Assessment Task 3 - Unit Project (UP) – Negotiate, Prepare, Monitor and Review Budget

Assessment Task 3 - Unit Project (UP) – Negotiate, Prepare, Monitor and Review Budget

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  Please write your responses in the template provided.
  
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  You may attach a separate sheet if required.
  
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  You must include the following particulars in the footer section of each page of the attached sheets:
  
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    Student ID or Student Name
    
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    Unit ID or Unit Code
    
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    Course ID or Course Code
    
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    Trainer and assessor name
    
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    Page numbers
    
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  You must staple the loose sheets together along with the cover page.
  
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  You must attach the loose sheets chronologically as per the page numbers.
  
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  Correction fluid and tape are not permitted. Please do any corrections by striking through the incorrect words with one or two lines and rewriting the correct words.
  
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  You must conduct a meeting to negotiate on the budget and later incorporate agreed modification in the budget based on organizational policy and procedures.
  
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  Instructor and two (2) students will act as the stakeholders (Finance manager, Food and beverage manager, event committee chair) for the negotiation session.
  
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  For this negotiation meeting, you will pair up with two (2) students and Instructor, assigning designated roles to each person. At the conclusion of the scenario, each student will switch with the other students to ensure everyone experiences each role fully. If there is an insufficient number of students, the trainer will assume multiple roles for the scenario, rotating roles at the conclusion of each exercise. If the student is required to participate in multiple roles for the exercise, they will also switch after each round, of the role play scenario.
  
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  You must prepare final budget in clear format within designated timelines and inform the affected colleagues with final budget decisions and relevant work areas, roles and responsibilities.
  
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  You must review budget regularly and check the performance and prepare accurate financial reports.
  
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  You must incorporate all financial commitments and investigate and take appropriate action to handle significant deviations.
  
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  You must analyze internal and external changes and adjust the budget accordingly.
  
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  You must collect and record relevant information to help in future project’s budget preparation.
  
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  You must use MS Excel while preparing the budget for the event.
  

Resources required to complete the assessment task:

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  Computer
  
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  Internet
  
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  MS Word / MS Excel
  
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  Printer or e-printer
  
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  Adobe acrobat/reader
  
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  Learning management system
  

1. 
   Based on the draft budget shared earlier, discuss and negotiate on any changes that need to be incorporated in the budget.
   

The output of the negotiation should result in the potential methods to reduce expenses and maximise profits.

During the negotiation, you must agree on some of the inputs given by the trainer/assessor and disagree on some you think will not result in the potential methods to reduce expenses and maximise profits.

This will assess your knowledge of key concepts related to budgeting and your oral communication skills. You must document three (3) items that you have negotiated.