Elements and Performance Criteria

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording in the performance criteria is detailed below. Add any essential operating conditions that may be present with training and assessment depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts.
Proposals for expenditure may include demonstrating the need to:
expand the scope of current services
develop new services and products
identify where financial resources will come from i.e. from inside or outside the organisation
implement long-term programs (several years or more)
implement short-term programs (less than one year).
Factors likely to affect costs and returns may include:
need and demand
past financial experiences
accounting trends
cash flow patterns and financial position
benchmarking of services
program variations
changing risk profiles
developments
opportunities.
Budget proposals should include information drawn from:
current and past budgets and financial reports
data on service activities and outcomes
resource projections and costings
sources of funding and criteria for funds
real costing of services.
Regular monitoring should:
identify, record and measure income, expenditure, assets, liabilities and equity
ensure procedures are properly described
ensure all revenues are received
ensure assets are safeguarded and efficiently and effectively used, to avoid waste, extravagance, misuse and loss
ensure liabilities are not incurred without proper authority
ensure correct valuation, cut-off, presentation and disclosure of financial balances and transactions
include contingency plans
be linked to the organisation's risk management strategy
be established to accord with the organisation's delegation framework
be cost-effective.

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, the range statement and the Assessment Guidelines for this Training Package.
Overview of assessment
Assessment of this unit will be applied in a range of applications reflecting the nature of the services provided by the organisation, the legal structure of the organisation, the management system and culture and the candidate's specific roles and responsibilities.
Evidence should be gathered over time and drawn from the range of routine and required work activities relevant to the performance criteria, the range statement and the organisational environment.
Critical aspects for assessment and evidence required to demonstrate competency in this unit
In addition to integrated demonstration of the elements and their related performance criteria, look for evidence that confirms:
the knowledge requirements of this unit
the skill requirements of this unit
application of employability skills as they relate to this unit
ability to determine the effective use of financial resources in a range of (two or more) contexts or occasions, over time.
Context of and specific resources for assessment
Valid assessment of this unit requires:
a workplace environment or one that closely resembles normal work practice and replicates the range of conditions likely to be encountered when determining financial resources, including coping with difficulties, irregularities and breakdowns in routine
copies of legislation, policies, procedures and guidelines relating to financial planning, management, reporting and accountability
access to appropriate learning and assessment support when required.
Method of assessment
Evidence must include observation and information generated in the workplace as well as observation of performance in routine work functions or, where this is not possible, in a simulated exercise only where necessary to confirm the transferability of the competencies.
The following assessment methods are suggested:
observation of performance in routine workplace activities within a range of agreed responsibilities and in various work locations
written and/or oral questioning to assess knowledge and understanding
completion of workplace documents and reports produced as part of routine work activities
third-party reports from experienced practitioners
completion of performance feedback from supervisors and colleagues
scenarios
simulations or role plays.
Guidance information for assessment
Assessment methods should reflect workplace demands, and any identified special needs of the candidate, including language and literacy implications and cultural factors that may affect responses to the questions.
In all cases where practical assessment is used it will be combined with targeted questioning to assess the underpinning knowledge.