IP Report: Task 3 Manage Finances
Points to Remember:
Break-even is the point in which you don’t make any profit or loss ie/ your total revenue is equal to your
total expenses
Sales units – the quantity that you need to sell. For example, this could mean how many customers
need to make a purchase, how many products must be sold or how many people need to attend the
event
Sales Revenue – the income that is received from selling goods and services to customers
Fixed Costs (FC) – costs which don’t change with the level of business activity eg/ rent
Variable Costs (VC) – costs which fluctuate with the level of business activity eg/ labour cost
Useful Formulas
Sales$ = Quantity x Unit Price
Profit = Sales – Expenses
Profit Margin = (Net Profit / Total Sales) x 100%
Contribution Margin
CM = SP – VC
Contribution Margin Ratio
CMR = CM
SP
Break-even point in sales revenue
BEP$ = _FC_
CMR
Break-even point in sales quantity
BEPUnit = __FC__
CMUnit
Sales revenue
Sales$ = FC + Profit
CMR
Sales quantity
Salesunit = FC + Profit
CMUnit
Report – Industry Placement
Version 2
REPORT ASSESSMENT TASK BRIEF
Course SIT60313 Advanced Diploma of Hospitality
Subject Title Industry Placement 1, 2 & 3
Units of Competency BSBHRM604A Manage Employee Relations
SITXFIN601 Manage Physical Assets
BSBFIM601A Manage Finances
Title of Assessment Task Industry Placement Report and logbook
Submission Date Report Placement 3 Week 10
Logbook Placement 3 Week 12
This unit describes the performance outcomes, skills and knowledge to develop and maintain a positive and
productive workplace environment. It covers all aspects of employee relations impacting on managers at the
strategic level.
This unit describes the performance outcomes, skills and knowledge required to manage the physical assets
of an organisation. It requires the ability to establish systems and practices for asset monitoring, maintenance
and acquisition.
This unit describes the performance outcomes, skills and knowledge required to undertake budgeting,
financial forecasting and reporting requirements, and to allocate and manage resources to achieve the
required outputs for the business unit. It includes contributing to financial bids and estimates, allocating
funds, managing budgets and reporting on financial activity.
No licensing, legislative, regulatory or certification requirements apply to this unit at the time of
endorsement.
Instructions
Industry placement is a key part of the Advanced Diploma of Hospitality course , it is designed to give
students practical and relevant industry experience. The subject pursues the underpinning knowledge gained
at William Blue which focuses on employee relations, physical assets and managing finances. Through
participation in this subject students will:
• Gain relevant practical knowledge within the hospitality industry
• Detail appropriate employee relations policies and strategies
• Identify the reasons for a productive workplace culture
• Detail how the hospitality industry manages diversity and promotes its benefits
• Identify problem solving techniques to resolve workplace disputes within the industry
• Understand the process and benefits of conducting orientation and induction for new starters
Report – Industry Placement
Version 2
Part 1.0 Manage Employee Relations
Task 1.1
Using your workplace as an example please detail the employee relations strategies & policies that ensure
the organisation complies with current Industrial Relations legislation. Please include examples whenever
possible.
Key focus areas could include:
• EEO
• Work/lifestyle balance/ flexible family/work relationship
• Zero tolerance policy for harassment/bully and discrimination.
Task 1.2
Using your workplace as an example please explain how the organisation has built and maintains a
productive culture to be an employer of choice. . Please include examples whenever possible.
Key focus areas could include:
• Recruitment & selection
• Retention of staff
• Staff development and training
Task 1.3
Using your workplace as an example please explain how the organisation conducts orientation and induction
for new starters. Please include examples whenever possible. What would the benefits be for both the
employee and organisation from conducting an effective orientation and induction process?
Key focus areas could include:
• Detailing the induction and orientation activities
• Explanations for the purpose of the activities
Task 1.4
Using your workplace as an example please explain how the organisation manages diversity effectively.
Please include examples whenever possible. How does the organisation promote the benefits of diversity
amongst its employees?
Key focus areas could include:
• EEO
• Company policies & procedures
• Team meetings
Task 1.5
Using your workplace as an example please outline appropriate problem solving processes to resolve
workplace disputes within the organisation. Please include examples whenever possible.
Key focus areas could include:
• Grievances
• Counselling
• Verbal & written warnings
• Conflict resolution techniques
Report – Industry Placement
Version 2
Part 2.0 Manage Physical Assets
Task 2.1
Describe the location of your industry placement. Describe the design and atmosphere of the workplace area
where you completed your industry placement. You may include photos & floor-plan layouts whenever
possible.
Task 2.2
Create an assets register for your workplace area and take some photos of the assets that you have included
on the register.
Key focus areas could include:
• An asset description
• Asset location
• Quantity of each asset
• Manufacturer of the asset
• The assets serial number
• Warranty coverage
• Acquisition cost
• Salvage value
• Depreciation
Task 2.3
Explain the benefits of keeping an assets register.
Task 2.4
Explain what preventative maintenance is required on the physical assets you have identified and why.
Report – Industry Placement
Version 2
Part 3.0 Manage Finances
Task 3.1
Devise a function or event that would be suitable to be held at your placement. If you are in front office or
housekeeping you might consider developing a room package
• Describe the details of the event/package including elements such as:
i. The nature of the event/package
ii. Who is your event/package aimed at
iii. When is it to be held
iv. The appropriateness of the event/package at your placement
v. Any special considerations that need to be accounted for
Task 3.2
• Work out the costings for your event/package and compile your information into a format similar to
the example table below. You will need to consider:
o How much you will charge for the event/package
o Your costs associated with the event/package
o How much profit you will make
o Your profit margin
Hint use the formula:
Example:
o Your findings should be formatted similarly to the example below
Conference Costing Details An objective of 20% profit margin
Revenue
Price per person $79 $26 285
Quantity 1 person 333 people
Expenses
Food Costs 30% $7 885
Staffing 15% $3 942
Equipment hire $2 500 $2 500
Decorations $1 450 $1 450
Venue Hire $3 250 $3 250
Misc costs $2 000 $2 000
Profit – $5 257
Profit Margin – 20%
Task 3.3
• Based on your findings, write an argument justifying whether or not your event/package should
proceed
Profit Margin = Profit x 100%
Total Revenue
Report – Industry Placement
Version 2
Criteria Instructions
1. Implement employee relations strategy and policies for own work area
Build and maintain a productive culture
Manage diversity
Resolve employee relations problems
2. Develop practices for systematic maintenance, repair and purchase of physical assets
Monitor the condition and performance of physical assets
Coordinate financing and purchase of physical assets
3. Plan for financial management
Establish budgets and allocate funds
Implement budgets
Report on finances
Submission Instructions
The work is to be submitted electronically through the Learning Portal. Your work should be clearly marked
with your name and group information.
Checklist:
Task 1
Task 2
Task 3
Assessment Process
• All items must be submitted.
• All items must be satisfactorily answered / addressed / completed in order for you to achieve a
“Satisfactory” outcome for this assessment.
• Please note that this is one assessment from the range of assessment tasks you will complete. You
must complete all assessment tasks in this subject. Please refer to your subject outline for
information on the other assessment tasks.
• Clear, constructive and accurate feedback will be given to you on your results and performance
• The assessment items you submit will be retained by the college as evidence of your performance.
College Policies and Procedures relating to assessments, and associated forms, are available via
http://www.think.edu.au/about-think/thinkquality/our-policies.