SITXFIN009 Manage finances within a budget:
Learner Assessment Pack
Assessment Delivery
Practical Assessment
| The Practical Assessment is a set of tasks that must be completed in an industry workplace; or a simulated industry environment set up for the purposes of assessment. To be assessed for this unit of competency, you must demonstrate your skills and knowledge to interpret budgetary requirements, allocate resources, monitor actual income and expenditure, and report on budgetary deviations. The Practical Assessments in this workbook include: Workplace Assessment A series of tasks assessing the learner’s practical knowledge and skills relevant to the unit of competency. This includes the learner completing workplace documents or similar as evidence of competent performance. Workplace Practical Observation A set of assessment tasks where the learner must demonstrate practical skills relevant to the unit of competency. These skills are to be demonstrated while being observed by the assessor. IMPORTANT! Should you encounter issue or concerns regarding your assessment, contact your assessor. |
Workplace Assessment
Assessment Overview
| This workplace assessment requires you to manage and monitor a budget for a business over a three-month period that meets the specific business’ needs. This assessment is divided into seven tasks: Task 1: Allocate Budget Resources Task 2: Inform Relevant Personnel About Budget Allocation Task 3: Promote Awareness of Importance of Budget Control Task 4: Complete Financial and Statistical Reports Task 5: Budget Monitoring Report Task 6: Budget Performance Report Task 7: Communicate on Budget Performance With Relevant Personnel You are required to complete the assessment tasks in an industry workplace; or a simulated industry environment set up for the purposes of assessment. Each task comes with a set of instructions. You are to follow these instructions to complete the assessment. Each task will require you to either: Submit completed workplace templates and/or any required documentation; orDemonstrate task requirements while being observed by the assessor. Some tasks may include both requirements. These will serve as evidence of your task completion. Before starting this assessment, your assessor will discuss with you these instructions, resources, and guidance for satisfactorily completing the tasks. |
| You are required to: Complete the tasks within the time allowed, as scheduled in-class roll. Discuss fund allocation of the organisation with at least two relevant colleagues:Consult with at least two relevant personnel and inform them about budget allocation completed in Workplace Assessment Task 1.Promote awareness of the importance of budget control in the workplace.Complete financial and statistical reports for the financial activities of the three-month budgetary cycle.Monitor the financial activities of the organisation on three instances based on the resource allocation completed in Workplace Assessment Task 1.Identify and evaluate options to improve budget performance.Communicate information on new approaches and recommendations for budget management to relevant personnel. Resources Required for Assessment Resources you need to access to complete the workplace assessment are outlined in the Resources Required for Assessment section of this workbook, and in the corresponding Assessor’s Checklist and/or Observation Form of each task. Discuss each requirement with your assessor before commencing with each task. They will organise the resources required for this assessment. IMPORTANT: Additional workplace resources may be required upon the contextualisation of this assessment. Forms and Templates Generic forms and templates to be used for the assessments are specified for each task, unless otherwise stated. These can be accessed from the following link: SITXFIN009 Forms and Templates If you are currently in a workplace, use similar workplace templates and forms used by your organisation to complete each assessment task. Discuss with your supervisor and your assessor first to ensure that the forms/templates you will use cover all criteria required by each assessment task. Review these forms and templates with your assessor before starting the task. |
Task 1: Allocate Budget Resources
| Your assessor will observe you as you discuss fund allocation of the organisation with at least two relevant colleagues: Before starting this task, you must access and review the following: Organisational operating proceduresWorkplace documents and/or sources of information on the following:Organisation’s three-month budget Staff and rostering requirements Existing suppliers of the organisation You will be assessed on your practical skills to: Discuss fund allocation of the organisation with at least two relevant colleagues. Colleagues refer to members of the organisation who are responsible for implementation of activities based on allocated budget. Discussion must include the following: The organisation’s three-month operational budget. The organisation’s current operating proceduresIdentify at least one priority for each operational factors of the organisation: Staff requirementRostering requirement Operating needs Existing supplier requirement New supplier requirementIdentify at least two changes for each of the following based on priorities identified: Organisational income Organisational expenditure |
| Finalise fund allocation for the following priorities for a three-month budget: Staff requirementRostering requirementOperating needsExisting supplier requirementNew supplier requirementRecord discussion of fund allocation Review the following before starting this task: Workplace Assessment Task 1 – Assessor’s Checklist Workplace Assessment Task 1 – Observation Form These forms outline the following: Resources you are required to access to complete the task.All criteria your submission must address to satisfactorily complete this task.All practical skills you need to demonstrate to satisfactorily complete the observation task. |
| Submit the evidence of fund allocation to your assessor. Evidence must be at least one of the following: Pictures of budget allocation sheet. |
Task 2: Inform Relevant Personnel About Budget Allocation
| This task will require you to consult with at least two relevant personnel and inform them about budget allocation completed with colleagues in Workplace Assessment Task 1. Relevant personnel refer to senior members of the organisation who approve budget and are responsible for the financial performance of the organisation. To complete this task, you must: Access and review evidence of fund allocation from Workplace Assessment Task 1. This sheet can be accessed used in Workplace Assessment Task 1. Identify at least two relevant personnel to communicate with.Consult with the identified relevant personnel to inform them about the budget allocation and resource decisions from Workplace Assessment Task 1. Review Workplace Assessment Task 2 – Assessor’s Checklist before starting this task. This form outlines the following: Resources you are required to access to complete the task. All criteria your submission must address to satisfactorily complete this task. Your assessor will discuss these resources with you, and the criteria outlined in this form prior to this assessment. Submit the evidence of informing relevant personnel about budget allocation. Evidence must be at least one of the following: Email correspondence Meeting minutesVideo recording of the meeting conducted When using this as evidence, ensure to inform the relevant personnel of the purpose of the recording before doing so. |
Task 3: Promote Awareness of Importance of Budget Control
| This task will require you to promote awareness of the importance of budget control in the workplace. To complete this task, you must: Access and review evidence of fund allocation from Workplace Assessment Task 1.Promote awareness in the workplace about importance of budget control Promotion of awareness will be done for the entire staff in the workplace. Review Workplace Assessment Task 3 – Assessor’s Checklist before starting this task. This form outlines the following: Resources you are required to access to complete the task. All criteria your submission must address to satisfactorily complete this task. Your assessor will discuss these resources with you, and the criteria outlined in this form prior to this assessment. Submit the evidence of promoting awareness. Evidence must be at least one of the following: Email correspondence Meeting minutesVideo recording of the promotion activity conducted. |
Task 4: Complete Financial and Statistical Reports
| This task will require you to complete financial and statistical reports for the financial activities of the three-month budget based on allocated funds completed in Workplace Assessment Task 1. To complete this task, you must: Access and review: Evidence of fund allocation from Workplace Assessment Task 1 Workplace documents containing information on the use of budget of the three-month periodComplete the following reports for the three-month budget:At least three financial reports – one for each monthAt least three statistical reports – one for each month Review Workplace Assessment Task 4 – Assessor’s Checklist before starting this task. This form outlines the following: Resources you are required to access to complete the task. All criteria your submission must address to satisfactorily complete this task. Your assessor will discuss these resources with you, and the criteria outlined in this form prior to this assessment. Submit the following printed copies generated to your assessor: At least three financial reports – one for each monthAt least three statistical reports – one for each month Include any supplementary documents used to complete this task, such as workplace documents containing information on the use of budget of the three-month period. |
Task 5: Budget Monitoring Report
| The task will require you to monitor the financial activities of the organisation on three instances based on the resource allocation completed in Workplace Assessment Task 1. Use your workplace/organisation’s template to complete this task, or use the Budget Monitoring Reporttemplate provided at The Continent Hotel site. To complete this task after each month, you must: Access and review:Evidence of fund allocation from Workplace Assessment Task 1Financial reports submitted in Workplace Assessment Task 4Statistical Reports submitted in Workplace Assessment Task 4 Organisational procedures for reporting deviations in budgetIdentify the following based on the financial reports accessed and reviewed:Records for actual incomeRecords for actual expenditureReview the identified records to ensure information is accurate. Check the actual income and expenditure against allocated budget to identify the following: At least two deviations against the allocated budgetAt least two options for more effective management of deviationsAt least two targets of the organisation on budget usageBudget status of the organisation based on the targets identified This is completed in three instances – one for each month monitored Communicate with two colleagues on the following: These colleagues must be the same as those identified in Workplace Assessment Task 1. Report identified deviations according to their significanceReview of identified options to manage deviationsReport at least two targets of the organisation on budget usageReport on the budget status against the budget usage targets. Complete the budget monitoring report for each month with information identified above. |
| Review Workplace Assessment Task 5 – Assessor’s Checklist before starting this task. This form outlines the following: Resources you are required to access to complete the task. All criteria your submission must address to satisfactorily complete this task. Your assessor will discuss these resources with you, and the criteria outlined in this form prior to this assessment. Review the template you will use to complete this task. If you are using a template from your workplace/organisation, discuss with your assessor to ensure that the template covers all requirements that apply to this task. Otherwise, use the Budget Monitoring Reporttemplate provided at The Continent Hotel site. Submit the following to your assessor: At least three completed budget monitoring report – one for each monthEvidence of communication with colleagues on the monitoring information Evidence must be at least one of the following: Email correspondence Meeting minutesVideo recording of the meeting conducted with the colleagues When using this as evidence, ensure to inform the colleagues of the purpose of the recording before doing so. |
Task 6: Budget Performance Report
| This task will require you to identify and evaluate options to improve budget performance based on monitoring completed in Workplace Assessment Task 5. Use your workplace/organisation’s template to complete this task, or use the Budget Performance Reporttemplate provided at The Continent Hotel site. To complete this task, you must: Access and review the following:Evidence of fund allocation from Workplace Assessment Task 1Budget monitoring report from Workplace Assessment Task 5Documents and/or sources of information on the following:Existing costs and resourcesCustomer service levelsDiscuss the following with at least two colleagues: These colleagues must be the same as those identified in Workplace Assessment Task 1. Assessment of existing costs and resourcesAt least two areas of improvement in budget performanceAt least two desired budget outcomes.Conduct research to identify at least two new approaches to budget managementIdentify at least one advantage of each new approach.Identify at least one disadvantage of each new approach.Complete a budget performance report based on the above information. |
| Review Workplace Assessment Task 6 – Assessor’s Checklist before starting this task. This form outlines the following: Resources you are required to access to complete the task. All criteria your submission must address to satisfactorily complete this task. Your assessor will discuss these resources with you, and the criteria outlined in this form prior to this assessment. Review the template you will use to complete this task. If you are using a template from your workplace/organisation, discuss with your assessor to ensure that the template covers all requirements that apply to this task. Otherwise, use the Budget Performance Reporttemplate provided at The Continent Hotel site. Submit the following to your assessor: Completed budget performance reportEvidence of communication with at least two colleagues Evidence must be at least one of the following: Email correspondence Meeting minutesVideo recording of the meeting conducted When using this as evidence, ensure to inform the colleagues of the purpose of the recording before doing so. Evidence of researching new approaches to budget management Evidence must be at least one of the following: Email correspondence Meeting minutesResearch report |
Task 7: Communicate on Budget Performance With Relevant Personnel
| This task will require you to communicate information on new approaches and recommendations for budget management to at least two relevant personnel. These relevant personnel must be the same as those identified in Workplace Assessment Task 2. To complete this task, you must: Access and review budget performance report developed in Workplace Assessment Task 6.Communicate the following with at least two relevant personnel: At least two new approaches to budget management identified in Workplace Assessment Task 6 At least one benefit of each approach identified in Workplace Assessment Task 6At least one disadvantage of each approach identified in Workplace Assessment Task 6At least two recommendations for budget management based on the budget performance report. Review Workplace Assessment Task 7 – Assessor’s Checklist before starting this task. This form outlines the following: Resources you are required to access to complete the task. All criteria your submission must address to satisfactorily complete this task. Your assessor will discuss these resources with you, and the criteria outlined in this form prior to this assessment. Submit the evidence of communication with relevant personnel on budget management. Evidence must be at least one of the following: Email correspondence Meeting minutesVideo recording of the meeting conducted When using this as evidence, ensure to inform the relevant personnel of the purpose of the recording before doing so. |
Learner Assessment Pack
Assessment Workbook Checklist
Assessment Workbook Checklist
| Task 1: Allocate Budget Resources | |
| Evidence of fund allocation Specify evidence submitted: | ☐ |
| Video recording of the discussion with colleagues Only if direct observation is not possible. | ☐ |
| Task 2: Inform Relevant Personnel About Budget Allocation | |
| Evidence of informing relevant personnel about budget allocation. Specify evidence submitted: | ☐ |
| Task 3: Promote Awareness of Importance of Budget Control | |
| Evidence of promoting awareness Specify evidence submitted: | ☐ |
| Task 4: Complete Financial and Statistical Reports | |
| At least three financial reports – one for each month | ☐ |
| At least three statistical reports – one for each month | ☐ |
| Organisational documents referenced to create the financial and statistical reports as supplementary evidence. Specify evidence submitted: | ☐ |
| Task 5: Budget Monitoring Report | |
| At least three budget monitoring reports – one for each month | ☐ |
| Evidence of communication with colleagues on the monitoring information Specify evidence submitted: | ☐ |
| Task 6: Budget Performance Report | |
| Budget performance report | ☐ |
| Evidence of communication with at least two colleagues Specify evidence submitted: | ☐ |
| Evidence of researching new approaches to budget management Specify evidence submitted: | ☐ |
| Task 7: Communicate on Budget Performance With Relevant Personnel | |
| Evidence of communication with relevant personnel on budget management Specify evidence submitted: | ☐ |
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