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Evidence Guide: FNSACCT607B - Evaluate business performance

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

 

FNSACCT607B - Evaluate business performance

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

Analyse trends in performance

  1. Data relating to program and organisational performance is gathered and analysed using standard accounting techniques to identify past, current and future performance
  2. Variations from targets and divergences from trends are researched and evaluated to determine margins of errors and/or repeating patterns
  3. Trends in performance are assessed in terms of organisational short and long term objectives
Data relating to program and organisational performance is gathered and analysed using standard accounting techniques to identify past, current and future performance

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Variations from targets and divergences from trends are researched and evaluated to determine margins of errors and/or repeating patterns

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Trends in performance are assessed in terms of organisational short and long term objectives

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Develop performance indicators

  1. Performance indicators are developed that link organisational processes, resource uses and organisational objectives to environmental factors
  2. Performance indicators are developed using processes that are planned, inclusive and realistic within available timeframes and resources
  3. Components of performance indicators are regularly reviewed for relevance against performance trends and organisational capacities
Performance indicators are developed that link organisational processes, resource uses and organisational objectives to environmental factors

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Performance indicators are developed using processes that are planned, inclusive and realistic within available timeframes and resources

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Components of performance indicators are regularly reviewed for relevance against performance trends and organisational capacities

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Identify options for improvement

  1. Factors inhibiting performance are identified, minimised or eliminated
  2. Organisational programs are reviewed to include factors that promote performance in line with available resources
  3. Value is added through the use of standard financial management techniques such as capital budgeting
  4. Communication strategies are developed and implemented to facilitate the extension of improvement options in line with operational goals and needs
Factors inhibiting performance are identified, minimised or eliminated

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Organisational programs are reviewed to include factors that promote performance in line with available resources

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Value is added through the use of standard financial management techniques such as capital budgeting

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Communication strategies are developed and implemented to facilitate the extension of improvement options in line with operational goals and needs

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

EVIDENCE GUIDE

Assessment of performance requirements in the unit should be undertaken in an industry context. The Evidence Guide identifies the critical aspects, knowledge and skills to be demonstrated to confirm competency for the unit. Competency is demonstrated by performance of all stated criteria including the Range Statement applicable to the workplace.

Overview of assessment requirements

To achieve competency in this unit, a person must be able to demonstrate:

knowledge of standard accounting techniques

ability to analyse trends in performance

ability to develop performance indicators

identify options for improvements

knowledge of organisational objectives

knowledge of organisational policies and procedures

Critical aspects of evidence

Evidence required for demonstration of consistent performance:

Competence in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range Statement and contexts applicable to the work environment.

Delivery/assessment relationship to other units:

Prerequisite units:

FNSACCT503B Manage budgets and forecasts.

Assessment requirements

Method of assessment:

For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance.

Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required.

Context of assessment:

Assessment of performance requirements in this unit should be undertaken within the financial services industry context and should cover aspects of personal/financial responsibility and accountability.

Aspects of competency, including the attainment of relevant knowledge and skills, may be assessed in a relevant workplace, a closely simulated work environment, or other appropriate means that clearly meet industry competency requirements.

Resources required for assessment:

Assessment of this unit of competence requires access to suitable resources to demonstrate competence.

Assessment instruments, including personal planner and assessment record book.

Access to registered provider of assessment services.

Required Skills and Knowledge

REQUIRED KNOWLEDGE&SKILLS

Knowledge requirements include:

principles of cost-benefit analysis and use of forecasting techniques

principles of capital budgeting analysis and investment analysis

options, methods and practices for deductions, benefits and depreciations

ethical considerations (eg conflict of interests, confidentiality, disclosure requirements)

principles and methods of valuation

Skills requirements include:

interpersonal skills and communication skills (eg liaising, listening, consulting)

report writing and preparation

numeracy and statistical skills for calculation of data

organisational structures and lines of management authority

estimating, forecasting and assessment skills

reading, interpreting financial statements and reports

Range Statement

The Range Statement relates to the unit of competency as a whole. It allows for different work environments and situations that will affect performance.

The following variables may be present with training and assessment depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts. If bold italicised text is shown in Performance Criteria, details of the text are provided in the Range Statement.

Data may include:

budgets and forecasts

financial statements and reports

market valuations

Australian Bureau of Statistics (ABS) economic data

financial markets monitoring services (eg Reuters)

credit ratings

investment plans

capital equipment and development plans

Standard accounting techniques may include:

discounted cash flows

deprival asset valuations

rates of return

pay back periods

impact statements

pro-rata and percentage apportionment

direct allocation

ratio analysis

working capital management

capital budgeting

Targetsmay include:

budgeted expenditures

profits and losses

rate of investment returns

sales

budgeted revenue

working capital levels

asset turnover

capital expenditure management

cost of capital

Short and long term objectives may include:

budgetary targets (eg quarterly, half yearly, annual)

sales and revenues targets

monthly cash flows

investment realisations

client development

profit growth

investment levels and returns

asset management

Performance indicatorsmay include:

reports (daily, weekly, monthly, quarterly, half yearly, annual)

compliance with scheduled payment dates

profits and losses

debt reduction targets

investment levels

debt to equity ratios

target cost of capital

Environmental factors may include:

inflation

competitors' behaviour

market share

consumer demand

cost of debt

skills shortages

government financial policies

community service obligations

Factors inhibiting performance may include:

financial monitoring

internal procedures

staff skills

information management systems

financial management techniques and tools

client opinions and interface

market share

Communication strategies may include:

staff meetings

newsletters

memos

documented procedures and staff manuals

workshops