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Manage Team Budgets Assessment

1. Underpinning Knowledge Questions

Instructions to participant In your own words, complete and submit your answers to the following questions. Please include the original question with your answer. As a guide your answers should be approximately 250 words per question. 1. Suggest three ways of building the confidence and the competence of your work team, with the aim of maximising their contribution to meeting their Budget/Financial KPI targets. 2. Using one example from your workplace for each, describe three sources of information you can use to develop your section/work team’s budgets? 3. Describe three ways that you feed back financial information to your manager or to the section’s financial managers. 4. In 2–3 paragraphs, comment on the effectiveness of the variance analysis carried out in your unit/work team. If there is no variance analysis done, describe the key budget points that you have noted as a manager when reviewing section/team budgets. 5. Describe three strategies that you might use to include your work team in the development of your section’s/team’s budget. 6. Describe what processes and record keeping requirements you contribute to/have responsibility for which are integral to taxation (including GST) and auditing obligations. 7. Describe the processes in place within your work team for monitoring actual expenditure and controlling costs. How do these processes relate to the organisational policies and procedures for monitoring and controlling costs?

2. Work-based Project Instructions to participant In your own words complete and submit your responses to the following tasks/projects. Please reference websites, books, journals that you may have quotes from. Where a question requires that you discuss workplace examples, you are required to also provide supporting evidence/documents to illustrate your workplace example/s. TASK 1 Provide a budget or documented financial KPIs (without names) that you have developed/ amended/complied for your organisation. If you do not have access to a budget document, create a simple budget document for your section or a project you are working on/have worked on recently. Use your Course Notes as a guide. Please comment on:  The typical variances  Management information for yourself  Budget feedback you provide to your team and your supervisor  Recommendations for improving the budget document TASK 2 In 1–2 pages discuss the process of how your work team’s budget is monitored and reviewed. Include in your discussion:  The key stakeholders involved  How data is collected and analysed  How the budget is communicated to other members of the team  Three recommendations for how you think the process can be improved

TASK 3 Scenario  Your unit has been given an extremely difficult budget and financial KPIs to meet  The feedback from your staff is very negative  You empathise with your work team but must support your manager In 1 – 2 pages how would you approach your manager, your work team or both your manager and work team to negotiate an improvement in the budget situation? Briefly support your decision. What strategies would you use to approach your manager/work team to negotiate an improvement in the budget situation? Note: It does not matter which strategy you use, as long as it makes good managerial sense and is workable. There is no one right strategy TASK 4 Using the table on the following page, describe three contingency plans that you have created and/or your organisation/team/section/department has created and applied to your unit/work team. Accompany your comments with a review of the effectiveness of the contingency plans.

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