Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners
SITXFIN005A Mapping and Delivery Guide
Prepare and monitor budgets
Version 1.0
Issue Date: June 2024
Qualification | - |
Unit of Competency | SITXFIN005A - Prepare and monitor budgets |
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Description | This unit describes the performance outcomes, skills and knowledge required to prepare and monitor budgets. It builds on the skills in unit SITXFIN004A Manage finances within a budget. While the nature of the budget may vary, the unit focuses on the key managerial skills of analysing financial information to inform developing a budget, drafting a budget and monitoring budget performance over time.This unit requires researching and analysing financial and other business information and applying it to budget planning, development, negotiation and monitoring. It requires sound knowledge of accounting principles, budget development methods, and presentation formats for different types of budget. | ||
Employability Skills | The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary of the qualification in which this unit is packaged will assist in identifying employability skills requirements. | ||
Learning Outcomes and Application | This unit applies to individuals responsible for budget development in any industry context. A budget may be for an entire small organisation, for a section of a larger organisation, or for a particular project or activity. A person achieving this unit would be expected to have a sufficiently sound understanding of the budget development process to enable the transfer of skills across a range of workplace contexts.Budget development is carried out autonomously but in consultation with others. | ||
Duration and Setting | X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting. |
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Prerequisites/co-requisites | Nil | ||
Competency Field | Finance |
Development and validation strategy and guide for assessors and learners | Student Learning Resources | Handouts Activities |
Slides PPT |
Assessment 1 | Assessment 2 | Assessment 3 | Assessment 4 | |
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Elements of Competency | Performance Criteria | |||||||
Element: Prepare budget information. |
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Element: Prepare budget. |
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Element: Finalise budget. |
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Element: Monitor and review budget. |
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