Application
Not applicable.
Prerequisites
Not applicable.
Elements and Performance Criteria
Elements and Performance Criteria | |||
Element | Performance Criteria | ||
1 | Interpret trends and market developments | 1.1 | Statistical analysis of market data is used to interpret market trends and developments |
1.2 | Trends and developments are analysed for their potential impact on the business | ||
1.3 | Measures of central tendency / dispersion and correlations between sets of data are used for quantitative interpretation of comparative market data | ||
1.4 | Qualitative analysis of comparative market information is performed as a basis for reviewing business performance | ||
2 | Interpret competitor market performance | 2.1 | The market performance of existing and potential competitors and their products or services is analysed to identify potential opportunities or threats |
2.2 | Business performance is compared to that of competitors to identify market position | ||
3 | Report on market data | 3.1 | Data is prepared, plotted and interpreted for visual presentation |
3.2 | Visual presentation is assessed for potential problems, and corrective action taken if necessary | ||
3.3 | Report meets organisational requirements in terms of content, format and level of detail | ||
3.4 | Report is submitted within the required timeframe |
Required Skills
Not applicable.
Evidence Required
The Evidence Guide identifies the critical aspects, knowledge and skills to be demonstrated to confirm competency for this unit. This is an integral part of the assessment of competency and should be read in conjunction with the Range Statement.
Critical Aspects of Evidence
Integrated demonstration of all elements of competency and their performance criteria
Reasons for conclusions drawn from interpretation of data
Knowledge of statistical techniques and elementary probability concepts
Underpinning Knowledge*
* At this level the learner must demonstrate understanding of a broad knowledge base incorporating some theoretical concepts.
Relevant legislation from all levels of government that affects business operation, especially in regard to Occupational Health and Safety and environmental issues, equal opportunity, industrial relations and anti-discrimination
Organisation's business structure, products and services
Sources of market and comparative data
Business competitors
Statistical reporting format/s
Computing especially spreadsheets, statistical packages and Internet
Underpinning Skills
Literacy skills to identify sources of information, to write reports and to interpret information
Communication including questioning, clarifying, reporting
Numeracy skills for basic statistical techniques and elementary probability
Research skills
Ability to relate to people from a range of social, cultural and ethnic backgrounds and physical and mental abilities
Resource Implications
The learner and trainer should have access to appropriate documentation and resources normally used in the workplace
Consistency of Performance
In order to achieve consistency of performance, evidence should be collected over a set period of time which is sufficient to include dealings with an appropriate range and variety of situations
Context/s of Assessment
Competency is demonstrated by performance of all stated criteria, including paying particular attention to the critical aspects and the knowledge and skills elaborated in the Evidence Guide, and within the scope as defined by the Range Statement
Assessment must take account of the endorsed assessment guidelines in the Business Services Training Package
Assessment of performance requirements in this unit should be undertaken in an actual workplace or simulated environment
Assessment should reinforce the integration of the key competencies and the business services common competencies for the particular AQF level. Refer to the Key Competency Levels at the end of this unit
KEY COMPETENCY LEVELS
Collecting, analysing and organising information (Level 2)- to interpret market information
Communicating ideas and information (Level 2)- on the interpretation of data in report format
Planning and organising activities (Level 2)- to source comparative data
Working with teams and others (Level 1)- to collect and analyse information
Using mathematical ideas and techniques (Level 1)- for statistical and probability calculations
Solving problems (Level 2)- to analyse and correct visual presentations
Using technology (Level 1)- to record and analyse data if required
The Evidence Guide identifies the critical aspects, knowledge and skills to be demonstrated to confirm competency for this unit. This is an integral part of the assessment of competency and should be read in conjunction with the Range Statement.
Critical Aspects of Evidence
Integrated demonstration of all elements of competency and their performance criteria
Reasons for conclusions drawn from interpretation of data
Knowledge of statistical techniques and elementary probability concepts
Underpinning Knowledge*
* At this level the learner must demonstrate understanding of a broad knowledge base incorporating some theoretical concepts.
Relevant legislation from all levels of government that affects business operation, especially in regard to Occupational Health and Safety and environmental issues, equal opportunity, industrial relations and anti-discrimination
Organisation's business structure, products and services
Sources of market and comparative data
Business competitors
Statistical reporting format/s
Computing especially spreadsheets, statistical packages and Internet
Underpinning Skills
Literacy skills to identify sources of information, to write reports and to interpret information
Communication including questioning, clarifying, reporting
Numeracy skills for basic statistical techniques and elementary probability
Research skills
Ability to relate to people from a range of social, cultural and ethnic backgrounds and physical and mental abilities
Resource Implications
The learner and trainer should have access to appropriate documentation and resources normally used in the workplace
Consistency of Performance
In order to achieve consistency of performance, evidence should be collected over a set period of time which is sufficient to include dealings with an appropriate range and variety of situations
Context/s of Assessment
Competency is demonstrated by performance of all stated criteria, including paying particular attention to the critical aspects and the knowledge and skills elaborated in the Evidence Guide, and within the scope as defined by the Range Statement
Assessment must take account of the endorsed assessment guidelines in the Business Services Training Package
Assessment of performance requirements in this unit should be undertaken in an actual workplace or simulated environment
Assessment should reinforce the integration of the key competencies and the business services common competencies for the particular AQF level. Refer to the Key Competency Levels at the end of this unit
KEY COMPETENCY LEVELS
Collecting, analysing and organising information (Level 2)- to interpret market information
Communicating ideas and information (Level 2)- on the interpretation of data in report format
Planning and organising activities (Level 2)- to source comparative data
Working with teams and others (Level 1)- to collect and analyse information
Using mathematical ideas and techniques (Level 1)- for statistical and probability calculations
Solving problems (Level 2)- to analyse and correct visual presentations
Using technology (Level 1)- to record and analyse data if required
Range Statement
The Range Statement provides advice to interpret the scope and context of this unit of competency, allowing for differences between enterprises and workplaces. It relates to the unit as a whole and facilitates holistic assessment. The following variables may be present for this particular unit:
Legislation, codes and national standards relevant to the workplace which may include:
award and enterprise agreements and relevant industrial instruments
relevant legislation from all levels of government that affects business operation, especially in regard to Occupational Health and Safety and environmental issues, equal opportunity, industrial relations and anti-discrimination
relevant industry codes of practice
Trends and developments may include:
economic trends (local, regional, national, international)
ecological/environmental trends
Government activities eg interest rates, deregulation
social and cultural factors
demographic trends
changes in technology
industrial trends
Statistical analysis may include:
sampling
measures of central tendency
measures of dispersion
nature and degree of relationship between variables
time series analysis
normal distribution probability curve
Measures of central tendency and correlations may include:
mean
median
mode
for grouped or ungrouped data
cross-tabulations
Z, T and chi square tests
Comparative market information may include:
best practice information
international benchmarking
inter-firm comparison data
Opportunities may include:
potential for greater penetration of existing markets with existing products or services
new products or services for existing markets
new products or services for new markets
extending, expanding or otherwise changing an existing business
joint ventures
cooperative ventures
strategic alliances
franchising
exports
Legal and ethical constraints may include:
legislation, eg Trade Practices Act
regulations
codes of practice
ethical principles
policies and guidelines
society's expectations
cultural expectations and influences
social responsibilities eg protection of children, environmental issues
The Range Statement provides advice to interpret the scope and context of this unit of competency, allowing for differences between enterprises and workplaces. It relates to the unit as a whole and facilitates holistic assessment. The following variables may be present for this particular unit:
Legislation, codes and national standards relevant to the workplace which may include:
award and enterprise agreements and relevant industrial instruments
relevant legislation from all levels of government that affects business operation, especially in regard to Occupational Health and Safety and environmental issues, equal opportunity, industrial relations and anti-discrimination
relevant industry codes of practice
Trends and developments may include:
economic trends (local, regional, national, international)
ecological/environmental trends
Government activities eg interest rates, deregulation
social and cultural factors
demographic trends
changes in technology
industrial trends
Statistical analysis may include:
sampling
measures of central tendency
measures of dispersion
nature and degree of relationship between variables
time series analysis
normal distribution probability curve
Measures of central tendency and correlations may include:
mean
median
mode
for grouped or ungrouped data
cross-tabulations
Z, T and chi square tests
Comparative market information may include:
best practice information
international benchmarking
inter-firm comparison data
Opportunities may include:
potential for greater penetration of existing markets with existing products or services
new products or services for existing markets
new products or services for new markets
extending, expanding or otherwise changing an existing business
joint ventures
cooperative ventures
strategic alliances
franchising
exports
Legal and ethical constraints may include:
legislation, eg Trade Practices Act
regulations
codes of practice
ethical principles
policies and guidelines
society's expectations
cultural expectations and influences
social responsibilities eg protection of children, environmental issues
Sectors
Not applicable.
Employability Skills
Not applicable.
Licensing Information
Not applicable.