The candidate will demonstrate the ability to plan financial management approaches. Assessment description In response to the scenario provided, you will clarify budget plans with your manager and negotiate changes to the budget. You will then identify and analyse a risk to the budget and prepare a contingency plan to prevent or minimise the risk. Specifications You must: ● provide a contingency plan. Your assessor will be looking for: ● numeracy skills to read and understand a budget and negotiate budget re-allocations ● knowledge of basic accounting principles to identify and use account balances ● knowledge organisational requirements related to financial management such as contained in organisational policies and procedures ● knowledge of principles and techniques involved in budgeting. Adjustment for distance-based learners ● No variation of the task is required. ● Documentation can be submitted electronically or posted in the mail. Procedure 1. Read through the Case study (Appendix 1 of this document) and the scenario provided (Appendix 2 of this document) including tasks A and B. 2. Prepare to meet with your manager to clarify budget and negotiate changes: a. identify areas of the budget that are not achievable, inaccurate or unclear b. prepare to negotiate necessary changes to the budget c. set up a time with your manager to meet. 3. Meet with your manager to clarify budget and negotiate changes. a. identify at least two issues for clarification b. negotiate at least two changes. 4. Submit all documents required in the specifications below to your assessor. Ensure you keep a copy of all work submitted for your records.