Elements and Performance Criteria

The Range Statement provide the range of applications of this unit of competency to allow for differences within enterprises and workplaces. It provides details of practices, knowledge and requirements referred to in the elements and performance criteria. The variables chosen in training and assessment will depend on the work contexts.

The following variables may include but are not limited to

Store policies and procedures in regard to:
financial management

Communication may be:
formal/informal
with individuals or groups
written, faxed, emailed, spoken

Budget/target figures may encompass:
sales
cash flow
net profit
payroll
staff expenditure
capital
maintenance
advertising and promotion

Information may include:
resource utilisation
capital/overhead costs
interest rates
stock materials and equipment
staffing levels
operational costs

Information may be obtained by:
direct observation
written reports
numerical data

Proposals may include:
profitability
productivity
quality of service
environmental impact
working conditions
working relationships
team motivation
long term goals
short term goals

Recording systems may include:
manual
computerised

Appropriate personnel may include:
store/area manager
supervisor
team leader

The following components of the evidence guide relate directly to the performance criteria and the Range Statement for the unit of competency and provide guidance for assessment of the unit in the workplace and/or training program.
Critical Aspects of Evidence

Competency in this unit requires evidence that the candidate:

Negotiates, develops and implements store budgets according to store policies and procedures.
Monitors, analyses and reports on income and expenditure against budgets according to store policies and procedures.
Manages and maintains accounting systems according to store policies and procedures.
Develops and maintains store policies and procedures in regard to store sales budget/targets.

Underpinning Skills and Knowledge

Knowledge and skills are essential to apply this unit in the workplace, to transfer to other contexts and deal with unplanned events. The requirements for this unit of competency are listed below:


Knowledge of:

Store policies and procedures, in regard to:
financial management
Resource utilisation
Store revenue
Capital/overhead costs
Interest rates
Pricing policies including Goods and Services Tax (GST) requirements
Cost of stock, materials and equipment
Staffing costs
Operational costs
Principles and techniques in:
monitoring resource utilisation and costs
analysing efficiency and effectiveness
cost benefit analysis
differential analysis
risk analysis

Skills in:

Negotiation
Report presentation
Interpersonal communication
Literacy and numeracy skills in regard to:
report writing
compilation and analysis of budgetary figures

Assessment Process
For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance.
It can be gathered from assessment of the unit of competency alone, through an integrated assessment activity or through a combination of both.
Evidence should be gathered as part of the learning process.

Integrated Competency Assessment
Evidence is most relevant when provided through an integrated activity which combines the elements of competency for each unit, or a cluster of units of competency.

The candidate will be required to:

Apply knowledge and skills which underpin the process required to demonstrate competence, including appropriate key competencies.
Integrate knowledge and skills critical to demonstrating competence in this unit.
Unit WRRPL1B can be assessed with other units which make up a particular job function.

Evidence Gathering Methods

Evidence should include products, processes and procedures from the workplace context. Evidence might include:

Observation of the person in the workplace
Third party reports from a supervisor
Customer feedback
Answers to questions about specific skills and knowledge

Resources Required
A retail work environment
Store/sample policies and procedures in regard to financial management
An accounting system
Budgetary information
A team involved in budget control

There are a number of processes that are learnt throughout work and life which are required in all jobs. They are fundamental processes and generally transferable to other work functions. Some of these are covered by the key competencies, although others may be added. The questions below highlight how these processes are applied in this unit of competency. Following each question a number indicates the level to which the key competency needs to be demonstrated where 0 = not required, 1 = perform the process, 2 = perform and administer the process, and 3 = perform, administer and design the process.
Communicating ideas and information
Recommending cost reduction improvements requires communication of ideas and information. (3)

Collecting analysing and organising information
Monitoring expenditure requires information to be collected, analysed and organised. (3)

Planning and organising activities
Monitoring and analysing profit and loss figures requires activities to be planned and organised. (3)

Working with others and in teams
Team work will be required to encourage staff to control costs in their areas of responsibility. (3)

Using mathematical ideas and techniques
Mathematical ideas and techniques will be required when compiling and analysing budgetary figures. (3)

Solving problems
Problem solving skills will be required when correcting deviations from budget. (3)

Using technology
The use of technology will be applied when reporting and presenting information. (3)