Assessment Task 1 Instructions

Provide answers to all of the questions below:

1. Complete the table below to describe information sources necessary when planning for
resources. The first row has been completed as an example for you to follow.

Information source Description Examples (provide 1)

Colleagues/Employees Colleagues may be part of the Team member
same team, or from another
CFO
team.
Manager of a different team

External consultants External consultants perform Management consultants

evaluation to create changes for
a specific business problem

Strategic plan Strategic plan is a plan that SWOT analysis can be used
creates, implements and as a strategy to determine
evaluates specific business strengths, weaknesses,
strategies according to the opportunities and threats of
company's goals the company in a business
plan

Budgets and forecasts Budgets and forecasts provide Sales budgets

financial information in order to
establish KPIs and allocate
resources for growth

Legislation and Legislation is something Privacy Act

regulatory authorities mandatory created by the state
or country and regulatory
authorities regulate legislative
compliance

Organisational policies Organisations policies and Employment process

and procedures procedures are rules that outline
courses of action to deal with
company's problems

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2. Complete the table below to describe the requirements for resources included in operational
plans:

Resource Description of the How to acquire the resource

Type resources and 2 examples
Physical Physical resources are How do you acquire physical resources
equipment that include and/or services?
hardware, software, facilities
Following the organisation’s policies and
and transport used in a
procedures to control and monitor the
project.
purchased physical resources.
Examples: vehicles and
machines. What does a procurement process include
(list at least four considerations)?
- Supplier identification
- Details of preferred suppliers
- Quotes
- Invoicing procedures
Relevant organisational policies and
procedures (at least one):
- Use Close Circuit Television in
facilities.

Financial Financial resources are the What workplace documents provides

funding available to information about financial resources?
implement the project. (describe at least one):
Examples: Bank deposits An income statement – lists sources of
and cash. revenue and costs to find the gross profit.

How does the budgeted and actual finances

influence profitability and productivity of the
operational plan?
Operational plan requires resources and
budget is a tool to implement the plan, this
can increase productivity, as productivity
affects profitability, both of them can
increase using the right resources,
controling and monotoring operations.

Explain how to obtain additional finances:

There are two types of finance that we can
obtain:
Debt finance – money borrowed from
external lenders, such as a bank
Equity finance – investing your own money,
or funds from other stakeholders, in
exchange for partial ownership.
Human Human resources are How do you recruit staff?
recruited people.

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 Resource Description of the How to acquire the resource
Type resources and 2 examples
Examples: managers and Follow the steps: create a job description,
employees advertise the position, conduct an interview,
evaluate candidates and choose the best
one for the position and communicate
results.
List at least two induction strategies:
- Give them an introduction of
mission, vision and values of the
company.
- Make them feel welcome.
Relevant organisational policies and
procedures (at least one):
- Recruitment policy

3. Explain the importance of budgetary control.  

Budgetary control is an essential feature in a company because it analyzes the deviations between
budgeted and actual values, allowing to establish the responsibility of departments, allows the
understanding of where costs are allocated, helps in efficiency and profitability, keeping actual
costs below the accepted limits creating competitive advantage.

4. Explain how a cost plan can assist in managing costs and its use over the project life cycle

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 A cost plan must be performed to ensure that companies capture all costs and there are no
unexpected expenses during the project life cycle and after. The cost plan analyzes how the project
will be planned, controlled and funded.

5. List two organisational policies and procedures that may apply to cost management in relation
projects and resources.

- Financial Authorisation Policy – for all financial transactions that need to be carried out,
the company's financial officer must authorize before.
- New Supplier Policy - All new business providers must be reviewed and accepted in
accordance with this policy to ensure that the provider's service is aligned with business
objectives.

6. Explain four procedures that a company could use to minimise risk.

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 1- Machine accidents - protect the machines, carry out routine inspection and have a defect
reporting system
2- Slips - make sure floors are in good condition
3- Lifting - provide protective equipment
4- Fire (gas or electric) - Ensure all systems are installed by suitably qualified contractors

7. Explain how legislation and its related regulatory requirements relate to risk management. In your
answer:

 identify two different legislative and regulatory requirements that may apply to risk
management.

Risk management is an important part for the company to achieve its goals and not be surprised
with results that differ from what was planned, as legislation is a set of rules that must be respected
by the company and indicates how it can operate, this could cause some impact.
In Australia there are these laws:
Work Health and Safety Act and Work Health and Safety Regulations - must ensure the health and
safety of your workers and not put the health and safety of other people at risk.
Competition and Consumer Act 2010. - The Act sets out consumers' rights and responsibilities, in
risk management is important to be aware of what are the rules for your costumer. 

 for each legislative requirement, explain how it relates to risk management.

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 Work Health and Safety Act — Section 17 of the WHS Act in your state (or territory) requires you to
eliminate risks to health and safety, and when this is not practicable, they must be minimised as far
as possible.
Work Health and Safety Regulations — Sections 32-28 of the WHS Regulations require you to
identify, assess, control and review hazards using the Hierarchy of Controls.

 provide one example of how regulations support one of the legislation.

The model WHS Regulations set out detailed procedural and administrative requirements that
support the law. For example: requiring licences for specific activities and keeping records.

8. The broader environment impacts on a business. Provide one example of how potential changes
in government priorities can impact a business and the risk management strategies that can be
put in place.

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 When the government changes their priorities companies are forced to transform the method
that they operate, business is therefore heavily affected by government policies, for example, tax
policy affects business costs, an increase in corporate profit tax has a similar result to an increase
in costs.
The company can organize government information to make a decision about what could be done
on previous risks, create a scenario in a way that they can manage the catastrophes.
Understanding what has already happened, what the current scenario is and being aware of
future events are essential for this management.

9. Discuss the purpose of risk management standards. Include an example of a risk management
standard in your answer.

The Risk Management Standards define strategic processes that are intended to help identify risks
and promote risk mitigation through best practices, for example, AS/NZS ISO 31000:2009 Risk
Management Principles and Guidelines - the international risk management standard states that
the success of risk management will depend on the effectiveness of the risk management
framework providing the foundations and arrangements that will embed it throughout the
organisation at all levels.

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