Release 

Comments 

Release 1

This version first released with FNS Financial 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. Establish system to review business performance

1.1 Determine service parameters in consultation with others to enable effective performance review

1.2 Establish business performance measures which provide accurate and accessible information on business provision

1.3 Establish accurate, secure and reliable data recording facilities

1.4 Obtain and record performance data regularly

2. Analyse performance data

2.1 Collate performance data and conduct a review against planned outcomes

2.2 Conduct analysis to establish if planned outcomes have been achieved

2.3 Identify and document variations of performance against planned outcomes

3. Determine action required

3.1 Assess variations in performance to determine degree of change required

3.2 Implement procedures to determine effectiveness of any changes put into practice

Skill 

Performance Criteria 

Description 

Reading

1.2, 1.4, 2.1- 2.3, 3.1

• Identifies and interprets performance data from a diverse range of business documents
• Conducts comparative analysis and review to identify variations and determine necessary changes to meet organisational goals

Writing

1.1, 1.2, 1.4, 2.1-2.3, 3.1, 3.2

• Uses logical and analytical text types and appropriate business terminology to develop effective systems for retrieval, organisation and analysis of relevant business performance data
• Uses logical organisational structure to clearly document procedures to measure performance variations

Oral Communication

1.1

• Participates effectively in spoken interactions using strategies to elicit opinions and confirm agreement with others

Numeracy

1.1, 1.2, 1.4, 2.3

• Uses financial systems, and collects and analyses relevant financial data for review and comparison with planned outcomes
• Interprets familiar measurements relating to timeframes and compares against performance requirements

Navigate the world of work

1.1, 1.2, 2.1-2.3, 3.1, 3.2

• Takes responsibility for establishing systems to achieve organisational goals
• Works independently and collectively in making decisions to achieve organisational outcomes in relation to business performance

Interact with others

1.1, 1.4, 3.2

• Collaborates and cooperates with others to achieve joint outcomes

Get the work done

1.1-1.4, 2.1-2.3, 3.1-3.2

• Develops plans to manage relatively complex routine and non-routine tasks with an awareness of how they might contribute to broader strategy and goals
• Evaluates effectiveness of systems and processes to inform decisions on how to implement improvements
• Uses digital technologies and tools to access, store and share information

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSCUS503 Review business performance

FNSCUS503A Review business performance

Updated to meet Standards for Training Packages

Equivalent unit

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.