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Arden University © reserves all rights of copyright and all other intellectual property rights in the learning materials and this publication. No part of any of the learning
materials or this publication may be reproduced, shared (including in private social media groups), stored in a retrieval system or transmitted in any form or means,
including without limitation electronic, mechanical, photocopying, recording or otherwise, without the prior written consent of Arden University. To find out more about
the use and distribution of programme materials please see the Arden Student Terms and Conditions.
FIN5003
Financial Control and Budgeting
Assignment
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)
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Arden University © reserves all rights of copyright and all other intellectual property rights in the learning materials and this publication. No part of any of the learning
materials or this publication may be reproduced, shared (including in private social media groups), stored in a retrieval system or transmitted in any form or means,
including without limitation electronic, mechanical, photocopying, recording or otherwise, without the prior written consent of Arden University. To find out more about
the use and distribution of programme materials please see the Arden Student Terms and Conditions.
Assignment Brief
As part of the formal assessment for the programme you are required to submit a
Financial Control and Budgeting assignment. Please refer to your Student Handbook
for full details of the programme assessment scheme and general information on
preparing and submitting assignments.
Learning Outcomes:
After completing the module, you should be able to:
1. Explore and evaluate the legal, financial, regulatory and structural environment
under which health and social care services are provided.
2. Understand and explain the importance of governance and accountability and the
manner in which financial aspects of health and social care services are managed
and communicated to a range of stakeholders.
3. Produce, present and communicate budgets and product and service costs and
make decisions based on sound financial and management accounting theory and
practice.
4. Reflect on and demonstrate awareness of the impact of financial constraints, costs
and budgets on health and social care service managers, their clients and other
stakeholders.
Graduate attributes: Discipline Expertise
Knowledge and understanding of chosen field. Possess a range of skills to operate
within this sector, have a keen awareness of current developments in working
practice being well positioned to respond to change.
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Arden University © reserves all rights of copyright and all other intellectual property rights in the learning materials and this publication. No part of any of the learning
materials or this publication may be reproduced, shared (including in private social media groups), stored in a retrieval system or transmitted in any form or means,
including without limitation electronic, mechanical, photocopying, recording or otherwise, without the prior written consent of Arden University. To find out more about
the use and distribution of programme materials please see the Arden Student Terms and Conditions.
Guidance
Your assignment should include: a title page containing your student number, the
module name, the submission deadline and the exact word count of your submitted
document; the appendices if relevant; and a reference list in AU Harvard system(s).
You should address all the elements of the assignment task listed below. Please
note that tutors will use the assessment criteria set out below in assessing your work.
You must not include your name in your submission because Arden University
operates anonymous marking, which means that markers should not be aware of the
identity of the student. However, please do not forget to include your STU number.
Maximum word count: 4000 words
Please refer to the full word count policy which can be found in the Student Policies
section here: Arden University | Regulatory Framework
Please note the following:
Students are required to indicate the exact word count on the title page of the
assessment.
The word count includes everything in the main body of the assessment (including in
text citations and references). The word count excludes numerical data in tables,
figures, diagrams, footnotes, reference list and appendices. ALL other printed
words ARE included in the word count.
Please note that exceeding the word count by over 10% will result in a 10-percentage
point deduction.
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Arden University © reserves all rights of copyright and all other intellectual property rights in the learning materials and this publication. No part of any of the learning
materials or this publication may be reproduced, shared (including in private social media groups), stored in a retrieval system or transmitted in any form or means,
including without limitation electronic, mechanical, photocopying, recording or otherwise, without the prior written consent of Arden University. To find out more about
the use and distribution of programme materials please see the Arden Student Terms and Conditions.
Assignment Task
Task 1:
(a) Outline the current Legal, Regulatory and Financial Environment within Health and
Social Care.
(10 marks)
(b) Explain 4 Alternative funding options and evaluate their use within Health and Social
Care.
(10 marks)
(c) Outline the Agency Theory and explain how it can be used in the NHS. Consider the
limitations of this theory and how they can be overcome.
(10 marks)
(2000 words)
(30 marks)
(LOs: 1 & 2)
Task 2
(a) Evaluate the use of zero-based budgeting and Incremental budgeting within the NHS.
Ensure you reach a conclusion on what will work for NHS.
(15 marks)
(b) Explain the challenges of budgeting within a public sector such as the NHS.
(5 marks)
(c) Outline the implications of financial constraints such as use of costing and budgets on
Manager, Service Users and other Stakeholders.
(15 marks)
(1,500 words)
(35 marks)
(LOs: 2,3 & 4)
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Arden University © reserves all rights of copyright and all other intellectual property rights in the learning materials and this publication. No part of any of the learning
materials or this publication may be reproduced, shared (including in private social media groups), stored in a retrieval system or transmitted in any form or means,
including without limitation electronic, mechanical, photocopying, recording or otherwise, without the prior written consent of Arden University. To find out more about
the use and distribution of programme materials please see the Arden Student Terms and Conditions.
Task 3 Learning outcome 3
Astra ltd produces and sells Personal Protective Equipment. In 2020 the manufacturing
cost was:
Direct Material £120
Direct Labour (40 minutes per vaccine) £45/hour
Variable costs to manufacture £30
Variable selling expense £10
Variable Administrative costs £15
Fixed costs for the year were:
Fixed Manufacturing £1,500,000
Fixed Selling and distribution £1,000,000
Fixed Administrative £500,000
The company produced and sold 300,000 units at £300 per unit.
In 2021, management has decided to increase the selling price by 30% and to maintain
the same contribution margin ratio as last year. This increase in price is to meet an
increase of £1,200,000 in fixed costs in 2020. The company has produced and sold
400,000 units in 2021.
(a) Calculate the break-even point and margin of safety in both units and revenue for the
two years, 2020 and 2021, and briefly comment upon the results.
(10 marks)
(b) Critically discuss key assumptions attached to the breakeven model, within the light of
the reality of today’s business environments.
(15 marks)
(500 words)
(25 marks)
(LO: 3, GA)
10 marks will be allocated for presentation, academic writing and referencing
End of questions
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Arden University © reserves all rights of copyright and all other intellectual property rights in the learning materials and this publication. No part of any of the learning
materials or this publication may be reproduced, shared (including in private social media groups), stored in a retrieval system or transmitted in any form or means,
including without limitation electronic, mechanical, photocopying, recording or otherwise, without the prior written consent of Arden University. To find out more about
the use and distribution of programme materials please see the Arden Student Terms and Conditions.
Formative Feedback
You have the opportunity to submit a draft to receive formative feedback.
The feedback is designed to help you develop areas of your work and it helps you
develop your skills as an independent learner.
If you are a distance learning student, you should submit your work, by email, to your
tutor, no later than 2 weeks before the actual submission deadline. If you are a blended
learning student, your tutor will give you a deadline for formative feedback and further
details.
Formative feedback will not be given to work submitted after the above date or the date
specified by your tutor – if a blended learning student.
Referencing Guidance
You MUST underpin your analysis and evaluation of the key issues with appropriate
and wide ranging academic research and ensure this is referenced using the AU
Harvard system(s).
Follow this link to find the referencing guides for your subject: Arden Library
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Arden University © reserves all rights of copyright and all other intellectual property rights in the learning materials and this publication. No part of any of the learning
materials or this publication may be reproduced, shared (including in private social media groups), stored in a retrieval system or transmitted in any form or means,
including without limitation electronic, mechanical, photocopying, recording or otherwise, without the prior written consent of Arden University. To find out more about
the use and distribution of programme materials please see the Arden Student Terms and Conditions.
Submission Guidance
Assignments submitted late will not be accepted and will be marked as a 0%
fail.
Your assessment can be submitted as a single Word (MS Word) or PDF file, or, as
multiple files.
If you chose to submit multiple files, you must name each document as the question/part
you are answering along with your student number ie Q1 Section A STUXXXX. If you
wish to overwrite your submission or one of your submissions, you must ensure
that your new submission is named exactly the same as the previous in order for
the system to overwrite it.
You must ensure that the submitted assignment is all your own work and that all
sources used are correctly attributed. Penalties apply to assignments which show
evidence of academic unfair practice. (See the Student Handbook which is available
on the A-Z key information on iLearn.)
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Arden University © reserves all rights of copyright and all other intellectual property rights in the learning materials and this publication. No part of any of the learning materials or this publication may be reproduced, shared (including in private social media groups), stored
in a retrieval system or transmitted in any form or means, including without limitation electronic, mechanical, photocopying, recording or otherwise, without the prior written consent of Arden University. To find out more about the use and distribution of programme materials
please see the Arden Student Terms and Conditions.
Assessment Criteria (Learning objectives covered – all)
| Level 5 reflects the continuing development in knowledge, understanding and skills from Level 4. At Level 5, students are not expected to be fully autonomous but are able to take responsibility for their own learning with appropriate guidance and direction. Students are expected to further develop their theoretical knowledge within a more intellectual context and to demonstrate this through more complex forms of expression which move beyond the descriptive or imitative domain. Students are expected to demonstrate skills of analysis in both problem-solving and resolution. |
||
| Grade | Mark Bands |
Generic Assessment Criteria |
| First (1) |
80%+ | An outstanding information base exploring and analysing the discipline, its theory and any associated ethical considerations. There is sophisticated use and management of learning resources and a high degree of autonomy is demonstrated. Writing is Outstandingly well-structured and accurately referenced throughout. Where appropriate, outstanding professional skills are demonstrated. The work is original and with some additional effort could be considered for internal publication. |
| 70- 79% |
An excellent knowledge base within which the discipline is explored and analysed. There is a degree of originality in the approach. The work demonstrates confidence and autonomy and extends to consider ethical issues. Learning resources have been managed confidently. Writing is exceptionally well structured and accurately referenced throughout. Where appropriate, an excellent level of professional skills are demonstrated and the work demonstrates a high level of intellectual and academic skills. |
|
| Upper second (2:1) |
60- 69% |
A very good knowledge base which explores and analyses the discipline, its theory and any associated ethical issues. There is evidence of some originality and independence of thought. A very good range of learning resources underpin the work and there is evidence of growing confidence and self-direction. The work demonstrates the ability to analyse the subject and apply theory with good academic and intellectual skills. Academic writing skills are very good, expression is accurate overall and the work is consistently referenced throughout. |
| Lower second (2:2) |
50- 59% |
A good understanding of the discipline which begins to analyse the subject and apply some underpinning theory. There may be Reference to some of the ethical considerations. The work shows a sound level of competence in managing basic sources and materials. Academic writing skills are good and accurate overall and the work is planned and structured with some thought. Professional skills are good (where appropriate). The work lacks original thought, but academic and intellectual skills are moving into the critical domain. The work is referenced throughout. |
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Arden University © reserves all rights of copyright and all other intellectual property rights in the learning materials and this publication. No part of any of the learning materials or this publication may be reproduced, shared (including in private social media groups), stored
in a retrieval system or transmitted in any form or means, including without limitation electronic, mechanical, photocopying, recording or otherwise, without the prior written consent of Arden University. To find out more about the use and distribution of programme materials
please see the Arden Student Terms and Conditions.
| Third (3) |
40- 49% |
Satisfactory level of performance in which there are some omissions in understanding the subject, its underpinning theory and ethical considerations. There is little evidence of independent thought, and the work shows a basic use of sources and materials. Academic and intellectual skills are limited. The work may lack structure overall. There are some difficulties in developing professional skills (where appropriate). There is an attempt to reference the work. |
| Marginal Fail |
30- 39% |
A limited piece of work in which there are clear gaps in understanding the subject, its underpinning theory and ethical considerations. The work shows a limited use of sources and materials. Academic and intellectual skills are weak and there are errors in expression and the work may lack structure overall. There are difficulties in developing professional skills (where appropriate). The work lacks original thought and is largely imitative. |
| Clear Fail |
29% and below |
A poor performance in which there are substantial gaps in knowledge and understanding, underpinning theory and ethical considerations. The work shows little evidence in the use of appropriate sources and materials. Academic writing skills are very weak and there are numerous errors in expression. The work lacks structure overall. Professional skills (where appropriate) are not developed. The work is imitative. |