Assessor Resource

FNSPRM602
Improve the practice

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to analyse, develop and implement plans to improve the business of a financial practice. It requires the application of diagnosis and benchmarking skills, not for the technical side of the practice but to provide strategies for general business improvement.

It applies to individuals who use specialised knowledge, systematic approaches and analytical skills to provide guidance in strategic organisational activity and continuous improvement.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

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. Diagnose business

1.1 Determine and source data required for diagnosis

1.2 Determine competitive advantage of practice from data and undertake SWOT analysis

2. Benchmark business

2.1 Identify and source relevant benchmarking data

2.2 Select key indicators for benchmarking in consultation with key stakeholders

2.3 Compare similar indicators of own practice with benchmark indicators and identify areas for improvement

3. Develop plans to improve practice performance

3.1 Develop consolidated list of required improvements and determine cost–benefit ratios for required improvements

3.2 Determine workflow changes resulting from proposed improvements and rank according to agreed criteria

3.3 Develop and agree on action plan to implement top ranked improvements

3.4 Check organisational structures to ensure they are suitable

4. Implement and monitor plan

4.1 Develop implementation plan in consultation with all relevant stakeholders and agree on indicators of success of plan

4.2 Monitor implementation against agreed indicators and adjust 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. Diagnose business

1.1 Determine and source data required for diagnosis

1.2 Determine competitive advantage of practice from data and undertake SWOT analysis

2. Benchmark business

2.1 Identify and source relevant benchmarking data

2.2 Select key indicators for benchmarking in consultation with key stakeholders

2.3 Compare similar indicators of own practice with benchmark indicators and identify areas for improvement

3. Develop plans to improve practice performance

3.1 Develop consolidated list of required improvements and determine cost–benefit ratios for required improvements

3.2 Determine workflow changes resulting from proposed improvements and rank according to agreed criteria

3.3 Develop and agree on action plan to implement top ranked improvements

3.4 Check organisational structures to ensure they are suitable

4. Implement and monitor plan

4.1 Develop implementation plan in consultation with all relevant stakeholders and agree on indicators of success of plan

4.2 Monitor implementation against agreed indicators and adjust 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
Determine and source data required for diagnosis 
Determine competitive advantage of practice from data and undertake SWOT analysis 
Identify and source relevant benchmarking data 
Select key indicators for benchmarking in consultation with key stakeholders 
Compare similar indicators of own practice with benchmark indicators and identify areas for improvement 
Develop consolidated list of required improvements and determine cost–benefit ratios for required improvements 
Determine workflow changes resulting from proposed improvements and rank according to agreed criteria 
Develop and agree on action plan to implement top ranked improvements 
Check organisational structures to ensure they are suitable 
Develop implementation plan in consultation with all relevant stakeholders and agree on indicators of success of plan 
Monitor implementation against agreed indicators and adjust as required 

Forms

Assessment Cover Sheet

FNSPRM602 - Improve the practice
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

FNSPRM602 - Improve the practice

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: