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Evidence Guide: DEFFIN024 - Support the development and management of budgets

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

 

DEFFIN024 - Support the development and management of budgets

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

Support budget development

  1. Confirm budget is realistic and achievable and represents the business plan
  2. Conduct discussions and negotiations with stakeholders in a professional manner
Confirm budget is realistic and achievable and represents the business plan

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Conduct discussions and negotiations with stakeholders in a professional manner

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Set budget timeframe

  1. Identify and include milestones and performance indicators in budget
  2. Provide phasings of current and next financial year budget
Identify and include milestones and performance indicators in budget

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide phasings of current and next financial year budget

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Document budget

  1. Present data in the correct format
  2. Highlight any risks affecting budget achievement
  3. Complete and distribute reports within specified timelines
Present data in the correct format

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Highlight any risks affecting budget achievement

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete and distribute reports within specified timelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor resource utilisation against budget

  1. Monitor performance to identify actual and/or potential variance to budget
  2. Provide reasons for variance
  3. Provide revised End of Period Forecast identifying and quantifying risks to budget achievement
  4. Take action to minimise negative impact of variance
Monitor performance to identify actual and/or potential variance to budget

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide reasons for variance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide revised End of Period Forecast identifying and quantifying risks to budget achievement

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Take action to minimise negative impact of variance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENTS

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1

Support budget development

1.1

Confirm budget is realistic and achievable and represents the business plan

1.2

Conduct discussions and negotiations with stakeholders in a professional manner

2

Set budget timeframe

2.1

Identify and include milestones and performance indicators in budget

2.2

Provide phasings of current and next financial year budget

3

Document budget

3.1

Present data in the correct format

3.2

Highlight any risks affecting budget achievement

3.3

Complete and distribute reports within specified timelines

4

Monitor resource utilisation against budget

4.1

Monitor performance to identify actual and/or potential variance to budget

4.2

Provide reasons for variance

4.3

Provide revised End of Period Forecast identifying and quantifying risks to budget achievement

4.4

Take action to minimise negative impact of variance

Required Skills and Knowledge

ELEMENTS

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1

Support budget development

1.1

Confirm budget is realistic and achievable and represents the business plan

1.2

Conduct discussions and negotiations with stakeholders in a professional manner

2

Set budget timeframe

2.1

Identify and include milestones and performance indicators in budget

2.2

Provide phasings of current and next financial year budget

3

Document budget

3.1

Present data in the correct format

3.2

Highlight any risks affecting budget achievement

3.3

Complete and distribute reports within specified timelines

4

Monitor resource utilisation against budget

4.1

Monitor performance to identify actual and/or potential variance to budget

4.2

Provide reasons for variance

4.3

Provide revised End of Period Forecast identifying and quantifying risks to budget achievement

4.4

Take action to minimise negative impact of variance

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 relevant legislation and organisation policies and procedures

establishing and confirming budgetary milestones and performance indicators

identifying budget risks

preparing budgets

recording and documenting budget reports with accuracy.

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:

forecasting techniques

key features of organisational procedures and policy for financial administration

key principles of budgetary control

relevant public sector and financial legislation.

Range Statement

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

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