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Evidence Guide: PSPMGT008 - Formulate business strategies

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

 

PSPMGT008 - Formulate business strategies

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

Define and implement business strategies

  1. Formulate business unit objectives in accordance with strategic priorities.
  2. Develop strategies that relate to the business unit’s strategic objectives.
  3. Develop strategies in consultation with key stakeholders including other business units and organisations.
  4. Delegate strategies and associated objectives to operational levels within the business unit.
  5. Provide information on business strategies that specifies output targets and performance standards to individuals, teams and groups.
  6. Develop a system which includes key performance indicators to monitor the implementation and effectiveness of strategies.
Formulate business unit objectives in accordance with strategic priorities.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop strategies that relate to the business unit’s strategic objectives.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop strategies in consultation with key stakeholders including other business units and organisations.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Delegate strategies and associated objectives to operational levels within the business unit.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide information on business strategies that specifies output targets and performance standards to individuals, teams and groups.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop a system which includes key performance indicators to monitor the implementation and effectiveness of strategies.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review the effectiveness of business strategies

  1. Review strategies in relation to attainment of key objectives, budgets, resources and timelines.
  2. Consider multiple perspectives and sources of information in determining the effectiveness of strategies.
  3. Review effectiveness of the strategy against key performance indicators.
  4. Formulate and act upon recommendations on appropriate enhancements to the strategies and plans.
Review strategies in relation to attainment of key objectives, budgets, resources and timelines.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Consider multiple perspectives and sources of information in determining the effectiveness of strategies.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review effectiveness of the strategy against key performance indicators.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Formulate and act upon recommendations on appropriate enhancements to the strategies and plans.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Manage risk associated with business strategies

  1. Identify and evaluate risks associated with the implementation of the business unit’s strategies.
  2. Assess risk levels as acceptable or unacceptable and balance against opportunities afforded by taking risks.
  3. Use information sources to assess levels of identified risks.
  4. Select, implement risk, monitor and review risk treatments.
Identify and evaluate risks associated with the implementation of the business unit’s strategies.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess risk levels as acceptable or unacceptable and balance against opportunities afforded by taking risks.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Use information sources to assess levels of identified risks.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Select, implement risk, monitor and review risk treatments.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Define and implement business strategies

  1. Formulate business unit objectives in accordance with strategic priorities.
  2. Develop strategies that relate to the business unit’s strategic objectives.
  3. Develop strategies in consultation with key stakeholders including other business units and organisations.
  4. Delegate strategies and associated objectives to operational levels within the business unit.
  5. Provide information on business strategies that specifies output targets and performance standards to individuals, teams and groups.
  6. Develop a system which includes key performance indicators to monitor the implementation and effectiveness of strategies.
Formulate business unit objectives in accordance with strategic priorities.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop strategies that relate to the business unit’s strategic objectives.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop strategies in consultation with key stakeholders including other business units and organisations.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Delegate strategies and associated objectives to operational levels within the business unit.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide information on business strategies that specifies output targets and performance standards to individuals, teams and groups.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop a system which includes key performance indicators to monitor the implementation and effectiveness of strategies.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review the effectiveness of business strategies

  1. Review strategies in relation to attainment of key objectives, budgets, resources and timelines.
  2. Consider multiple perspectives and sources of information in determining the effectiveness of strategies.
  3. Review effectiveness of the strategy against key performance indicators.
  4. Formulate and act upon recommendations on appropriate enhancements to the strategies and plans.
Review strategies in relation to attainment of key objectives, budgets, resources and timelines.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Consider multiple perspectives and sources of information in determining the effectiveness of strategies.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review effectiveness of the strategy against key performance indicators.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Formulate and act upon recommendations on appropriate enhancements to the strategies and plans.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Manage risk associated with business strategies

  1. Identify and evaluate risks associated with the implementation of the business unit’s strategies.
  2. Assess risk levels as acceptable or unacceptable and balance against opportunities afforded by taking risks.
  3. Use information sources to assess levels of identified risks.
  4. Select, implement risk, monitor and review risk treatments.
Identify and evaluate risks associated with the implementation of the business unit’s strategies.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess risk levels as acceptable or unacceptable and balance against opportunities afforded by taking risks.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Use information sources to assess levels of identified risks.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Select, implement risk, monitor and review risk treatments.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENTS

PERFORMANCE CRITERIA

Elements describe the essential outcomes

Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the range of conditions section.

1. Define and implement business strategies

1.1 Formulate business unit objectives in accordance with strategic priorities.

1.2 Develop strategies that relate to the business unit’s strategic objectives.

1.3 Develop strategies in consultation with key stakeholders including other business units and organisations.

1.4 Delegate strategies and associated objectives to operational levels within the business unit.

1.5 Provide information on business strategies that specifies output targets and performance standards to individuals, teams and groups.

1.6 Develop a system which includes key performance indicators to monitor the implementation and effectiveness of strategies.

2. Review the effectiveness of business strategies

2.1 Review strategies in relation to attainment of key objectives, budgets, resources and timelines.

2.2 Consider multiple perspectives and sources of information in determining the effectiveness of strategies.

2.3 Review effectiveness of the strategy against key performance indicators.

2.4 Formulate and act upon recommendations on appropriate enhancements to the strategies and plans.

3. Manage risk associated with business strategies

3.1 Identify and evaluate risks associated with the implementation of the business unit’s strategies.

3.2 Assess risk levels as acceptable or unacceptable and balance against opportunities afforded by taking risks.

3.3 Use information sources to assess levels of identified risks.

3.4 Select, implement risk, monitor and review risk treatments.

Required Skills and Knowledge

ELEMENTS

PERFORMANCE CRITERIA

Elements describe the essential outcomes

Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the range of conditions section.

1. Define and implement business strategies

1.1 Formulate business unit objectives in accordance with strategic priorities.

1.2 Develop strategies that relate to the business unit’s strategic objectives.

1.3 Develop strategies in consultation with key stakeholders including other business units and organisations.

1.4 Delegate strategies and associated objectives to operational levels within the business unit.

1.5 Provide information on business strategies that specifies output targets and performance standards to individuals, teams and groups.

1.6 Develop a system which includes key performance indicators to monitor the implementation and effectiveness of strategies.

2. Review the effectiveness of business strategies

2.1 Review strategies in relation to attainment of key objectives, budgets, resources and timelines.

2.2 Consider multiple perspectives and sources of information in determining the effectiveness of strategies.

2.3 Review effectiveness of the strategy against key performance indicators.

2.4 Formulate and act upon recommendations on appropriate enhancements to the strategies and plans.

3. Manage risk associated with business strategies

3.1 Identify and evaluate risks associated with the implementation of the business unit’s strategies.

3.2 Assess risk levels as acceptable or unacceptable and balance against opportunities afforded by taking risks.

3.3 Use information sources to assess levels of identified risks.

3.4 Select, implement risk, monitor and review risk treatments.

Evidence required to demonstrate competence must satisfy all of the requirements of the elements and performance criteria. If not otherwise specified the candidate must demonstrate evidence of performance of the following on at least one occasion.

applying environmental scanning

explaining complex ideas to different audiences

interpreting and explaining complex, formal documents and assisting others to apply them in the workplace

preparing written strategies requiring reasoning and precision of expression

using discussion involving exchanges of complex oral information

Evidence required to demonstrate competence must satisfy all of the requirements of the elements and performance criteria. If not otherwise specified the depth of knowledge demonstrated must be appropriate to the job context of the candidate.

strategic planning processes

business strategies

risk management principles and processes

organisational goals, policies and procedures

evaluation and review methodologies

jurisdictional legislation applicable to business strategies, including work health and safety and environmental and sustainability requirements