MEACOM0030 - Prepare and manage aviation maintenance organisation budgets and financial plans
Assessor Resource
MEACOM0030 Prepare and manage aviation maintenance organisation budgets and financial plans
Assessment tool
Version 1.0 Issue Date: May 2024
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Submission Requirements
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Assessment Tasks
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Observation Checklist
Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice
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Comments/feedback
Identify strategic opportunities and express them in terms of aircraft and aeronautical product maintenance activities
Convert intended maintenance activities into special projects or work programs
Analyse and interpret financial trends in the context of organisational strategic objectives
Identify financial planning objectives, process timeframes, and resources
Give individuals and groups responsibility for developing specific budgets and plans
Consult with required groups and individuals throughout organisation on expenditure issues pertaining to aviation maintenance
Develop proposals, taking account of past experience, present trends, and future expectations
Link outcomes of proposals to organisational strategic objectives
Incorporate realistic cost-benefit and aviation maintenance organisation exposition compliance costs into all proposals
Meet organisational investment target rates for capital expenditure proposals
Identify performance measures and tactics for monitoring and control processes for each proposal/action, and develop a financial risk management plan
Review proposals to ensure their compliance with organisational values, policies, code of conduct, and legal and ethical obligations
Develop proposals within agreed timeframes
Include valid and sufficient supporting evidence that allows proper evaluation of proposals
Negotiate with designated groups and individuals in ways that build commitment to the plans
Confirm clear, concise objectives and timeframes according to organisational strategic objectives
Agree on negotiated matters to be incorporated into budgets and plans
Review budgets and plans to ensure they incorporate negotiation outcomes and meet organisational approval processes
Agree delegations, accountabilities, and responsibilities and confirm them in writing
Document final budget and plans and develop a communication plan
Distribute budget/financial plan communication package to finance specialists for review
Revise and amend package in response to review feedback
Explain plan data and terms to users
Test communication outcomes to ensure clear understanding of objectives, processes, and accountabilities
Confirm delegations and budget accountabilities in writing prior to budget period
Allocate funds according to budget objectives and parameters
Review recording systems and documentation to ensure they meet audit requirements and legal obligations
Implement risk management plans and contingency plans for all financial plans
Monitor performance and promptly identify variances
Analyse variances in conjunction with relevant experts to determine cause and effect
Take swift remedial action to minimise negative impact and maximise benefits
Renegotiate/restructure budgets and plans where necessary to optimise organisational performance
Maintain records of financial performance in organisational systems according to organisational policy and procedures
Analyse and report financial performance in a form and language suited to audience
Report non-financial objectives in the context of overall organisational performance
Review and update strategies and plans to optimise organisational performance
Forms
Assessment Cover Sheet
MEACOM0030 - Prepare and manage aviation maintenance organisation budgets and financial plans
Assessment task 1: [title]
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I declare that the assessment tasks submitted for this unit are my own work.
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Result: Competent Not yet competent
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Assessment Record Sheet
MEACOM0030 - Prepare and manage aviation maintenance organisation budgets and financial plans
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Assessment task 1: [title] Result: Competent Not yet competent
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Feedback to student:
Overall assessment result: Competent Not yet competent