SITXFIN010 Prepare and monitor budgets

Assessment 3

Practical Assessment – Project

Student Name
Student Number
Course and Code
Unit(s) of Competency and Code(s) SITXFIN010 Prepare and monitor budgets
Stream/Cluster
Trainer/Assessor

Assessment for this Unit of Competency/Cluster Details

Assessment 1 Short Answer Questions
Assessment 2 Assignment
Assessment 3 Project
Assessment conducted in this instance: Assessment 1 2 3

Reasonable Adjustment
1. Has reasonable adjustment been applied to this assessment?
No No further information required

Yes Complete 2.
2. Provide details for the requirements and provisions for adjustment of assessment:

Student to complete
My assessor has discussed the adjustments with me
I agree to the adjustments applied to this assessment
Signature Date

2nd Assessor to complete

I agree the adjustments applied to this assessment are reasonable
Name

Signature Date

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CRICOS Provider Code 04007E | RTO 45837 | ABN 81 647 549 424
 SITXFIN010 Prepare and monitor budgets
Assessment 3

Assessment Guidelines
What will be assessed–Performance Evidence
The purpose of this assessment is to assess your ability to complete tasks outlined in elements and performance
criteria of this unit in the context of the job role, and:

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

Place/Location where assessment will be conducted; Timeframe for assessment tasks

RTO to complete

Resource Requirements
Assessment must ensure access to:

1. Computers, printers and accounting software packages

2. Financial and operational data and reports used to prepare budgets to be provided by the RTO,
relevant to a business in the Tourism, Travel, Hospitality or Events sector course stream where the
student is enrolled or undertakes practical training. The budget may be for an entire organisation, for
a department or for a particular project or activity.
3. Others with whom the individual can discuss, and negotiate draft and final budget components

Instructions for assessment including WHS requirements

Your trainer will provide you with or arrange for financial data to prepare a budget for a business relevant to
your course stream and/or area or training/workplace for a specific period, e.g. a quarter, six months or as
relevant.

Based on the type of budget and data provided to you, you are required to:

1. Consult with the relevant staff directly affected by the budget (Department heads, e.g. head-chef,
events manager etc.) on the components to be included in the budget.
This requires a written report of the details that were discussed including a detailed analysis of the
factors that impact on the particular budget.

2. Following your consultation, you are required to complete a draft budget which reflects the details
you have provided in your report.

3. Present the draft budget to the staff you consulted on the budget components. Provide details of
feedback and changes that were requested. This needs to include the why’s and how’s.

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CRICOS Provider Code 04007E | RTO 45837 | ABN 81 647 549 424
 SITXFIN010 Prepare and monitor budgets
Assessment 3

4. Based on the feedback received, complete the final budget. Obtain approval of the relevant
department head(s), financial officer or person in charge of the organisation. Attach a copy and the
signed, approved budget.

5. Monitor the budget against performance at intervals as instructed, this may be e.g. weekly or monthly
and include the relevant reports and actions taken for each review during the budget cycle.

6. Each change actioned taken as a result of underperformance must be documented and signed by the
authorised person in the workplace or where the budget is monitored in a simulated environment, by
your trainer.

7. On completion of the budget cycle, provide a summary report for the budget performance. What are
your recommendations for the next cycle based on your monitoring and reviews? Why?

Statement of Authenticity
I acknowledge that I understand the requirements to complete the assessment tasks
The assessment process including the provisions for re-submitting and academic appeals were explained
to me and I understand these processes
I understand the consequences of plagiarism and confirm that this is my own work and I have
acknowledged or referenced all sources of information I have used for the purpose of this assessment
Student Signature: Date: / /201

This assessment: First Attempt 2nd Attempt Extension – Date: / /

Satisfactory Not Yet Satisfactory
RESULT OF ASSESSMENT

Feedback to Student:

Assessor(s) Signature(s): Date: / /

Student Signature Date: / /

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CRICOS Provider Code 04007E | RTO 45837 | ABN 81 647 549 424
 SITXFIN010 Prepare and monitor budgets
Assessment 3

Assessment 3

Budget Project

Task

Prepare a budget for a business that meets the specific business’ needs.

Business Name: ______________________________________________

Supervisor/Manager: ______________________________________________

Business Address: ______________________________________________

Type of Operation: ______________________________________________

Type of Budget: ______________________________________________

Budget Period: ______________________________________________

Budget Data provided on: ___________________________________________

Budget Data attached

Draft Budget Due: ______________________________________________

Final Budget Due: ______________________________________________

I herewith confirm that I have received all data and information to enable me to complete the assessment task
outlined in this document.

Student Signature: __________________________ Date: ________________________________

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CRICOS Provider Code 04007E | RTO 45837 | ABN 81 647 549 424
 SITXFIN010 Prepare and monitor budgets
Assessment 3

Instructions

Based on the type of budget and data provided to you, you are required to:

1. Consult with the relevant staff directly affected by the budget (Department heads, e.g. head-chef,
events manager etc.) on the components to be included in the budget.
This requires a written report of the details that were discussed including a detailed analysis of the
factors that impact on the particular budget.

2. Following your consultation, you are required to complete a draft budget which reflects the details
you have provided in your report.

3. Present the draft budget to the staff you consulted on the budget components. Provide details of
feedback and changes that were requested. This needs to include the why’s and how’s.

4. Based on the feedback received, complete the final budget. Obtain approval of the relevant
department head(s), financial officer or person in charge of the organisation. Attach a copy and the
signed, approved budget.

5. Monitor the budget against performance at intervals as instructed, this may be e.g. weekly or monthly
and include the relevant reports and actions taken for each review during the budget cycle.

6. Each change actioned taken as a result of underperformance must be documented and signed by the
authorised person in the workplace or where the budget is monitored in a simulated environment, by
your trainer.

7. On completion of the budget cycle, provide a summary report for the budget performance. What are
your recommendations for the next cycle based on your monitoring and reviews? Why?

The criteria provided in the checklist below provide references for the requirements for satisfactory
completion of this assessment project.

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CRICOS Provider Code 04007E | RTO 45837 | ABN 81 647 549 424
 SITXFIN010 Prepare and monitor budgets
Assessment 3

Q. Assessment Criteria S NYS S NYS Comments

1 Consultation
The consultation includes individuals relevant to the budget
The scope of the budget is discussed
The budget factors have been analysed
The scope of the budget has been confirmed
The report provides concise details of the consultation process:
Requirements for each budget factor
Analysis of each budget factor
Clear communication strategy for each factor
Summarised requirements and changes agreed

Insert additional criteria as relevant

2 Draft Budget
The draft budget is prepared correctly
Each factor is reflected in the draft budget
The income and expenditure is supported by valid information
The organisational objectives are reflected in the draft budget
The recommended and agreed changes are outlined in the draft budget
Insert additional criteria as relevant

3 Present Draft Budget

The draft budget is presented to the relevant parties
The budget components are reviewed
Required changes are negotiated and documented
The final changes are approved by an authorised person
Insert additional criteria as relevant
4 Prepare Final Budget
The final budget is prepared within agreed timeframes
All negotiated details are reflected in the final budget
The budget data is correct
The final format for the budget is professional to industry standard
The final budget is approved and signed
Insert additional criteria as relevant

5
 Monitoring
Australian Budget
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CRICOS Provider Code 04007E | RTO 45837 | ABN 81 647 549 424
 SITXFIN010 Prepare and monitor budgets
Assessment 3

The budget performance is monitored according to the agreed intervals

The performance of each component is reflected in the relevant reports:
Report 1: ___________________________ Date:

Report 2: ___________________________ Date:

Report 3: ___________________________ Date:

Report 4: ___________________________ Date:

Report 5: ___________________________ Date:

Report 6: ___________________________ Date:

All under-over performances have been identified correctly

6 Reviewing Budget performance targets

Actions have been suggested where deviations have been identified
The recommended actions are relevant
The recommended actions are realistic given operational aspects
Where relevant, internal factors affecting budget performance are
analysed
Where relevant, external factors affecting budget performance are
analysed
Changes of internal and external factors analysed are reflected in
changes to the budget
Where changes are made, these are communicated to all relevant parties
Actioned changes to the budget are approved by authorised staff
Insert additional criteria as relevant

7 Evaluation of Budget
The budget is evaluated reflecting performance
The budget is evaluated using feedback from relevant staff
The changes made during the cycle are reflected in the evaluation report
Suggestions are provided for future improvements, reflected in the
summary report.
Insert additional criteria as relevant

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CRICOS Provider Code 04007E | RTO 45837 | ABN 81 647 549 424