Assessor Resource

FNSACC503
Manage budgets and forecasts

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to prepare, document and manage budgets and forecasts, and encompasses forecasting estimates and monitoring budgeted outcomes.

It applies to individuals who use specialised knowledge and analytical skills to prepare and manage strategic organisational information.

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. Prepare budget

1.1 Clearly define cash, expenditure and revenue items and ensure relevance to identified objectives of budget

1.2 Ensure budget objectives are clear and consistent with organisational aims and projects

1.3 Conduct discussions and negotiations with stakeholders in manner that promotes understanding, goodwill and ongoing cooperation

1.4 Identify and include milestones and performance indicators in budgets to monitor financial performance and break down annual budgets into seasonal periods in accordance with operating trends

2. Forecast estimates

2.1 Provide realistic, ethical and attainable estimates of future cash flow, costs and revenues, and support with verifiable evidence and source documentation

2.2 Identify relevant data for forecasts and anticipate changes in circumstances

2.3 Establish assumptions and parameters and review for accuracy, relevance and compliance with organisational procedures and policy

2.4 Identify financial risks and initiate protection strategies in accordance with organisational procedures and policy

3. Document budget

3.1 Present data in format that is easily understood and appropriate to budget reporting

3.2 Complete reports within timelines and distribute for specified periods and projects

3.3 Identify trends, issues and comparisons and report in structured format to ensure transparency and validity of analysis

3.4 Identify feasibility by comparing projections with market growth and development

4. Monitor budget outcomes

4.1 Analyse budget variances in accordance with organisational procedures, and make recommendations based on analysis to client or designated person

4.2 Review budget processes and implement as required

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. Prepare budget

1.1 Clearly define cash, expenditure and revenue items and ensure relevance to identified objectives of budget

1.2 Ensure budget objectives are clear and consistent with organisational aims and projects

1.3 Conduct discussions and negotiations with stakeholders in manner that promotes understanding, goodwill and ongoing cooperation

1.4 Identify and include milestones and performance indicators in budgets to monitor financial performance and break down annual budgets into seasonal periods in accordance with operating trends

2. Forecast estimates

2.1 Provide realistic, ethical and attainable estimates of future cash flow, costs and revenues, and support with verifiable evidence and source documentation

2.2 Identify relevant data for forecasts and anticipate changes in circumstances

2.3 Establish assumptions and parameters and review for accuracy, relevance and compliance with organisational procedures and policy

2.4 Identify financial risks and initiate protection strategies in accordance with organisational procedures and policy

3. Document budget

3.1 Present data in format that is easily understood and appropriate to budget reporting

3.2 Complete reports within timelines and distribute for specified periods and projects

3.3 Identify trends, issues and comparisons and report in structured format to ensure transparency and validity of analysis

3.4 Identify feasibility by comparing projections with market growth and development

4. Monitor budget outcomes

4.1 Analyse budget variances in accordance with organisational procedures, and make recommendations based on analysis to client or designated person

4.2 Review budget processes and implement as required

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
Clearly define cash, expenditure and revenue items and ensure relevance to identified objectives of budget 
Ensure budget objectives are clear and consistent with organisational aims and projects 
Conduct discussions and negotiations with stakeholders in manner that promotes understanding, goodwill and ongoing cooperation 
Identify and include milestones and performance indicators in budgets to monitor financial performance and break down annual budgets into seasonal periods in accordance with operating trends 
Provide realistic, ethical and attainable estimates of future cash flow, costs and revenues, and support with verifiable evidence and source documentation 
Identify relevant data for forecasts and anticipate changes in circumstances 
Establish assumptions and parameters and review for accuracy, relevance and compliance with organisational procedures and policy 
Identify financial risks and initiate protection strategies in accordance with organisational procedures and policy 
Present data in format that is easily understood and appropriate to budget reporting 
Complete reports within timelines and distribute for specified periods and projects 
Identify trends, issues and comparisons and report in structured format to ensure transparency and validity of analysis 
Identify feasibility by comparing projections with market growth and development 
Analyse budget variances in accordance with organisational procedures, and make recommendations based on analysis to client or designated person 
Review budget processes and implement as required 

Forms

Assessment Cover Sheet

FNSACC503 - Manage budgets and forecasts
Assessment task 1: [title]

Student name:

Student ID:

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

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSACC503 - Manage budgets and forecasts

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

Assessor name:

Signature:

Date:

Student signature:

Date: