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Evidence Guide: PUAMAN007B - Manage financial resources

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

 

PUAMAN007B - Manage financial resources

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

Develop a budget

  1. Budgets are developed in the required format and consistent with organisation's guidelines and procedures.
  2. Cost elements are identified and quantified to eliminate/reduce wastage.
  3. Cost-benefit analyses are prepared for major cost items in accordance with the organisation's policy and procedures.
  4. Sub-budgets prepared by other staff are coordinated in order that desired objectives are achieved.
  5. Implications of major shifts in proposed or actual budget expenditures are analysed, determined and taken into account.
  6. Performance indicators are developed and agreement reached based on the budget.
Budgets are developed in the required format and consistent with organisation's guidelines and procedures.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Cost elements are identified and quantified to eliminate/reduce wastage.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Cost-benefit analyses are prepared for major cost items in accordance with the organisation's policy and procedures.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Sub-budgets prepared by other staff are coordinated in order that desired objectives are achieved.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implications of major shifts in proposed or actual budget expenditures are analysed, determined and taken into account.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Performance indicators are developed and agreement reached based on the budget.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Allocate, authorise and monitor expenditure

  1. Financial resources are allocated as agreed to in the operational plan and the budget negotiation process (as appropriate).
  2. Expenditure management meets the financial accountability requirements of the organisation.
  3. Expenditure is kept within budget or any potential over-runs identified and budget renegotiated accordingly.
  4. Expenditure is authorised within financial authority limits established by the organisation.
  5. Supply and expenditure processes are in accordance with corporate governance and organisational protocols.
  6. Financial reports are produced when and in a format required by the organisation.
  7. Sub-budgets are continuously monitored to ensure appropriate controls and authorisations are observed.
  8. Finance allocation is continually monitored against organisational objectives and priorities ensuring optimum service delivery.
  9. Re-allocation of resources is undertaken taking account of needs and priorities.
Financial resources are allocated as agreed to in the operational plan and the budget negotiation process (as appropriate).

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Expenditure management meets the financial accountability requirements of the organisation.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Expenditure is kept within budget or any potential over-runs identified and budget renegotiated accordingly.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Expenditure is authorised within financial authority limits established by the organisation.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Supply and expenditure processes are in accordance with corporate governance and organisational protocols.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Financial reports are produced when and in a format required by the organisation.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Sub-budgets are continuously monitored to ensure appropriate controls and authorisations are observed.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Finance allocation is continually monitored against organisational objectives and priorities ensuring optimum service delivery.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Re-allocation of resources is undertaken taking account of needs and priorities.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Utilise relevant financial management information systems

  1. Management information systems are used for planning, implementing and monitoring the financial resources usage.
  2. Management information system reports are produced, verified and interpreted.
Management information systems are used for planning, implementing and monitoring the financial resources usage.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Management information system reports are produced, verified and interpreted.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

Critical aspects for assessment and evidence required to demonstrate competency in this unit

It is essential for this unit that competence be demonstrated in application of financial resource management in a wide range of contexts in achieving the organisation's financial objectives.

Consistency in performance

Evidence should be gathered over a period of time in a range of actual or simulated workplace environments.

Context of and specific resources for assessment

Context of assessment

Evidence of competent performance by observing an individual in a financial management role within the workplace or exercise or operational environment Knowledge may be assessed through:

written assignments

projects reports

debriefings and action learning projects

Specific resources for assessment

No special requirements.

Required Skills and Knowledge

This describes the essential skills and knowledge and their level, required for this unit.

Required Skills

cost-benefit analysis

interpret financial reports

monitor financial accounts

prepare budgets

prioritise financial resource allocation

produce financial reports

utilise management information systems

Required Knowledge

accounting principles

accrual and cash management procedures

computer-based tools to produce financial reports

costing policies and procedures

financial management principles

legislative and organisation's procedures for budget development and financial management

management information systems

organisation's financial accountability requirements

Range Statement

The Range Statement relates to the Unit of Competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording in the Performance Criteria is detailed below.

Budget formats may include:

zero based budgeting

program budgeting

line item budgeting

Operating budget may include:

staffing costs

capital expenditure/income

recurrent expenditure/income

forward estimates

cash flow

Policy may include:

supply

procurement

expenditure

audit

reporting and recording policies

Financial reports may include:

annual reports

program financial statements

accrual reports

monthly/quarterly financial reports

Management information systems may include:

computers

communication channels

records management data

procedures

protocol

legislation

guidelines and awards

organisation

legal and policy materials

client information

market trends

registries and file records

library

financial records

basic statistical information

personnel records