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Evidence Guide: ICTICT801 - Lead research into identifying new marketplace opportunities

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

 

ICTICT801 - Lead research into identifying new marketplace opportunities

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

Direct the research into the organisation’s business domain

  1. Research the sectors in the relevant industry for trends that may yield viable business opportunities
  2. Research business initiatives undertaken by competitor organisations, to address the same or similar opportunities, and analyse the resources required to undertake such initiatives or project opportunities
  3. Identify the strategies for realising identified business initiatives, including sub-contracting of suitable elements, where applicable
  4. Research the legal, environmental and social implications of the identified initiatives
Research the sectors in the relevant industry for trends that may yield viable business opportunities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Research business initiatives undertaken by competitor organisations, to address the same or similar opportunities, and analyse the resources required to undertake such initiatives or project opportunities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify the strategies for realising identified business initiatives, including sub-contracting of suitable elements, where applicable

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Research the legal, environmental and social implications of the identified initiatives

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate the new business initiatives

  1. Initiate, and oversee, the market research for potentially viable, identified business opportunities
  2. Gauge the likely impacts of candidate initiatives on the business enterprise, including specific legal, financial and transformational implications
  3. Critically evaluate the delivery strategies for anticipated products, or services, stemming from candidate initiatives
Initiate, and oversee, the market research for potentially viable, identified business opportunities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Gauge the likely impacts of candidate initiatives on the business enterprise, including specific legal, financial and transformational implications

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Critically evaluate the delivery strategies for anticipated products, or services, stemming from candidate initiatives

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explore the feasibility of the new initiatives

  1. Formulate the selection criteria, based on the strategic business objectives
  2. Facilitate a feasibility study, including a cost benefit analysis
  3. Select the most feasible option against the selection criteria
  4. Recommend the preferred initiative
Formulate the selection criteria, based on the strategic business objectives

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Facilitate a feasibility study, including a cost benefit analysis

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Select the most feasible option against the selection criteria

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Recommend the preferred initiative

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Direct the research into the organisation’s business domain

  1. Research the sectors in the relevant industry for trends that may yield viable business opportunities
  2. Research business initiatives undertaken by competitor organisations, to address the same or similar opportunities, and analyse the resources required to undertake such initiatives or project opportunities
  3. Identify the strategies for realising identified business initiatives, including sub-contracting of suitable elements, where applicable
  4. Research the legal, environmental and social implications of the identified initiatives
Research the sectors in the relevant industry for trends that may yield viable business opportunities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Research business initiatives undertaken by competitor organisations, to address the same or similar opportunities, and analyse the resources required to undertake such initiatives or project opportunities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify the strategies for realising identified business initiatives, including sub-contracting of suitable elements, where applicable

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Research the legal, environmental and social implications of the identified initiatives

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. Direct the research into the organisation’s business domain

1.1 Research the sectors in the relevant industry for trends that may yield viable business opportunities

1.2 Research business initiatives undertaken by competitor organisations, to address the same or similar opportunities, and analyse the resources required to undertake such initiatives or project opportunities

1.3 Identify the strategies for realising identified business initiatives, including sub-contracting of suitable elements, where applicable

1.4 Research the legal, environmental and social implications of the identified initiatives

2. Evaluate the new business initiatives

2.1 Initiate, and oversee, the market research for potentially viable, identified business opportunities

2.2 Gauge the likely impacts of candidate initiatives on the business enterprise, including specific legal, financial and transformational implications

2.3 Critically evaluate the delivery strategies for anticipated products, or services, stemming from candidate initiatives

3. Explore the feasibility of the new initiatives

3.1 Formulate the selection criteria, based on the strategic business objectives

3.2 Facilitate a feasibility study, including a cost benefit analysis

3.3 Select the most feasible option against the selection criteria

3.4 Recommend the preferred initiative

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. Direct the research into the organisation’s business domain

1.1 Research the sectors in the relevant industry for trends that may yield viable business opportunities

1.2 Research business initiatives undertaken by competitor organisations, to address the same or similar opportunities, and analyse the resources required to undertake such initiatives or project opportunities

1.3 Identify the strategies for realising identified business initiatives, including sub-contracting of suitable elements, where applicable

1.4 Research the legal, environmental and social implications of the identified initiatives

2. Evaluate the new business initiatives

2.1 Initiate, and oversee, the market research for potentially viable, identified business opportunities

2.2 Gauge the likely impacts of candidate initiatives on the business enterprise, including specific legal, financial and transformational implications

2.3 Critically evaluate the delivery strategies for anticipated products, or services, stemming from candidate initiatives

3. Explore the feasibility of the new initiatives

3.1 Formulate the selection criteria, based on the strategic business objectives

3.2 Facilitate a feasibility study, including a cost benefit analysis

3.3 Select the most feasible option against the selection criteria

3.4 Recommend the preferred initiative

Evidence of the ability to:

conduct research into the trends for a specified industry sector, and identify potential business opportunities

undertake market research and analysis, and report on the viability and related implications, of a selected business opportunity

develop and present a feasibility report, including a cost benefit analysis that justifies the recommendations for a proposed new business initiative.

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:

formulate various analysis methods and tools, including:

affinity diagrams

competition matrix

decision trees

mind maps

risk assessment

strengths, weaknesses, opportunities and threats (SWOT) analysis

value chain

review and outline, contract and procurement methods

summarise possible social implications, both internal and external, to the organisation as a result of the introduction of new market opportunities

research government and non-government governing bodies in the relevant industry

review legal, ethical, and security issues relating to the research of competitive business opportunities, including the laws related to patents and copyright

outline the organisational structure, policies and procedures

review the relevant government legislation that affects business operation.