- CUEFIN02C - Manage a budget
Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners
CUEFIN02C Mapping and Delivery Guide
Manage a budget
Version 1.0
Issue Date: May 2024
| Qualification | - |
Unit of Competency | CUEFIN02C - Manage a budget |
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| Description | This unit describes the skills and knowledge required to take responsibility for the management of a budget others may have developed. 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 managing a budget remain the same. Individuals responsible for managing budgets work in middle to senior management roles in which they are accountable for monitoring income and expenditure against budget projections.Skills relating to developing budgets are found in the unit CUEFIN01C Develop 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. |
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| 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 | |
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| Elements of Competency | Performance Criteria | |||||||
| Element: Allocate funds |
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| Element: Monitor and control expenditure |
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| Element: Complete financial reports |
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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: monitoring of income and expenditure in accordance with the budget and identifying ways of improving budget performance knowledge of basic budget principles and structures knowledge of budgeting terminology relevant to a specific industry context. |
Context of and specific resources for assessment | The assessment context must provide for: project or work activities that include the management of and reporting on a budget for a specific project/event/operational area over a period of time so that the monitoring and implementation aspects of the unit can be assessed. |
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 reports detailing financial performance of projects or activities conducted by the candidate evaluation of reports prepared by the candidate detailing the processes undertaken to manage and monitor a budget case studies and problem solving to assess application of principles of budget management 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: figures and data that reflect the financial operating conditions of industry. |
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.
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Required skills |
organisation or project's procedures for budgeting and financial reporting/management legislative or other requirements (e.g. funding body guidelines) with regard to disbursement of funds and record keeping |
Required knowledge |
knowledge and understanding of budgets, including different types of budget, how a budget is structured and how to interpret a budget financial reports, including structure, features and formats for specific purposes financial reporting procedures and cycles relevant to the specific industry context areas of financial responsibility specific to the industry context |
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 |
Resources include all financial resources such as: | bank accounts cash cheques grants investments |
Financial reports may include: | balance sheets cash flow reporting profit and loss statements |
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 |
|---|---|---|---|
| Allocate funds in accordance with the budget and agreed priorities | |||
| Keep all relevant personnel fully informed of budgetary decisions | |||
| Make colleagues aware of the importance of budget control | |||
| Accurately detail records of resource allocation in accordance with organisational control systems | |||
| Check actual income and expenditure against budgets at regular intervals | |||
| Identify areas for improved budget performance and investigate options | |||
| Prepare income and expenditure reports and present in the required format to relevant personnel | |||
| Identify deviations from the budget, the reasons for deviation and take appropriate action | |||
| Present recommendations clearly and logically to relevant personnel | |||
| Advise relevant personnel of budget status in accordance with agreed timeframes | |||
| Accurately complete all required financial and statistical reports within designated timelines | |||
| Make recommendations regarding future financial planning as appropriate | |||
| Make reports clear and concise, and check for accuracy. | |||
| Promptly forward reports to relevant personnel |
Forms
Assessment Cover Sheet
CUEFIN02C - Manage 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
CUEFIN02C - Manage 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: