Effective Budget Management: Assessment 2 Project Guide

SITXFIN009 Manage finances within a budget ASSESSMENT 2 PROJECT ASSESSMENT v1.1 Updated on 1 July 2022 This document is uncontrolled when printed: Page 1 of 16 ASSESSMENT COVERSHEET Student name: Pimtploy Charatkornsakul Student number: AIC22168 Assessor name: Thawadchai Drairat Date submitted: 12/2/24 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 multiple choice, short answer and/or extended response questions. S NYS ☒ Project Assessment The student will demonstrate a range of skills through the completion of a variety of tasks within a project. An assessor checklist will be completed by the assessor. S NYS ☐ Practical Assessment The student will demonstrate a range of skills through the completion of simulated meetings. An assessor checklist will be completed by the assessor. 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 2 PROJECT ASSESSMENT v1.1 Updated on 1 July 2022 This document is uncontrolled when printed: Page 2 of 16 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: 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

SITXFIN009 Manage finances within a budget ASSESSMENT 2 PROJECT ASSESSMENT v1.1 Updated on 1 July 2022 This document is uncontrolled when printed: Page 3 of 16 budgetary requirements, allocate resources, monitor actual income and expenditure, and report on budgetary deviations. The purpose of this assessment is to confirm that you have the knowledge and skills required to complete the tasks outlined in elements and performance criteria of this unit, 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 . The following Foundation Skills are also being assessed: • 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 and use budget figures in day to day work operations o Calculate budget estimates and scenarios for performance improvement. • 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. 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 have a total of 180 minutes (3 hours) to complete all tasks. Your assessor may vary the time to complete this assessment to suit individual or group needs. • You must achieve a Satisfactory outcome for all 3 tasks to be deemed competent. • Refer to the project overview and the tasks’ instructions for further details of submission requirements. You are encouraged to ask your trainer/assessor any questions you may have about the assessment. • Your assessor will complete an assessor checklist for this assessment to ensure you have met all the requirements of the tasks.

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SITXFIN009 Manage finances within a budget ASSESSMENT 2 PROJECT ASSESSMENT v1.1 Updated on 1 July 2022 This document is uncontrolled when printed: Page 4 of 16 Place/Location where assessment will occur, recording and reporting requirements: • This assessment will be completed under supervised conditions and in the presence of your trainer/ assessor at the College’s training rooms on Ground or Level 2, 38 College Street, Darlinghurst 2010. Your trainer will advise you in advance of the classroom to be used as the site for this practical assessment. • Your trainer/assessor will have notified you of the date of the assessment day on the first day of training delivery for this unit. Your trainer will also have told you that attendance on assessment day is compulsory. • 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: This assessment is conducted in the College’s training rooms. Classroom facilities are fully equipped to meet the requirements of this unit of competency. You will have access to all the equipment and facilities needed to meet all the assessment conditions of this unit. • 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 • To complete this assessment, you will also have access to: o computers, printers and software packages • Others with whom the individual can discuss budget components. 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. • Assessors must satisfy the Standards for Registered Training Organisations requirements for assessors

SITXFIN009 Manage finances within a budget ASSESSMENT 2 PROJECT ASSESSMENT v1.1 Updated on 1 July 2022 This document is uncontrolled when printed: Page 5 of 16

SITXFIN009 Manage finances within a budget ASSESSMENT 2 PROJECT ASSESSMENT v1.1 Updated on 1 July 2022 This document is uncontrolled when printed: Page 6 of 16 Assessment 2 Task 1: Case Study - Ocean View Hotel The following events have taken place during this 12 week budget period. The cost of food, meat, fruit and vegetables has increased because of labour shortages, supply chain issues and the recent extreme weather around the whole country and unforeseen circumstances across the world. The cost of beverages has also risen considerably. Wages have risen slightly over the past financial year. Interest rates are rising and inflation is pushing up the cost of living higher for everyone. Prices of utilities for the hotel have decreased slightly this is due to the installation of energy saving devices, such as LED lighting, water saving devices, recycling and the company’s push to become more environmentally friendly. The hotel manager has asked you to provide a fortnightly budget report which clearly identifies any under or over performances and the actual and likely reasons for these. Use the budget below from the Ocean View Hotel. ASSESSMENT TWO TASK ONE - EXPENSES BUDGET - OCEAN VIEW HOTEL Budget Cycle Start Budget Performance area Budget Actual Variance $ Under or over performance What do you think is the Reason? What did you discuss with your manager regarding the variance? What action do you recommend be taken? Week 2 Wages 31,000. 36,700. -5,700 Over performance labour shortages, rising wages Week 4 Beverage Costs 27,560. 31,450 -3,890 Over performance Rising beverage costs

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SITXFIN009 Manage finances within a budget ASSESSMENT 2 PROJECT ASSESSMENT v1.1 Updated on 1 July 2022 This document is uncontrolled when printed: Page 7 of 16 Week 6 Food costs 33,000. 37,900 -4,900 Over performance supply chain issues and extreme weather Week 8 Marketing 1,780. 2,250. -470 Over performance Increased marketing expense Week 10 Staff Training 800. 550. 250 Under performance Lower than expected staff training expenses Week 12 Utilities 3,440. 3,235. 205 Under performance Decrease in utility coasts due to energy serving measure Budget Cycle End Total 97,580 112,085 14,505 Over performance labour shortages, rising wages Rising beverage costs supply chain issues and extreme weather Lower than expected staff training expenses Increased marketing expense Decrease in utility coasts due to energy serving measure

SITXFIN009 Manage finances within a budget ASSESSMENT 2 PROJECT ASSESSMENT v1.1 Updated on 1 July 2022 This document is uncontrolled when printed: Page 8 of 16 Task 2 During the monitoring cycle of the expenses budget for the Ocean View Hotel the performance of two of the departments were not as expected. It has been identified that costs have risen. Management have asked to be kept informed of variances. The hotel is looking at new and innovative ways to save money. The primary points of focus are 1. Discussions with existing suppliers 2. Evaluation of staffing and rostering requirements These are simulated meetings. The roles of different people present will be played by other students. They will use the role play cards below to do this. 1. Discussion with existing supplier • You are the Head Chef of the Ocean View Hotel you are meeting with one of your suppliers • Thank your supplier for attending • Explain the reason for the meeting • Ask the supplier to explain the reasons for the price increases • Discuss ways of reducing costs o Such as minimum order/spend o The hotels customer loyalty o Reduced delivery days o Ordering in bulk quantities Role play card: Existing Fruit and Vegetable Supplier • The reason for increases in fresh food costs is due to a number of factors. • The recent extreme weather has affected crops and growing conditions • This has increased my purchasing costs at the wholesale markets • Due to inflation the cost of deliveries has increased (petrol and tolls) • Wages have increased, so the wage bill for my all my employees has risen including my drivers. Write a report to inform the management on the financial details of the meeting What was the reason for the meeting, what was discussed, what was agreed on. Were there any changes that were made, if so what were the changes. Was the final outcome a positive one or a negative one or the business? Write your report below:

SITXFIN009 Manage finances within a budget ASSESSMENT 2 PROJECT ASSESSMENT v1.1 Updated on 1 July 2022 This document is uncontrolled when printed: Page 9 of 16 The nature of the issue is exceeding the planned amount by more than the actual amount for labor and food costs. Reasons: The goal is to increase the hotel's profitability by reducing spending levels and overexpense charges. Steps & Business Process: The head of the supply chain and finance departments actively participate in the in-depth analysis of the monthly budget variation. In order to develop practical business solutions, a discussion on topics for business improvement was conducted with an emphasis on achievement. Process change: The hotel has successfully managed the unneeded resource and the expense incurred to keep staffing levels at their current levels. Implementation of the changes: The personnel were engaged in productive conversations, and their performance was continuously evaluated. The hotel has found that this process has made it easier to assess employee effectiveness. The hotel has resorted to maintaining the inventory levels as the focal point in order to retain the undesired resources. Please complete this role play record form below: PRACTICAL ASSESSMENT RECORD Task 1 - Meeting One Complete the following table to confirm the place and date of the simulated meeting to arrange acoaching session and the participants that took part. Location of meeting AIC room 216 Date of meeting: 12/2/24 Meeting start time: 10.00 Meeting finish time: 12.00 Meeting participants Insert the names of the people who played the following roles in the simulated meeting Participant Name Signature Date Candidate/Head chef Pimtploy Charatkornsakul 12/2/24 Role-play student 1 Sontaya Tianpattaradilok Sontaya 12/2/24 Tutor/Assessor Thawadchai Drairat

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SITXFIN009 Manage finances within a budget ASSESSMENT 2 PROJECT ASSESSMENT v1.1 Updated on 1 July 2022 This document is uncontrolled when printed: Page 10 of 16 2. Evaluation of staffing and rostering requirements • You are the Restaurant Manager of the Ocean View Hotel you are meeting with the head of Human Resources to discuss staffing and rostering requirements, ways of reducing labour costs. • You know that you possibly have too many staff rostered on most days • The reason is you want all customers to have excellent fast and efficient service • You are never sure how busy it will be • When its busy, the restaurant is really busy and it’s a big restaurant • You have been operating on a ‘just in case’ method • You get the staff to do cleaning when it is not busy, so they are not standing around. Role Play Card: Human Resources Manager • The labour costs in the restaurant are too high • What is the reason there are so many staff rostered on every shift? • Restaurant staff should undergo training to more crossed skilled enabling them to work both in the bar and on the floor. • By comparing previous sales reports from the past month we can see which are the quiet and busy times o then roster staff accordingly o only one supervisor is needed per shift o on quieter days use the casual staff as they can be knocked off early • By being smarter with the rostering labour costs can be significantly reduced . Write a report to inform management on the financial details of the meeting What was the reason for the meeting, what was discussed, what was agreed on. Were there any changes that were made, if so what were the changes. Was the final outcome a positive one or a negative one or the business? Write your report below: The nature of the issue is roster modifications. Reasons: The amount spent varies greatly in this region. Steps and Business Process: Identified the goals and requirements of the organization. A roster change is required because the promotional feast calls for more employees. •The scheduler and staff are both participating. • An increase of personnel on weekends. •A point of contact handles staff inquiries and frequent meetings; upfront scheduling; unrestricted access to the scheduling app; etc.

SITXFIN009 Manage finances within a budget ASSESSMENT 2 PROJECT ASSESSMENT v1.1 Updated on 1 July 2022 This document is uncontrolled when printed: Page 11 of 16 Application of the modifications- In the unlikely event that there is a large visitor number, some staff members are being approached for additional working shifts. •The employees who are being contacted are likewise on time. •The staff has access to the scheduling program in case they would like to trade shifts with a fellow employee. • Ensuring that effective personnel planning helps the business. Complete this role play record form below: PRACTICAL ASSESSMENT RECORD Task 1 - Meeting Two Complete the following table to confirm the place and date of the simulated meeting to arrange a coaching session and the participants that took part. Location of meeting AIC room 216 Date of meeting: 12/2/24 Meeting start time: 13.00 Meeting finish time: 15.00 Meeting participants Insert the names of the people who played the following roles in the simulated meeting Participant Name Signature Date Candidate/ Restaurant Manager Pimtploy Charatkornsakul 12/2/24 Role-play student 1 Sontaya Tianpattaradilok Sontaya 12/2/24 Tutor/Assessor Thawadchai Drairat Task 3: Identify timelines and due dates for the financial reports that need to be completed during the 3 month budget cycle. List the reports and set the times that the reports are due in the table below including the person responsible for the reports. Complete the report below:

SITXFIN009 Manage finances within a budget ASSESSMENT 2 PROJECT ASSESSMENT v1.1 Updated on 1 July 2022 This document is uncontrolled when printed: Page 12 of 16 Type of report Frequency Due date(s) Completed by Example below Wages and Labour Report Example Fortnightly Example End week 2 End week 4 End week 6 End week 8 End week 10 End week 12 Example HR Managers (name) 1. Cost variance report monthly End week 4 End week 8 End week 12 Pimtploy Performance report monthly End week 4 End week 8 End week 12 Pimtploy 2. Quality report monthly End week 4 End week 8 End week 12 Pimtploy 3. Budget analysis report monthly End week 4 End week 8 End week 12 Pimtploy 4. Expenditure report monthly End week 4 End week 8 End week 12 Pimtploy

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SITXFIN009 Manage finances within a budget ASSESSMENT 2 PROJECT ASSESSMENT v1.1 Updated on 1 July 2022 This document is uncontrolled when printed: Page 13 of 16 5. Costs of maintenance report monthly End week 4 End week 8 End week 12 Pimtploy

SITXFIN009 Manage finances within a budget ASSESSMENT 2 PROJECT ASSESSMENT v1.1 Updated on 1 July 2022 This document is uncontrolled when printed: Page 14 of 16 PERFORMANCE RECORD Assessment Criteria Assessor Comments ASSESSORS MUST RECORD COMMENTS IN THE COMMENT SECTIONS BELOW THAT CONFIRM PERFORMANCE HAS BEEN ACHIEVED Satisfactory S Not Yet Satisfactory NYS The learner… 1. Allocate budget 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 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 2 PROJECT ASSESSMENT v1.1 Updated on 1 July 2022 This document is uncontrolled when printed: Page 15 of 16 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 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 4.1. Complete financial and statistical reports within designated timelines. 4.2. Prepare and present clear and concise information to enable informed decision making.

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SITXFIN009 Manage finances within a budget ASSESSMENT 2 PROJECT ASSESSMENT v1.1 Updated on 1 July 2022 This document is uncontrolled when printed: Page 16 of 16 ASSESSMENT OUTCOME RECORD Assessor to complete 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 Student signature: Date: 12/2/24 Assessment outcome Satisfactory o Not Yet Satisfactory o Feedback to student REASONABLE ADJUSTMENT Has reasonable adjustment been applied to this assessment? Yes o No o If yes, provide details of adjustments Student signature: Date: 12/2/24 Assessor signature: Date:

SITXFIN009 Manage finances within a budget ASSESSMENT 2 Project v1.1 Updated 1 July 2022 AIC

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