Can you make a Sample financial management processes and indicate the name of the policy and procedures that is utilised for financial management. further describe processes that are used to monitor expenditures and control costs, as well as adjust contingency plans as required.

Based on your evaluation of the budgets/financial plans what changes do you believe need to be made to the budget and financial plan? describe at least one chnage.

Can you develop and contingency plan for your budget and financial plan describing at least three possible contingencies. and negotiate this changes budget and financial plan you made to the manager and clearly state why you recommend this changes.

10 10 12 14 18 20 22 24 26 28 30 32 34 36 38 40 42 Case Study - KING EDWARD VII COLLEGE King Edward VII College has been operating for 5 years. The College is based in Sydney CBD and has an additional campus in Melbourne. The College offers a range of courses in management, marketing, human resources and international business. It currently has around 500 international students enrolled across all of its courses. Courses are offered at all levels, from Certificate II to Graduate Diploma. King Edward VII College is very popular due to its competitive pricing structure, innovative teaching methods and state of the art facilities. However, due to the decline in international students because of COVID-19 it wants to expand into other areas, most notably enrolling Australian students. The College currently employs 25 staff members that include the CEO, a Finance manager, Sales and Marketing Manager and Sales and Marketing Assistant, Promotions Officer, Human Resources Manager, Operations Manager, Administration Manager, Office Assistant, Receptionist, Academic Manager, Student Services Officer and approximately 14 trainers and assessors. There is also a Board of Directors consisting of the four owners of the company. As the Sales and Marketing Manager for the company, you are allocated a budget each year to spend on marketing. The marketing budget is a key item to achieve overall sales targets. This year the budget you have been allocated is $80,000. Your budget does not include salaries and wages of staff, which is accounted for through another cost centre. The marketing plan for the year includes the activities below. The amounts in brackets are the cost projections for each activity: Redesign web site to improve branding ($4,000 in December, another $4,000 in April and $2,000 in May) Design and implement an incentive scheme for referrals by students ($500 per month) Conduct a radio advertising campaign from the start of February until the end of June, costing $4,000 per month Online communications: newsletters, websites. Blogs, Twitter (zero cost: staff time only) Google ads ($500 per month) Graphic design ($5,500) Stand at the Education Expo in December (Package deal $10,000) Develop and publish Promotional Brochure in November ($2,500) Sponsor a community organisation to improve local community profile ($20,000 in March) There is a desire to conduct a TV advertising campaign and a quote of $30,000 has been received to run the campaign over a week. This is obviously well over the budget limit. However, it is considered that this type of advertising will be beneficial. This year due to the high marketing expenses the usual contingency amount of $10,000 has not been factored in. Executive Summary King Edward VII College Strategic Business Plan 2021-2023 King Edward VII College Strategic Business Plan 2021-2023 Established five years ago, King Edward VII College is a Registered Training Organisation (RTO) that provides training to students in business and management. Our principal purpose is to provide high quality training services to satisfy students' needs. Our training is nationally recognised and accredited to meet vocational and educational standards. Courses are designed by highly qualified staff with extensive industry and training experience to achieve teaching and learning excellence, flexibility and personal satisfaction. We draw on our established relationships with industry and other stakeholders to ensure our courses are appropriate to the demands of our clients and consistently meet their expectations. Quality is maintained in compliance with the national VET Quality Framework and through our continuous improvement system. A key objective is to develop the required knowledge and skills for clients to be job ready and competently undertake their chosen role in a wide range of business areas. Mission King Edward VII College provides high quality industry training that engenders participation and achievement. Strategic Objectives To be a leader in vocational education and training To be a leader in innovation in the vocational education and training sector