Elements and Performance Criteria
- Research economic factors
- Applicable work health and safety (WHS), legislative and organisational requirements relevant to assessing the economic impact of a design are verified and complied with
- Design brief is reviewed, confirmed and clarified with appropriate personnel
- Communication with others is established and maintained in accordance with WHS requirements
- Market research fundamentals undertaken to assess the size and nature of a market are considered and analysed
- Potential designed products sales volume of amount sold within a specified time period, expressed in monetary terms or in terms of the total amount of stock or products sold f are analysed and evaluated
- Niche markets are discovered and analysed for cost-benefit analysis assigning monetary value to the costs and benefits (social, environmental and monetary) associated with a project for the purpose of selecting and evaluating project investment opportunities
- Assess economic impact of the design
- Production costs of a design are assessed and evaluated
- Longitudinal statistical studies of a design that produces data gathered over a period of time are undertaken to explore potential success factors
- Scale of production is estimated taking into account market analysis
- Profit margins of the amount by which income exceeds expenditure, including the sale price minus the cost of production, distribution and marketing are analysed based on expected turnover
- Full costing of product, including the price point of the cost for sale placed on a product which caters to a market segment based on production costs, overheads and profit margins in relation to demand, supply and volume of sales in the market and demand for the product is conducted
- Competition in the market place with similar design solutions or products in that market segment are analysed and strategies reviewed
- Availability of resources is assessed to ascertain what impact this will have on economic viability
- Product lifecycle analysis is evaluated for economic significance
- Long-term economic impact on the business, staff and associated suppliers is analysed and strategised
- Intended manufacturing processes, including assembly and finishing, are assessed for their economic impact
- Final documentation outlining the full analysis of the designs economic impact is compiled and produced as a report
- Production costs of a design are assessed and evaluated