Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

PSPMGT008 Mapping and Delivery Guide
Formulate business strategies

Version 1.0
Issue Date: April 2024


Qualification -
Unit of Competency PSPMGT008 - Formulate business strategies
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills required to develop, implement and review business strategies to attain the business unit’s strategic objectives. It includes defining and implementing business strategies, reviewing the effectiveness of strategies and managing risk associated with the strategies.This unit applies to those responsible for business strategies.The skills and knowledge described in this unit must be applied within the legislative, regulatory and policy environment in which they are carried out. Organisational policies and procedures must be consulted and adhered to.Those undertaking this unit would work autonomously, with management responsibilities performing complex tasks in a range of familiar contexts.No licensing, legislative or certification requirements apply to unit at the time of publication.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

This unit contains no specific industry-mandated assessment conditions. Guidance on suggested and recommended conditions and methods can be found in the Implementation Guide.

Assessors must satisfy the NVR/AQTF mandatory competency requirements for assessors.
Prerequisites/co-requisites
Competency Field Management
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Define and implement business strategies
  • Formulate business unit objectives in accordance with strategic priorities.
  • Develop strategies that relate to the business unit’s strategic objectives.
  • Develop strategies in consultation with key stakeholders including other business units and organisations.
  • Delegate strategies and associated objectives to operational levels within the business unit.
  • Provide information on business strategies that specifies output targets and performance standards to individuals, teams and groups.
  • Develop a system which includes key performance indicators to monitor the implementation and effectiveness of strategies.
       
Element: Review the effectiveness of business strategies
  • Review strategies in relation to attainment of key objectives, budgets, resources and timelines.
  • Consider multiple perspectives and sources of information in determining the effectiveness of strategies.
  • Review effectiveness of the strategy against key performance indicators.
  • Formulate and act upon recommendations on appropriate enhancements to the strategies and plans.
       
Element: Manage risk associated with business strategies
  • Identify and evaluate risks associated with the implementation of the business unit’s strategies.
  • Assess risk levels as acceptable or unacceptable and balance against opportunities afforded by taking risks.
  • Use information sources to assess levels of identified risks.
  • Select, implement risk, monitor and review risk treatments.
       
Element: Define and implement business strategies
  • Formulate business unit objectives in accordance with strategic priorities.
  • Develop strategies that relate to the business unit’s strategic objectives.
  • Develop strategies in consultation with key stakeholders including other business units and organisations.
  • Delegate strategies and associated objectives to operational levels within the business unit.
  • Provide information on business strategies that specifies output targets and performance standards to individuals, teams and groups.
  • Develop a system which includes key performance indicators to monitor the implementation and effectiveness of strategies.
       
Element: Review the effectiveness of business strategies
  • Review strategies in relation to attainment of key objectives, budgets, resources and timelines.
  • Consider multiple perspectives and sources of information in determining the effectiveness of strategies.
  • Review effectiveness of the strategy against key performance indicators.
  • Formulate and act upon recommendations on appropriate enhancements to the strategies and plans.
       
Element: Manage risk associated with business strategies
  • Identify and evaluate risks associated with the implementation of the business unit’s strategies.
  • Assess risk levels as acceptable or unacceptable and balance against opportunities afforded by taking risks.
  • Use information sources to assess levels of identified risks.
  • Select, implement risk, monitor and review risk treatments.
       


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

ELEMENTS

PERFORMANCE CRITERIA

Elements describe the essential outcomes

Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the range of conditions section.

1. Define and implement business strategies

1.1 Formulate business unit objectives in accordance with strategic priorities.

1.2 Develop strategies that relate to the business unit’s strategic objectives.

1.3 Develop strategies in consultation with key stakeholders including other business units and organisations.

1.4 Delegate strategies and associated objectives to operational levels within the business unit.

1.5 Provide information on business strategies that specifies output targets and performance standards to individuals, teams and groups.

1.6 Develop a system which includes key performance indicators to monitor the implementation and effectiveness of strategies.

2. Review the effectiveness of business strategies

2.1 Review strategies in relation to attainment of key objectives, budgets, resources and timelines.

2.2 Consider multiple perspectives and sources of information in determining the effectiveness of strategies.

2.3 Review effectiveness of the strategy against key performance indicators.

2.4 Formulate and act upon recommendations on appropriate enhancements to the strategies and plans.

3. Manage risk associated with business strategies

3.1 Identify and evaluate risks associated with the implementation of the business unit’s strategies.

3.2 Assess risk levels as acceptable or unacceptable and balance against opportunities afforded by taking risks.

3.3 Use information sources to assess levels of identified risks.

3.4 Select, implement risk, monitor and review risk treatments.

Evidence required to demonstrate competence must satisfy all of the requirements of the elements and performance criteria. If not otherwise specified the candidate must demonstrate evidence of performance of the following on at least one occasion.

applying environmental scanning

explaining complex ideas to different audiences

interpreting and explaining complex, formal documents and assisting others to apply them in the workplace

preparing written strategies requiring reasoning and precision of expression

using discussion involving exchanges of complex oral information

Evidence required to demonstrate competence must satisfy all of the requirements of the elements and performance criteria. If not otherwise specified the depth of knowledge demonstrated must be appropriate to the job context of the candidate.

strategic planning processes

business strategies

risk management principles and processes

organisational goals, policies and procedures

evaluation and review methodologies

jurisdictional legislation applicable to business strategies, including work health and safety and environmental and sustainability requirements

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENTS

PERFORMANCE CRITERIA

Elements describe the essential outcomes

Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the range of conditions section.

1. Define and implement business strategies

1.1 Formulate business unit objectives in accordance with strategic priorities.

1.2 Develop strategies that relate to the business unit’s strategic objectives.

1.3 Develop strategies in consultation with key stakeholders including other business units and organisations.

1.4 Delegate strategies and associated objectives to operational levels within the business unit.

1.5 Provide information on business strategies that specifies output targets and performance standards to individuals, teams and groups.

1.6 Develop a system which includes key performance indicators to monitor the implementation and effectiveness of strategies.

2. Review the effectiveness of business strategies

2.1 Review strategies in relation to attainment of key objectives, budgets, resources and timelines.

2.2 Consider multiple perspectives and sources of information in determining the effectiveness of strategies.

2.3 Review effectiveness of the strategy against key performance indicators.

2.4 Formulate and act upon recommendations on appropriate enhancements to the strategies and plans.

3. Manage risk associated with business strategies

3.1 Identify and evaluate risks associated with the implementation of the business unit’s strategies.

3.2 Assess risk levels as acceptable or unacceptable and balance against opportunities afforded by taking risks.

3.3 Use information sources to assess levels of identified risks.

3.4 Select, implement risk, monitor and review risk treatments.

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Formulate business unit objectives in accordance with strategic priorities. 
Develop strategies that relate to the business unit’s strategic objectives. 
Develop strategies in consultation with key stakeholders including other business units and organisations. 
Delegate strategies and associated objectives to operational levels within the business unit. 
Provide information on business strategies that specifies output targets and performance standards to individuals, teams and groups. 
Develop a system which includes key performance indicators to monitor the implementation and effectiveness of strategies. 
Review strategies in relation to attainment of key objectives, budgets, resources and timelines. 
Consider multiple perspectives and sources of information in determining the effectiveness of strategies. 
Review effectiveness of the strategy against key performance indicators. 
Formulate and act upon recommendations on appropriate enhancements to the strategies and plans. 
Identify and evaluate risks associated with the implementation of the business unit’s strategies. 
Assess risk levels as acceptable or unacceptable and balance against opportunities afforded by taking risks. 
Use information sources to assess levels of identified risks. 
Select, implement risk, monitor and review risk treatments. 
Formulate business unit objectives in accordance with strategic priorities. 
Develop strategies that relate to the business unit’s strategic objectives. 
Develop strategies in consultation with key stakeholders including other business units and organisations. 
Delegate strategies and associated objectives to operational levels within the business unit. 
Provide information on business strategies that specifies output targets and performance standards to individuals, teams and groups. 
Develop a system which includes key performance indicators to monitor the implementation and effectiveness of strategies. 
Review strategies in relation to attainment of key objectives, budgets, resources and timelines. 
Consider multiple perspectives and sources of information in determining the effectiveness of strategies. 
Review effectiveness of the strategy against key performance indicators. 
Formulate and act upon recommendations on appropriate enhancements to the strategies and plans. 
Identify and evaluate risks associated with the implementation of the business unit’s strategies. 
Assess risk levels as acceptable or unacceptable and balance against opportunities afforded by taking risks. 
Use information sources to assess levels of identified risks. 
Select, implement risk, monitor and review risk treatments. 

Forms

Assessment Cover Sheet

PSPMGT008 - Formulate business strategies
Assessment task 1: [title]

Student name:

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I declare that the assessment tasks submitted for this unit are my own work.

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Result: Competent Not yet competent

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Assessment Record Sheet

PSPMGT008 - Formulate business strategies

Student name:

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Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

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Signature:

Date:

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