Manage Budget and Financial Plans (BSBFIN501) is a core Diploma of Business unit that covers the skills and knowledge needed to manage finances effectively in an organization or work area.
This involves creating and implementing financial management strategies and assessing the effectiveness of financial management processes. The unit is relevant to managers in various sectors who are responsible for ensuring that financial resources are utilized in alignment with the financial goals of their teams and organizations.
The Learner Resource for this unit is divided into three parts:
- Developing financial management strategies
- Carrying out and monitoring financial management plans
- Evaluating financial management plans
After completing the training, you will be required to undertake an assessment pack for this unit of competency. This will involve performing project or workplace tasks under the supervision of a manager, supervisor, or assessor who will verify your competence and performance.
Successful completion of the assessment demonstrates that you possess the necessary skills and knowledge to manage finances effectively in an organization or work area.