Subject Code : BSBFIM601
Assignment Task:

TASK SUMMARY:
This task requires you to make adjustments to the budget based on a number of changes that have occurred within the business.
 
RESOURCES AND EQUIPMENT REQUIRED TO COMPLETE THIS ASSESSMENT
 
1. Computer and Microsoft Office 
2. Access to the internet for research 
3. Your Budget from Assessment Task 2

WHEN AND WHERE DO I COMPLETE THIS TASK? 
1. This task may be done in your own time as homework or you may be given time to do this task in class (if applicable). Your assessor will advise.
 
Write in the due date as advised by your assessor: 

WHAT DO I NEED TO SUBMIT?

1. Revised Budget 
2. Email (word document) to team members explaining the changes to the budget and how this impacts them

WHAT HAPPENS IF I GET SOMETHING WRONG? 
If your assessor sees that you have not completed all parts of this task satisfactorily, the details of resubmission will be discussed with you directly. You will only need to redo the parts that are not satisfactory, however, you will need to resubmit the entire assessment.
 
INSTRUCTIONS:

Its five months into the year that you budgeted for and the conference has now been held. 
The conference went really well, and the organisation had great feedback, however, the return on the conference wasn’t as strong as it was forecast for as a number of unexpected things happened.
 
Firstly, the conference organiser miscommunicated the number of attendees to the conference meaning that catering was provided for too many people and food went to waste but still had to pay for. The venue was told there were 99 attendees to be catered for.
 
There were however more sales of conference tickets than anticipated of 89 attendees. There was an additional charge by the venue for late bump-out which had not been accounted for of $3,658. 

In other areas of the business, the organisation has seen a significant increase in staff turnover for reasons out of its control. This means that more time has been spent on training new staff members, there were additional costs for recruiting new staff that hadn’t been accounted for $3,500 in advertising costs. There was an additional cost of $6,850 to cover temporary staff while the organisation was searching for new staff members and to meet team demands.

Consulting revenue has fluctuated from month to month bringing in:

Month 1 - $130,000 
Month 2 - $70,000 
Month 3 - $83.000 
Month 4 - $110,000 
Month 5 - $150,000

1. Based on the information provided in the above additional information, make changes to the budget you submitted in Task 2. 

2. Highlight changes you have made based on the above information by making the cells changed yellow. 

3. Based on this information, there may be other adjustments you need to make to the budget so the business can still meet its financial goals. Make any changes to the budget in other areas by highlighting those cells in blue. 

4. Prepare an email (in a word document) that you could send out to affected team members (managers and supervisors) explaining the changes you have made to the budget and how this impacts them. 


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  • Uploaded By : Alex Cerry
  • Posted on : January 31st, 2019

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