Assessor Resource

BSBFIM501
Manage budgets and financial plans

Assessment tool

Version 1.0
Issue Date: April 2024


This unit describes the skills and knowledge required to undertake financial management within a work team in an organisation. It includes planning and implementing financial management approaches, supporting team members whose role involves aspects of financial operations, monitoring and controlling finances and reviewing and evaluating effectiveness of financial management processes.

It applies to managers in a wide range of organisations and sectors who have responsibility for ensuring that work team financial resources are used effectively and are managed in line with financial objectives of the team and organisation.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1 Plan financial management approaches

1.1 Accessbudget/financial plansfor the work team

1.2 Clarify budget/financial plans withrelevant personnelwithin the organisation to ensure that documented outcomes are achievable, accurate and comprehensible

1.3 Negotiate any changes required to be made to budget/financial plans with relevant personnel within the organisation

1.4 Preparecontingency plansin the event that initial plans need to be varied

2 Implement financial management approaches

2.1 Disseminate relevant details of the agreed budget/financial plans to team members

2.2 Providesupportto ensure that team members can competently performrequired rolesassociated with the management of finances

2.3 Determine and accessresources and systemsto manage financial management processes within the work team

3 Monitor and control finances

3.1 Implementprocesses to monitor actual expenditure and to control costs across the work team

3.2 Monitor expenditure and costs on an agreed cyclical basis to identify cost variations and expenditure overruns

3.3 Implement, monitor and modify contingency plans as required to maintain financial objectives

3.4 Reporton budget and expenditure in accordance with organisational protocols

4 Review and evaluate financial management processes

4.1 Collect and collate for analysis,data and information on the effectiveness of financial management processeswithin the work team

4.2 Analyse data and information on the effectiveness of financial management processes within the work team and identify, document and recommend any improvements to existing processes

4.3 Implement and monitor agreed improvements in line with financial objectives of the work team and the organisation

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1 Plan financial management approaches

1.1 Accessbudget/financial plansfor the work team

1.2 Clarify budget/financial plans withrelevant personnelwithin the organisation to ensure that documented outcomes are achievable, accurate and comprehensible

1.3 Negotiate any changes required to be made to budget/financial plans with relevant personnel within the organisation

1.4 Preparecontingency plansin the event that initial plans need to be varied

2 Implement financial management approaches

2.1 Disseminate relevant details of the agreed budget/financial plans to team members

2.2 Providesupportto ensure that team members can competently performrequired rolesassociated with the management of finances

2.3 Determine and accessresources and systemsto manage financial management processes within the work team

3 Monitor and control finances

3.1 Implementprocesses to monitor actual expenditure and to control costs across the work team

3.2 Monitor expenditure and costs on an agreed cyclical basis to identify cost variations and expenditure overruns

3.3 Implement, monitor and modify contingency plans as required to maintain financial objectives

3.4 Reporton budget and expenditure in accordance with organisational protocols

4 Review and evaluate financial management processes

4.1 Collect and collate for analysis,data and information on the effectiveness of financial management processeswithin the work team

4.2 Analyse data and information on the effectiveness of financial management processes within the work team and identify, document and recommend any improvements to existing processes

4.3 Implement and monitor agreed improvements in line with financial objectives of the work team and the organisation

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Accessbudget/financial plansfor the work team 
Clarify budget/financial plans withrelevant personnelwithin the organisation to ensure that documented outcomes are achievable, accurate and comprehensible 
Negotiate any changes required to be made to budget/financial plans with relevant personnel within the organisation 
Preparecontingency plansin the event that initial plans need to be varied 
Disseminate relevant details of the agreed budget/financial plans to team members 
Providesupportto ensure that team members can competently performrequired rolesassociated with the management of finances 
Determine and accessresources and systemsto manage financial management processes within the work team 
Implementprocesses to monitor actual expenditure and to control costs across the work team 
Monitor expenditure and costs on an agreed cyclical basis to identify cost variations and expenditure overruns 
Implement, monitor and modify contingency plans as required to maintain financial objectives 
Reporton budget and expenditure in accordance with organisational protocols 
Collect and collate for analysis,data and information on the effectiveness of financial management processeswithin the work team 
Analyse data and information on the effectiveness of financial management processes within the work team and identify, document and recommend any improvements to existing processes 
Implement and monitor agreed improvements in line with financial objectives of the work team and the organisation 

Forms

Assessment Cover Sheet

BSBFIM501 - Manage budgets and financial plans
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

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Result: Competent Not yet competent

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Assessor name:

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Date:

Assessment Record Sheet

BSBFIM501 - Manage budgets and financial plans

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

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Date:

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