Assessment Task 3: Budget monitoring and review

project

Information for students

In this task, you must review budget figures, action deviations and report on these as part of
monitoring and review processes.

You will need access to:

 your learning resources and other information for reference
 Marketing Expenditure Report
 Marketing Budget Analysis and Recommendations Report template.
Ensure that you:
 review the advice to students regarding responding to written tasks in the Hospitality Works
Student User Guide
 comply with the due date for assessment which your assessor will provide
 adhere with your RTO’s submission guidelines
 answer all questions completely and correctly
 submit work which is original and, where necessary, properly referenced
 submit a completed cover sheet with your work
 avoid sharing your answers with other students.

Assessment information
i
Information about how you should complete this assessment can be found in Appendix
A of the Hospitality Works Student User Guide. Refer to the appendix for information
on:
 where this task should be completed
 how your assessment should be submitted.
Note: You must complete and submit an assessment cover sheet with your work. A
template is provided in Appendix B of the Student User Guide. However, if your RTO
has provided you with an assessment cover sheet, please ensure that you use that.

SITXFIN004 Prepare and monitor budgets Strathfield College RTO: 91223 CRICOS Provider Code:
02736K
Activities
Complete the following activities.

2. Carefully read the following scenario:

Assume it is twelve months later and you are reviewing the marketing budget
against actual amounts using the Marketing Expenditure Report.
Note: that the company deems a standard variance in budgets of up to 5%
acceptable.
You have also been recently informed that a competitor has set up a resort in the
nearby area and you are required to assess how this will impact the marketing
budget for the following year.

Reviewing the marketing budget against actual amounts using the Marketing
Expenditure Report.

Blue Healer Spa

Master Marketing Budget (monthly)

2019 - 2020 FY Projected expenses

Marketing Activity July August September OctoberNovember

December JanuaryFebruary March April May June
Web site redesign $10,000

SEO $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000
$1,000 $1,000 $1,000
Expo $6,000

Promotional brochure $1,500

Commuity sponsorhip
$20,000
Radio advertising $5,000
$5,000 $5,000 $5,000 $5,000 $5,000
Contingency amount
$1,000
Total $1,000 $1,000 $1,000 $1,000 $2,500 $17,000 $6,000 $6,000
$26,000 $6,000 $6,000 $7,000

SITXFIN004 Prepare and monitor budgets Strathfield College RTO: 91223 CRICOS Provider Code:
02736K
 2019-2020 Actual Expenses

Marketing Activity July August September OctoberNovember

December JanuaryFebruary March April May June
Web site redesign $20,000

SEO $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000
$1,000 $1,000 $1,000
Education Expo $3,500

2016 Promotional brochure $1,500

Community sponsorship
$25,000
Radio advertising $5,000
$5,000 $5,000 $5,000 $5,000 $5,000

Total $1,000 $1,000 $1,000 $1,000 $2,500 $24,500 $6,000 $6,000

$31,000 $6,000 $6,000 $6,000

Following impact on marketing budget will may be occur if there is a

competitor nearby.
At the point when a contender sets up on your doorstop it might be difficult
to see the silver covering, yet things probably won't be as sombre as they
initially appear. There are approaches to protect your business - and you
could even profit by this sudden test
On the off chance that you have been exchanging for quite a while, you have
some key favourable circumstances, including notoriety, set up advertise
position and steadfast client base. Your rival is yet to discover their feet. On
the off chance that you have staff, their insight into your business and its
clients is additionally a gigantic advantage.
We should focus on following
 Services or products we offer.
 Quality.
 Prices compare to them.
 Customer service.
 Strengths and selling points.

SITXFIN004 Prepare and monitor budgets Strathfield College RTO: 91223 CRICOS Provider Code:
02736K
8. Develop a Marketing Budget Analysis and Recommendations Report

Review the marketing budget expenditure to assess actual performance against

estimated performance.
Based on your review and using the accounting software, prepare a report that
shows actual expenditure against budgeted expenditure. Include graphs to make
your report clear.
Save this report as Marketing Performance Budget Report.
Prepare an accompanying report, Marketing Budget Analysis and
Recommendations Report, that analyses:
 Projected budget and actual budget
 Deviations from the budget
 Reasons for deviations
 Recommendations for next year’s budget based on marketing performance
and new competitor.
Use the Marketing Budget Analysis and Recommendations Template to guide your
work.

9. Send an email to management

The text of the email should be in grammatically correct English, written in an

appropriate (polite, business-like) style.
It should introduce and summarise the contents of the attachments.
Attach the following to your email:
 Marketing Budget Performance Report
 Marketing Budget Report Analysis and Recommendations

FROM: PRIYANKA

TO: MANAGEMENT
SUBJECT: BUDGETING PERFORMANCE REPORT

Good morning Management,

Hope this email finds you well.
This email is to allocate the budget performances for the current year.

Reviewing the budget I found that it was exceeded by $11500 that it was mainly

SITXFIN004 Prepare and monitor budgets Strathfield College RTO: 91223 CRICOS Provider Code:
02736K
 caused by complication with the building of the website.
Recommendation for next year is to increase the marketing budget, although we
spent $11500 more than budgeted the market share increased as well as the
revenue of the organization.
I have introduced and summarised the content of the following attachments.
- Marketing budget performance report
- Marketing budget report analysis and recommendations

Feel free to contact me at any time of you have any further question or concern.

Kind regards
PRIYANKA

Assessment Task 3: Checklist

Student’s name: PRIYANKA

Completed
successfully? Comments

Did the student: Yes No

Assess actual performance against

estimated performance and prepare
accurate financial reports?

Include financial commitments relevant

to marketing into the marketing budget
and all marketing budget reports?

Investigate and take appropriate action

on significant deviations to the marketing
budget?

Analyse changes in internal and external

environment and make necessary
adjustments?

Collect and record relevant information

to assist in future budget preparation for
marketing?

Task outcome:  Satisfactory  Not satisfactory

Assessor signature:

SITXFIN004 Prepare and monitor budgets Strathfield College RTO: 91223 CRICOS Provider Code:
02736K
Student’s name: PRIYANKA

Completed
successfully? Comments

Did the student: Yes No

Assessor name:

Date:

SITXFIN004 Prepare and monitor budgets Strathfield College RTO: 91223 CRICOS Provider Code:
02736K
Final results record

Student name: PRIYANKA

Assessor name:

Date:

Unit name:

Qualification name:

Final assessment results

Result

Satisfactor
Task Type y Unsatisfactory Did not submit

Assessment Task 1 Written questions S U DNS

Assessment Task 2 Budget planning project S U DNS

Budget monitoring and

Assessment Task 3 S U DNS
review project

Overall unit results C NYC

Feedback

 My performance in this unit has been discussed and explained to me.

 I would like to appeal this assessment decision.

Student signature: _________________________________________ Date: _________________

 I hereby certify that this student has been assessed by me and that the assessment has been
carried out according to the required assessment procedures.

Assessor signature:

SITXFIN004 Prepare and monitor budgets Strathfield College RTO: 91223 CRICOS Provider Code:
02736K