When you complete your Diploma in Financial Planning qualification you’ll be exposed to the concept of “income protection” and how to advise your clients on this type of insurance product.

Part of any good business plan is the consideration of risk management strategies to . . . → Read More: Diploma Financial Planning – What is Income Protection Insurance?]]> What is Income Protection Insurance and Why It’s Important

When you complete your Diploma in Financial Planning qualification you’ll be exposed to the concept of “income protection” and how to advise your clients on this type of insurance product.

Part of any good business plan is the consideration of risk management strategies to protect the earnings and assets of the business, and this includes the key members of the team. One of the best ways to do this is of course via insurance.

Insurance is a contract between the insured and the insured, whereby the insurer will, in return for an insurance premium, pay to the insured an agreed benefit if a claimable event occurs whilst the insurance policy is in force.

That is why there are so many different types of insurance policies out there – to protect against all of those potential risks from fire, theft and damage through to negligence, accident, injury, illness and death. But one often overlooked insurance with an estimated take up rate of only 6% of Australians, is income protection insurance…. yes you can actually insure your income in the event that you are unable to work due to injury or illness.

• What exactly is income protection insurance (in the Australian context)?

Income protection insurance is pretty much the same in most countries in that it serves to protect you and your income in times of income loss due to some form of short-term or long-term illness or injury. There are various different types of policies, but typically they will pay up to 75% of your salary package whilst you are still out of work. So your rent, food and basic needs are still covered even when you’re unable to work.

So what do you need in order to qualify for income protection insurance? In Australia, the basic requirements are you must be 18 to 60 years old, working at least 20 hours per week and must be an Australian resident.

How much does a basic income protection insurance cost? The total cost of your insurance depends on several factors. Your age is important because insurance is cheaper the younger you are. Then you have your occupation to consider. If your job involves higher risks (such as a SCUBA diving instructor as compared to a shop assistant) then the cost of your insurance will likely be higher. Other factors include your gender, lifestyle (smoker versus nonsmoker), current health and the policy options you select.

A qualified financial planner can help you to determine the best insurance options for you and your situation.

• Types of income protection insurance

There are two types: agreed value and indemnity value. Agreed value income protection insurance basically pays a benefit based on an income amount agreed at the time of application. Indemnity value income protection insurance involves benefit payments based on the actual income earned by the insured in the 12 months prior to claim. Agreed is a more certain payment figure, but comes at a higher premium cost.

• Other policy options

Most policies will allow you to select how long you have to wait before the policy starts after you stop working – typically either 14 days, 30 days, 90 days, 180 days or 720 days. Obviously the shorter the wait period the higher the premium, but it is important not to pick too short a wait otherwise you may run out of money before the benefit starts paying.

Once it does start it will then make payments until you return to work, unless your benefit period runs out first. The typical benefit periods are either 2 years, 5 years or to age 65. The shorter the benefit period the lower the premium, but don’t cut it too short as your insurable even might put you off work for a long time.

• Protect Your Super

Some policies, for an additional cost, even allow you to add an extra benefit to top up your superannuation fund. This is important as if you are unable to work for a long period of time, or perhaps ever again, then your super fund is not going to receive employer Superannuation Guarantee payments, meaning you will have less to fund your retirement.

Make sure to check with your financial planner about your options regarding income protection insurance.

Intellitrain delivers the Diploma of Financial Planning qaulification both online and in face-to-face classroom training, so contact us today on 1300 435 082

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In the Certificate IV in Project management qualification you will learn the basics of how to manage projects professionally.

For any endeavor to succeed there must be a solid foundation upon which it is based. However, in the case of project management, there . . . → Read More: Cert IV in Project Management – Basic Principles for Managing Projects]]> Basic Principles of Project Management According to R. Max Wideman

In the Certificate IV in Project management qualification you will learn the basics of how to manage projects professionally.

For any endeavor to succeed there must be a solid foundation upon which it is based. However, in the case of project management, there is little research focusing on its basic principles and many various frameworks which can be used.

Without theoretical conclusions and evidence generated by research, project management can be a big, inconvenient hassle and the success of any given project may be questionable.

This particular issue has been tackled by R. Max Wideman in his work, which is entitled ‘First Principles of Project Management’. In his paper, he defines the difference between project management practices and project management principles.

He has also proposed seven principles of project management:

1. Success

The end goal of a project should be more than just finishing timely and without going over budget. When undertaking any sort of project, you should always aim for the success of your product. Success is hard to measure without any concrete terms. Therefore, before starting a project, you and your team must come up with key deliverables that can indicate success. This could include the scope, quality, relevance and so on.

2. Commitment

The sponsor and the team must be mutually committed to the project before it comes into existence. There must be an acceptable level of commitment. This means that an agreement exists between the two parties regarding the goals, scope, quality, time frame and the cost of the project.

3. Tetrad-Tradeoff

This principle simply means that scope, quality, time, and cost must be achievable and they must exist in a balanced state for a project to succeed. One cannot be changed without affecting the others. The implications for the qualified project manager include regular checks of the four pillars to make sure that they are working together.

4. Primary Communication Channel

This means that the project must be governed through a single communication channel. Although the owner can be represented by several individuals, it is a must that he or she must speak with a single voice. This is the same for the team. One person must be the sole point of responsibility. This person should have the attributes necessary for a successful project.

5. Cultural Suitability

The method of management must match the type of project and the current status of the project. The team must be managed in a way that enables and empowers them. This makes it possible for the team to do their best jobs.

6. Process

For any project to succeed, procedures and policies must be clearly stated and documented. This also means very detailed planning, which usually leads to policy development. The roles, responsibilities and delegations must be included in policies. These policies serve as guides throughout the lifespan of the project.

7. Life-cycle

This principle entails the planning and the implementation phases of the project. Fundamentally, planning comes before implementation. This ensures a clear path and determines significant milestones in the project. By carrying out this principle, you can easily determine when your project starts and when it should end.

So if you are planning to manage a project, keep Mr. Wideman’s basic principles in mind.

The best way to make sure you’re using time-tested project management principles is by completing the Certificate IV in Project Management or the Diploma in Project Management delivered online by Intellitrain.

These qualifications will introduce you to the best-practice project management principles used in Australia today.

Start your project management training online today and a new career tomorrow with the project management qualification best suited to your needs.

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Project scheduling usually follows after the project activities are determined.

The project activities are associated with time in order to create a project . . . → Read More: Cert IV Project Management Training Tips – What is Project Scheduling?]]> When you attend the Certificate IV in Project Management training course with Intellitrain, you’ll be introduced to the concept of “project scheduling” and it’s importance in managing a project professionally.

Project scheduling usually follows after the project activities are determined.

The project activities are associated with time in order to create a project schedule.

The project schedule gives a graphical representation of tasks, milestones, task durations, dependencies, resource requirements, and deadlines.

The project schedule must contain the tasks to be performed, the person who’s responsible for each task, the start date and end date of each task, and the duration of the tasks.

Similar to the development of each component of the project plan, developing a project schedule is also an iterative process. Milestones may mean additional tasks, additional tasks may need additional resources, and the completion of the task may be measured by additional milestones.

For large and more complex projects, detailed sub-schedules are required to effectively present each tasks in great details.

During the course of the project, actual progress made is compared to the original project schedule. This evaluates the development of activities and assesses the accuracy of the planning process.

Type of Schedule

The type of schedule used for each project depends on its complexity. For larger and more complex projects, a PERT chart may be used. PERT is used for scheduling activities such that the project’s completion time is minimized.

For smaller and less complex project, a Gantt chart or bar graph may suffice. A Gantt chart is a graphical representation that displays activities as follows:

• Horizontal axis measured the time for each activity.
• Vertical axis is the list activities.

Milestones

The completion of important actions is vital to the success of any project. These completions are referred to as milestones and can be considered “mini-projects” within the primary project.

Milestones don’t have durations. While different projects have unique milestones, below are some common milestones.

• Requirements Approval
• Prototype Approval
• Code Review Complete
• Integration Test Complete
• Customer Shipment
• Phase Review Approval
• Design Reviews Complete
• Acceptance Test Complete

For contracted works, milestones are very important because each completion means a payment can be invoiced.

Task Duration

Estimating each task’s duration is challenging and important because the estimate is used to determine the cost estimate for the project. Accurate task duration estimates are necessary in order to maintain team’s morale and stabilize customer relations.

If the task duration estimate is accurate, the team knows what’s expected of them and they also know what to expect. Therefore, it is very important not to make overly optimistic task duration estimates for it will affect not only the team but also the stakeholders.

Priorities

Clearly defining priorities avoid scheduling and resource conflicts. When you know which of the tasks need to be done first and the relationship of each task with each other, you can avoid or resolve any difficult scheduling conflicts.

The Critical Path

The critical path determines the earliest possible time to complete the project. Thus, it is important for qualified project managers to determine the critical path and remain aware of it throughout the duration of the whole project. If critical path tasks slip, it’ll result into a disaster. The whole project will be delayed.

Assumptions

It is important to document the assumptions in developing the project schedule to ensure the project’s success. If these assumptions aren’t documented, it’d be difficult and risky to change the project schedule in the future.

An example of an assumption that affects the duration of the project is the shortening of the duration of the project because highly skilled individuals are expected to work on the tasks and complete them quickly.

Aside from the above mentioned items, there are still a lot of factors to consider in making a project schedule. As the project manager, it’s your responsibility to carefully consider each option to be able to create an accurate project duration estimate.

Intellitrain provides the Cert IV in Project Management and the Diploma in Project Management online, so contact us today on 1300 735 082 to learn more!

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Project duration is one of the most important estimates made during the planning phase of a proposed project.

This figure represents the length . . . → Read More: Certificate IV Project Management Training Tips – What is Project Duration?]]> When you attend the Certificate IV in Project Management training course with Intellitrain, you’ll be introduced to the concept of “project duration” and it’s importance in managing a project professionally.

Project duration is one of the most important estimates made during the planning phase of a proposed project.

This figure represents the length of time it’ll to complete the project. It’s very important to investors and stakeholders to know how long they have to wait before the project is completed because their own plans can’t proceed before the completion of the project.

For larger projects, it’s difficult and time-consuming to estimate the overall project duration.

Using the bottom-up approach, estimates of the duration of each work package are needed and the data gathered are integrated into a project schedule. This schedule is usually presented using Gantt chart.

Initial project duration are usually only rough estimates and not always precise. As the project progresses, the project duration is being updated when deemed necessary to reflect the true duration of the project based on the newly available data.

Factors such as business environment and availability of resources can affect project duration that’s why it’s important to keep them in mind.

Qualified project managers are asked to provide an estimate as to the duration of the project to assist stakeholders in making an informed decision about the project’s feasibility and the Cert IV Project Management teaches these procedures. Other information considered by stakeholders in making this decision is the project size and cost.

Having this information can help them answer the following questions:

• Is it possible to complete the project within the target time frame?
• How will the project team size affect productivity?
• If the team size is “n” people, how long will it take to complete the project?
• How much will the project cost given its duration and size?

How to Estimate Activity Duration

In order to have a more realistic project duration estimate, it is important to have an estimate of the duration of each activity.  The basis of this estimate isn’t the length of time you want the activity to take or the length of time the stakeholders set to complete the project but your honest estimate of how long you think the project will really take.

It is important to note that overly optimistic activity duration estimates can cause an activity to take longer for the following reasons:

• Overly optimistic estimates appear to meet schedule target that’s why no move to seek alternative strategies to accomplish the activities sooner is being made.
• If people know that the duration estimate is unrealistic, they’ll not try their best to achieve them because they know they can’t. When delays happen, they’ll accept them as inevitable instead of finding ways to overcome them.

When making an activity duration estimate in your Certificate IV in Project Management training course , you should consider the following:

• Past experience
• Stakeholder’s expectations
• Expert opinion
• Other available information sources

The above mentioned factors are needed to clarify the following activity components:

• Work done by people – This includes physical and mental activities such as assembling equipments, brainstorming, and writing reports.
• Work done by nonhuman resources: This includes activities done by computers and other machines such as printing reports.
• Physical processes – This includes physical or chemical reactions such as paint drying, concrete curing, and chemical reactions performed in laboratories.
• Time delays – This refers to elapsed time when nothing is happening such as needing to make a reservation for a conference room one week before holding a meeting. Time delays are usually due to unavailability of resources.

Getting to know the type of resources required by each activity is helpful in improving the accuracy of your activity duration estimate.

To support project work, you’ll need the following types of resources:

• Equipment
• Personnel
• Raw Materials
• Facilities
• Funds
• Information

For each resource mentioned above, you need to determine its capacity and availability.

Intellitrain provides the Cert IV in Project Management and the Diploma in Project Management online, so contact us today on 1300 735 082 to learn more!

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In this course you will learn all about the process of creating and filing BAS statements in Australia with the FNSBKG405A module.

The . . . → Read More: Certificate IV in Bookkeeping – What is a Business Activity Statement (BAS)?]]> In the Certificate IV in Bookkeeping qualification you can upgrade to BAS Agent’s course which is required if you are planning on providing BAS statement filing services for your clients.

In this course you will learn all about the process of creating and filing BAS statements in Australia with the FNSBKG405A module.

The Business Activity Statement, commonly called BAS statement, is a form submitted by all businesses to the Australian Taxation Office (ATO) to report their taxation obligations. Activity statements are used not only to report a number of tax obligations but also to pay them.

These tax obligations include the following:

• Goods and Services Tax (GST)
• Pay As You Go (PAYG) income tax instalment
• Pay As You Go (PAYG) tax withheld
• Fringe Benefit Tax (FBT) instalment
• Luxury Car Tax (LCT)
• Wine Equalisation Tax (WET)
• Fuel Tax Credits
• Instalment notices for GST and/or PAYG instalments

Businesses registered for GST are required to lodge a BAS for each period.

Important Dates to Remember

• Monthly – 21^st day of every month

• Quarterly – 28^th of February, April, July, and October (if 28^th fall on a public holiday or on a weekend, all payment must be made on the next business day)

• Annually – GST return is sent out after the 4^th quarter BAS and must be lodged by either the 28^th of February or before the yearly income tax return is due, whichever comes first

Payment Options

With the advancement of technology, lodging and paying your BAS can now be done instantly. Credit card payment option is now available. You business activity statements can also be lodged online, by mail, through an accountant, over the phone, or at Australia Post.

It’s important to note that even if your business haven’t made any income or incurred expenses, you must still complete the BAS form and lodge it with the Australian Taxation Office.

ATO will fine you for failure to submit your BAS on time so make sure you remember the filing dates to avoid the FTL penalty or the failure to lodge penalty. If you are frequently late in lodging your business activity statements, ATO may increase your fine.

A fine of $110 is applicable if you fail to lodge for every 28-day period or a fraction thereof. Remember that it’s not allowed for you to incur more than $550 and your penalty is doubled if your business earned more than $1 million and five times higher if your business earned more than $20 million.

It’s also important to submit business activity statements containing correct information. If you commit a genuine mistake, the least you’ll be charged is interest on the unpaid tax or it can also be an extra credit. However, if the mistake committed was intentional, meaning you purposely ignore the law to evade from your tax responsibilities, you’ll be charged a penalty.

The penalty is usually a percentage of the shortfall amount. The exact percentage will depend on the reason for the incorrect amount. If the mistake is intentional, you can expect to pay higher penalty.

ATO will process your activity statement or income tax return and will notify you of the result. There are two possible outcomes namely; a tax debt and a refund. A tax debt means you owe ATO money and you have to pay while a refund means you’re entitled to receive money from ATO.

If you receive less than what you expected, you don’t have to be alarmed. Below are the reasons why that’s the case.

• ATO retained part or all of the refund. This process is known as offsetting meaning retained capital is utilised to pay an existing tax debt.
• You failed to nominate a bank account where ATO can send the refund to or you provided incorrect or incomplete bank account details.
• You failed to lodge on or more BAS.
• ATO needs to check or verify the information shown on your BAS or income tax return.

To avoid hassle, be sure you don’t commit any mistake in lodging your BAS. Check and recheck your returns or BAS if necessary.

Intellitrain provides the Certificate IV in Bookkeeping and the supplemental Payroll Unit and BAS Unit via online self-study courses.  Contact Intellitrain today on 1300 735 082!

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This is brought about by our ever growing globalisation and infrastructure development.

Projects are becoming a part of almost every company’s activities throughout the world. That is . . . → Read More: Diploma Project Management – Project Management Career Opportunities in Australia]]> Qualified Project managers are in great demand in Australia in 2013. A recent search for project manager on SEEK.com.au displayed over 12,400 PM roles across Australia.

This is brought about by our ever growing globalisation and infrastructure development.

Projects are becoming a part of almost every company’s activities throughout the world. That is why more and more people are choosing project management as a career. However, not everyone can become a project manager.

You must possess the right knowledge, skills and attitude in order for you to lead a project to success. In this competitive time, managers have to be skilled at initiating, planning, executing and evaluating projects.  Managers also have to be very flexible since managing projects often involve changes and coordination with other agencies and individuals.

By completing the Certificate IV in Project Management or the Diploma of Project Management, with Intellitrain, you’ll stand out from the crowd due to these approved qualifications.

Project Managers are hired by a variety of industries and agencies for small and big projects alike. This is also where flexibility comes in.  A competent and flexible project manager must be able to jump from one project to another without missing a step.

Your ability to adapt will get you more and more job opportunities. Other than jumping from one project to another, you might also be required to travel from one country to another.

Currently, there are great project management career opportunities in Australia!

This influx of project management opportunities in Australia can be attributed to its ongoing development. Every year thousands of projects are undertaken in the land down under from housing and mining to computer software; making this a land of various opportunities. The main institute responsible for the project management profession in Australia is the Australian Institute of Project Management (AIPM). It is also the largest.

For those who want to get accredited in Australia, the AIPM offers certification and membership to organizations, individuals and even students. There are three levels of accreditation. These are Certified Practising Project Practitioner, Certified Practicing Project Manager, and Certified Practising Project Director.

The IAPM assesses its candidates through their competence. They must be knowledgeable in all aspects of project management. The candidates are required to complete the Assessment Record Book, which entails answering questions and log booking evidence of competence.

The areas included in the exam are the following:

• plan and manage scope,
• time,
• cost,
• quality,
• human resource,
• communication,
• risk,
• procurement,
• and integrative processes.

Aside from the mentioned areas, the candidate must be acutely aware of the different processes involved in a project, as well as the principles. This will no doubt be very important to the success of a project.

Intellitrain provides the Cert IV in Project Management and the Diploma in Project Management online, so contact us today on 1300 735 082 to learn more!

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Team members are expected to adhere to these values and culture, be a part of the mission and vision statement and work towards achieving the organisational objectives.

Performance plans are an important part of the process to help an employee determine if they are meeting organisational objectives.

An . . . → Read More: Certificate IV in Frontline Management Sydney – Create a Performance Plan]]> In the Certificate IV in Frontline Management you’ll learn about how to set-up and use KPI’s and benchmarking to make sure your business is achieving it’s performance plan and targets in Sydney.

Performance plans are an important part of the process to help an employee determine if they are meeting organisational objectives.

An organisation needs to have a system and procedure in place to manage and determine whether or not team members are meeting the required objectives.

The best way to do this is to firstly make sure team members are aware of the mission and vision statement of the organisation.  Team members then need to be aware of organisational values and then determine if their values are aligned with the team and organisational goals.

A performance plan can provide the blueprint to do this so that managers and team members are aware of the alignment of the job role to the organisations goals and mission and vision statement.

It conveys information to team members and managers alike so that they know if they are on the right track to achieving organisational goals and objectives.

It is a good way to accurately measure and determine how team members are progressing within their job function and as part of the overall team in Sydney.

In order for a performance plan to be effective, it must be;

Performance plans can be completed as often as necessary by the manager in conjunction with the team member, but are usually done on a yearly basis.

If not handled correctly, performance plans can be viewed as a negative tool within an organisation.

A good manager will use the performance plan as an opportunity to help their team member improve their performance in the job role, use it objectively and assist the team member to become a better employee using the plan as a template or guide.

A Key Result Area (KRA) should be considered the overall and broad objective, while the Key Performance Indicator (KPI) could be considered a more detailed look into the KRA itself.  Some organisations use these terms interchangeably so it is a good idea to see what your organisation uses and work with that terminology.

Performance objectives for companies in Sydney can usually be measured by using Key Performance Indicators (KPI’s).  KPI’s are a way of measuring standards against which management can determine how performance is evaluated.

Team members are advised when they are not meeting the objectives based on a rating system which helps them to improve in areas where they may not realise they need improvement.

Most performance plans allow team members to provide a considerable amount of input whereby they can rate themselves on their performance then their manager can discuss whether they agree or disagree with their performance and the perception they have of their performance.

This can provide a good opportunity for managers to identify and address issues and concerns as they arise, focus on improving the behaviour that is not working for the team member, and provide some guidance for the team member to know what needs to change within their job role or function.

If the manager is not able to address or assist in rectifying any issues that could be identified as part of the performance plan process, they can refer to the relevant internal staff for further action, or organise to refer to the relevant external consultants for further action if required.

When a KPI is measured and benchmarked, it is possible for management to determine where a performance gap may lie.

Performance gaps often occur for any of the following number of reasons;

Qualified Managers need to ensure they set goals for team members and break their job role and tasks into manageable segments based on;

• Strengths and weaknesses of the team members
• Available resources
• Staff behaviour
• Ability to provide quality customer service
• Turnaround times
• Staff safety
• Available time to get the job done
• Quality of the output that is expected

Managers and leaders need to prepare performance plans in a way that will communicate the expectations and job roles of the team members.  This will also help to ensure they take responsibility and accountability for their work.

Some of the strategies you can use as a manager to implement this include;

• Identify how to best allocate tasks to team members
• Communicate the expectations of the job role and job function to each team member
• Identify what motivates your team members
• Ensure that a team member is willing to undertake the tasks you allocate to them
• Utilise the strengths of team members where possible
• Encourage team members to be self directed
• Allow team members to work together where they may have common interests
• Determine performance plan outcomes and agree with team members in terms of how these will be measured

Intellitrain provides the Cert IV in Frontline Management online and via RPL, so make sure to qualify your experience by attaining the Certificate IV in Frontline Management today!

Enroll Now

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