SITXFIN003 Assessment Tasks and Instructions

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:

 manage a budget for a business over a three-month period that meets the specific business’ needs
 undertake at least two of the following to inform management of the above budget:
o discussions with existing suppliers
o evaluation of staffing and rostering requirements
o evaluation of impact of potential roster changes
o review of operating procedures
o sourcing new suppliers
 monitor income and expenditure and evaluate budgetary performance over the above budgetary life cycle
 complete financial reports related to the above budget within designated timelines and using correct budget
terminology.
Place/Location where assessment will be conducted

Resource Requirements
 computers, printers and accounting software packages
 budgets for specific projects, events or operational activities
 Pen, Paper, calculator
 access to and provisions for completion of reports during the budget cycle

Instructions for assessment including WHS requirements

For the purpose of this assessment project you are required to monitor and manage a budget for a business, for
example your workplace or as instructed by your trainer, over a 3 month period. You need to complete the
following tasks to reflect how you monitor and accordingly manage the budget and its underlying factors that
affect performance.

TYPE of Budget: ___________________________________

Business: ___________________________________

TH&E sector: ___________________________________

Task 1.
Requires you to provide a fortnightly budget report which clearly identifies any under or over performances and
the actual and likely reasons for these.

SIT Version 1 1 of 6
Task 2.
During the monitoring cycle you are required to undertake 2 of the following processes to inform management
of the actual budget:
(you clearly need to select these relevant for the performance of your budget; the process you choose will be
informed by the type of variance and accordingly, the operational aspect that would need to be investigated)

1. discussions with existing suppliers

2. evaluation of staffing and rostering requirements
3. evaluation of impact of potential roster changes
4. review of operating procedures
5. sourcing new suppliers

Task 3.
You are required to identify any reports, which you need to complete during the 3-month budget cycle. Set the
times these are due and complete these reports to the set due dates. Attach each report to this project on
completion of the monitoring cycle.

SIT Version 1 2 of 6
Assessment 2

Your Tasks:

Task 1
Provide a fortnightly budget report which clearly identifies any under or over performances, and the actual and
likely reasons for these. Use the table below as a reference list and attach each budget report together with a
variance analysis for each to this project

Date Budget Variance Reason Discussion with Action

Performance/Area supervisor

Budget Cycle
Start

Week 2

Week 4

Week 6

Week 8

Week 10

Week 12

Budget Cycle
End

SIT Version 1 3 of 6
Task 2

During the monitoring cycle you are required to undertake 2 of the following processes to inform management
of the actual budget:

(you clearly need to select these relevant for the performance of your budget; for example if your staffing and
rostering performs within the budget and service provisions are being met, then it would be unlikely that you
would need to reduce staff or cut rosters; if your budget is created on the best quotes received from suppliers
and the quality is perfect, then this aspect is likely not one that would be changed)

1. discussions with existing suppliers

2. evaluation of staffing and rostering requirements
3. evaluation of impact of potential roster changes
4. review of operating procedures
5. sourcing new suppliers

Attach details for each process you have undertaken clearly marked “TASK 2 – process: __________”.

Details for each process selected must include the following details:

(For example if you changed a roster, you need to provide the information why this was done, what the
changes will achieve in $ values for the budget, and attach the old and revised roster to this project)

1. Nature of the problem

2. Reason for undertaking the selected process
3. What did you do? Who was involved? What was discussed? What was agreed on? What was achieved in
the process?
4. What was changed?
5. How were any changes implemented?

SIT Version 1 4 of 6
Task 3

Identify any reports, which you need to complete during the 3-month budget cycle. Set the times these are due
in the table below and complete these reports to the set due dates.

Attach each report (or a copy) to this project on completion of the monitoring cycle.

Type of report Frequency Due Date(s) Completed by

EXAMPLE monthly end week 4 (insert date) student (you)

e.g. Stock Take report end week 8 (insert date) A. Johns, supervisor

end week 12 (insert date) student (you)

SIT Version 1 5 of 6
 Marking Guide S NYS Comments
Criteria
Task 1
Provides a copy of the opening budget
Provides a copy of the closing budget
Provides a budget report for each fortnight
The performance of each category is identified
The variance for each fortnight is identified
The reasons for variance(s) are identified
Variances are communicated with colleagues/ supervisor
Actions are identified where suitable or applicable
Actions are explored and implemented as applicable

Task 2
2 processes are selected to inform management of budget
The processes are suitable for identified budget variances or
operational issues
Details are provided what entailed each process
The details for each process selected are complete
The changes investigated are relevant to improve budget
performance
The parties involved are identified
Details for communication are provided
The agreed actions are provided
The changes as a result of undertaking process are outlined
The financial benefit/impact on the budget is explained
Where implementation of changes occurs, each process is
explained

Task 3
The type of reports to be completed by the business over the
budget cycle are identified
The frequency of reports is identified
The frequency for reports is documented and scheduled
Reports are completed as scheduled
A number of different reports were completed by student
relevant to the budget:
1. ______________________________
2. ______________________________
3. ______________________________
4. ______________________________

Reports or copies for reports are attached to the project

List additional criteria as relevant

SIT Version 1 6 of 6