NTISthis.com

Evidence Guide: FNSACC503 - Manage budgets and forecasts

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

 

FNSACC503 - Manage budgets and forecasts

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

Prepare budget

  1. Clearly define cash, expenditure and revenue items and ensure relevance to identified objectives of budget
  2. Ensure budget objectives are clear and consistent with organisational aims and projects
  3. Conduct discussions and negotiations with stakeholders in manner that promotes understanding, goodwill and ongoing cooperation
  4. Identify and include milestones and performance indicators in budgets to monitor financial performance and break down annual budgets into seasonal periods in accordance with operating trends
Clearly define cash, expenditure and revenue items and ensure relevance to identified objectives of budget

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure budget objectives are clear and consistent with organisational aims and projects

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Conduct discussions and negotiations with stakeholders in manner that promotes understanding, goodwill and ongoing cooperation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and include milestones and performance indicators in budgets to monitor financial performance and break down annual budgets into seasonal periods in accordance with operating trends

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Forecast estimates

  1. Provide realistic, ethical and attainable estimates of future cash flow, costs and revenues, and support with verifiable evidence and source documentation
  2. Identify relevant data for forecasts and anticipate changes in circumstances
  3. Establish assumptions and parameters and review for accuracy, relevance and compliance with organisational procedures and policy
  4. Identify financial risks and initiate protection strategies in accordance with organisational procedures and policy
Provide realistic, ethical and attainable estimates of future cash flow, costs and revenues, and support with verifiable evidence and source documentation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify relevant data for forecasts and anticipate changes in circumstances

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish assumptions and parameters and review for accuracy, relevance and compliance with organisational procedures and policy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify financial risks and initiate protection strategies in accordance with organisational procedures and policy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Document budget

  1. Present data in format that is easily understood and appropriate to budget reporting
  2. Complete reports within timelines and distribute for specified periods and projects
  3. Identify trends, issues and comparisons and report in structured format to ensure transparency and validity of analysis
  4. Identify feasibility by comparing projections with market growth and development
Present data in format that is easily understood and appropriate to budget reporting

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete reports within timelines and distribute for specified periods and projects

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify trends, issues and comparisons and report in structured format to ensure transparency and validity of analysis

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify feasibility by comparing projections with market growth and development

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor budget outcomes

  1. Analyse budget variances in accordance with organisational procedures, and make recommendations based on analysis to client or designated person
  2. Review budget processes and implement as required
Analyse budget variances in accordance with organisational procedures, and make recommendations based on analysis to client or designated person

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review budget processes and implement as required

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. Prepare budget

1.1 Clearly define cash, expenditure and revenue items and ensure relevance to identified objectives of budget

1.2 Ensure budget objectives are clear and consistent with organisational aims and projects

1.3 Conduct discussions and negotiations with stakeholders in manner that promotes understanding, goodwill and ongoing cooperation

1.4 Identify and include milestones and performance indicators in budgets to monitor financial performance and break down annual budgets into seasonal periods in accordance with operating trends

2. Forecast estimates

2.1 Provide realistic, ethical and attainable estimates of future cash flow, costs and revenues, and support with verifiable evidence and source documentation

2.2 Identify relevant data for forecasts and anticipate changes in circumstances

2.3 Establish assumptions and parameters and review for accuracy, relevance and compliance with organisational procedures and policy

2.4 Identify financial risks and initiate protection strategies in accordance with organisational procedures and policy

3. Document budget

3.1 Present data in format that is easily understood and appropriate to budget reporting

3.2 Complete reports within timelines and distribute for specified periods and projects

3.3 Identify trends, issues and comparisons and report in structured format to ensure transparency and validity of analysis

3.4 Identify feasibility by comparing projections with market growth and development

4. Monitor budget outcomes

4.1 Analyse budget variances in accordance with organisational procedures, and make recommendations based on analysis to client or designated person

4.2 Review budget processes and implement as required

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. Prepare budget

1.1 Clearly define cash, expenditure and revenue items and ensure relevance to identified objectives of budget

1.2 Ensure budget objectives are clear and consistent with organisational aims and projects

1.3 Conduct discussions and negotiations with stakeholders in manner that promotes understanding, goodwill and ongoing cooperation

1.4 Identify and include milestones and performance indicators in budgets to monitor financial performance and break down annual budgets into seasonal periods in accordance with operating trends

2. Forecast estimates

2.1 Provide realistic, ethical and attainable estimates of future cash flow, costs and revenues, and support with verifiable evidence and source documentation

2.2 Identify relevant data for forecasts and anticipate changes in circumstances

2.3 Establish assumptions and parameters and review for accuracy, relevance and compliance with organisational procedures and policy

2.4 Identify financial risks and initiate protection strategies in accordance with organisational procedures and policy

3. Document budget

3.1 Present data in format that is easily understood and appropriate to budget reporting

3.2 Complete reports within timelines and distribute for specified periods and projects

3.3 Identify trends, issues and comparisons and report in structured format to ensure transparency and validity of analysis

3.4 Identify feasibility by comparing projections with market growth and development

4. Monitor budget outcomes

4.1 Analyse budget variances in accordance with organisational procedures, and make recommendations based on analysis to client or designated person

4.2 Review budget processes and implement as required