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, if used in the performance criteria, is detailed below. 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) may also be included.

Data may include:
inventory, materials and finished product records
consumables records
records of purchases and associated costs
labour utilisation records
materials used
payroll records
manufacturing and general overhead costs
service charge out rates
Costs assignments may include:
direct and indirect costs
labour, materials and overheads
manufacturing costs
service costs
Budgets may include:
materials usage
labour usage
manufacturing overhead
costing budgets
Reports may include:
variance analysis reports
job and service profitability reports
performance reports
Report formats may include:
job cost records
service cost analysis

The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
demonstrate knowledge of organisational operating procedures
demonstrate knowledge of relevant legislation
demonstrate knowledge of standard accounting principles and practices
gather and record operating and costs data
produce cost reports
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to financial services product information
access to information about a workplace policy and procedures.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity, which combines the elements of competency for the unit, or a cluster of related units of competency
observing processes and procedures in workplaces
verbal or written questioning on underpinning knowledge and skills
evaluating samples of work
accessing and validating third party reports
setting and reviewing workplace projects and business simulations or scenarios.
Guidance information for assessment