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Evidence Guide: BSBMGT803 - Use financial and economic information for strategic decision making

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

 

BSBMGT803 - Use financial and economic information for strategic decision making

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

Analyse financial resources

  1. Identify and incorporate the financial resources required to achieve organisational objectives from the budget
  2. Forecast additional expenditure requirements and make provisions in the budget as required
  3. Develop contingency plans for obtaining additional financial resources in the event of a shortfall of available funds
Identify and incorporate the financial resources required to achieve organisational objectives from the budget

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Forecast additional expenditure requirements and make provisions in the budget as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop contingency plans for obtaining additional financial resources in the event of a shortfall of available funds

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Interpret financial and economic information

  1. Analyse financial reports by calculating balance sheet ratios, income statement ratios and cash flow statement ratios
  2. Identify and evaluate macro and micro economic factors and measure their impact on enterprise financial capabilities
  3. Review and report financial performance of business units within the enterprise
Analyse financial reports by calculating balance sheet ratios, income statement ratios and cash flow statement ratios

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and evaluate macro and micro economic factors and measure their impact on enterprise financial capabilities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review and report financial performance of business units within the enterprise

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Use financial information to support decision making

  1. Model different financial scenarios to support the decision making process
  2. Conduct a cost benefit analysis of organisation’s activities to determine viability
  3. Consult appropriate financial advisers about financial information to support decisions
  4. Analyse financial information to ensure it is valid and reliable
  5. Make strategic decisions based on up to date financial information
Model different financial scenarios to support the decision making process

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Conduct a cost benefit analysis of organisation’s activities to determine viability

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Consult appropriate financial advisers about financial information to support decisions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse financial information to ensure it is valid and reliable

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Make strategic decisions based on up to date financial information

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maximise returns on financial resources

  1. Monitor actual income and expenditure against budgets to ensure available and budgeted resources are not exceeded
  2. Explain variations and implement corrective action when deviations in budgets occur
  3. Collect, analyse and report data on the use of financial resources
  4. Communicate recommendations for improving returns on financial resources to relevant parties
  5. Agree performance indicators with managers and staff
Monitor actual income and expenditure against budgets to ensure available and budgeted resources are not exceeded

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain variations and implement corrective action when deviations in budgets occur

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Collect, analyse and report data on the use of financial resources

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communicate recommendations for improving returns on financial resources to relevant parties

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Agree performance indicators with managers and staff

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. Analyse financial resources

1.1 Identify and incorporate the financial resources required to achieve organisational objectives from the budget

1.2 Forecast additional expenditure requirements and make provisions in the budget as required

1.3 Develop contingency plans for obtaining additional financial resources in the event of a shortfall of available funds

2. Interpret financial and economic information

2.1 Analyse financial reports by calculating balance sheet ratios, income statement ratios and cash flow statement ratios

2.2 Identify and evaluate macro and micro economic factors and measure their impact on enterprise financial capabilities

2.3 Review and report financial performance of business units within the enterprise

3. Use financial information to support decision making

3.1 Model different financial scenarios to support the decision making process

3.2 Conduct a cost benefit analysis of organisation’s activities to determine viability

3.3 Consult appropriate financial advisers about financial information to support decisions

3.4 Analyse financial information to ensure it is valid and reliable

3.5 Make strategic decisions based on up to date financial information

4. Maximise returns on financial resources

4.1 Monitor actual income and expenditure against budgets to ensure available and budgeted resources are not exceeded

4.2 Explain variations and implement corrective action when deviations in budgets occur

4.3 Collect, analyse and report data on the use of financial resources

4.4 Communicate recommendations for improving returns on financial resources to relevant parties

4.5 Agree performance indicators with managers and staff

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. Analyse financial resources

1.1 Identify and incorporate the financial resources required to achieve organisational objectives from the budget

1.2 Forecast additional expenditure requirements and make provisions in the budget as required

1.3 Develop contingency plans for obtaining additional financial resources in the event of a shortfall of available funds

2. Interpret financial and economic information

2.1 Analyse financial reports by calculating balance sheet ratios, income statement ratios and cash flow statement ratios

2.2 Identify and evaluate macro and micro economic factors and measure their impact on enterprise financial capabilities

2.3 Review and report financial performance of business units within the enterprise

3. Use financial information to support decision making

3.1 Model different financial scenarios to support the decision making process

3.2 Conduct a cost benefit analysis of organisation’s activities to determine viability

3.3 Consult appropriate financial advisers about financial information to support decisions

3.4 Analyse financial information to ensure it is valid and reliable

3.5 Make strategic decisions based on up to date financial information

4. Maximise returns on financial resources

4.1 Monitor actual income and expenditure against budgets to ensure available and budgeted resources are not exceeded

4.2 Explain variations and implement corrective action when deviations in budgets occur

4.3 Collect, analyse and report data on the use of financial resources

4.4 Communicate recommendations for improving returns on financial resources to relevant parties

4.5 Agree performance indicators with managers and staff