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Evidence Guide: MSFFDT5011 - Assess economic impact of a design

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Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

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MSFFDT5011 - Assess economic impact of a design

What evidence can you provide to prove your understanding of each of the following citeria?

Research economic factors

  1. Applicable work health and safety (WHS), legislative and organisational requirements relevant to assessing the economic impact of a design are verified and complied with
  2. Design brief is reviewed, confirmed and clarified with appropriate personnel
  3. Communication with others is established and maintained in accordance with WHS requirements
  4. Market research fundamentals undertaken to assess the size and nature of a market are considered and analysed
  5. 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
  6. 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
Applicable work health and safety (WHS), legislative and organisational requirements relevant to assessing the economic impact of a design are verified and complied with

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Design brief is reviewed, confirmed and clarified with appropriate personnel

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communication with others is established and maintained in accordance with WHS requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Market research fundamentals undertaken to assess the size and nature of a market are considered and analysed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess economic impact of the design

  1. Production costs of a design are assessed and evaluated
  2. Longitudinal statistical studies of a design that produces data gathered over a period of time are undertaken to explore potential success factors
  3. Scale of production is estimated taking into account market analysis
  4. 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
Production costs of a design are assessed and evaluated

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Longitudinal statistical studies of a design that produces data gathered over a period of time are undertaken to explore potential success factors

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Scale of production is estimated taking into account market analysis

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

  1. Competition in the market place with similar design solutions or products in that market segment are analysed and strategies reviewed
  2. Availability of resources is assessed to ascertain what impact this will have on economic viability
  3. Product lifecycle analysis is evaluated for economic significance
  4. Long-term economic impact on the business, staff and associated suppliers is analysed and strategised
  5. Intended manufacturing processes, including assembly and finishing, are assessed for their economic impact
  6. Final documentation outlining the full analysis of the designs economic impact is compiled and produced as a report
  7. Production costs of a design are assessed and evaluated
Competition in the market place with similar design solutions or products in that market segment are analysed and strategies reviewed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Availability of resources is assessed to ascertain what impact this will have on economic viability

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Product lifecycle analysis is evaluated for economic significance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Long-term economic impact on the business, staff and associated suppliers is analysed and strategised

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Intended manufacturing processes, including assembly and finishing, are assessed for their economic impact

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Final documentation outlining the full analysis of the designs economic impact is compiled and produced as a report

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Production costs of a design are assessed and evaluated

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1

Research economic factors

1.1

Applicable work health and safety (WHS), legislative and organisational requirements relevant to assessing the economic impact of a design are verified and complied with

1.2

Design brief is reviewed, confirmed and clarified with appropriate personnel

1.3

Communication with others is established and maintained in accordance with WHS requirements

1.4

Market research fundamentals undertaken to assess the size and nature of a market are considered and analysed

1.5

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

1.6

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

2

Assess economic impact of the design

2.1

Production costs of a design are assessed and evaluated

2.2

Longitudinal statistical studies of a design that produces data gathered over a period of time are undertaken to explore potential success factors

2.3

Scale of production is estimated taking into account market analysis

2.4

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

2.5

Competition in the market place with similar design solutions or products in that market segment are analysed and strategies reviewed

2.6

Availability of resources is assessed to ascertain what impact this will have on economic viability

2.7

Product lifecycle analysis is evaluated for economic significance

2.8

Long-term economic impact on the business, staff and associated suppliers is analysed and strategised

2.9

Intended manufacturing processes, including assembly and finishing, are assessed for their economic impact

2.10

Final documentation outlining the full analysis of the designs economic impact is compiled and produced as a report

2.11

Production costs of a design are assessed and evaluated

Required Skills and Knowledge

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1

Research economic factors

1.1

Applicable work health and safety (WHS), legislative and organisational requirements relevant to assessing the economic impact of a design are verified and complied with

1.2

Design brief is reviewed, confirmed and clarified with appropriate personnel

1.3

Communication with others is established and maintained in accordance with WHS requirements

1.4

Market research fundamentals undertaken to assess the size and nature of a market are considered and analysed

1.5

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

1.6

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

2

Assess economic impact of the design

2.1

Production costs of a design are assessed and evaluated

2.2

Longitudinal statistical studies of a design that produces data gathered over a period of time are undertaken to explore potential success factors

2.3

Scale of production is estimated taking into account market analysis

2.4

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

2.5

Competition in the market place with similar design solutions or products in that market segment are analysed and strategies reviewed

2.6

Availability of resources is assessed to ascertain what impact this will have on economic viability

2.7

Product lifecycle analysis is evaluated for economic significance

2.8

Long-term economic impact on the business, staff and associated suppliers is analysed and strategised

2.9

Intended manufacturing processes, including assembly and finishing, are assessed for their economic impact

2.10

Final documentation outlining the full analysis of the designs economic impact is compiled and produced as a report

2.11

Production costs of a design are assessed and evaluated

Apply safe handling requirements for equipment, products and materials, including use of personal protective equipment

Follow work instructions, operating procedures and inspection processes to:

minimise the risk of injury to self or others

prevent damage to goods, equipment and products

maintain required production output and product quality

Assess the economic impact of a design from inception through manufacture, including marketing, sales volume and competition impact, and recording of the impact study outcomes

Research, contrast and compare a range of economic factors upon a design and interpret costing and financial documentation

Produce a report on the economic impact study outcomes of a product

Use mathematical ideas and techniques to correctly complete calculations for design assessment

Lead others and work effectively to improve production quality and outcomes

Communicate ideas and information to enable confirmation of work requirements and specifications and the reporting of work outcomes and problems, interpret basic plans and follow safety procedures

Use workplace technology related to the coordination, including communication equipment, time and management aids and other measuring devices

Minimise wastage of resources, including materials, time and money

Work with others and in a team by recognising dependencies and using cooperative approaches to optimise work flow and productivity and encourage participation of employees in the planning of work activities and changes

State or territory WHS legislation, regulations, standards and codes of practice relevant to assessing the economic impact of a design

Organisational and site standards, requirements, policies and procedures for assessing the economic impact of a design

Economic conditions and markets nationally and internationally

Established communication channels and protocols

Relevant problem identification and resolution

Elements and principles of design

Types of tools and equipment and procedures for their safe use, operation and maintenance

Characteristics of furniture materials, products, sources and defects

Relevant computer programs

Product assembly techniques and equipment capabilities

Procedures for the recording, reporting and maintenance of workplace records and information

Appropriate mathematical procedures for estimation and measurement

Range Statement

Specifies different work environments and conditions that may affect performance. Essential operating conditions that may be present (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) are included. Range is restricted to essential operating conditions and any other variables essential to the work environment.

Organisational requirements include:

legal, organisational and site guidelines

policies and procedures relating to own role and responsibility

quality assurance

procedural manuals

quality and continuous improvement processes and standards

WHS, emergency and evacuation requirements

ethical standards

recording and reporting

access and equity principles and practices

equipment use, maintenance and storage

environmental management (waste disposal, recycling and re-use guidelines)

Design brief includes:

the aims, objectives, milestones for the design project

organisational or personal profiles

target audience

budget

timeline

consultation requirements

colour requirements

image requirements

function

Appropriate personnel include:

trainers

supervisors

suppliers

clients

colleagues

managers

Niche markets include:

a very specific market segment within a broader segment of the market that involves the provision of specialist products where relatively few or no competitors exist

Resources include:

materials

personnel

equipment

systems

Product lifecycle includes:

the evolution of a product from its raw source, through its inception, development, manufacture, completion and time as a completed product until potential renewal

Manufacturing processes include:

the methods by which the product will be produced, these steps entail working from working drawings and specifications, producing components utilising machine operations, assembly of the components and finishing techniques

Assembly methods include:

nailing

gluing

screwing

welding

pressing

sewing

bonding

jointing

other methods of connecting various materials

Finishing includes:

paints

waxes

lacquers

stains

pigments

oils

plastic coatings