Release 

Comments 

Release 1

This version first released with BSB Business Services Training Package Version 1.0.

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Analyse financial resources

1.1 Identify and incorporate the financial resources required to achieve organisational objectives from the budget

1.2 Forecast additional expenditure requirements and make provisions in the budget as required

1.3 Develop contingency plans for obtaining additional financial resources in the event of a shortfall of available funds

2. Interpret financial and economic information

2.1 Analyse financial reports by calculating balance sheet ratios, income statement ratios and cash flow statement ratios

2.2 Identify and evaluate macro and micro economic factors and measure their impact on enterprise financial capabilities

2.3 Review and report financial performance of business units within the enterprise

3. Use financial information to support decision making

3.1 Model different financial scenarios to support the decision making process

3.2 Conduct a cost benefit analysis of organisation’s activities to determine viability

3.3 Consult appropriate financial advisers about financial information to support decisions

3.4 Analyse financial information to ensure it is valid and reliable

3.5 Make strategic decisions based on up to date financial information

4. Maximise returns on financial resources

4.1 Monitor actual income and expenditure against budgets to ensure available and budgeted resources are not exceeded

4.2 Explain variations and implement corrective action when deviations in budgets occur

4.3 Collect, analyse and report data on the use of financial resources

4.4 Communicate recommendations for improving returns on financial resources to relevant parties

4.5 Agree performance indicators with managers and staff

Skill 

Performance Criteria 

Description 

Reading

2.1-2.3

• Analyses organisational information to establish and communicate understanding

Writing

1.1, 2.3, 3.1, 4.4, 4.5

• Researches, plans and prepares information for stakeholders incorporating appropriate vocabulary, grammatical structure and numerical conventions

Oral Communication

3.3, 4.2, 4.4, 4.5

• Uses appropriate language, questioning and listening techniques to provide and elicit information and to articulate policy, plans, results and related information effectively

Numeracy

1.1-1.3, 2.1-2.3, 3.1, 3.2, 3.4, 4.1, 4.3-4.5

• Selects and uses familiar mathematical techniques to organise resources to support organisational objectives
• Applies knowledge of mathematical information to statistically analyse data, confirm reliability, conduct modelling and forecast trends
• Selects and uses familiar mathematical techniques to calculate costs and to conduct cost benefit analyses

Interact with others

3.3, 4.2, 4.5

• Selects and uses appropriate conventions and protocols when communicating with stakeholders to achieve agreement and seek or share information

Get the work done

1.2, 1.3, 3.1, 3.4, 3.5, 4.1, 4.3

• Accepts responsibility for planning and sequencing complex tasks and workload
• Systematically gathers and analyses all relevant information, reviews data and evaluates options to inform decisions about complex organisational strategies
• Negotiates agreed plans and outcomes and required indicators and routinely monitors and reports on them to identify required corrective actions

Code and title 

current version 

Code and title 

previous version 

Comments 

Equivalence status 

BSBMGT803 Use financial and economic information for strategic decision making

Not applicable

New unit

No equivalent unit

Release 

Comments 

Release 1

This version first released with BSB Business Services Training Package Version 1.0.