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BSBCUE608 - Manage Customer Engagement Operational Costs Assignment - Central Australian College, Australia

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ASSESSMENT TASK 1: QUESTIONS

1. Discuss some of the costs involved while performing customer engagement operations, using suitable examples from your workplace.

Business Marketing- Marketing plays an important role for every business in increasing the image of an entity and spread the word about the services of an entity among its customers. Different kinds of marketing which helps in engaging the majority of the customers with an enterprise comprises of email marketing, digital marketing, social media channels.

Customer loyalty programs- The loyalty programs introduced by the business will help in attracting the majority of the customers by offering discounts, buy 1 get 1 offer, free home delivery services, higher discount on bulk purchases.

2. Explain using suitable example explain why fixed cost is not always fixed.

The above statement is true which says that fixed cost is not always fixed due to the some of the reasons which held responsible for increasing the utility bills such as an increase in the power consumption, changes in the regulations. Two of these reasons held responsible for changing the fixed costs. Hence proved, a fixed cost is not always fixed as this can be changed.

3. What do you understand by Break-Even Analysis? Discuss the situations where break-even analysis can be used.

Answer - Break even analysis and the use of this analysis

It is a situation which helps an entity in determining the feasibility of the business to know the worth of the business that the selling of the services are enough to cover up all the costs in an entity. This kind of analysis uses by an entity in knowing the number of sales units require to meet the total costs incurred in an entity.

4. What do you understand by a budget? Discuss the various objects of preparing a budget.

It is a plan develops by an individual to spend money according to their planned budget to increase the savings and meet all the targets. The objectives of preparing the budgets are mention as below:

  • To create balance between savings and resource consumption
  • To predict the income and the expenses for the future period
  • To compare the actual and the budgeted results

5. Discuss the differences between the capital expenditure and revenue expenditure using suitable examples.

Basis

Capital expenditure

Revenue Expenditure

Time

This kind of expenses is related to a long term period of time

On contrary to the capital expenditure, these expenses related to the short term period.

Consumption

The consumption of this expense according to the useful life of the fixed assets.

Revenue expenditures consumed in an entity for a shorter time period.

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6. Discuss some of the methods that can be used for effective budget presentation.

Financial statements- The efficiency of the budgets will reflect when the same will utilize in determining the profit or loss and the financial position of an entity for a particular time period.

Ratios- The ratio analysis will help to compare the actual results with the past results to estimate the weaknesses lies in the performance of an entity as every component such as profitability, liquidity, and efficiency will get a check by applying different ratios.

7. Explain how an organization can have effective budget management.

An entity will ensure the success or the failure of the budgets by creating estimates and perform the forecasting analysis to know the future worth of the business in the present period.

8. Discuss why it is important to compare the actual financial results to the budget.

It is important to compare the actual results with the standard results in an entity is mention as below:

  • To identify the weaknesses lies in the business accounts
  • To know the balance of expenses or income in a budget

9. Give an example of a financial control system being used in your organization

An entity uses financial statements in reflecting its financial performance over a period of time by using criteria for all the statements such as income statement, positional ad ash flow statement is considered as financial control.

ASSESSMENT TASK 2 - CASE STUDY ANALYSIS

Case Study: Have your flu shot!

a) Prepare a statistical budget, in a tabular format.

Particulars

Budgeted revenue

Net Revenue

Variance

Adult

$400

($1*400)

$22000

 

$20200

Children

$1400

(700*$2)

b) Calculate the revenue and operating budget to find out the total profit or loss.

Particulars

Amount

Adult

$8000

Children

$14000

Total

$22000

 

Particulars

Amount

Expenses


Adult

$400

Children

$1400

Budgeted revenue

$1800

Income

$22000

Less: budgeted revenue

$1800

Profit

$20200

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c) Present the result in a graphical format.

Manage Customer Engagement Operational Costs Assignment.png

d) How does volume change affect budgeted revenue and expenses?

The increase in sales volume will directly changes the budgeted revenue which gets more powerful as compared to the expenses lies in an entity.

e) How does change in patient mix affect the department's finances?

The changes in the patient mix will certainly affect the overall finances of the department as this will create changes in the revenue.

ASSESSMENT 3 - SCENARIO ANALYSIS

Scenario A - Basis break-even point problem

Scenario A

Total Fixed cost

$10,800

Variable cost per unit

$2

Sale price

$20



Contribution per unit

Sales price per participant-variable cost per unit


18

Breakeven point

Total fixed cost/Contribution per unit

Participants

600

Scenario B - Variation of the basic break-even point problem

Scenario B



Total fixed cost

$10,000

Variable cost per unit

$5

Number of participants

500



Break-even point

Total fixed cost/Sale price -Variable cost per unit



500

$10000/x-$5

500x

$10000/5

500x

2000

x

4

Sale price

$4

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Scenario C - Awards evening

Scenario C

Sale price

$30

Number of participants

100

Total fixed cost

$1,500



Break-even point

TFC/Sale price-VC per unit



100

$1500/$30-x

3000

$1500/x

3000x

$1,500

x

$2

Total cost per meal

$1500/$30-$2

Cost per meal

53.57143

Scenario D - Calculating the break-even point of three possible venues for an event

Scenario D

Venue A


Seating capacity

500

Total fixed costs

1200

VC per Unit

$5.20

Sale price

$10



Break-even point

TFC/sales-VC

500

250

Profit

125000

 

Venue B


Seating capacity

1000

Total fixed costs

3500

VC per Unit

$5.20

Sale price

$10



Break-even point

TFC/sales-VC

1000

729.1667

Profit

364583.3

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Venue C


Seating capacity

2000

Total fixed costs

9000

VC per Unit

$5.20

Sale price

$10



Break-even point

TFC/sales-VC

2000

1875

Profit

937500

Out of all the three of the venues, the sports committee will choose Venue C that generates a profit of $937500 having a capacity of 2000 people.

ASSESSMENT TASK 4 - PROJECT REPORT: Presenting, monitoring and controlling budgeting operations.

a) Select an organisation of your choice; give a brief description of the major activities of the business, products and services.

Tesco Company is considering for this assignment which is a public retail company deal in transnational grocery and general merchandise items. The branch of this company spreads all across the world. It is ranked as a renowned business retailer in the United Kingdom.

b) Select an activity that will be carried out by the organization in next quarter. Explain the activity, its major stakeholders and processes involved in the activity.

Charity raising fund- Tesco arranges a charity event to raise the funding meeting its operating costs of the business and also for spending on the corporate social responsibility goals of an entity.

Charity event of Breast cancer for woman

Nowadays, the risks of breast cancer is increasing among the woman of 40 years and above but there is no awareness of this disease among the majority of the woman. This fundraising event will intend to create awareness along with the financial help collected for healing this disease.

Event schedule

The fundraising event has happened by hosting a marathon where people walked for aware people about this disease to raise the fund. Sources of revenues can be generated in different ways through this event will include sale of ticket for the events and donations received.

Stakeholders

This event has invited several parties such as women to raise the awareness about this disease, nutritionist, oncologist expert for cancer, NGO, Businesses, government officials to raise more funds.

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c) Prepare a budget for the activity. You may consider the figures from previous similar activity being carried out.

Budget

Particulars

Amount

Revenue


Charity function ticket revenue($5000*5000)

$25000000

Donations received

$15000000

Total revenue

$40000000

Costs


Venue arrangements

$150000

Catering

$200000

Traffic management for marathon

$300000

Total

$6500000

Profit

$41350000

Sponsors

  • National Breast cancer council
  • Local businesses in Australia
  • Local council for accessing roads permission for marathon
  • Catering sponsors
  • Media sponsors

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d) Once the activity has been completed discuss the differences between the budget and actual figures. Also perform variance analysis and explain the reasons for the variance.

Conduct variance analysis to compare the budgeted and actual figures

Particulars

Budgeted

Actual

Variance

Revenue




Charity function ticket revenue($5000*5000)

$25000000

$18500,000

$6500,000

Donations received

$15000000

$12500,000

$25,00,000

Total revenue

$40000000

$31000,000

$9000000

Costs




Venue arrangements

$150000

$120000

$30000

Catering

$200000

$180000

$20000

Traffic management for marathon

$300000

$250000

$50000

Total costs

$6500000

$550000

$100000

Profit

$41350000

$32250000

$9100,000

e) Outline the financial delegation policy of organisation, financial control systems and requirements and discuss how financial control system has been implemented.

Seeking approval of Local council of the Australia and World health organization for this fundraise event as this related to the woman cancer event. The responsibilities and work duties of this event will share among the volunteers.

f) Give suggestion for future budget management improvements.

It is recommended to this fund raising event for women cancer treatment to decrease the costs of this event and increase all their stakeholders to raise more funds for this particular event

g) Present the entire budget process using suitable presentation method to the class, considered them as the relevant stakeholders.

Present the entire budget process - The Budget develops by the organization will present among all the stakeholders are mentioned below:

  • Face to face meeting
  • Brainstorming
  • Press release
  • Public presentation

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