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Evidence Guide: FNSINC602 - Interpret and use financial statistics and tools

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!

From the Wiki University

 

FNSINC602 - Interpret and use financial statistics and tools

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

Apply statistical methods to work

  1. Evaluate and select appropriate statistical methods that apply to financial services work to suit required work outcome
  2. Understand and effectively use suitable tools and techniques for statistical analysis
Evaluate and select appropriate statistical methods that apply to financial services work to suit required work outcome

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Understand and effectively use suitable tools and techniques for statistical analysis

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Source and interpret statistical data

  1. Identify and access internal and external data and information sources to gather relevant current data
  2. Validate data in accordance with industry statistical standards
  3. Use data summaries and trends to verify currency and utility
  4. Interpret correctly and use sampling techniques and diagrammatic, graphical and tabular information for required purpose
Identify and access internal and external data and information sources to gather relevant current data

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Validate data in accordance with industry statistical standards

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Use data summaries and trends to verify currency and utility

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Interpret correctly and use sampling techniques and diagrammatic, graphical and tabular information for required purpose

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse data using appropriate techniques and tools

  1. Reflect organisational requirements and priorities in analysis of statistical data
  2. Use analysis and descriptive tools and techniques to meet required outcomes and correct any data errors
  3. Produce on time reports of analysis in appropriate detail and format, including use of diagrammatic, graphical and tabular information
Reflect organisational requirements and priorities in analysis of statistical data

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Use analysis and descriptive tools and techniques to meet required outcomes and correct any data errors

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Produce on time reports of analysis in appropriate detail and format, including use of diagrammatic, graphical and tabular information

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Record statistical data analysis results and records

  1. Validate records of data and statistical analysis to ensure accuracy and consistency with industry and organisational standards
  2. File and store records for easy retrieval while meeting all security requirements
Validate records of data and statistical analysis to ensure accuracy and consistency with industry and organisational standards

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

File and store records for easy retrieval while meeting all security requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Apply statistical methods to work

1.1 Evaluate and select appropriate statistical methods that apply to financial services work to suit required work outcome

1.2 Understand and effectively use suitable tools and techniques for statistical analysis

2. Source and interpret statistical data

2.1 Identify and access internal and external data and information sources to gather relevant current data

2.2 Validate data in accordance with industry statistical standards

2.3 Use data summaries and trends to verify currency and utility

2.4 Interpret correctly and use sampling techniques and diagrammatic, graphical and tabular information for required purpose

3. Analyse data using appropriate techniques and tools

3.1 Reflect organisational requirements and priorities in analysis of statistical data

3.2 Use analysis and descriptive tools and techniques to meet required outcomes and correct any data errors

3.3 Produce on time reports of analysis in appropriate detail and format, including use of diagrammatic, graphical and tabular information

4. Record statistical data analysis results and records

4.1 Validate records of data and statistical analysis to ensure accuracy and consistency with industry and organisational standards

4.2 File and store records for easy retrieval while meeting all security requirements

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Apply statistical methods to work

1.1 Evaluate and select appropriate statistical methods that apply to financial services work to suit required work outcome

1.2 Understand and effectively use suitable tools and techniques for statistical analysis

2. Source and interpret statistical data

2.1 Identify and access internal and external data and information sources to gather relevant current data

2.2 Validate data in accordance with industry statistical standards

2.3 Use data summaries and trends to verify currency and utility

2.4 Interpret correctly and use sampling techniques and diagrammatic, graphical and tabular information for required purpose

3. Analyse data using appropriate techniques and tools

3.1 Reflect organisational requirements and priorities in analysis of statistical data

3.2 Use analysis and descriptive tools and techniques to meet required outcomes and correct any data errors

3.3 Produce on time reports of analysis in appropriate detail and format, including use of diagrammatic, graphical and tabular information

4. Record statistical data analysis results and records

4.1 Validate records of data and statistical analysis to ensure accuracy and consistency with industry and organisational standards

4.2 File and store records for easy retrieval while meeting all security requirements

Evidence of the ability to:

apply statistical methods to work in the financial services industry

source and access statistical and other data, and produce and interpret statistics

use financial data tools and calculations to produce accurate and informative statistical reports from data

efficiently record and store data for retrieval.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

explain and apply mathematical principles and statistical methods

describe the range of statistical ratios and analysis tools relevant to the financial services industry

outline sources of relevant information available to the financial services industry, and their relevance

recognise and explain types of graphs, charts, diagrams and tables used in statistical modelling and reporting

explain the principles of statistical standards and sampling techniques that are used to gather valid data.