1 La Trobe Business School PERFORMANCE MANAGEMENT AND CONTROL [ACC3MAC] Assignment 1 (25%) Due date: 11pm Sunday 23rd August (week 5) Campuses: Bundoora, Chisholm, Bendigo, Mildura, Albury-Wodonga, Shepparton (S2, 2020) Campus: Sydney (Study Period 2, 2020) Subject Coordinator: Dr. Kate Mai 2 Part A: Product design and master budget: Pushing your boundary
Purpose of this assignment: To assess student’s ability to work independently to develop standard costs for a product and prepare master budget for the
product.
Graduate Capabilities Assessed: Autonomy and independence, critical thinking, inquiry/research, and disciplinary specific knowledge
Create a plan and budget for one product or service that you want to offer to the market. You can decide on the type of business (service, manufacturing or
trading), type of product or service, the targeted market for your product or service, the time and social context that you want to offer the product.
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Feel free to imagine. Do market research and complete the tasks described in part B. 3 Part B: Task requirements Requirements Marks allocated Explanation Hints to get high marks 1 Select and design product or service of your choice, and discuss the vision, purpose, and goal of your product/service. 20 1) Propose a product/service with description of setting.
Explain why the product/service is chosen using market research (social, political, legal, environmental contexts). 2) Ace my homework – Write my paper – Online assignment help tutors – Discuss the vision, purposes, and goal of the business. Explain the linkage between the decision with the vision, purpose and goals of the business. You need to provide clear evidence of market research to arrive at the decision.
Evidence of market research needs to be referenced using appropriate referencing style. The more research you do to arrive at your selection of product/service, and the more critical thinking you put in to evaluate the suitability of the product/service to society, as well as your business vision, purpose and goals, you will achieve greater marks.
I need help writing my essay – research paper refer to the marking rubrics, the A (80-100%) column 2 Estimate standard production costs including direct costs and overhead costs for your product or service (Note: you need to arrive at total standard cost per unit of product/service) 30 (20 marks for explanation of direct costs and overhead costs, 10 marks for estimation of standard costs on Excel) 1) Describe the production process and design of the product/service.
2) Develop standard direct material and labour costs, standard fixed and variable overhead costs, and total standard costs on Excel. 3) Provide a detailed explanation of the process of estimation, any assumptions used, and where you get the cost information from (data sources), and critically evaluate why you think the data is reliable.
The key to get high marks in this part is to clearly understand your product/service, how it is produced or delivered. Estimation of costs need to have critical evaluation of the reliability of the information you obtained. Market research on costs and product design is a must to get high marks. I need help writing my essay – research paper refer to the marking rubrics, the A (80-100%) column 4 4) All data sources need to be properly referenced in-text and in the reference list.
5) Estimation of standard costs is to be done in Excel, in the same file with the preparation of master budget. This file is to be submitted as the second part of the assignment. Workshop 3 will equip you with the Excel skill for standard costs development. 3 Prepare a master budget for the first month after the product is offered to the market (including all components of a master budget) 40 (10 marks for explanation of various figures in master budget, 30 marks for the master budget preparation on Excel) 1) You are required to develop a master budget for your product/service for the first 1 month of offering it to the market.
The master budget must include ALL components relevant to your chosen business. Sales estimation needs to be explained using market research (why and how you arrive at the sales estimation). 2) All budgets are to be presented in professional Excel format. All data sources need to be properly referenced. 3) The whole master in Excel is to be submitted as the second part of the assignment.
The key point here is estimation of sales because it determines the whole budget. The more market research and critical evaluation of different sources of data you use for sales estimation, and other costs estimation, the better the mark will be. I need help writing my essay – research paper refer to the marking rubrics, the A (80-100%) column Watch the tutorial video 6.24 carefully on the process of using Excel for master budget.
4 Reflection on the knowledge and skills you developed from this assignment 10 You need to reflect on the process of doing this assignment. What were the difficulties that you faced during the assignment, how did you overcome the difficulties, and what were the lessons you learned after doing the assignment? The deeper and more critical you reflect on your personal experience of preparing the budget, the better the mark will be.
It is the best if you can relate your personal experience of doing this budget with what you learn in class, in your daily life, and compare with other experiences that you know through interaction, reading, watching, etc.… I need help writing my essay – research paper refer to the marking rubrics, the A (80-100%) column 5 Total 100 Part C: Detail Rubrics I need help writing my essay – research paper see below marking rubric indicating assessment criteria and marks.
Criteria Mark A (80-100%) B (70-79%) C (60-69%) D (50-59%) N (0-49%) Develop new product/s ervice 20 Demonstrates evidence of in-depth, intensive market research to examine different factors including needs of customers, current trend in social, political, legal and environmental contexts, via multiple sources. The proposed product/service is innovative, and the purpose of the product/service is highly appropriate for the context.
The business demonstrates critical analysis of its potential social impact. The business’s vision and goals are clearly identified, closely linked to each other, and achievable within the timeframe. Demonstrate reasonable market research (including some but not all of these areas: needs of customers, current trend in social, political, legal and environmental contexts) using a few sources.
The purpose of the proposed product/service is appropriate for the market and the context. The business demonstrates some social responsibilities for the society. Demonstrate some critical evaluation of the potential social impact of the product. The vision and goals of the business are clearly identified and linked to each other.
Demonstrates some market research (including some but not all of these areas: needs of customers, current trend in social, political, legal and environmental contexts) using at least one source. The purpose of the proposed product/service is appropriate for the market and the context. The business demonstrates intention for social responsibilities but does not show adequate critical analysis of the potential social impact of the product/service.
The vision of the business is clear. Goals are clearly identified but not closely linked to vision. Demonstrates limited market research, discuss but not critically evaluate needs of customers, current trend in social, political, legal and environmental contexts. The purpose of the proposed product/service is appropriate for the market and the context.
The business demonstrates little consideration for social responsibilities. The vision and goals of the business are stated but not very clear and weak connection to each other. Demonstrates very little or no evidence of market research. Little or no critical evaluation of different factors influencing the product selection.
The purpose of the proposed product/service is not quite appropriate for the market and the context. The business demonstrates no or little responsibilities for the society. The vision and goals of the are not clearly identified. Develop standard costs 30 (10 mark for excel work on Shows excellent understanding of the product through clear and Shows good understanding through a clear description of the production Shows reasonable understanding of the production process Shows little understanding of the production process with Shows no understanding of the production process 6 standard cost estimation) detailed description of the production processes and materials involved.
The cost estimation includes high level of detail explanation of the process of cost estimation and demonstrates critical evaluation of reliability of the sources. The standard costs are strongly aligned with the purpose statement. Excellent demonstration of excel skill in developing standard cost. (formatting, cell references, uses of formula) processes and materials involved.
The cost estimation includes detail explanation of the process of cost estimation and demonstrates some evaluation of reliability of the sources. The standard costs show some alignment with the purpose statement. Excellent demonstration of excel skill in developing standard cost. through a brief explanation of the product/services.
Costs are estimated with some explanation of the process of estimation but little critical evaluation of the reliability of the sources. Standard costs show little alignment to the purpose statement. Very good demonstration of excel skill in developing standard cost. very little explanation of the product/services. Costs are estimated with limited explanation of the process of estimation.
There is no critical evaluation of the reliability of the sources. Standard costs show little to no alignment to the purpose statement. The standard costs are processed properly using Excel. through the absence of explanation of the product/services production process. Costs are estimated with no explanation of how the figures are arrived.
There is no critical evaluation of the reliability of the sources. Standard costs show no alignment to the purpose statement. Little or no demonstration of excel skill in developing standard cost. Develop master budget 40 (10 for explanation and 30 for excel budget) The master budget is clearly and strongly linked to the identified goals.
All necessary components of the master budget relevant to the chosen business type are completed in an understandable manner and high level of professional presentation. Sales estimation is clearly justified using extensive market research. All assumptions used in developing the master budget are critically discussed using market research.
The excel budgets The master budget is linked to the identified goals. All necessary components of master budget relevant to the chosen business type are completed with professional presentation. Sales estimation is stated with some explanation using limited market research as to how and why the figure is achieved.
Some assumptions made in developing the budget are evaluated with limited market research. The excel The budget is weakly linked to the stated goals. All necessary components of master budget relevant to the chosen business type are completed with understandable and neat format. Sales estimation is included with some justification from market research.
Some assumptions made in developing the budget are stated but not evaluated. The excel budgets are properly done with cell references and formula The budget is not linked to the stated goals. All components of the budgets are completed in an understandable but not professional and neat format. Sales are stated but no discussion further as to why the sales figures are estimated.
Few or no assumption are stated or discussed. The excel budgets are reasonably done with cell references and formula used, clear and understandable format The budget is prepared but does not include all necessary components relevant to the chosen business type. There is no link between the budget and identified goals.
Sales are stated but no explanation. Little or no evidence of market research being done to arrive at the sales. The excel budgets are not properly done with cell references and formula used, format 7 are excellently done with cell references and formula used, and professional formatted. budgets are well done with cell references and formula used, very good and easy to understand format.
used, clear and easy to understand format is unclear and not understandable. Reflection 10 Demonstrates an excellent ability to deeply and critically reflect on personal experience of preparing a budget through a detailed discussion of challenges encountered during the process, how the challenges were overcome, and the lessons learnt.
The reflection is clearly authentic through its connection with the way the assignment is done. Demonstrates a good ability to critically reflect on personal experience of preparing a budget by clearly pointing out some challenges encountered during the process, how the challenges were overcome, and the lessons learnt.
Demonstrates reasonable ability to reflect on personal experience of preparing a budget through discussing some experiences during the process of doing the assignment. Challenges, solutions and lessons learnt are not clear. Demonstrates weak ability to reflect on personal experience of preparing a budget. Challenges, solutions and lessons learnt are not well articulated and seem not reflected in the way the assignment is done.
Shows very weak ability to reflect on personal experience of preparing a budget. Reflection is very general and there is no reflection on challenges faced, how challenges have been overcome and what lessons have been learnt. 8 Part D: Submission Guidelines What to submit: – TWO files: Report in PDF (1000 words limit), and Excel file (where you show all the works of estimating standard costs and master budget) – In the Report, you still need to include all tables of standard costs, and budgets that you have prepared in the Excel.
So, you have to prepare them in Excel first, then export them into word file, then convert the word file into PDF. Then you submit both the PDF file and the Excel file as two parts of the assignment. The Excel work accounts for 40 marks of this assignment, and the report accounts for 60 marks of the assignment. Minimum Format requirement: – Word limit: 1000 words excluding references – Cover page must have your student name, student ID, subject code and name, assignment title, submission date, subject coordinator name.
– All budgets are prepared in table format, using Excel, as illustrated in the workshop activities. This is to help you to improve your ability of using
Excel. You should prepare the budget on Excel then export the tables to your word document. The Excel works and tables do NOT count towards the word limit. – Explanation: can be delivered in Words or Images. If it is in Words, use Arial, 12pt, 1.5 spacing. You are encouraged to use more images, charts or any form of visualisation to convey your contents.
If you use images, make sure their meanings are clear. – All pages need to be numbered. – All sections should have appropriate headings. – Reference: Ace homework tutors – APA 6th if you use in-text citing. Note: any idea or data which do not come from you needs to be referenced both in-text and in the reference list. – Final report submission must be in PDF format.
Workout of standard costs and master budget is in Excel file. When to submit: – Due date: 11pm Sunday (week 5) 23rd August – Method of submission: via Turnitin link under LMSAssessmentsAssignment 1_part 1 and 2 – Extension and late submission: please refer to the Extension, Late Submission and Penalties section in the Subject Learning Guide.
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5) Estimate standard costs in Excel, in the same file as the master budget. This file is part two of the assignment. Workshop 3 will teach you how to develop standard expenses in Excel. 3 Set up a monthly budget for the first month after the product is released (including all components of a master budget) 0 (10 marks for explanation of various figures in master budget, 30 marks for the master budget preparation on Excel) 1) Create a master budget for your product/service for the first month on the market.
The master budget must cover ALL business-related components. Market research is needed to explain sales estimation (why and how you arrive at the sales estimation). 2) All budgets must be in Excel format. All data sources must be appropriately cited. 3) The second component of the task is the master in Excel.
The sales forecast is critical since it dictates the budget. The more market research and careful review of data sources you utilize to estimate sales and other costs, the better the mark. I need help writing my essay – research paper see the A (80-100%) column of the marking rubrics. Watch carefully tutorial video 6.24 about using Excel for master budget.
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4 Reflection on your acquired knowledge and talents 10 You must reflect on the assignment-making process. What challenges did you have during the task, how did you overcome them, and what did you gain from it? The better the mark, the more you reflect on your own budgeting experience.
Compare your own budgeting experience with what you learn in class, in your daily life, and with other experiences you know from contact, reading, watching… I need help writing my essay – research paper see the A (80-100%) column 5 of the marking rubrics. Part C: Rubrics I need help writing my essay – research paper check below for assessment criteria and marks.
Criteria Mark (80-100 percent ) N (0-49 percent ) Create new product/service 20 Evidence of extensive market research examining client requirements, current trends in social, political, legal, and environmental environments. The proposed product/service is novel and serves a very specific need.
