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SITXFIN010 - Task 2 – Skill Test
    Unit Code
    SITXFIN010
    Unit Description
    Prepare and monitor budgets
    Assessment Type
    Task 2 – Skills Test
    Assessment Location
    Level 6, XXXXXXXXXXCastlereagh Street, Sydney NSW 2000
    By submitting this work, I declare that:
· I have been advised of the assessment requirements, have been made aware of my rights and responsibilities as an assessment learner, and choose to be assessed at this time.
· I am aware that there is a limit to the number of submissions that I can make for each assessment, and I am submitting all documents required to complete this Assessment.
· I have organised and named the files I am submitting according to the instructions provided, and I am aware that my assessor will not assess work that cannot be clearly identified and may request the work be resubmitted according to the co
ect process.
· This work is my own and contains no material written by another person except where due reference is made. I am aware that a false declaration may lead to the withdrawal of qualification or statement of attainment.
· I am aware that there is a policy of checking the validity of qualifications that I submit as evidence as well as the qualifications/evidence of parties who verify my performance or observable skills. I give my consent to contact these parties for verification purposes.
    Student ID
         
    Student Name
         
    Submission Date
         
Assessment Task 2: Project
Scenario:
You are a project manager for Melbourne Events, an event management company. You need to organise a charity program to raise fund for the Royal Children’s Hospital. The event is planned to take place in Swanston Street, at Melbourne Town Hall, a historic landmark of the city. The Royal Children’s Hospital wants a green-themed event with entertainment, music and dance, along with a charity auction. The event is planned to be held on the first Saturday in December, before Christmas and they hope to sell 350 tickets.
As a project manager, you need to organise food and beverages, along with a master of ceremonies, entertainment and music for the night. The charity will source all items for the auction. The program preparation should start from the first week of August.
The goal is to conduct a successful event and collect at least 25% of the profit from the event and the auction, for charity.
As part of the planning process, you must prepare a series of budgets to help achieve these goals.
Part A
As a project manager, analyse and prepare the budget information as requested below:
PR2.1. For the event, which budgets should be prepared to achieve the goal. Mention the scope and nature of selected budgets.
    
PR2.2. To prepare the budget, you are required to gather the necessary information. Outline six (6) sources of data and the information these data sources will provide to meet the organisation’s requirements. Fill in the template below with the information gathered.
    Data / Information
    Data Sources
    
    
    
    
    
    
    
    
    
    
PR2.3. Analyse three (3) internal and three (3) external factors that can impact on the budget. List them and provide a
ief description of the positive / negative impact of each. Use the template provided below.
    Facto
    Impact
    
    
    
    
    
    
    
    
    
    
    
    
Part B:
Conduct a discussion session with three (3) stakeholders (Finance manager, Food and beverage manager, event committee chair) to obtain input on the possible budget items. Instructor and two (2) students will act as the stakeholders for the meeting. If there are insufficient student numbers, the trainer will assume multiple roles.
PR2.4. Share the information on the type of budget, external and internal factors affecting the budget and obtain input on the ideas and/or any concerns/missing areas to cover in the budget.
Gather the following input from the stakeholders:
· Finance manager: Key performance indicators to be used in the budget to measure its performance.
· Food and beverage manager: How to account for significant price movements for certain commodities, if any.
· Event committee chair: Objectives to be achieved.
Use the following template to gather the input:
    Suggestion / Input on budget planning
    Input by
    
    
    
    
    
    
Part C
For this part, use MS Excel for calculating and preparing the budget.
Assume you have conducted research on the available vendors/suppliers and have received the following information:
    Expense item
    Quote ($)
    Comments
    Venue
    2,000.00
    Main hall and stage
    Stationery items / Postages
    225.00
    
    Communication
    250.00
    
    Event staff uniform
    650.00
    T-shirt for service staff in the event.
    Hire audio-visual equipment
    3,500.00
    Projector, microphones, sound systems, screens
    Floral a
angements
    4,000.00
    35 x table centres, 8 x large stands
    Stage and lighting hire
    5,500.00
    For stage and dance floor with colourful spotlights
    Food and service equipment lease
    1,570.00
    Food preparation and service equipment
    Master of ceremonies
    900.00
    6 hours including auction
    Consultant fees
    4,000.00
    
PR2.5. Prepare linen hire cost for the event
The financial information from suppliers on the cost of linen for the event is provided below. Prepare the linen hire cost based on the following information.
    Linen type
    Price per item
($)
    Quantity
    Cost
($)
    Round tablecloths
    8.50
    35
    
    Trestle tablecloths
    8.50
    10
    
    Table overlays
    5.50
    35
    
    Napkins
    0.70
    350
    
    Chair covers
    3.00
    350
    
    Total linen hire costs
    
PR2.6. Prepare an expense budget
Based on the quotes provided by suppliers and your calculations, prepare an expense budget for the event.
    Expense budget
    Expense item
    ($)
    Venue
    
    Stationery items / Postages
    
    Communication
    
    Event staff uniform
    
    Hire audio-visual equipment
    
    Floral a
angements
    
    Stage and lighting hire
    
    Food and service equipment lease
    
    Master of ceremonies
    
    Consultant fees
    
    Linen hire
    
    Total expenses
    
PR2.7. Prepare a wage budget for the event
For the event, all human resources required are managed by an HR firm. The financial information from the company on wages is provided below.
Besides the listed wages, an extra $10 per hour penalty will need to be paid, for anyone that worked more than 8 hours in a day, after the allotted time.
The staff are required for two days.
Friday – for room set-up and food preparation
Saturday – for the day of the event.
The required resources are listed in the table below:
    Job role
    No. of staff
    Rostered hours per person
    Pay rate per hou
    
    
    Friday
    Saturday
    Weekday
($)
    Weekend
    Cook
    2
    8
    8
    30.00
    35.00
    Kitchen assistant
    2
    6
    8
    22.00
    25.00
    Kitchen hand
    2
    
    8
    18.00
    20.00
    Waiters
    5
    8
    8
    20.00
    25.00
    Waiters
    10
    
    8
    20.00
    25.00
    Bar attendant
    2
    4
    6
    20.00
    25.00
    Security 1
    1
    3 pm to 11 pm
    3 pm to 11 pm
    35.00
    45.00
    Security 2
    1
    11 am to 7 pm
    6 pm to 2 am
    35.00
    45.00
    Security 3
    1
    
    7 am to 3 pm
    35.00
    45.00
    Superviso
    2
    10
    10
    40.00
    50.00
Based on the information provided, prepare a wage budget using the template below:
    Job role
    Wages
    Total wages
    
    Friday ($)
    Saturday ($)
    $($)
    Cook
    
    
    
    Kitchen assistant
    
    
    
    Kitchen hand
    
    
    
    Waiters
    
    
    
    Waiters
    
    
    
    Bar attendant
    
    
    
    Security 1
    
    
    
    Security 2
    
    
    
    Security 3
    
    
    
    Superviso
    
    
    
    Total event wages
    
PR2.8. Prepare food and beverages cost
For the food and beverages, assume the following:
· Ticket prices will include a four-course meal with wine, beer, soft drinks and juices.
· Every meal caters for two (2) customers, except for the tapas appetiser, which is a shared platter for each table.
· An extra 50 meal sets are required for staff and entertainers.
· Beverages include a variety of red and white wines to match each course, bottled light and heavy beer, post-mix soft drinks and orange juice.
· Standard recipes have been costed for each course, and an individual cost per serve determined.
Calculate the food costs, including food cost per head, assuming 350 customers bought the tickets and attended the charity ball.
    Menu item
    Cost x 1 serve
($)
    No. serves required
    Food cost
($)
    Tapas platte
    6.75
    2 per table x 35 tables
    
    Baby beetroot with aged balsamic salad
    3.84
    175
    
    Pan fried potato gnocchi, crispy bacon pasta
    2.60
    175
    
    Portuguese marinated chicken
    5.27
    200
    
    Mustard and macadamia rack of lam
    6.22
    200
    
    Sticky date chocolate pudding
    2.00
    175
    
    Baileys tiramisu
    1.95
    175
    
    Tea/coffee
    0.25
    350
    
    Petits fours
    0.35
    350
    
    Total food costs
    
    Food cost per head
    
Calculate the beverage costs, including beverage cost per head.
    Beverage item
    Cost per item per bottle/serve ($)
    Forecasted requirements
    Beverage cost
($)
    Sparkling wine
    14.52
    60
    
    Sauvignon Blanc
    15.07
    55
    
    Chardonnay
    14.21
    60
    
    Botrytis Riesling
    22.53
    45
    
    Merlot
    8.80
    50
    
    Shiraz
    12.45
    45
    
    Cabernet Sauvignon
    15.01
    55
    
    Light beer (750 ml)
    3.40
    50
    
    Heavy beer (750 ml)
    3.99
    30
    
    Soft drink
    0.20
    400
    
    Juice
    0.31
    225
    
    Total beverage costs
    
    Beverage cost per head
    
PR2.9. Prepare draft event budgets
Based on the information provided below, prepare the event budget
The event committee has asked you to prepare two alternative revenue statement budgets based on ticket prices of $100.00 and $ XXXXXXXXXXThey wish to determine the most feasible and profitable alternative for their organisation.
From previous experience in projects, it has been identified that a specific percentage of ticket sales revenue is spent on additional expenses, such as advertising, printing, decorating the venue and entertainment for the event. These expenses need to be included in the revenue statement budgets.
    Additional expenses
    % of revenue
    Advertising
    1%
    Printing
    0.25%
    Room decoration
    3%
    Entertainment
    5%
    Total
    9.25%
Calculate the revenue for both ticket prices
    No. of tickets
    Ticket price = $100.00
    Ticket price = $200.00
    350
    
    
Prepare alternative revenue statement budgets using the information you have accumulated so far.
    
    Alternative 1
    % of sales
    Alternative 2
    % of sales
    
    350 tix x $100
    
    350 tix x $200
    
    Sales
    $
    %
    $
    %
    Revenue from ticket sales
    
    
    
    
    Cost of goods sold
    
    
    
    
    Food cost
    
    
    
    
    Beverage cost
    
    
    
    
    Total cost of goods
    
    
    
    
    Gross profit
    
    
    
    
    Expenses
    
    
    
    
    Labour costs
    
    
    
    
    Venue
    
    
    
    
    Stationery items / Postages
    
    
    
    
    Communication
    
    
    
    
    Event staff uniform
    
    
    
    
    Hire audio-visual equipment
    
    
    
    
    Floral a
angements
    
    
    
    
    Stage and lighting hire
    
    
    
    
    Food and service equipment lease
    
    
    
    
    Master of ceremonies
    
    
    
    
    Consultant fees
    
    
    
    
    Linen hire
    
    
    
    
    Advertising
    
    
    
    
    Printing
    
    
    
    
    Room deco
    
    
    
    
    Entertainment
    
    
    
    
    Total expenses
    
    
    
    
    Profit/loss
    
    
    
    
PR2.10. Identify the
eakeven ticket price to achieve a 25% profit.
    
PR2.11. Calculate the revenue for the
eakeven ticket price.
    No. of tickets sold
    Ticket price =
    350
    
Prepare alternative revenue statement budgets using the information you have accumulated so far.
    
    Amount ($)
    % of sales
    Sales
    
    
    Revenue from ticket sales
    
    
    Cost of goods sold
    
    
    Food cost
    
    
    Beverage cost
    
    
    Total cost of goods
    
    
    Gross profit
    
    
    Expenses
    
    
    Labour costs
    
    
    Venue
    
    
    Stationery items / Postages
    
    
    Communication
    
    
    Event staff uniform
    
    
    Hire audio-visual equipment
    
    
    Floral a
angements
    
    
    Stage and lighting hire
    
    
    Food and service equipment lease
    
    
    Master of ceremonies
    
    
    Consultant fees
    
    
    Linen hire
    
    
    Advertising
    
    
    Printing
    
    
    Room deco
    
    
    Entertainment
    
    
    Total expenses
    
    
    Profit/loss
    
    
Part D
PR2.12. Circulate the draft budget to the event committee for input.
Prepare an email with the detailed draft budget, including two alternatives and
eakeven price, seeking input from the relevant stakeholders (those who gave input in 2.4). The email should be XXXXXXXXXXwords long.
Email addresses will be provided by the traine
assessor.
Performance Criteria/Performance Checklist
    Your task must address the following performance criteria/ performance checklist.
    To be assessed as satisfactory (S) in this assessment task the participant needs to demonstrate competency in the following critical aspects of evidence
    S
    N/S
    Traine
Assessor to complete
(Comment and feedback to students)
    a) Identified the scope and nature of the required budget and the data and data source for budget preparation.
    ·
    ·
    
    b) Analysed the potential impact on the budget by internal and external factors.
    ·
    ·
    
    c) Engaged colleagues and required stakeholders to get input during the budget planning process.
    ·
    ·
    
    d) Drafted budget with estimated income and expenditures based on valid, reliable and relevant information.
    ·
    ·
    
    e) Reflected organisational objectives while drafting the budget.
    ·
    ·
    
    f) Analysed and provided options and recommendations on the budget in clear format and circulated it to the relevant stakeholders for their input.
    ·
    ·
    
Answered 6 days After Jun 08, 2023

Solution

Sandeep answered on Jun 12 2023
30 Votes
SITXFIN010 - Task 2 – Skill Test
    Unit Code
    SITXFIN010
    Unit Description
    Prepare and monitor budgets
    Assessment Type
    Task 2 – Skills Test
    Assessment Location
    Level 6, 245-257 Castlereagh Street, Sydney NSW 2000
    By submitting this work, I declare that:
· I have been advised of the assessment requirements, have been made aware of my rights and responsibilities as an assessment learner, and choose to be assessed at this time.
· I am aware that there is a limit to the number of submissions that I can make for each assessment, and I am submitting all documents required to complete this Assessment.
· I have organised and named the files I am submitting according to the instructions provided, and I am aware that my assessor will not assess work that cannot be clearly identified and may request the work be resubmitted according to the co
ect process.
· This work is my own and contains no material written by another person except where due reference is made. I am aware that a false declaration may lead to the withdrawal of qualification or statement of attainment.
· I am aware that there is a policy of checking the validity of qualifications that I submit as evidence as well as the qualifications/evidence of parties who verify my performance or observable skills. I give my consent to contact these parties for verification purposes.
    Student ID
         
    Student Name
         
    Submission Date
         
Assessment Task 2: Project
Scenario:
You are a project manager for Melbourne Events, an event management company. You need to organise a charity program to raise fund for the Royal Children’s Hospital. The event is planned to take place in Swanston Street, at Melbourne Town Hall, a historic landmark of the city. The Royal Children’s Hospital wants a green-themed event with entertainment, music and dance, along with a charity auction. The event is planned to be held on the first Saturday in December, before Christmas and they hope to sell 350 tickets.
As a project manager, you need to organise food and beverages, along with a master of ceremonies, entertainment and music for the night. The charity will source all items for the auction. The program preparation should start from the first week of August.
The goal is to conduct a successful event and collect at least 25% of the profit from the event and the auction, for charity.
As part of the planning process, you must prepare a series of budgets to help achieve these goals.
Part A
As a project manager, analyse and prepare the budget information as requested below:
PR2.1. For the event, which budgets should be prepared to achieve the goal. Mention the scope and nature of selected budgets.
    Estimation of Cost Rates for resources: Resources being directly deployed at the project site will work at a agreed rate. All materials used at the project site (e.g., wood or wiring) will be billed at a rate. Ascertaining cost of hiring resources means assessing the cost of time and resources for labor and materials.
Vendor Negotiation analysis: Quite often we need to employ an 3rd party contractor to get the project executed and entity might even receive multiple vendors bid for the said project. Evaluating these multiple bids and selecting the best one is the purpose of this exercise.
Reserve analysis: The longer a project runs the more chances of cost exceeding the budget and thus need to conserve some money for cost ove
uns. The exercise of the feasibility studies and site evaluation is to assess whether project is risky, and it is always better to prepare contingency fund to deal with it such eventuality.
Cost of quality: You will need to figure the cost of all your quality-related activities into the overall budget. Since it’s cheaper to find bugs earlier in the project than later, there are always quality costs associated with everything your project produces.
Cost of quality is just a way of tracking the cost of those activities. It is the amount of money it takes to do the project right.
PR2.2. To prepare the budget, you are required to gather the necessary information. Outline six (6) sources of data and the information these data sources will provide to meet the organisation’s requirements. Fill in the template below with the information gathered.
    Data / Information
    Data Sources
    Harvest
    This implies catching them at the source, where they reproduce or spawn. So that these are caught. Gather information from Fisher data available online or Government sites.
    Post-Harvest
    Once the fish are caught and prepared to be traded in the market. These activities may involve including middleman, fish auction in open market, preserving in the cold storage until sold , creating processing farms, and finally transport of products to customers.
    Market
    Since all these fisheries are intended for commercial sale in the market and need to be transfe
ed. The cost may include the unloading containers at the landing port, moving some to processing farms, and customers' site market.
    Consumers
    This implies making a
angements to transfer all products to end users where these are finally consumed by consumers. The last mile connectivity cost will need to budget and collated from the various private agencies involved in the job.
    Government-related agencies
    Deals with all agencies, bodies or institutes who are part of government or affiliated by Government. This would also mean for e.g., custom, coast guard, and metrology department).
    Support Industry
    All industries which directly or indirectly provide materials and services for fisheries harvesting are included here (e.g., shipbuilding industry, fishing gear suppliers).
PR2.3. Analyse three (3) internal and three (3) external factors that can impact on the budget. List them and provide a
ief description of the positive / negative impact of each. Use the template provided below.
    Facto
    Impact
    Financial resources:
    Inadequate budgetary resources required to manage the hosting of the event/activity might be seriously constrained. This seriously impacts the growth prospects of the project.
    Physical resources: 
    All projects require a specialized set of skill/knowhow to execute the work and some tasks/jobs even mandate possession of high-order and technical skills.
    Human resource:         
    Emphasis is placed on the aspect of Hiring, administration, Staff training activities, Job enrichment opportunities and creating reporting structure of employees.
    Social:    
    Gauging the positive social impact of organizing any social/community event, intermingling with residents of the society/community hosting the event or attendees to reap social benefit of that activity.
    Technologies:
    Various research conducted by Enterprise Even Marketing revealed that the application of event technology may accrue 20 % increase in attendance. It was observed that it led to declining impact on associated expenses by around 30%.
    Economic:    
    Organizing mega events within defined area may involve extra expenditure and these will need to be factored in the budget estimates .
Part B:
Conduct a discussion session with three (3) stakeholders (Finance manager, Food and beverage manager, event committee chair) to obtain input on the...
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