Modification History
Not Applicable
Unit Descriptor
Unit descriptor |
This unit of competency covers the competence required to contribute to the budget process, manage expenses in order to maintain levels of profitability within the specific area of responsibility, and contribute to the planning of business promotions. |
Application of the Unit
Application of the unit |
This unit of competency applies to the following and should be contextualised to the qualification to which it is being applied:
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Licensing/Regulatory Information
Not Applicable
Pre-Requisites
Prerequisite units |
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Employability Skills Information
Employability skills |
This unit contains employability skills. |
Elements and Performance Criteria Pre-Content
Elements describe the essential outcomes of a unit of competency. |
Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide. |
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
1. Contribute to the setting of budgets and targets |
1.1. Information for budgets and targets is collected within agreed timeframes 1.2. Budget and targets are set to achieve required levels of financial and business performance 1.3. Hourly rate is calculated based on business costs and margins, according to enterprise requirements 1.4. Expenditure requirements are agreed with appropriate persons, and provision is made in targets 1.5. Provision for unplanned costs is included in annual budget |
2. Manage income and expenses |
2.1. Expenditure and income for jobs is monitored on a regular basis 2.2. Financial information on jobs is collected on a regular basis and compared to budget 2.3. Corrective action for budget discrepancies is implemented 2.4. Invoices are prepared within timeframes according to industry and/or enterprise standards 2.5. Performance against budgets is monitored on a regular basis, and options for corrective action are discussed with management 2.6. Assistance is provided in the resolution of disputed accounts according to industry and/or enterprise standards and procedures for dispute resolution |
3. Contribute to planning of business promotions |
3.1. Promotional strategies are regularly reviewed with management 3.2. Adjustments to promotional strategies are discussed and agreed with management 3.3. New stock and/or display equipment required to support promotions is identified and arranged in a timely fashion 3.4. Displays are arranged to enhance enterprise image |
Required Skills and Knowledge
REQUIRED SKILLS AND KNOWLEDGE |
This section describes the skills and knowledge required for this unit. |
Required skills |
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Required knowledge |
Knowledge of:
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Evidence Guide
EVIDENCE GUIDE |
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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. |
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Overview of assessment |
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Critical aspects for assessment and evidence required to demonstrate competency in this unit |
It is essential that competence is fully observed and there is ability to transfer competence to changing circumstances and to respond to unusual situations in the critical aspects of:
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Context of and specific resources for assessment |
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Method of assessment |
Practical assessments:
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Guidance information for assessment |
Range Statement
RANGE STATEMENT |
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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. |
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Methods |
Methods include:
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Budgets and targets |
Budgets and targets may be for:
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Financial information |
Financial information may include:
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Unplanned costs |
Unplanned costs may include:
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Business or department income |
Business or department income may be sourced from:
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Business costs and margins |
Business costs and margins may include:
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Corrective action |
Corrective action in response to budget discrepancies may include:
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Business promotions |
Business promotions may relate to:
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Displays |
Displays may include:
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Information /documents |
Information/documents may include:
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OHS requirements |
OHS requirements may include:
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Unit Sector(s)
Unit sector |
Common |
Co-requisite units
Co-requisite units |
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Competency field
Competency field |