Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

BSBMGT803 Mapping and Delivery Guide
Use financial and economic information for strategic decision making

Version 1.0
Issue Date: April 2024


Qualification -
Unit of Competency BSBMGT803 - Use financial and economic information for strategic decision making
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to analyse financial and economic information to achieve the objectives of an organisation. It covers the use and interpretation of financial information to support business decision making, analysis and use of budget systems and reporting processes and the impact of micro and macro-economic information on enterprise planning.It applies to senior management, including strategic business analysts and executive managers, who use cognitive and creative skills to review, critically analyse, consolidate and synthesise knowledge, generate ideas and provide solutions to complex problems. They use communication skills to demonstrate their understanding of theoretical concepts and to transfer knowledge and ideas to others.No licensing, legislative, regulatory or certification requirements apply to this unit at the time of publication.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Analyse financial resources
  • Identify and incorporate the financial resources required to achieve organisational objectives from the budget
  • Forecast additional expenditure requirements and make provisions in the budget as required
  • Develop contingency plans for obtaining additional financial resources in the event of a shortfall of available funds
       
Element: Interpret financial and economic information
  • Analyse financial reports by calculating balance sheet ratios, income statement ratios and cash flow statement ratios
  • Identify and evaluate macro and micro economic factors and measure their impact on enterprise financial capabilities
  • Review and report financial performance of business units within the enterprise
       
Element: Use financial information to support decision making
  • Model different financial scenarios to support the decision making process
  • Conduct a cost benefit analysis of organisation’s activities to determine viability
  • Consult appropriate financial advisers about financial information to support decisions
  • Analyse financial information to ensure it is valid and reliable
  • Make strategic decisions based on up to date financial information
       
Element: Maximise returns on financial resources
  • Monitor actual income and expenditure against budgets to ensure available and budgeted resources are not exceeded
  • Explain variations and implement corrective action when deviations in budgets occur
  • Collect, analyse and report data on the use of financial resources
  • Communicate recommendations for improving returns on financial resources to relevant parties
  • Agree performance indicators with managers and staff
       


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. Analyse financial resources

1.1 Identify and incorporate the financial resources required to achieve organisational objectives from the budget

1.2 Forecast additional expenditure requirements and make provisions in the budget as required

1.3 Develop contingency plans for obtaining additional financial resources in the event of a shortfall of available funds

2. Interpret financial and economic information

2.1 Analyse financial reports by calculating balance sheet ratios, income statement ratios and cash flow statement ratios

2.2 Identify and evaluate macro and micro economic factors and measure their impact on enterprise financial capabilities

2.3 Review and report financial performance of business units within the enterprise

3. Use financial information to support decision making

3.1 Model different financial scenarios to support the decision making process

3.2 Conduct a cost benefit analysis of organisation’s activities to determine viability

3.3 Consult appropriate financial advisers about financial information to support decisions

3.4 Analyse financial information to ensure it is valid and reliable

3.5 Make strategic decisions based on up to date financial information

4. Maximise returns on financial resources

4.1 Monitor actual income and expenditure against budgets to ensure available and budgeted resources are not exceeded

4.2 Explain variations and implement corrective action when deviations in budgets occur

4.3 Collect, analyse and report data on the use of financial resources

4.4 Communicate recommendations for improving returns on financial resources to relevant parties

4.5 Agree performance indicators with managers and staff

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, 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. Analyse financial resources

1.1 Identify and incorporate the financial resources required to achieve organisational objectives from the budget

1.2 Forecast additional expenditure requirements and make provisions in the budget as required

1.3 Develop contingency plans for obtaining additional financial resources in the event of a shortfall of available funds

2. Interpret financial and economic information

2.1 Analyse financial reports by calculating balance sheet ratios, income statement ratios and cash flow statement ratios

2.2 Identify and evaluate macro and micro economic factors and measure their impact on enterprise financial capabilities

2.3 Review and report financial performance of business units within the enterprise

3. Use financial information to support decision making

3.1 Model different financial scenarios to support the decision making process

3.2 Conduct a cost benefit analysis of organisation’s activities to determine viability

3.3 Consult appropriate financial advisers about financial information to support decisions

3.4 Analyse financial information to ensure it is valid and reliable

3.5 Make strategic decisions based on up to date financial information

4. Maximise returns on financial resources

4.1 Monitor actual income and expenditure against budgets to ensure available and budgeted resources are not exceeded

4.2 Explain variations and implement corrective action when deviations in budgets occur

4.3 Collect, analyse and report data on the use of financial resources

4.4 Communicate recommendations for improving returns on financial resources to relevant parties

4.5 Agree performance indicators with managers and staff

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
Identify and incorporate the financial resources required to achieve organisational objectives from the budget 
Forecast additional expenditure requirements and make provisions in the budget as required 
Develop contingency plans for obtaining additional financial resources in the event of a shortfall of available funds 
Analyse financial reports by calculating balance sheet ratios, income statement ratios and cash flow statement ratios 
Identify and evaluate macro and micro economic factors and measure their impact on enterprise financial capabilities 
Review and report financial performance of business units within the enterprise 
Model different financial scenarios to support the decision making process 
Conduct a cost benefit analysis of organisation’s activities to determine viability 
Consult appropriate financial advisers about financial information to support decisions 
Analyse financial information to ensure it is valid and reliable 
Make strategic decisions based on up to date financial information 
Monitor actual income and expenditure against budgets to ensure available and budgeted resources are not exceeded 
Explain variations and implement corrective action when deviations in budgets occur 
Collect, analyse and report data on the use of financial resources 
Communicate recommendations for improving returns on financial resources to relevant parties 
Agree performance indicators with managers and staff 

Forms

Assessment Cover Sheet

BSBMGT803 - Use financial and economic information for strategic decision making
Assessment task 1: [title]

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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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Assessment Record Sheet

BSBMGT803 - Use financial and economic information for strategic decision making

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:

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