SITXFIN004 Prepare and Monitor Budgets

Document Title: Task 2 Project
Document Subtitle: SITXFIN004 Prepare and monitor
budgets

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Acknowledgement:
Thanks to Universal Training Solutions and
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consultation and development work.
Version:
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Contents
COMPETENCY DEMONSTRATION...................................................................................... 4
STUDENT DETAILS............................................................................................................ 5
STUDENT INSTRUCTIONS FOR PROJECT...........................................................................6
ASSESSMENT TASK 2 PROJECT BRIEF...............................................................................7
APPENDIX 1 – How to Guide........................................................................................... 10
Section 1: Types of Budgets........................................................................................... 11
Section 2: Budget Terminology...................................................................................... 13
Section 3: Specifics of Budgets in the Hospitality Industry............................................18
Section 4: Internal and external factors that impact on budget development...............25
Section 5: Budget preparation and monitoring practices and techniques......................27
ASSESSMENT OF REQUIRED OVERALL SKILLS AND KNOWLEDGE FOR THIS TASK..........32
RECORD OF ASSESSMENT TASK 2..................................................................................34
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COMPETENCY DEMONSTRATION
This Assessment Task covers the following unit of competency:
Unit of
competency:
Unit Code SITXFIN004 Unit Title Prepare and monitor
budgets
This unit describes the performance outcomes, skills and knowledge required to analyse
financial and other business information to prepare and monitor budgets. It requires the
ability to draft and negotiate budgets, identify deviations, and manage the delivery of
successful budgetary performance.
The unit applies to all tourism, travel, hospitality and event sectors. The budget may be for
an entire organisation, for a department or for a particular project or activity.
It applies to senior personnel who operate independently or with limited guidance from
others and who are responsible for making a range of financial management decisions.
No occupational licensing, certification or specific legislative requirements apply to this unit
at the time of publication.
To demonstrate your competency in this unit you will need to provide evidence of your
ability to:
 Prepare budget information
 Prepare budget
 Finalise budget
 Monitor and review budget
Prerequisite units: Nil
https://training.gov.au/Training/Details/SITXFIN004
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STUDENT DETAILS
Please complete this declaration with the student
Unit of
competency:
Unit Code SITXFIN004 Unit Title Prepare and monitor
budgets
Trainer/Assessor Name:
Student Name:
Student ID:
Time Allocation Refer to Training Plan
Due date: Refer to you student program guide (training plan).
Please insert the due date as confirmed by your
assessor below:
Due Date: .............../................ /................
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STUDENT INSTRUCTIONS FOR PROJECT
 Re-assessment: If you do not achieve the required standard, you will be given 2
more opportunities to be re-assessed by our Assessor. Please note after 3
attempts a cost will be incurred
Declaration: I confirm that I have read and understood the instructions, my
responsibilities and requirements for this assessment
Student signature: ...................................................................... Date:
...............................................
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 Complete the readiness for assessment workbook before commencing this assessment
 You will be required to complete all parts within this task
 This assessment may consist of a number of tasks based on a simulated or real
environment
 ensure all tasks are in line with your organisation relevant policies and procedures
 You may ask your assessor questions to clarify requirements of the tasks if required.
However, your assessor will not be able to show you how to complete the task
 You must receive a satisfactory result for each part of this assessment to be successful
in this task
 You must not separate this document. Attachments must be as per the assessment
submission instructions
 Ensure you complete the task record sheet at the end of this assessment
 Return your assessment by the date set by your assessor and your training plan
 Do not plagiarise. Plagiarism is considered cheating. Please refer below for our policy in
regards to cheating
 Reasonable adjustment: If you require any adjustments to accommodate a need in
order to complete this assessment, please talk to your assessor. Arrangements will be
put in place to ensure a fair and flexible approach is undertaken for this assessment.
Please note that the range or nature of the adjustment will ensure that the outcomes of
the unit are not compromised.
 Feedback: Your assessor will provide feedback to you after the completion of the
assessment.
 The trainer assessor will explain the appeals process if applicable or alternatively refer
to your student handbook for further details