Develop and review budgets for activities or projects
This unit of competency, SISXFIN001 Develop and review budgets for activities or projects, describes the performance outcomes, skills and knowledge required to collect and prepare data to develop budgets for activities, events and programs. This unit applies to those with responsibility for activity budget development. Work is performed according to relevant legislation and organisational policies and procedures.
The elements and performance criteria include:
1. Source data for budget preparation.
1.1. Access and interpret data about resources required to conduct initiative.
1.2. Confirm budget allocation for initiative with person responsible.
1.3. Identify potential sources and scope of activity income.
2. Prepare budget calculations.
2.1. Calculate realistic projections of income and expenditure based on data and information obtained.
2.2. Determine unit cost or product price and break-even point.
2.3. Record and maintain costing and income calculation system to ensure information is current, accurate and confidential.
2.4. Identify and plan for likely contingencies.
3. Prepare budget documentation.
3.1. Prepare draft budgets in established format from data obtained and calculations made.
3.2. Identify and support income and expenditure estimates with current and valid information.
3.3. Submit budget for approval within designated timelines.
3.4. Adjust budget in response to feedback from nominated people.
4. Review budget against actual results.
4.1. Compare original budget to actual results and identify variances and their reasons.
4.2. Record and maintain information to allow retrieval for the development of future budgets.
4.3. Record and maintain information to allow retrieval for the development of future budgets.
Purchase the materials:
- Assessor Guide / Benchmarks (29 pages);
- Learner’s Assessment Workbook (23 pages);
- Powerpoint Slides (30);
- Supplementary Notes (8);
- RPL Kit (Assessor and Participant);
- Third Party Report; and,
- Assessment Matrix.
Price: AUD $160.00 + GST