PERFORMANCE MANAGEMENT AND CONTROL[ACC3MAC]

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.
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) 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.
Please 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.
Please 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.
Please 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.…
Please refer to the marking rubrics, the
A (80-100%) column
5
Total 100
Part C: Detail Rubrics
Please 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 highlevel 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.
– Design of the cover page: any design you want (feel free to be creative in the way you present information).
– 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: 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.
– Academic Integrity: please refer to Academic Integrity section in the Subject Learning Guide
Assignment 1_ACC3MAC20
– Page 9

Need Help Writing an Essay?

Tell us about your assignment and we will find the best writer for your paper.

Write My Essay For Me

The post PERFORMANCE MANAGEMENT AND CONTROL[ACC3MAC] appeared first on Essay Bishops.