M 9115 Advanced Finance and Budgeting Budgets ASSIGNMENT OUTLINE Assignment title: Budgets Weighting: 20% Faculty responsible: John Ryan Programme: Masters Executive Digital Course name: M 9115 Advanced Finance and Budgeting Hand-in date for Turnitin: N/A Assignment Overview: Individual project: You will use the budgeting example given in the assessment area. Using that budget as an EXAMPLE ONLY, you will need to adjust your figures, revenue streams and costs to reflect the business you described in your entrepreneurship course. You will then explain your assumptions while highlighting our understanding of the concepts used in budgeting and variances. Questions: Give a brief synopsis of your business plan and use the budget template to project future performance, explaining why you feel the company will achieve that performance. Create an optimistic projection and use variance analysis to explain how those changes may arise. Learning outcomes: Implement advanced planning and control techniques in the budgeting process. Manage the budgeting process. Apply cost estimation techniques. Forecast revenues and expenses under uncertainty. Organisation and methodology: This is a written document, carried out individually. Resources available: Open book. Use all the resources necessary to understand how to create and manage a budget. RUBRIC: 10-8.5 8.49-8 7.9-7 6.9-6 5.9-1 1. Creation of the budget Clearly and explicitly defines the revenues and costs both individually and as part of the business plan, demonstrating a logical and reasonable approach to projections. Every number should be explained referring to the market expectations you analyzed in your entrepreneurship course. Clearly and explicitly defines the revenues and costs both individually and as part of the business plan, demonstrating a logical and reasonable approach to projections. The concept is adequately explained, referring to the market expectations you analyzed in your entrepreneurship course. Defines the revenues and costs as part of the business plan, demonstrating a logical and reasonable approach to projections. The numbers should be adequately explained to the market expectations you analyzed in your entrepreneurship course. The revenues and costs are adequately explained as part of the business plan, demonstrating a reasonable approach to projections. The market is adequately explained. The numbers are not adequately or reasonably explained as part of a reasonable business performance consistent to the market as explained in the business synopsis. 2. Explanation of the growth or fall in performance between years 1 and 2 Projecting the increase and or decrease in all incomes and costs using metrics based on the market, justified using sources, referenced. Reasonable and logical adjustments to every number in the budget using knowledge of the market from research, fully referenced. A very general explanation to changes in all of the numbers with limited outside referencing or reasonable market understanding. All numbers adjusted in a general way with adequate and reasonable explanation to justify the adjustments. Only some numbers changed and any changes are not adequately explained. 3. Using variance analysis to justify the differences between the initial and optimistic budget. Well-structured, detailed and thorough analysis and projections are explained as a further step from year to year projections. All assumptions should be explained in terms of changes in variances as opposed to solely numerical explanations. Well-structured, analysis and projections are explained as a further step from year to year projections. All assumptions should be explained in terms of changes in variances as opposed to solely numerical explanations. Adequate and reasonable analysis and projections are explained as a further step from year to year projections. All assumptions should be explained in terms of changes in variances as opposed to solely numerical explanations. All projections are explained as a further step from year to year projections. All assumptions should be explained in terms of changes in variances as opposed to solely numerical explanations. The numbers are not represented as variance and / or the changes are adequately explained. 10% of each section is based on the level of English demonstrated within the report. Common skills: assessed (bold) or developed (italics): MANAGING AND DEVELOPING SELF 1.Manages own role and responsibilities 2. Manages own time in achieving objectives. 3.Undertakes personal and career development 4. Transfers skills gained to new and changing situations and contexts. 5.Uses a range of thought processes WORKING WITH AND RELATING TO OTHERS 6.Treats others’ values, beliefs and opinions with respect 7.Relates to and interacts objectively with individuals and groups 8.Works effectively as a member of a team COMMUNICATING 9.Receives and responds to a variety of information 10.Presents information in a variety of visual forms 11.Communicates in writing 12.Participates in oral and non-verbal communication MANAGING TASKS AND SOLVING PROBLEMS 13.Uses information sources 14. Deals with a combination of routine and non-routine tasks 15.Identifies and solves routine and non-routine problems BECOMING NUMERATE AND USING TECHNOLOGY 16.Applies numerical skills and techniques 17.Uses a range of technological equipment and systems Plagiarism: Plagiarism is the act of presenting another’s ideas or words as one’s own. Cheating includes, but is not limited to, the intentional falsification or fabrication of any academic activity, unauthorized copying of another person’s work, or aiding and abetting any such acts. Particular care must be taken when presenting information that has been obtained from an internet site. Should this information not be correctly referenced, then you are guilty of plagiarism and will be penalised accordingly. With respect to projects/assignments, faculty reserves the right to randomly call upon any student and ask them to defend their work orally. Any assignment/exam which is found to contain plagiarism will automatically be awarded a grade of 0, and an e-mail will be sent to the student or the student’s parents/tutors/sponsors. Depending on the circumstances, additional penalties could be imposed (see LRM Academic Regulations, Section 11). Statement of authorship Following the title page of your assignment there should be a page on which you sign a statement that the work included in the assignment is your own work except where appropriately referenced. The following statement should be used: Statement of authorship I certify that this assignment is my own work and contains no material which has been submitted as part of an assignment in any institute, college or university. Moreover, to the best of my knowledge and belief, it contains no material previously published or written by another person, except where due reference is made in the text of the assignment. Signed Name Student number. Page 4 of 4