ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Prepare budget

1.1 Clearly define cash, expenditure and revenue items and ensure relevance to identified objectives of budget

1.2 Ensure budget objectives are clear and consistent with organisational aims and projects

1.3 Conduct discussions and negotiations with stakeholders in manner that promotes understanding, goodwill and ongoing cooperation

1.4 Identify and include milestones and performance indicators in budgets to monitor financial performance and break down annual budgets into seasonal periods in accordance with operating trends

2. Forecast estimates

2.1 Provide realistic, ethical and attainable estimates of future cash flow, costs and revenues, and support with verifiable evidence and source documentation

2.2 Identify relevant data for forecasts and anticipate changes in circumstances

2.3 Establish assumptions and parameters and review for accuracy, relevance and compliance with organisational procedures and policy

2.4 Identify financial risks and initiate protection strategies in accordance with organisational procedures and policy

3. Document budget

3.1 Present data in format that is easily understood and appropriate to budget reporting

3.2 Complete reports within timelines and distribute for specified periods and projects

3.3 Identify trends, issues and comparisons and report in structured format to ensure transparency and validity of analysis

3.4 Identify feasibility by comparing projections with market growth and development

4. Monitor budget outcomes

4.1 Analyse budget variances in accordance with organisational procedures, and make recommendations based on analysis to client or designated person

4.2 Review budget processes and implement as required

Skill

Performance Criteria

Description

Reading

1.2, 2.2, 2.3, 3.3, 3.4, 4.1, 4.2

Researches, consolidates and evaluates a range of information and financial data, identifying key aspects needed for work requirements and analysing trends

Writing

2.1, 2.3, 3.1-3.3, 4.1

Prepares specific and logically structured written and graphical information for a range of audiences and purposes

Uses clear and concise language, incorporating correct spelling, grammar, terminology and conventions, to convey accurate information

Oral Communication

1.3, 3.1, 4.1

Presents financial information to a range of personnel using language and concepts appropriate for the audience

Uses active listening and questioning to elicit and convey information in verbal exchanges

Numeracy

1.1, 1.2, 1.4, 2.1-2.4, 3.1-3.4, 4.1

Performs mathematical calculations and uses a range of mathematical problem-solving techniques to analyse, estimate and forecast financial data

Navigate the world of work

1.2, 2.3, 2.4, 4.1

Takes responsibility for adherence to organisational policy and procedures, and legal and ethical requirements

Interact with others

1.2, 2.3, 2.4, 4.1

Uses collaborative and inclusive techniques to build rapport and establish and maintain positive relationships with a range of stakeholders

Get the work done

1.1, 1.2, 1.4, 2.1-2.4, 3.2-3.4, 4.1, 4.2

Organises work according to organisational procedures, using some analytical processes, and taking responsibility for sequencing and scheduling tasks to achieve efficient outcomes

Identifies and responds to budgeting problems by systematically analysing relevant information, generating and evaluating options, and selecting the most appropriate option for the client

Uses digital technologies to access, extract and share relevant information to achieve required outcomes