Application
This unit describes the statistical skills and knowledge required to support decision making for a business or business unit.
This unit applies to leaders or managers who use data analysis and decision-making skills and techniques in the management of their day-to-day work. They must assemble or obtain raw data, process that data and analyse and interpret it in a way that enables sound decision-making.
No occupational licensing, legislative or certification requirements are known to apply to this unit at the time of publication.
Elements and Performance Criteria
Element | Performance criteria |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Identify and access data sources available to the business | 1.1 Scope and define data collection requirements of the business question or issue 1.2 Identify and assess data sources 1.3 Research and/or collate data in accordance with legislation, policies and guidelines 1.4 Evaluate accuracy and appropriateness of data 1.5 Record data in the desired format in accordance with professional, business and task requirements |
2. Apply data analysis and decision making techniques to analyse business data | 2.1 Collect, store and retrieve data using software in accordance with legislation, policy and guidelines 2.2 Use spreadsheet tools to retrieve data and present it in suitable formats 2.3 Display graphical data in accordance with presentation principles 2.4 Perform quantitative and/or qualitative analysis to obtain required outcome 2.5 Use analysis and descriptive tools and techniques appropriately given the nature of the information and the required outcomes 2.6 Identify and describe methodological limitations 2.7 Calculate summary statistics from the given data set in accordance with the business requirement |
3. Produce information for business decision making | 3.1 Interpret data summaries and trends in accordance with accepted standards 3.2 Interpret and explain statistical tests 3.3 Interpret data to enable informed business decision-making 3.4 Present data, charts and maps clearly for ease of understanding 3.5 Include glossaries, technical notes and referencing, where required 3.6 Prepare and present reports that include statistical concepts, tables, charts and maps in accordance with enterprise policies and procedures 3.7 Present findings appropriately for the audience 3.8 Use charts appropriately in presentations, taking into account the variables being charted and accepted standards 3.9 Communicate assumptions informing interpretation in accordance with audience needs |
Evidence of Performance
Candidates must complete workplace-relevant activities which involve assembling or obtaining raw data, processing it, and analysing and interpreting it in a way that enables sound decision-making. Evidence must demonstrate the candidate's consistency of performance over time.
Candidates must demonstrate 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 relevant to business decision making
use research skills to identify and collect data
manage risk
differentiate between different types of data
differentiate between inferential and descriptive statistics
apply linear regression and correlation analysis techniques
provide advice for business decision making based on the results of statistical analysis
Evidence of Knowledge
Candidates must demonstrate specialised and integrated technical and theoretical knowledge of:
relevant legislation, codes of practice and standards
use of statistical data for business decision making
methods of data presentation
methods of describing data
risk and uncertainty
interval estimation
hypothesis testing
comparing group differences
simple linear regression and correlation
multiple regression
time-series analysis
the strengths and limitations of results produced by each statistical technique (error correction and hypothesis testing)
Assessment Conditions
Competency must be demonstrated through sustained performance over time, at an appropriate level of responsibility and under typical operating and production conditions for the enterprise.
Assessment must ensure:
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 including organisational policies and procedures, relevant legislation
Assessors must satisfy current standards for RTOs.
Foundation Skills
Foundation Skills essential to performance are explicit in the performance criteria of this unit of competency.