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Evidence Guide: MTMBUS803A - Analyse data for business decision making

Student: __________________________________________________

Signature: _________________________________________________

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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MTMBUS803A - Analyse data for business decision making

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

Identify and access data sources available to the business

  1. The data collection requirement of the business question or issue is scoped and defined.
  2. Data sources are identified and assessed for accessibility and reliability.
  3. Data is researched and/or collated from sources in accordance with legislation, policies and guidelines.
  4. Accuracy and appropriateness of the data is evaluated.
  5. Data is recorded in the desired format in accordance with professional, business and task requirements.
The data collection requirement of the business question or issue is scoped and defined.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Data sources are identified and assessed for accessibility and reliability.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Data is researched and/or collated from sources in accordance with legislation, policies and guidelines.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Accuracy and appropriateness of the data is evaluated.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Data is recorded in the desired format in accordance with professional, business and task requirements.

Completed
Date:

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Apply data analysis and decision making techniques to analyse business data

  1. Data is collected, stored and retrieved using software in accordance with legislation, policy and guidelines.
  2. Spreadsheet tools are used to retrieve data and present it in suitable formats.
  3. Graphical data is displayed in accordance with graphical presentation principles.
  4. Quantitative and/or qualitative analysis is performed to obtain required outcome.
  5. Analysis and descriptive tools and techniques are used appropriately given the nature of the information and the required outcomes.
  6. Limitations in the methodology are identified and described, as appropriate.
  7. Summary statistics are calculated from the given data set in accordance with the business requirement.
Data is collected, stored and retrieved using software in accordance with legislation, policy and guidelines.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Spreadsheet tools are used to retrieve data and present it in suitable formats.

Completed
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Graphical data is displayed in accordance with graphical presentation principles.

Completed
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Quantitative and/or qualitative analysis is performed to obtain required outcome.

Completed
Date:

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Analysis and descriptive tools and techniques are used appropriately given the nature of the information and the required outcomes.

Completed
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Limitations in the methodology are identified and described, as appropriate.

Completed
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Summary statistics are calculated from the given data set in accordance with the business requirement.

Completed
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Produce information for business decision making

  1. Data summaries and trends are interpreted according to accepted standards.
  2. Statistical tests are interpreted and explained.
  3. Data is interpreted in such a way as to inform business decision making.
  4. Data is presented in tables, charts and maps so that the reader does not misconstrue it.
  5. Glossaries, technical notes and referencing are included with the data, where required.
  6. Reports are prepared and presented that include statistical concepts, tables, charts and maps in accordance with organisational policy and procedures.
  7. Findings are presented in a way that is most appropriate for the audience.
  8. Charts are used appropriately in presentations for the variables being charted and in accordance with accepted standards.
  9. Assumptions on which the interpretation is based are communicated in accordance with audience needs.
Data summaries and trends are interpreted according to accepted standards.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Statistical tests are interpreted and explained.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Data is interpreted in such a way as to inform business decision making.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Data is presented in tables, charts and maps so that the reader does not misconstrue it.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Glossaries, technical notes and referencing are included with the data, where required.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Reports are prepared and presented that include statistical concepts, tables, charts and maps in accordance with organisational policy and procedures.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Findings are presented in a way that is most appropriate for the audience.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Charts are used appropriately in presentations for the variables being charted and in accordance with accepted standards.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assumptions on which the interpretation is based are communicated in accordance with audience needs.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the following is essential:

knowledge of how to:

differentiate between different types of data

differentiate between inferential and descriptive statistics

application of linear regression and correlation analysis techniques

knowledge of the strengths and limitations of results produced by each statistical technique (error correction and hypothesis testing)

provision of advice for business decision making based on the results of statistical analysis.

Context of and specific resources for assessment

Assessment must ensure:

access to an actual workplace or simulated environment

competence is consistently demonstrated over time, and over a range and variety of complex tasks/projects and situations

access to resources normally used in the workplace such as organisational policies and procedures, relevant legislation.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:

direct questioning combined with review of portfolios of evidence and third-party workplace reports of on-the-job performance by the candidate

series of workplace activities and projects developed and implemented as part of the organisation's business development and management

review of applied projects and learning activities such as reports and case studies

direct observation of contextual application

oral or written questioning to assess knowledge.

Guidance information for assessment

Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended, for example, with other units in the qualification in which this unit is packaged.

Required Skills and Knowledge

Required skills

Ability to:

analyse and interpret data

identify sources of data, collect data, follow analysis procedures and explain results

apply decision making skills

negotiate effectively

collect data and produce reports

use problem-solving, initiative and enterprise skills to produce information for business decision making

use research skills to identify and collect data

manage risk

Required knowledge

Knowledge of:

relevant legislation, codes of practice and standards

use of statistical data for business decision making

methods of presenting data

methods of describing data

risk and uncertainty

interval estimation

hypothesis testing

comparing group differences

simple linear regression and correlation

multiple regression

time-series analysis

Range Statement

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Data sources may include:

Australian Bureau of Statistics (ABS) data

government agency sources.

Legislation, policies and guidelines may include:

state/territory and federal legislation and regulations, such as:

financial management Acts

privacy legislation

Equal Employment Opportunity (EEO) and anti-discrimination legislation

Occupational Health and Safety (OH&S) legislation

ethics and accountability standards

risk management standards

fraud control standards

knowledge management standards

organisational policy, procedures and protocols.

Software may include:

database tools

spreadsheets

web-based tools (e.g. online survey tools)

statistical packages.

Graphical presentation principles may include:

understanding graphical literacy of audience

scaling

sample representativeness

reporting results in formats appropriate to analysis.

Analysis techniques may include:

arranging data into a form appropriate for analysis

construction of graphs

calculation of summary statistics

implementation of statistical tests.

Summary statistics may include:

mean

median

mode

standard deviation

standard error

relative standard error.

Accepted standards for data may include:

showing awareness of data accuracy and reliability

identifying other related issues, such as sample size.

Statistical tests may include:

equivalence of means and proportions

tests of association, prediction and significance.

Statistical concepts may include:

the results of statistical tests

trends over time

statistical associations, including correlation and probability

variability

sampling error.

Presentation of findings may include:

a mix of text, tables, charts and maps.

Accepted standards for charts may include:

appropriately labelled

appropriate scale selection

clear formatting

sourcing and referencing data sources.