Google Links

Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

  1. Allocate budget resources.
  2. Monitor financial activities against budget.
  3. Identify and evaluate options for improved budget performance.
  4. Complete financial and statistical reports.

Required Skills

Required skills

communication skills to discuss budget requirements and to seek and provide feedback

critical thinking skills to analyse resource use and costs

initiative and enterprise skills to proactively identify better resource usage and budgetary improvements

literacy skills to

read and interpret a wide range of business and financial documents

research options for more effective budgetary control

write budget reports and recommendations

numeracy skills to interpret and use budget figures in daytoday work operations and to calculate budget estimates and scenarios for performance improvement

numeracy skills to interpret and use budget figures in daytoday work operations, and to calculate budget estimates and scenarios for performance improvement

planning and organising skills to produce budgetary reports within designated timelines

problemsolving skills to identify budget deviations and deficiencies and develop options for improved budgetary performance

selfmanagement skills to take responsibility for budget management

teamwork skills to discuss desired budget outcomes with team members and provide direction on resource usage

technology skills to use accounting software packages

Required knowledge

a range of formats for use and contents of


financial reports

statistical reports

budget terminology

for the specific industry sector and organisation

use of budgets to control costs and enhance profitability

importance of budget control

techniques for maximising budget performance

financial reporting procedures and cycles

features and functions of accounting software programs used to manage budgets

Evidence Required

The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria required skills and knowledge range statement and the Assessment Guidelines for the Training Package

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to

interpret and manage multiple budgets to meet specific and differing workplace needs

monitor income and expenditure and evaluate budgetary performance over a budgetary lifecycle

use correct budget terminology

integrate knowledge of the formats use and contents of budgets financial and statistical reports

complete financial reports within designated timelines

Context of and specific resources for assessment

Assessment must ensure use of

a real or simulated tourism hospitality or event industry business operation or activity for which budgets are managed

computers printers and accounting software packages currently used by the tourism hospitality and event industries

budgets for specific projects events or operational activities

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge The following examples are appropriate for this unit

projects and activities that allow assessment of the individuals ability to

interpret and manage budgets monitor income and expenditure

produce financial and statistical reports

report on overall budgetary performance

evaluation of reports produced by the individual detailing the processes undertaken to manage finances within a budget

written or oral questioning to assess knowledge of budget terminology format and content

review of portfolios of evidence and thirdparty workplace reports of onthejob performance by the individual

review of portfolios of evidence and thirdparty workplace reports of onthejob performance by the individual.

Guidance information for assessment

The assessor should design integrated assessment activities to holistically assess this unit with other units relevant to the industry sector workplace and job role for example

BSBPMGA Manage projects

BSBPMG501A Manage projects

SITXFIN Interpret financial information

SITXFIN Prepare and monitor budgets

Range Statement

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Budget may include:

budgets for micro, small, medium or large businesses

cash budgets

cash flow budgets

departmental budgets

event budgets

project budgets

purchasing budgets

sales budgets

wage budgets

whole of organisation budgets.

Financial recordsmay include:

bank deposit documentation

bank statements

banking summaries

business activity statements

cheque books

credit card transaction statements


journal entries

labour and wages reports

merchant statements

merchant summaries

transaction reports.

Appropriate colleagues may include:

internal or external financial specialists


operational staff.

Research to investigate new approaches may include:

discussions with existing suppliers

evaluating staffing and rostering requirements

potential roster changes

reviewing operating procedures

sourcing new suppliers.

Financial and statistical reports may relate to:

cash flow

commercial account activity

commission earnings

covers and financial return

daily, weekly and monthly transactions



occupancy rates and financial return

performance of:



products and services

sales performance

sales returns

staff costs

stock levels

variance in income and/or expenditure