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Evidence Guide: BSBFIM501 - Manage budgets and financial plans

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

BSBFIM501 - Manage budgets and financial plans

What evidence can you provide to prove your understanding of each of the following citeria?

Plan financial management approaches

  1. Accessbudget/financial plansfor the work team
  2. Clarify budget/financial plans withrelevant personnelwithin the organisation to ensure that documented outcomes are achievable, accurate and comprehensible
  3. Negotiate any changes required to be made to budget/financial plans with relevant personnel within the organisation
  4. Preparecontingency plansin the event that initial plans need to be varied
Accessbudget/financial plansfor the work team

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Clarify budget/financial plans withrelevant personnelwithin the organisation to ensure that documented outcomes are achievable, accurate and comprehensible

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Negotiate any changes required to be made to budget/financial plans with relevant personnel within the organisation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Preparecontingency plansin the event that initial plans need to be varied

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement financial management approaches

  1. Disseminate relevant details of the agreed budget/financial plans to team members
  2. Providesupportto ensure that team members can competently performrequired rolesassociated with the management of finances
  3. Determine and accessresources and systemsto manage financial management processes within the work team
Disseminate relevant details of the agreed budget/financial plans to team members

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Providesupportto ensure that team members can competently performrequired rolesassociated with the management of finances

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine and accessresources and systemsto manage financial management processes within the work team

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor and control finances

  1. Implementprocesses to monitor actual expenditure and to control costs across the work team
  2. Monitor expenditure and costs on an agreed cyclical basis to identify cost variations and expenditure overruns
  3. Implement, monitor and modify contingency plans as required to maintain financial objectives
  4. Reporton budget and expenditure in accordance with organisational protocols
Implementprocesses to monitor actual expenditure and to control costs across the work team

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor expenditure and costs on an agreed cyclical basis to identify cost variations and expenditure overruns

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement, monitor and modify contingency plans as required to maintain financial objectives

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Reporton budget and expenditure in accordance with organisational protocols

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review and evaluate financial management processes

  1. Collect and collate for analysis,data and information on the effectiveness of financial management processeswithin the work team
  2. Analyse data and information on the effectiveness of financial management processes within the work team and identify, document and recommend any improvements to existing processes
  3. Implement and monitor agreed improvements in line with financial objectives of the work team and the organisation
Collect and collate for analysis,data and information on the effectiveness of financial management processeswithin the work team

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse data and information on the effectiveness of financial management processes within the work team and identify, document and recommend any improvements to existing processes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement and monitor agreed improvements in line with financial objectives of the work team and the organisation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1 Plan financial management approaches

1.1 Accessbudget/financial plansfor the work team

1.2 Clarify budget/financial plans withrelevant personnelwithin the organisation to ensure that documented outcomes are achievable, accurate and comprehensible

1.3 Negotiate any changes required to be made to budget/financial plans with relevant personnel within the organisation

1.4 Preparecontingency plansin the event that initial plans need to be varied

2 Implement financial management approaches

2.1 Disseminate relevant details of the agreed budget/financial plans to team members

2.2 Providesupportto ensure that team members can competently performrequired rolesassociated with the management of finances

2.3 Determine and accessresources and systemsto manage financial management processes within the work team

3 Monitor and control finances

3.1 Implementprocesses to monitor actual expenditure and to control costs across the work team

3.2 Monitor expenditure and costs on an agreed cyclical basis to identify cost variations and expenditure overruns

3.3 Implement, monitor and modify contingency plans as required to maintain financial objectives

3.4 Reporton budget and expenditure in accordance with organisational protocols

4 Review and evaluate financial management processes

4.1 Collect and collate for analysis,data and information on the effectiveness of financial management processeswithin the work team

4.2 Analyse data and information on the effectiveness of financial management processes within the work team and identify, document and recommend any improvements to existing processes

4.3 Implement and monitor agreed improvements in line with financial objectives of the work team and the organisation

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1 Plan financial management approaches

1.1 Accessbudget/financial plansfor the work team

1.2 Clarify budget/financial plans withrelevant personnelwithin the organisation to ensure that documented outcomes are achievable, accurate and comprehensible

1.3 Negotiate any changes required to be made to budget/financial plans with relevant personnel within the organisation

1.4 Preparecontingency plansin the event that initial plans need to be varied

2 Implement financial management approaches

2.1 Disseminate relevant details of the agreed budget/financial plans to team members

2.2 Providesupportto ensure that team members can competently performrequired rolesassociated with the management of finances

2.3 Determine and accessresources and systemsto manage financial management processes within the work team

3 Monitor and control finances

3.1 Implementprocesses to monitor actual expenditure and to control costs across the work team

3.2 Monitor expenditure and costs on an agreed cyclical basis to identify cost variations and expenditure overruns

3.3 Implement, monitor and modify contingency plans as required to maintain financial objectives

3.4 Reporton budget and expenditure in accordance with organisational protocols

4 Review and evaluate financial management processes

4.1 Collect and collate for analysis,data and information on the effectiveness of financial management processeswithin the work team

4.2 Analyse data and information on the effectiveness of financial management processes within the work team and identify, document and recommend any improvements to existing processes

4.3 Implement and monitor agreed improvements in line with financial objectives of the work team and the organisation