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

TLIP5035A Mapping and Delivery Guide
Manage budgets and financial plans

Version 1.0
Issue Date: April 2024


Qualification -
Unit of Competency TLIP5035A - Manage budgets and financial plans
Description This unit involves the skills and knowledge required to manage budgets and financial plans. It covers all of the significant aspects of financial management for operational managers who are not financial specialists. It emphasises the preparation of users of budgets/financial plans through communication and training and consistent surveillance over budget performance, with early intervention where required. This unit derives from BSBMGT504A Manage budgets and financial plans. Licensing, legislative, regulatory or certification requirements are applicable to this unit.
Employability Skills This unit contains employability skills.
Learning Outcomes and Application Work may be undertaken in various contexts within the transport and distribution industry.The unit generally applies to those who provide leadership of others individually or in teams.This unit is normally packaged at AQF V or above.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites Not Applicable
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: Communicate budget and financial plans
  • Budget/financial plan communication package is reviewed by finance specialists
  • Package is amended/revised where appropriate
  • Training activities are undertaken with users of the budget and plans across the organisation
  • All data and terms are defined and understood by the users of the plans
  • Communication outcomes are tested to ensure clear understanding of objectives, processes and accountabilities
       
Element: Monitor and control activities against plans
  • Delegations and budget accountabilities are confirmed in writing prior to budget period
  • Funds are allocated in accordance with budget objectives and parameters
  • Recording systems and documentation meet all audit requirements and legal obligations
  • Risk management plans are implemented and contingency plans are in place for all financial plans
  • Performance is monitored and variances identified on a real time basis
  • Variances are analysed in conjunction with relevant experts to determine cause and effect
       
Element: Report outcomes of financial plans
  • Records of financial performance are properly maintained within organisational systems
  • Financial performance is analysed and reported in a form and language appropriate to the audience
  • Non financial objectives are reported in the context of overall organisational performance
  • Strategies and plans are reviewed and updated to optimise organisational performance
       


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 knowledge and skills, the range statement and the assessment guidelines for this Training Package.

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

The evidence required to demonstrate competency in this unit must be relevant to and satisfy all of the requirements of the elements and performance criteria of this unit and include demonstration of applying:

the underpinning knowledge and skills

relevant legislation and workplace procedures

other relevant aspects of the range statement

Context of and specific resources for assessment

Performance is demonstrated consistently over a period of time and in a suitable range of contexts

Resources for assessment include:

a range of relevant exercises, case studies and/or other simulated practical and knowledge assessment, and/or

access to an appropriate range of relevant operational situations in the workplace

In both real and simulated environments, access is required to:

relevant and appropriate materials and equipment, and

applicable documentation including workplace procedures, regulations, codes of practice and operation manuals

Method of assessment

Assessment of this unit must be undertaken by a registered training organisation

As a minimum, assessment of knowledge must be conducted through appropriate written/oral tests

Practical assessment must occur:

through activities in an appropriately simulated environment at the registered training organisation, and/or

in an appropriate range of situations in the workplace

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 KNOWLEDGE AND SKILLS

This describes the essential knowledge and skills and their level required for this unit.

Required knowledge:

Budgetary procedures and policies

Workplace processes for setting and achieving budgets

Accountancy practices relevant to budgetary control

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

Risks that may exist when setting and achieving budgets and ways of controlling the risks involved

Focus of operation of budgetary systems, resources, management and workplace operating systems

Limits of authorised expenditure and who has budget authorities

Quality and customer service standards, policies and procedures

Required skills:

Communicate effectively with others when completing work activities

Work collaboratively with others

Access, read and interpret budgetary documents, financial statements and reports and workplace policies and procedures

Apply basic accounting principles to budgetary processes

Apply calculation skills sufficient for setting and achieving budgets

Prioritise work and coordinate self and others in relation to workplace activities

Identify and solve problems that may arise when setting and achieving budgets

Select and apply appropriate technology, information systems and procedures

Modify budgets and plans as required to cater for changes

Adapt appropriately to cultural differences in the workplace, including modes of behaviour and interactions with others

Monitor work activities in terms of planned schedule

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance.

Delegations and budget accountabilities may include:

monitoring expenditure

authorising expenditure within limits

reporting on variances to budget/plan

taking remedial action within budget authority

Depending on the organisation concerned, workplace procedures may be called:

standard operating procedures (SOPs)

company procedures

enterprise procedures

organisational procedures

established procedures

Documentation and records may include:

quality assurance procedures

relevant Australian Standards and certification requirements

Applicable legislation and regulations may include:

relevant legislation from all levels of government that affects business operation, especially in regard to the maintenance of up-to-date, accurate financial information

relevant industry codes of practice

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
Budget/financial plan communication package is reviewed by finance specialists 
Package is amended/revised where appropriate 
Training activities are undertaken with users of the budget and plans across the organisation 
All data and terms are defined and understood by the users of the plans 
Communication outcomes are tested to ensure clear understanding of objectives, processes and accountabilities 
Delegations and budget accountabilities are confirmed in writing prior to budget period 
Funds are allocated in accordance with budget objectives and parameters 
Recording systems and documentation meet all audit requirements and legal obligations 
Risk management plans are implemented and contingency plans are in place for all financial plans 
Performance is monitored and variances identified on a real time basis 
Variances are analysed in conjunction with relevant experts to determine cause and effect 
Records of financial performance are properly maintained within organisational systems 
Financial performance is analysed and reported in a form and language appropriate to the audience 
Non financial objectives are reported in the context of overall organisational performance 
Strategies and plans are reviewed and updated to optimise organisational performance 

Forms

Assessment Cover Sheet

TLIP5035A - Manage budgets and financial plans
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

TLIP5035A - Manage budgets and financial plans

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: