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

TLIP5025 Mapping and Delivery Guide
Set and achieve budgets

Version 1.0
Issue Date: April 2024


Qualification -
Unit of Competency TLIP5025 - Set and achieve budgets
Description
Employability Skills
Learning Outcomes and Application This unit involves the skills and knowledge required to set and achieve workplace budgets in accordance with relevant regulatory requirements, standards, financial codes of practice and workplace procedures. It includes planning budget requirements, monitoring the budget and taking appropriate corrective action when needed. It also includes monitoring expenditure, and reviewing and appropriately modifying the budget if necessary.Work is under general guidance on progress and outcomes. It requires discretion and judgement for self and others in planning and using resources, services and processes to achieve required outcomes.The unit generally applies to those with responsibility for resource coordination and allocation, who lead individuals or teams.No licensing, legislative 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.

As a minimum, assessors must satisfy applicable regulatory requirements, which include requirements in the Standards for Registered Training Organisations, current at the time of assessment.

As a minimum, assessment must satisfy applicable regulatory requirements, which include requirements in the Standards for Registered Training Organisations, current at the time of assessment.

Assessment must occur in workplace operational situations where it is appropriate to do so; where this is not appropriate, assessment must occur in simulated workplace operational situations that replicate workplace conditions.

Assessment processes and techniques must be appropriate to the language, literacy and numeracy requirements of the work being performed and the needs of the candidate.

Resources for assessment include:

a range of relevant exercises, case studies and/or other simulations

relevant and appropriate materials, tools, equipment and personal protective equipment currently used in industry

applicable documentation including workplace procedures, regulations, codes of practice and operation manuals.
Prerequisites/co-requisites
Competency Field P ‒ Administration and Finance
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 budget requirements
       
Element: Financial flows for budgetary periods are planned and scheduled in accordance with workplace requirements
       
Element: Information on costs and resource utilisation is fully assessed and correctly interpreted
       
Element: Effective action is taken to reduce costs and enhance value to customer and/or workplace
       
Element: Monitor budget and take corrective action
       
Element: Corrective action is taken in response to actual or potential significant deviations from financial plans
       
Element: Where a budget under- or over-spend is likely to occur, appropriate people are informed with minimum delay
       
Element: Prompt, corrective action is taken in response to actual or potential significant deviations from budget
       
Element: Monitor expenditure
       
Element: Expenditure made is within agreed limits and future spending requirements are not compromised, in accordance with workplace policy and procedures
       
Element: Requests for expenditure outside limits of responsibility are referred to appropriate persons
       
Element: Expenditure is phased, in accordance with a planned time scale as required
       
Element: Review and modify budget
       
Element: Actual income and expenditure is checked against agreed budgets at regular, appropriate intervals
       
Element: Necessary authority for changes in allocation between budget heads is obtained in advance of requirement
       
Element: Modifications made to agreed budgets during the accounting period are consistent with agreed guidelines and are correctly authorised
       


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.

ELEMENTS

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1

Plan budget requirements

1.1

Financial flows for budgetary periods are planned and scheduled in accordance with workplace requirements

1.2

Information on costs and resource utilisation is fully assessed and correctly interpreted

1.3

Effective action is taken to reduce costs and enhance value to customer and/or workplace

2

Monitor budget and take corrective action

2.1

Corrective action is taken in response to actual or potential significant deviations from financial plans

2.2

Where a budget under- or over-spend is likely to occur, appropriate people are informed with minimum delay

2.3

Prompt, corrective action is taken in response to actual or potential significant deviations from budget

3

Monitor expenditure

3.1

Expenditure made is within agreed limits and future spending requirements are not compromised, in accordance with workplace policy and procedures

3.2

Requests for expenditure outside limits of responsibility are referred to appropriate persons

3.3

Expenditure is phased, in accordance with a planned time scale as required

4

Review and modify budget

4.1

Actual income and expenditure is checked against agreed budgets at regular, appropriate intervals

4.2

Necessary authority for changes in allocation between budget heads is obtained in advance of requirement

4.3

Modifications made to agreed budgets during the accounting period are consistent with agreed guidelines and are correctly authorised

Evidence required to demonstrate competence in this unit must be relevant to and satisfy all of the requirements of the elements and performance criteria on at least one occasion and include:

applying basic accounting principles to budgetary processes

applying relevant legislation and workplace procedures

communicating effectively with others when setting and achieving budgets

completing documentation and entering data related to setting and achieving budgets

making calculations when setting and achieving budgets

maintaining budgetary records and documentation

modifying activities to cater for variations in workplace contexts and environment

monitoring work activities in terms of planned schedule

operating electronic communications equipment to required protocol

prioritising work and coordinating self and others in relation to workplace activities

providing leadership and working collaboratively with others when setting and achieving budgets

reading and interpreting budgetary documents, financial statements and reports, and workplace policies and procedures relevant to setting and achieving budgets

reporting and/or rectifying identified problems promptly, in accordance with regulatory requirements and workplace procedures

selecting and applying appropriate technology, information systems and procedures

working systematically with required attention to detail.

Evidence required to demonstrate competence in this unit must be relevant to and satisfy all of the requirements of the elements and performance criteria and include knowledge of:

accountancy practices relevant to budgetary control

budgetary control systems

budgetary procedures and policies

budgetary systems, resources, management and workplace operating systems

limits of authorised expenditure

problems that may occur when setting and achieving budgets and action that can be taken to report or resolve these problems

quality and customer service standards, policies and procedures

relevant regulations, codes of practice and legislative requirements

resource availability including the competencies of individuals in the team/group

risks that may exist when setting and achieving budgets and ways of controlling these risks

workplace processes for setting and achieving budgets.

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.

ELEMENTS

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1

Plan budget requirements

1.1

Financial flows for budgetary periods are planned and scheduled in accordance with workplace requirements

1.2

Information on costs and resource utilisation is fully assessed and correctly interpreted

1.3

Effective action is taken to reduce costs and enhance value to customer and/or workplace

2

Monitor budget and take corrective action

2.1

Corrective action is taken in response to actual or potential significant deviations from financial plans

2.2

Where a budget under- or over-spend is likely to occur, appropriate people are informed with minimum delay

2.3

Prompt, corrective action is taken in response to actual or potential significant deviations from budget

3

Monitor expenditure

3.1

Expenditure made is within agreed limits and future spending requirements are not compromised, in accordance with workplace policy and procedures

3.2

Requests for expenditure outside limits of responsibility are referred to appropriate persons

3.3

Expenditure is phased, in accordance with a planned time scale as required

4

Review and modify budget

4.1

Actual income and expenditure is checked against agreed budgets at regular, appropriate intervals

4.2

Necessary authority for changes in allocation between budget heads is obtained in advance of requirement

4.3

Modifications made to agreed budgets during the accounting period are consistent with agreed guidelines and are correctly authorised

Range is restricted to essential operating conditions and any other variables essential to the work environment.

Non-essential conditions can be found in the Companion Volume Implementation Guide.

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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Forms

Assessment Cover Sheet

TLIP5025 - Set and achieve budgets
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

TLIP5025 - Set and achieve budgets

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: