in preparing a report to your manager on the financial position for the current year end.
You will be required to access the ATO website to assist in preparing your responses and provide adequate referencing where applicable.
Your report should be submitted using a word-processed document or similar and must address the following criteria;
accounting method used and whether it is approriate  

You are the Sales Manager for the Wholesale Department at Perfect Plants Pty Ltd. You have a team of nine salespeople and one horticulturalist who assists in the filling of specialist orders.
Due to the seasonality of your Sales Revenue, Cost of Sales and Travel Expenses are expected to fluctuate throughout the year. In the first and fourth quarter of the financial year (Winter, late Autumn and early Spring) you expect a 20% drop from the average. In the second quarter, heading towards Christmas, you expect an increase of 30% and the third quarter an increase of 10% from the average.
You have been given the following departmental budget to follow for the 2019/20 financial year.
Wholesale Department Budget 2019/20
Credit Sales Revenue
$6,000,000
Cost of Sales
($3,100,000)
Wages
($800,000)
Telephone
($50,000)
Travel
($350,000)
Office Supplies
($75,000)
Bad Debts
($150,000)
Other Operating Expenses
($125,000)
Departmental  Profit
$1,350,000
Table 5: Perfect Plants Pty Ltd Departmental Budget
Question 1
Using the above information, implement a process to monitor actual expenditure and control of costs by constructing a cyclical quarterly budget of your department using Excel.
Wholesale Department Budget 2019/20[A2] 

Annual
Q1
Q2
Q3
Q4
Credit Sales Revenue
$6,000,000
$1,200,000
$1,950,000
$1,650,000
$1,200,000
Cost of Sales
-31,00,000
-620000
-1007500
-852500
-620000
Wages
-8,00,000
-2,00,000
-2,00,000
-2,00,000
-2,00,000
Telephone
-50,000
-12,500
-12,500
-12,500
-12,500
Travel
-3,50,000
-70000
-113750
-962500
-70000
Office Supplies
-75,000
-18,750
-18,750
-18,750
-18,750
Bad Debts
-1,50,000
-37,500
-37,500
-37,500
-37,500
Other Operating Expenses
-1,25,000
-31,250
-31,250
-31,250
-31,250
Departmental  Profit
$1,350,000
$210,000
$528,750
$401,250
$210,000
Table 6: Example format for Departmental Budget Q1
Question 2[A3] 
Using the excel spreadsheet you created in Question 1, monitor expenditure and costs on a cyclical basis (in this case quarterly) and update the table to include comparisons of the budgeted figures for the first quarter to the actual figures. Identify variations and cost overruns by adding additional columns to calculate variances and show where these variances are favourable or unfavourable.

Annual
Q1 Budgeted
Actual
Variance $
Variance %
F/U
Credit Sales Revenue
$6,000,000
$1,200,000
$1,125,000
-75,000
6.25
U
Cost of Sales
-31,00,000
-620000
-5,81,250
38,750
6.25
F
Wages
-8,00,000
-2,00,000
-2,00,000


 
Telephone
-50,000
-12,500
-10,000
2,500
20
F
Travel
-3,50,000
-70000
-65,800
4200
6%
F
Office Supplies
-75,000
-18,750
-15,000
3,750
20
F
Bad Debts
-1,50,000
-37,500
-34,875
2625
7%
F
Other Operating Expenses
-1,25,000
-31,250
-31,250


 
Departmental  Profit
$1,350,000
$210,000
$173,125
36,875
17.5595238
U
Table 7: Example format for Departmental Budget Q2
Question 3
This question follows on from question 2.
Review the three variations; sales, cost of sales and bad debts, when responding to the following questions.
Identify any ‘high priority’ variation in your budgeted figures and explain why do you think these are of a high priority? Your response should be approximately 50-100 words. 
The High Priority Variation in the budgeted figures are sales revenue and the cost of goods sold. Because these are some important parts of the budget which change the whole picture or image of the budget[A4] .
What are some possible reasons for this variation? Your response should be approximately 50-100 words. 
As a seasonal business, Perfect Plants Pty Ltd expects its Sales Revenue, Cost of Sales, and Travel Expenses to fluctuate throughout the year. Winter, late autumn, and early spring are your first and fourth quarters of the financial[A5]  year (in which you expect a 20% decrease from average). A 30% increase is to be expected going into the second quarter, leading up to Christmas, and a 10% increase going into the third quarter (Wang, et al., 2019)
What recommendations would you make to bring the budget back under control for the remaining quarters? Your response should be approximately 50-100 words.
As there is decrease in sales revenue and the expenses are usually increased, so more attention will be given to the advertisement’s activities and expenditure. It will help in enhancing sales revenues. And another cost like traveling expenses should be decreased.
How would you go about implementing these recommendations within your team? Your response should be approximately 50-100 words. 
Due to the lower sales revenue and increased expenses, advertisements’ activities and expenditures become more important. Increased sales revenues will result from it. Expenses such as travel should also be reduced.
How would these improvements be monitored? Your response should be approximately 50-100 words. 
It is important for them to regularly monitor their business’ progress. The business owner should be informed of the amount of money that is in the bank, how many sales they are making, and how much stock is on hand. On a monthly basis, they should review how they are doing compared to their goals. Monitoring should be done weekly, or in every three to four days.
 
Question 4
From your experience, you estimate that 75% of Debtors would pay within the current period from the sale, 16% within the next period, 7% within the last period and 2% will be written off as bad debts.                            
Your cash collection from the previous year for Quarter 1 is $109,000 (given)                   
Using MS Excel or similar, complete an Annual Quarterly Aged Debtors Budget for your department using the information above as well as any required information provided in previous sections. 
Equation functions must be used for all calculations.
Use the following table as the structure for your excel worksheet.
Provide a copy of your excel worksheet showing your final budget and a second copy showing your formulas. Label the worksheet tabs to include: ‘Q4 Workings’, ‘Q4 Final ‘ and ‘Q4 Formula’
Annual Quarterly Aged Debtors Budget
 
Debtors Control 2020
Q1
Q2
Q3
Q4
  Total
Sales
$350 000
$1,200,000
$1,950,000
$1,650,000
$1,200,000
$6,000,000
 
 
 
 
 
 
 
Current
 
900000
1462500
1237500
900000
450000
+ 1 Period
 
56000
192000
312000
264000
824000
+ 2 Period
 
$109,000
24500
84000
136500
245000
Bad Debts
 
 
 
 
 
 
Total
 
980000
1718000
1666500
1324500
5798000[A6] 
Table 8: Example format for Aged Debtors.
Question 5
Calculate the Debtors Ageing Ratio (Accounts receivable collection period) based on the following figures provided by the Accountant of Perfect Plants Pty Ltd;
•          Average level of accounts receivable (debtors) $12,500
•          Credit sales for the year $250,000
On the basis of given information formula for Debtors Ageing Ratio will be
Debtors Ageing Ratio = Average level of accounts receivable / Sales for the year
Debtors Ageing Ratio = 12500/ 250000
Debtors Ageing Ratio = 0.05
Debtors Ageing Days = 0.05 * 365 = 18.25
Part 3: Prepare, implement, monitor and modify contingency plans
Question 1: Preparation of contingency plans 
Explain the process of preparing contingency plans. Your response should be approximately 50-100 words. 
Contingency Plan process has the following steps[A7] 
Step 1 – Determine and prioritise your resources.
Step 2 – Identify the most significant dangers.
Step 3 – Make a list of your backup plans.
Step 4 – Disseminate your plans.
Step 5 – Maintain each strategy (Wang, et al., 2019).
Based on your review of the variations in sales and cost of sales from Part 2 question 3, prepare contingency plans to address the variations in order to maintain financial objectives. Your response should be approximately 150 -200 words. 
Table 9 Preparation of contingency plans
Variation
Potential Impact
Contingency Plan
Sales
Reduction of profit[A8] 
Investment in advertising Making some new strategies[A9]   
Cost of sales
Reduction[A10]  of profit
Making some new strategies Reduction in[A11]  irrelevant cost
Question 2.  Implementation of contingency plans
[A12] plans. Your response should be approximately 50-100 words. 
Following are the process of implementing contingency plan:
For contingency planning, draught a policy statement.
Analyse the impact on the business (BIA).
Determine what steps can be made to avert the problem.
Make contingency measures in case the worst happens.
Make a plan for your information system’s backup.
All tests, training, and exercises should be scheduled in advance.
Make sure the plan is current (Bagnoli, 2019).
Provide implementation strategies to support your contingency plans in order to maintain financial objectives. Your response should be approximately 150 -200 words
Table 10: Implementation of contingency plans
Variation
Contingency
Implementation Strategy 
Sales
Investment in advertising Making some new strategies[A13]   
Meetings will be done for new and upcoming ideas; discussions will be done. New strategies will be implemented.
Cost of sales
Making some new strategies Reduction in irrelevant cost
New and emerging ideas will be discussed at meetings. It is planned to apply new strategies. For cost reduction new strategies will be made.[A14] 
Question 3: Monitoring of contingency plans
Based on your contingency plans above, you have revised the sales and cost of sales budgets for Quarters 1, 2 and 3.
Using MS Excel or similar, monitor the revised sales figures and identify the variance information for Quarters 1-3.
Equation functions must be used for all calculations.
Use the following table as the structure for your excel worksheet.
Provide a copy of your excel worksheet showing your final budget and a second copy showing your formulas. Label the worksheet tabs to include: ‘Q3 Final‘ and ‘Q3 Formula’.
Quarter 1
Q1 Budgeted
Q1 Actual
Variance $
Variance %
Variance %F/U
Credit Sales Revenue
$1,200,000
$1,125,000
-75000
6.25
U
Cost of Sales
-$620,000
-$581,250
38750
6.25
F
Table 11: Example Format Qtr. 1
Quarter 2
Q2 Budgeted 
Q2 Actual
Variance $
Variance %
Variance %F/U
Credit Sales Revenue
$1,150,000
$1,120, 000
-30,000
2.608695652
U
Cost of Sales
$590,000
$584,200
-5,800
0.983050847
F
Table 12; Example Format Qtr. 2
Quarter 3
Q3 Budgeted 
Q3 Actual
Variance $
Variance %
Variance %F/U
Credit Sales Revenue
$1,150,000
$1,050,000
-1,00,000
8.695652174
U
Cost of Sales
$590,000
$600,000
10,000
-1.694915254
U
Table 13: Example Format Qtr. 3
Question 4. Modification of contingency plans
Explain the process of monitoring of contingency plans. Your response should be approximately 50-100 words. 
It is important to monitor closely the contingency plan and schedule on a continual basis, and the CFO and other members of the finance team should receive regular updates on the progress on the schedule. During monitoring, completion dates for critical events should be recorded. They can be compared to planned dates and the schedule should be revised as needed. Informing future project planning with this data is useful. Regularly updating the audit committee and periodically updating the accountable authority about progress toward the plan is a must (Bagnoli, 2019).
Six months after the implementation of the contingency plan, sales at Perfect Plants continue to decline. Modify your contingency plan to address the decline and increase sales.  Your response should be approximately 100-200 words. 
Table 14: Modification of contingency plans
Contingency plan 
Modification to the plan
Investment in advertising Making some new strategies Reduction in irrelevant cost
A committee will be made, in which all the professional will discuss about some new strategies for reduction of cost. Some bulk purchases will be done, so that we can get some discount which will help us in reduction in purchase cost and increase in profits. We will add on some after sale services and some exciting offers will be offered to customers which attract more and more customers.[A15] 
Bagnoli, C. (2019). Authority as a contingency plan. Philosophical Explorations, 22(2), 130-145. https://www.tandfonline.com/doi/abs/10.1080/13869795.2019.1599052
Braithwaite, V., & Reinhart, M. (2019). The Taxpayers’ Charter: Does the Australian Tax Office comply and who benefits?. Centre for Tax System Integrity (CTSI), Research School of Social Sciences, The Australian National University. https://openresearch-repository.anu.edu.au/handle/1885/154906
Bullivant, G. (Ed.). (2016). Credit management. Routledge. https://www.google.co.in/books/edition/Credit_Management/lxwpDAAAQBAJ?hl=en&gbpv=1&dq=ageing+debtor+report&pg=PP1&printsec=frontcover
Eskerod, P., & Huemann, M. (2016). Managing for stakeholders. In Gower handbook of project management (pp. 247-262). Routledge. https://www.taylorfrancis.com/chapters/edit/10.4324/9781315585741-26/managing-stakeholders-pernille-eskerod-martina-huemann
Hofstede, G. H. (Ed.). (2012). The game of budget control. Routledge. https://www.google.co.in/books/edition/The_Game_of_Budget_Control/IuO2mlsL9SsC?hl=en&gbpv=1&dq=budget+control+measures&pg=PP2&printsec=frontcover
Horngren, C., Harrison, W., Oliver, S., Best, P., Fraser, D., & Tan, R. (2012). Financial accounting. Pearson Higher Education AU. https://books.google.co.in/books?hl=en&lr=&id=uybiBAAAQBAJ&oi=fnd≈pg=PP1&dq=financial+accounting&ots=dnnnuQcgW&sig=fduYscP8MIf5sqpxG25eU3dqvg&redir_esc=y#v=onepage&q=financial%20accounting&f=false
Isle, M. B., Freudenberg, B., & Copp, R. (2014). Cash Flow Benefit from GST: Is It Realised by Small Business in Australia. Austl. Tax F., 29, 417. https://heinonline.org/HOL/LandingPage?handle=hein.journals/austraxrum29&div=22&id=&page=
Murphy, K. (2019). Moving towards a more effective model of regulatory enforcement in the Australian Taxation Office. Centre for Tax System Integrity (CTSI), Research School of Social Sciences, The Australian National University. https://openresearchrepository.anu.edu.au/handle/1885/154871
Schroeder, R. G., Clark, M. W., & Cathey, J. M. (2019). Financial accounting theory and analysis: text and cases. John Wiley & Sons. https://books.google.co.in/books?hl=en&lr=&id=oVKsDwAAQBAJ&oi=fnd&pg=PA1&dq=financial+accounting&ots=1XRnjz61cK&sig=-T6n5-RgEEACQPPpEoIZ_JGNTSY&redir_esc=y#v=onepage&q=financial%20accounting&f=false
Wang, J., Qi, H., Bao, L., Li, F., & Shi, Y. (2020). A contingency plan for the management of the 2019 novel coronavirus outbreak in neonatal intensive care units. The Lancet Child & Adolescent Health, 4(4), 258-259. https://www.thelancet.com/journals/lanchi/article/PIIS2352-4642(20)30040-7/fulltext
Weil, R. L., Schipper, K., & Francis, J. (2013). Financial accounting: an introduction to concepts, methods and uses. Cengage Learning. https://books.google.co.in/books?hl=en&lr=&id=fYsWAAAAQBAJ&oi=fnd&pg=PR5&dq=financial+accounting&ots=b3F6RTQIMq&sig=I7laJo69y7XOhYDaYqAwQHSSbic∓redir_esc=y#v=onepage&q=financial%20accounting&f=false
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2018). Financial Accounting with International Financial Reporting Standards. John Wiley & Sons. https://books.google.co.in/books?hl=en&lr=&id=aCDHDwAAQBAJ&oi=fnd&pg=PR13&dq=financial+accounting&ots=EtFJm7jXCZ&sig=nG30rH1DvWyXENUUT7C0vI0ND24amp;redir_esc=y
Assessment Feedback
This section is to be completed by the assessor. Once feedback has been provided by the assessor you will be given the opportunity to respond.
Specifc task feedback
Table 15 Assessor feedback
Satisfactory response?  è
S
U/S
Feedback
Part 1 Prepare a Report that includes : An evaluation of the accounting method used and whether it is approriateAn evaluation of the income tax rate appliedThe GST implications for Pefect PlantsCollection methods of data and information used Recommendations for improvements to existing financial management processes
  ☐☐ ☐ ☐ ☐☐
  ☒☒ ☒ ☒ ☒☒
Please see feedback on the report
Part 2 Monitor expenditure and costs Question 1 Using the above information, implement a process to monitor actual expenditure and control of costs by constructing a cyclical quarterly budget of your department using Excel


See my comments on excel s/sheet
Part 2 Monitor expenditure and costs Question 2 Using the excel spreadsheet you created in question 1, monitor expenditure and costs on a cyclical basis (in this case quarterly) and update the table to include comparisons of the budgeted figures for the first quarter to the actual figures. Identify variations and cost overruns by adding additional columns to calculate variances and show where these variances are favourable or unfavourable


See my comments on excel s/sheet
Part 2 Monitor expenditure and costs Question 3 From question 2, review the three variations; sales, cost of sales and bad debts, and answer the following questions. Identify any ‘high priority’ variation in your budgeted figures and explain why do you think these are of a high priority?What are some possible reasons for this variation?What recommendations would you make to bring the budget back under control for the remaining quarters?How would you go about implementing these recommendations within your team?How would these improvements be monitored?
   ☐☐☐☐☐
   ☒☒☒☒☒
Ref to my comments and make changes
Part 2 Monitor expenditure and costs Question 4 Complete the table. From your experience, you estimate that 75% of Debtors would pay within the current period from the sale, 16% within the next period, 7% within the last period and 2% will be written off as bad debts. Your cash collection from the previous year for Quarter 1 is $109,000 (given)  – Working must be shown    


See excel s/sheet for my comments
Part 2 Monitor expenditure and costs Question 5 Calculate the Debtors Ageing Ratio (Accounts receivable collection period) based on the following figures provided by the Accountant of Perfect Plants Pty Ltd: • Average level of accounts receivable (debtors) $12,500 • Credit sales for the year $250,000


 
Part 3 Prepare, implemet, monitor and modify contingency plans Question 1: Explain the process of preparing contingency plansBased on your review of the variations in sales and cost of sales from Part 2 question 3, prepare contingency plans to address the variations in order to maintain financial objectives
  ☐☐
  ☒☒
Ref to my comments
Part 3 Prepare, implemet, monitor and modify contingency plans Question 2 Explain the process of implementing contingency plansProvide implementation strategies to support your contingency plans in order to maintain financial objectives
  ☐☐
  ☒☒
Ref to my comments above
Part 3 Prepare, implement, monitor and modify contingency plans Question 3: Based on your contingency plans above, you have revised the sales and cost of sales budgets for Quarters 2 and 3. Implement a process to monitor sales and cost of goods sold of your department using Excel. Equation functions must be used for all calculations.


Ref to my comments above
Part 3 Prepare, implemet, monitor and modify contingency plans Question 4. Explain the process of monitoring of contingency plansSix months after the implementation of the contingency plan, sales at Perfect Plants continue to decline. Modify your contingency plan to address the decline and increase sales.
  ☐☐
  ☒☒
Ref to my comments above

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 [A1]Please see word document with report submitted for my comments and make changes accordingly
 [A2]Ref to excel s/sheet for my markings and comments
 [A3]Ref to excel s/sheets for my markings and comments
 [A4]This is not the reason why, you need to discuss the variances  , there is also Bad debts
 [A5]This response needs to be regarding the variance reports why are there big variance – please redo all this for this questions
 [A6]The totals are incorrect
 [A7]Please see power points on contingency plans
 [A8]What else?
 [A9]What else is relevant for sales
 [A10]Does it also get affected directly with sales , if so this needs to be mentioned
 [A11]How? This are cogs sales
 [A12]Ref to the slides ,
 [A13]Like what ? You can’t just say new startegies
 [A14]This part was discussed in the tutorials, please redo this not suffiecient
 [A15]A solution is not make new strategies m what should this strategies be

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