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Evidence Guide: LMFFDT6001A - Assess economic impact of a design

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

 

LMFFDT6001A - Assess economic impact of a design

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

Research economic factors

  1. Applicable OHS, legislative and organisational requirements relevant to assessing the economic impact of a design are verified and complied with
  2. Design brief is reviewed, confirmed and clarified with appropriate personnel
  3. Communication with others is established and maintained in accordance with OHS requirements
  4. Market research fundamentals are considered and analysed
  5. Potential sales volume of designed products are analysed and evaluated
  6. Niche markets are discovered and analysed for cost benefit analysis
Applicable OHS, legislative and organisational requirements relevant to assessing the economic impact of a design are verified and complied with

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Design brief is reviewed, confirmed and clarified with appropriate personnel

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communication with others is established and maintained in accordance with OHS requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Market research fundamentals are considered and analysed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Potential sales volume of designed products are analysed and evaluated

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Niche markets are discovered and analysed for cost benefit analysis

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess the economic impact of the design

  1. Production costs of a design are assessed and evaluated
  2. Longitudinal studies of a design are undertaken to explore potential success factors
  3. Scale of production is estimated taking into account market analysis
  4. Profit margins are analysed based on expected turnover, full costing of product, price point in the market and demand for the product
  5. Competition in the market place with similar design solutions or products in that market segment are analysed and strategies reviewed
  6. Availability of resources is assessed to ascertain what impact this will have on economic viability
  7. Product lifecycle analysis is evaluated for economic significance
  8. Long term economic impact on the business, staff and associated suppliers is analysed and strategised
  9. Intended manufacturing processes including assembly and finishing are assessed for their economic impact
  10. Final documentation outlining the full analysis of the designs economic impact is compiled and produced as a report
Production costs of a design are assessed and evaluated

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Longitudinal studies of a design are undertaken to explore potential success factors

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Scale of production is estimated taking into account market analysis

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Profit margins are analysed based on expected turnover, full costing of product, price point in the market and demand for the product

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Competition in the market place with similar design solutions or products in that market segment are analysed and strategies reviewed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Availability of resources is assessed to ascertain what impact this will have on economic viability

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Product lifecycle analysis is evaluated for economic significance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Long term economic impact on the business, staff and associated suppliers is analysed and strategised

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Intended manufacturing processes including assembly and finishing are assessed for their economic impact

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Final documentation outlining the full analysis of the designs economic impact is compiled and produced as a report

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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 the relevant Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Effectively assess the economic impact of a design from inception through manufacture including marketing, sales volume and competition impact and recording of the impact study outcomes

Effectively research, contrast and compare a range of economic factors upon a design

Effectively produce a report on the economic impact study outcomes of a product

Comply with legislation, regulations, standards, codes of practice and established safe practices and procedures for assessing the economic impact of a design

Communicate effectively and work safely with others in the work area

Context of, and specific resources for assessment

The application of competency is to be assessed in the workplace or simulated workplace

Assessment is to occur under standard and authorised work practices, safety requirements and environmental constraints

Assessment of essential underpinning knowledge, other than confirmatory questions, will usually be conducted in an off-site context

Assessment is to comply with relevant regulatory or Australian Standards requirements

The following resources should be made available:

workplace location or simulated workplace

materials and equipment relevant to assessing the economic impact of a design

specifications and work instructions

Method of assessment

Assessment must satisfy the endorsed assessment guidelines of the Furnishing Industry Training Package

Assessment methods must confirm consistency and accuracy of performance (over time and in a range of workplace relevant contexts) together with application of underpinning knowledge

Assessment methods must be by direct observation of tasks and include questioning on underpinning knowledge to ensure its correct interpretation and application

Assessment may be applied under project related conditions (real or simulated) and require evidence of process

Assessment must confirm a reasonable inference that competency is able not only to be satisfied under the particular circumstance, but is able to be transferred to other circumstances

Assessment may be in conjunction with assessment of other units of competency

Guidance information for assessment

Required Skills and Knowledge

This describes the essential skills and knowledge and their level, required for this unit.

Required skills

interpret costing and financial documentation

access industry standards

analyse business information

read, interpret and follow information on work specifications, standard operating procedures and work instructions, and other reference material

maintain accurate records

communicate within the workplace

sequence operations

meet specifications

clarify and check task-related information

carry out work according to OHS practices.

Required knowledge

State or Territory OHS legislation, regulations, standards and codes of practice relevant to assessing the economic impact of a design

organisational and site standards, requirements, policies and procedures for assessing the economic impact of a design

economic conditions and markets nationally and internationally

established communication channels and protocols

problem identification and resolution

elements and principles of design

types of tools and equipment and procedures for their safe use, operation and maintenance

characteristics of materials, products, sources and defects

computer programs

product assembly techniques and equipment capabilities

procedures for the recording, reporting and maintenance of workplace records and information

appropriate mathematical procedures for estimation and measurement.

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. Add any essential operating conditions that may be present with training and assessment depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts.

OHS requirements

are to be in accordance with Commonwealth, State or Territory legislation and regulations, organisational safety policies and procedures

requirements may include but not be limited to the use of personal protective equipment and clothing, fire fighting equipment, first aid equipment, hazard and risk control and elimination of hazardous materials and substances, manual handling, including lifting and carrying

Legislative requirements

are to be in accordance with applicable legislation from all levels of government that affect organisational operation

requirements may include but not be limited to award and enterprise agreements, industrial relations, Australian Standards, confidentiality and privacy, OHS, the environment, equal opportunity, anti-discrimination, relevant industry codes of practice, duty of care and heritage

Organisational requirements

may include but not be limited to legal, organisational and site guidelines, policies and procedures relating to own role and responsibility, quality assurance, procedural manuals, quality and continuous improvement processes and standards, OHS, emergency and evacuation, ethical standards, recording and reporting, access and equity principles and practices, equipment use, maintenance and storage, environmental management (waste disposal, recycling and re-use guidelines)

Design brief

may include but not be limited to the aims, objectives, milestones for the design project, the point of reference for everyone, elements and principles of design and may include organisational or personal profiles, aims, target audience, budget, timeline, consultation requirements, colour requirements, image requirements and function

Appropriate personnel

may include but not be limited to trainers, supervisors, suppliers, clients, colleagues and managers

Communication

may include verbal and non-verbal language, constructive feedback, active listening, questioning to clarify and confirm understanding, use of positive, confident and cooperative language, use of language and concepts appropriate to individual social and cultural differences, control of tone of voice and body language

Market research fundamentals

is to include research undertaken to assess the size and nature of a market

Sales volume

is to include the amount sold within a specified time period, it is often expressed in monetary terms but can also be expressed in terms of the total amount of stock or products sold

Niche markets

is to include a very specific market segment within a broader segment of the market. It involves the provision of specialist products where relatively few or no competitors exist

Cost benefit analysis

is to include the assignment of monetary value to the costs and benefits (social, environmental and monetary) associated with a project for the purpose of selecting and evaluating project investment opportunities

Longitudinal studies

is to include a statistical study that produces data gathered over a period of time

Profit margins

is to include the amount by which income exceeds expenditure, it includes the sale price minus the cost of production, distribution and marketing

Price point

is to include the cost for sale placed on a product which caters to a market segment based on production costs, overheads and profit margins in relation to demand, supply and volume of sales

Resources

may include but not be limited to materials, personnel, equipment and systems

Product lifecycle

is the evolution of a product from its raw source, through its inception, development, manufacture, completion and time as a completed product until potential renewal

Economic impact

is to include the study of consumption, distribution and production on society in relation to a product

Manufacturing process

may include but not be limited to the methods by which the product will be produced, these steps usually entail working from working drawings and specifications, producing components utilising machine operations, assembly of the components and finishing techniques

Assembly methods

may include but not be limited to nailing, gluing, screwing, welding, pressing, sewing, bonding, jointing or connecting various materials

Finishing

may include but not be limited to paints, waxes, lacquers, stains, pigments, oils and plastic coatings