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1.1 Determine what financial information is needed and assess its validity

QUALIFI ASSESSMENT DOCUMENT

Qualifi Level 7 Diploma in Strategic Management and Leadership

Assignment brief – Unit 703 Finance for Managers

Qualification

Finance for Managers

Unit Reference

D/506/9071

Qualification Reference (RQF)

601/5335/0

No of Credits

15 Credits

INTRODUCTION

Prior to attempting this coursework assignment, Learners must familiarise themselves with the following policies:

The aim of this unit is to support learners in understanding and using financial information and data.  This unit is important to learners as it support financial decision making.

ASSIGNMENT GUIDELINES

All work must be submitted in a single electronic document (.doc/.docx file). The assignment must be the Learner’s own work and not copies of theories or models. Direct quotes should be kept to a minimum and shown in inverted commas. Models described and other quotes used must be properly attributed and referenced as appropriate. Learners must acknowledge or reference any sources that have been used to complete the assignment, listing reference material and web sites used.

PLAGIARISM AND COLLUSION

In submitting the assignment Learner’s must complete a statement of authenticity confirming that the work submitted for all tasks is their own. The statement should also include the word count. Plagiarism and collusion are treated very seriously. Plagiarism involves presenting work, excerpts, ideas or passages of another author without appropriate referencing and attribution. Collusion occurs when two or more learners submit work which is so alike in ideas, content, wording and/or structure that the similarity goes beyond what might have been mere coincidence.

APPENDICES

Separate Appendices should not be used. Any use of tables, graphs, diagrams, Gantt chart and flowcharts etc. that support the main report should be incorporated into the back of the assignment report that is submitted. Any published secondary information such as annual reports and company literature, should be referenced in the main text of the assignment but not included.

CONFIDENTIALITY

Where a Learner is using organisational information that deals with sensitive material or issues, they must seek the advice and permission from that organisation about its inclusion. Where confidentiality is an issue, Learners are advised to anonymise their assignment report so that it cannot be attributed to that particular organisation.

WORD COUNT POLICY

Learners must comply with the required word count, within a margin of +10%.These rules exclude the index (if used), headings and information contained within references and bibliographies. When an assessment task requires learners to produce presentation slides with supporting notes, the word count applies to the supporting notes only.

REFERENCING

A professional approach to work is expected from all learners. Learners must therefore identify and acknowledge ALL sources/methodologies/applications used. The learner must use an appropriate referencing system to achieve this. Marks are not awarded for the use of English; however the learner must express ideas clearly and ensure that appropriate terminology is used to convey accuracy in meaning.

SUBMISSION OF ASSIGNMENTS

All work must be submitted in a single electronic document (.doc/.docx file) in your Learning Portal or to submit to the Assessor/Centre Administrator.

MARKING AND GRADES

Qualifi uses a standard marking rubric for all assignments, and you can find the details at the end of this document. Unless stated elsewhere, Learners must answer all questions in this document.

Unit Title

Finance for Managers

Unit Reference (RQF)

D/506/9071

No of Credits

15 Credits

LEARNING OUTCOMES AND ASSESSMENT CRITERIA

Learning Outcomes

When awarded credit for this unit, a learner will:

Assessment Criteria

Assessment of this learning outcome will require a learner to demonstrate that they can:

1. Be able to analyse financial information and data

1.1 Determine what financial information is needed and assess its validity

1.2 Analyse different financial documents and information and formulate conclusions about financial performance levels and needs of stakeholders

1.3 Conduct comparative analysis of financial information and data 1.4 Critically review and question financial information and data

2. Be able to assess budgets and their ability to support organisational objectives

2.1 Identify how a budget can be produced taking into account financial constraints and achievement of targets and accounting conventions

2.2 Be able to assess a budget

3. Be able to evaluate financial proposals for expenditure provided by others

3.1 Identify criteria by which proposals can be judged

3.2 Critically analyse the viability of a proposal for expenditure

3.3 Identify the strengths and weaknesses of a proposal and give feedback on the financial proposal

3.4 Analyse the viability of a proposal for expenditure

ASSIGNMENT TASKS

Learners may use their own employment context, or that of another organisation with which they are very familiar, as the basis for their assignment. However, in the case that they are not able to do so, please use the below scenario:

Scenario

You are a senior manager in a business unit of a medium sized enterprise, with functional management and organisational leadership responsibilities. You are responsible for all aspects of the performance management of your team and its contribution towards the achievement of business goals.

Task 1:  FORMATIVE TASK - Budgets and Strategic Objectives

Explain how an organisation balances the need for a budget that supports its organisation’s objectives with financial constraints and accounting conventions. Your answer must include:

  • An outline of how a budget can be used to support an organisation’s objectives (LO 1.1, 1.2, 2.2) 
  • Identify and explain the impact that financial constraints and accounting rules have on any organisation (LO 1.2, 2.1
  • Discuss the nature of the balances and compromises that organisations must make in pursuit of two different goals (LO 1.3, 1.4)

Formatting:

  • 450-550 words
  • Justified alignment
  • Single-spaced
  • 12pt Times New Roman font
  • Use an appropriate referencing system for footnotes and citations

Task 2: SUMMATIVE - Evaluating Financial Proposals

Write a proposal for a method by which you would evaluate a new financial proposal within your organisation. Your answer must contain the following:

  • An outline of the criteria by which any proposal will be judged, including reference to scholarly research in this area (LO 3.1)
  • Identify and explain the way in which you will generate information to use these criteria in your analysis (LO 3.2, 3.3)
  • Evaluate the likely effectiveness of this method in accurately assessing the viability of proposed expenditure. (LO 3.2, 3.4)

Formatting:

  • 950-1100 words
  • Justified alignment
  • Single-spaced
  • 12pt Times New Roman font
  • Use an appropriate referencing system for footnotes and citations

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Unit 703 at a Glance

RequirementDetails
Qualification Qualifi Level 7 Diploma in Strategic Management and Leadership
Unit Unit 703: Finance for Managers
Unit reference D/506/9071
RQF level Level 7
Credits 15
Task 1 Budgets and Strategic Objectives
Task 1 length 450–550 words
Task 2 Evaluating Financial Proposals
Task 2 length 950–1,100 words
Organisational context The learner’s employer, a familiar organisation or the supplied scenario
Main requirement Critical financial analysis supported by organisational evidence and academic sources

How to Approach Task 1: Budgets and Strategic Objectives

Task 1 should follow one identifiable organisational objective rather than discussing budgeting in general. The objective might involve opening a new location, reducing operating costs, improving delivery capacity, replacing outdated equipment or increasing customer retention.

Evidence to Cover in Task 1

Brief requirementWhat the discussion should establish
How the budget supports the objective Which activities require funding, what resources are allocated and how spending contributes to the intended result
Financial constraints Whether cash availability, borrowing limits, fixed costs, inflation, uncertain revenue or existing commitments restrict the plan
Accounting requirements How recognition, classification, depreciation, accruals, capital expenditure or internal financial controls affect the budget
Competing goals Which two objectives compete for the same resources and why both cannot be funded fully
Organisational compromise What will be delayed, reduced, phased or funded differently
Final judgement Whether the resulting budget remains capable of supporting the chosen strategic objective

A Useful Task 1 Structure

  1. Identify the organisation and one strategic objective.
  2. Explain how the budget allocates resources to that objective.
  3. Examine the main financial constraint.
  4. Explain the accounting treatment or convention affecting the budget.
  5. Compare two competing organisational goals.
  6. Judge whether the final compromise protects the more important objective.

A weak response describes different types of budgets but never demonstrates what the organisation must sacrifice. A stronger response identifies the restricted resource, compares the two priorities and explains the financial consequence of choosing one over the other.

How to Approach Task 2: Evaluating a Financial Proposal

Task 2 asks for a method, not only a calculation. The response should show the sequence through which a manager would obtain evidence, test the proposal, challenge its assumptions and reach an approval or rejection decision.

The proposed expenditure should be specific. Suitable examples include new production equipment, business software, a delivery vehicle, premises expansion, energy-saving technology or a new operating facility.

Recommended Evaluation Method

StageWhat should be examined
1. Initial screening Purpose of the expenditure, strategic fit, responsible department and decision deadline
2. Evidence collection Purchase price, implementation costs, operating costs, forecast benefits, useful life, funding source and residual value
3. Reliability testing Source of each estimate, age of the information, assumptions used and possibility of bias
4. Financial appraisal Cash-flow effect, affordability, payback period, net present value, return on investment or another method appropriate to the proposal
5. Risk testing Cost overruns, delayed benefits, lower demand, interest-rate changes, implementation failure and sensitivity to key assumptions
6. Non-financial assessment Compliance, service quality, employee impact, capacity, sustainability and reputational consequences
7. Recommendation Approve, reject, postpone or approve subject to specified controls

Criteria the Proposal Can Be Judged Against

The criteria should include:

  • consistency with the organisation’s strategic objectives;
  • affordability within current cash and borrowing limits;
  • expected financial return;
  • speed of recovering the initial expenditure;
  • sensitivity to changes in costs or expected benefits;
  • operational feasibility;
  • material financial and non-financial risks;
  • reliability of the information supplied; and
  • comparison with alternative uses of the same funds.

The evaluation must also identify the method’s limitations. For example, projected cash flows can be overstated, payback can ignore returns occurring later in the project, and a positive financial result may not account for implementation or regulatory risk.

Calculations such as payback, NPV and sensitivity analysis must be explained as part of the management decision rather than inserted without interpretation. Students who need broader assistance with financial appraisal, budgeting or cash-flow analysis can review our finance assignment help service.