SITXFIN004 - Prepare and monitor budgets

Unit code: SITXFIN004 | Study level: TAFE

Credit points

N/A

Location

Footscray Nicholson

Industry

Prerequisites

N/A

Overview

This unit describes the performance outcomes, skills and knowledge required to analyse financial and other business information to prepare and monitor budgets. It requires the ability to draft and negotiate budgets, identify deviations, and manage the delivery of successful budgetary performance. The unit applies to all tourism, travel, hospitality and event sectors. The budget may be for an entire organisation, for a department or for a particular project or activity. It applies to senior personnel who operate independently or with limited guidance from others and who are responsible for making a range of financial management decisions.

Assessment

For Melbourne campuses

Assessment tasks will be designed to reinforce and extend knowledge and skill competence within set and controlled parameters in accordance with each unit’s learning outcomes and performance criteria requirements, including the setting of work based practical application tasks designed to provide evidence of competence outcomes, within periodic and scheduled timelines.

Students will be expected to demonstrate the following required skills:

prepare a budget for a business that meets the specific business’ needs;
demonstrate the following when preparing the above budget: consultation on components; analysis of factors that impact on the budget, and; completion of draft and final versions of budget within designated timelines, and;
monitor and review the above budget against performance over its life cycle.

Students will also be expected to demonstrate the following knowledge:

types of budgets;
whole of organisation budgets;
budget terminology;
specific industry sector and organisation;
internal and external factors that impact on budget development;
budget preparation and monitoring practices and techniques;
sources and contents of data required for budget preparation;
techniques for making budget estimates, and;
common reasons for deviations and budget deviation management.

Required reading

The qualified trainer and assessor will provide teaching and learning materials as required in the form of workbooks produced by the Polytechnic and/or via the Polytechnic e-learning system.