Application
This unit involves collecting and analysing information on product or service performance to prepare accurate forecasts for a range of retail or wholesale products, services or markets, and to develop and report recommendations for improvement to relevant personnel. | |
Prerequisites
Nil | |
Elements and Performance Criteria
ELEMENT | PERFORMANCE CRITERIA | ||
1 | Forecast trends and developments affecting operations. | 1.1 | Project future trends and developments affecting retail or wholesale operations using accurate, current information. |
1.2 | Determine and access new sources of relevant forecast information. | ||
1.3 | Evaluate impact of future trends and developments on operations. | ||
1.4 | Regularly review new technology for possible business applications. | ||
1.5 | Report results from analysis of forecasts using qualitative and quantitative measures. | ||
2 | Review forecasts. | 2.1 | Review forecasts in a timely and accurate manner. |
2.2 | Isolate and analyse trends and patterns across a number of forecasts. | ||
2.3 | Report updated forecasts to relevant personnel. | ||
2.4 | Report recommendations for action based on forecasts and available information to relevant personnel. |
Required Skills
This section describes the essential skills and knowledge and their level, required for this unit. |
The following skills must be assessed as part of this unit: interpersonal communication skills to: report results, forecasts and recommendations through clear and direct communication ask questions to identify and confirm requirements use language and concepts appropriate to cultural differences use and interpret non-verbal communication literacy and numeracy skills to: read and understand a range of workplace documentation access and interpret market information generate reports collecting and organising information analysing and evaluating information to: determine trend patterns determine areas of improvement for the business recommend action based on forecasts. |
The following knowledge must be assessed as part of this unit: business policy and procedures current market performance of the business and specific products and services factors that may affect future operations sources of information (current, standard, new and emerging) trend patterns principles and techniques in analysis, assessment, development and implementation techniques used to analyse, assess and review forecasts approval processes and key personnel OHS aspects of job relevant commercial law and legislation. |
Evidence Required
The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, the range statement and the Assessment Guidelines for this Training Package. | |
Critical aspects for assessment and evidence required to demonstrate competency in this unit | Evidence of the following is essential: collects and analyses relevant information to prepare accurate and timely performance forecasts over time, across a range of retail or wholesale products and services or markets reviews and evaluates accuracy of a range of forecast information to identify and report performance trends for a range of retail or wholesale products or services in an accurate and timely manner identifies and utilises a range of accurate measures to determine and communicate forecast recommendations to relevant personnel. |
Context of and specific resources for assessment | Assessment must ensure access to: a retail or wholesale work environment relevant sources of product performance information relevant documentation, such as: policy and procedures manuals sales reports a range of products and services a market. |
Methods of assessment | A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit: observation of performance in the workplace third party reports from a supervisor written or verbal questioning to assess knowledge and understanding review of portfolios of evidence and third-party workplace reports of on-the-job performance. Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended. |
Assessing employability skills | Employability skills are integral to effective performance in the workplace and are broadly consistent across industry sectors. How these skills are applied varies between occupations and qualifications due to the different work functions and contexts. Employability skills embedded in this unit should be assessed holistically in the context of the job role and with other relevant units that make up the skill set or qualification. |
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 in the performance criteria is detailed below. | |
Information may include: | competitor information, e.g. annual reports, trade publications, field reports and stock market analyses product or service review information Australian Bureau of Statistics statistical information market analysis information customer surveys product and service reviews sales reports. |
New technology may include: | point of sale terminals electronic bar coding equipment for price labelling and stocktaking portable data entry printers electronic ordering equipment wrapping and packing equipment equipment for carrying or moving merchandise equipment for storage of merchandise, including refrigerators personal computers and peripheral devices specialist software applications online technologies. |
Reports may be delivered: | verbally in writing in groups individually. |
Analysis of forecasts may involve: | response times scalability traffic customer demographics customer confidence customer expectations structure of and 'players' in the market market capability market maturity market strength factors or conditions that may affect supply potential impact of intended contracting activity. |
Relevant personnel may include: | manager or supervisor colleagues business or area manager specialist internal or external personnel. |
Available information may include: | purchase requests and orders tender submissions and proposals invoices and payment requests statements and petty cash vouchers offer and contract documents evaluation process documentation records of authorised officers' decisions corporate credit transaction statements (electronic data interchange) records of supplier performance financial statements asset registers records of conversation. |
Sectors
Sector | Cross-Sector |
Competency Field
Product Management | |
Employability Skills
The required outcomes described in this unit contain applicable facets of employability skills. The Employability Skills Summary of the qualification in which this unit is packaged will assist in identifying employability skills requirements. | |
Licensing Information
Not applicable.