- CUEFIN01C - Develop a budget
Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners
CUEFIN01C Mapping and Delivery Guide
Develop a budget
Version 1.0
Issue Date: April 2024
| Qualification | - |
Unit of Competency | CUEFIN01C - Develop a budget |
|---|---|---|---|
| Description | This unit describes the skills and knowledge required to develop a budget. No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement. | ||
| Employability Skills | This unit contains employability skills. | ||
| Learning Outcomes and Application | The nature and purpose of a budget varies according to the work context, but the principles of developing a budget remain the same. Individuals responsible for developing budgets work in middle to senior management roles in which they are responsible for analysing financial information to inform the budget development process prior to developing budgets. Skills relating to monitoring budget performance are found in the unit CUEFIN02C Manage a budget. Combined assessment of these units is appropriate. | ||
| Duration and Setting | X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting. |
||
| Prerequisites/co-requisites | |||
| Competency Field | Finance - financial management | ||
| 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: Plan for a budget |
| |||||||
| Element: Develop and prepare budget |
| |||||||
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.
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 | The following evidence is critical to the judgement of competence in this unit: understanding of the technical budget preparation process and accounting procedures that must be followed sound analysis of the factors that impact on the budget development process preparation of a realistic and accurate budget within the relevant workplace context. |
Context of and specific resources for assessment | The assessment context must provide for: project or work activities that allow for the development of a budget for a specific workplace context involvement of others in the budget development process use of industry-current technology for the budget preparation process. |
Method of assessment | Assessment may incorporate a range of methods to assess performance and the application of essential underpinning knowledge, and might include: evaluation of budgets prepared by the candidate, including comparison with actual budgetary performance evaluation of reports prepared by the candidate detailing the processes undertaken to develop a budget case studies and problem solving to assess application of principles of budget development to different workplace contexts review of portfolios of evidence and third party workplace reports of on-the-job performance by the candidate. Assessment methods should closely reflect workplace demands and the needs of particular groups (e.g. people with disabilities, and people who may have literacy or numeracy difficulties such as speakers of languages other than English, remote communities and those with interrupted schooling). |
Guidance information for assessment | Assessment of this unit requires access to: industry-current technology for budget development sources of information on expenditure and income. |
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.
|
Required skills |
negotiating skills in relation to budgetary planning |
Required knowledge |
context and typical processes for the budget development process within a given industry context accounting principles and practices which impact on budget preparation budget preparation techniques, including: information required for budget preparation components of a budget techniques for making budget estimates type of supporting information required presentation techniques/formats for budgets |
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. | |
Budgets may include: | budgets for a small business cash departmental event grant funding project sales |
Relevant personnel involved in budget development may include: | creative personnel funding bodies investors management sponsors technical personnel |
Data required for budget preparation may include: | budget preparation guidelines customer or supplier research financial information from suppliers financial proposals from stakeholders funding body policies and procedures/limitations management policies and procedures performance data from previous projects/periods |
Internal or external issues that could impact on budget development may include: | activity/project objectives change in economic conditions human resource requirements new legislation or regulation organisational objectives/changes in organisational objectives price movement for different supplies required profit margins safety issues scope of the project timing of project venue availability (for events) |
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 |
|---|---|---|---|
| Confirm the scope and nature of the activity for which budget is being developed with relevant personnel, including any guidelines or directives for budget development | |||
| Correctly identify, access and analyse data required for budget preparation | |||
| Analyse internal and external environmental factors to identify potential impacts on budget | |||
| Determine budget parameters with estimates, based on research, consultation and negotiation with the appropriate personnel and organisation/project objectives | |||
| Provide relevant colleagues with the opportunity to contribute to the budget planning process | |||
| Draft budget based on analysis of all available information and in accordance with organisational policy | |||
| Clearly identify and support income and expenditure estimates with valid, reliable and relevant information | |||
| Assess and present options when appropriate | |||
| Present recommendations clearly, concisely and in an appropriate format | |||
| Circulate draft budget to the appropriate personnel for comment at the appropriate time | |||
| Agree and incorporate modifications accurately and in consultation with colleagues | |||
| Negotiate final budget in accordance with organisational procedures and policies | |||
| Complete the final budget in required format within an agreed timeframe | |||
| Inform relevant personnel of the budget and its application within the relevant area of work, including reporting and financial management responsibilities |
Forms
Assessment Cover Sheet
CUEFIN01C - Develop a budget
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
CUEFIN01C - Develop a budget
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: