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Assessment Type: Portfolio of Tasks
Date for Submission: Please refer to the timetable on ilearn
(The submission portal on ilearn will close at 14:00 UK time on the date of submission)
Task 1 in FIN5003 Financial Control and Budgeting
- Critically analyse the legal, financial and regulatory environment of health and social care.
- Critically evaluate the use of alternative funding options such as Private Finance Initiatives (PFI), agency partnerships, competitive tendering and outsourcing in the health and social care sector.
- Discuss agency theory in the context of the NHS. Explain the importance of and ways of communicating with stakeholders in the context of budgeting.
Task 2 in FIN5003 Financial Control and Budgeting
Write a 2000 word briefing document covering the following points;
- Critically discuss the impact of financial constraints, costs and budgets on health and social care service managers, their clients and other stakeholders.
- Explain the particular challenges of budgeting in public sector organisations
- Critically discuss the advantages and disadvantages of incremental and zero-based budgeting.
Task 3 in FIN5003 Financial Control and Budgeting
Sams Ltd is specialized in producing and selling washing machines. In 2018, the manufacturing cost per unit included:
|Direct labour (20 minutes per unit)||45/hour|
|Variable manufacturing overhead||20|
|Variable selling expenses||15|
|Variable administrative expenses||10|
Fixed costs for the year ended 31 December 2018 were:
|Fixed selling and distribution||1,450|
The company produced and sold 220,000 units at £225 per unit.
In 2019, management has decided to increase the selling price by 25% and to maintain the same contribution margin ratio as last year. This increase in price is to meet an increase of £1,450,000 in fixed costs in 2019. The company has produced and sold the same quantity in 2019 as last year.
- Calculate the break-even point and margin of safety in both units and revenue for the two years, 2018 and 2019, and briefly comment upon the results.
- Critically discuss key assumptions attached to the breakeven model, within the light of the reality of today’s business environments.
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