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Evidence Guide: SISXFIN001 - Develop and review budgets for activities or projects

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

 

SISXFIN001 - Develop and review budgets for activities or projects

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

Source data for budget preparation.

  1. Access and interpret data about resources required to conduct initiative.
  2. Confirm budget allocation for initiative with person responsible.
  3. Identify potential sources and scope of activity income.
Access and interpret data about resources required to conduct initiative.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm budget allocation for initiative with person responsible.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify potential sources and scope of activity income.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare budget calculations.

  1. Calculate realistic projections of income and expenditure based on data and information obtained.
  2. Determine unit cost or product price and break-even point.
  3. Record and maintain costing and income calculation system to ensure information is current, accurate and confidential.
  4. Identify and plan for likely contingencies.
Calculate realistic projections of income and expenditure based on data and information obtained.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine unit cost or product price and break-even point.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Record and maintain costing and income calculation system to ensure information is current, accurate and confidential.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and plan for likely contingencies.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare budget documentation.

  1. Prepare draft budgets in established format from data obtained and calculations made.
  2. Identify and support income and expenditure estimates with current and valid information.
  3. Submit budget for approval within designated timelines.
  4. Adjust budget in response to feedback from nominated people.
Prepare draft budgets in established format from data obtained and calculations made.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and support income and expenditure estimates with current and valid information.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Submit budget for approval within designated timelines.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Adjust budget in response to feedback from nominated people.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review budget against actual results.

  1. Compare original budget to actual results and identify variances and their reasons.
  2. Record and maintain information to allow retrieval for the development of future budgets.
  3. Review own work performance and identify potential improvements.
Compare original budget to actual results and identify variances and their reasons.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Record and maintain information to allow retrieval for the development of future budgets.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review own work performance and identify potential improvements.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Source data for budget preparation.

  1. Access and interpret data about resources required to conduct initiative.
  2. Confirm budget allocation for initiative with person responsible.
  3. Identify potential sources and scope of activity income.
Access and interpret data about resources required to conduct initiative.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm budget allocation for initiative with person responsible.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify potential sources and scope of activity income.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare budget calculations.

  1. Calculate realistic projections of income and expenditure based on data and information obtained.
  2. Determine unit cost or product price and break-even point.
  3. Record and maintain costing and income calculation system to ensure information is current, accurate and confidential.
  4. Identify and plan for likely contingencies.
Calculate realistic projections of income and expenditure based on data and information obtained.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine unit cost or product price and break-even point.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Record and maintain costing and income calculation system to ensure information is current, accurate and confidential.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and plan for likely contingencies.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare budget documentation.

  1. Prepare draft budgets in established format from data obtained and calculations made.
  2. Identify and support income and expenditure estimates with current and valid information.
  3. Submit budget for approval within designated timelines.
  4. Adjust budget in response to feedback from nominated people.
Prepare draft budgets in established format from data obtained and calculations made.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and support income and expenditure estimates with current and valid information.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Submit budget for approval within designated timelines.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Adjust budget in response to feedback from nominated people.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review budget against actual results.

  1. Compare original budget to actual results and identify variances and their reasons.
  2. Record and maintain information to allow retrieval for the development of future budgets.
  3. Review own work performance and identify potential improvements.
Compare original budget to actual results and identify variances and their reasons.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Record and maintain information to allow retrieval for the development of future budgets.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review own work performance and identify potential improvements.

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. Source data for budget preparation.

1.1 Access and interpret data about resources required to conduct initiative.

1.2 Confirm budget allocation for initiative with person responsible.

1.3 Identify potential sources and scope of activity income.

2. Prepare budget calculations.

2.1 Calculate realistic projections of income and expenditure based on data and information obtained.

2.2 Determine unit cost or product price and break-even point.

2.3 Record and maintain costing and income calculation system to ensure information is current, accurate and confidential.

2.4 Identify and plan for likely contingencies.

3. Prepare budget documentation.

3.1 Prepare draft budgets in established format from data obtained and calculations made.

3.2 Identify and support income and expenditure estimates with current and valid information.

3.3 Submit budget for approval within designated timelines.

3.4 Adjust budget in response to feedback from nominated people.

4. Review budget against actual results.

4.1 Compare original budget to actual results and identify variances and their reasons.

4.2 Record and maintain information to allow retrieval for the development of future budgets.

4.3 Review own work performance and identify potential improvements.

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. Source data for budget preparation.

1.1 Access and interpret data about resources required to conduct initiative.

1.2 Confirm budget allocation for initiative with person responsible.

1.3 Identify potential sources and scope of activity income.

2. Prepare budget calculations.

2.1 Calculate realistic projections of income and expenditure based on data and information obtained.

2.2 Determine unit cost or product price and break-even point.

2.3 Record and maintain costing and income calculation system to ensure information is current, accurate and confidential.

2.4 Identify and plan for likely contingencies.

3. Prepare budget documentation.

3.1 Prepare draft budgets in established format from data obtained and calculations made.

3.2 Identify and support income and expenditure estimates with current and valid information.

3.3 Submit budget for approval within designated timelines.

3.4 Adjust budget in response to feedback from nominated people.

4. Review budget against actual results.

4.1 Compare original budget to actual results and identify variances and their reasons.

4.2 Record and maintain information to allow retrieval for the development of future budgets.

4.3 Review own work performance and identify potential improvements.

Evidence of the ability to complete tasks outlined in elements and performance criteria of this unit in the context of the job role, and:

prepare, document and review budgets for at least two different activities or projects.

Demonstrated knowledge of required to complete the tasks outlined in elements and performance criteria of this unit:

organisational policies and procedures that enable development of sound financial budgets:

timelines

nominated person for authorisation

record keeping

contingency planning

confidentiality and security of financial information

budget preparation techniques:

information required for budget preparation

components of a budget:

income and potential sources – sales, grants, sponsorship, donations

costs – labour, materials, overheads, hire fees, catering

techniques for making budget estimates and forecasts

type of supporting information required

presentation techniques

formats for budgets

principles of budgetary control

principles of statistical analysis and measures of variance to enable accurate analysis of data.