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Evidence Guide: SIRXMGT005 - Lead the development of business 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

 

SIRXMGT005 - Lead the development of business opportunities

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

Identify new business opportunities.

  1. Review existing operations to identify and analyse new business opportunities.
  2. Research business trends relevant to the organisation to identify new business opportunities.
  3. Identify and evaluate opportunities and threats from internal and external environments.
  4. Consult with stakeholders and customers to seek input into business opportunities.
  5. Determine organisational capacity to respond to identified opportunities and select opportunities to peruse.
Review existing operations to identify and analyse new business opportunities.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Research business trends relevant to the organisation to identify new business opportunities.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Identify and evaluate opportunities and threats from internal and external environments.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Consult with stakeholders and customers to seek input into business opportunities.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Determine organisational capacity to respond to identified opportunities and select opportunities to peruse.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Develop a business development plan.

  1. Prepare feasibility studies and reports that assess viability, profitability and sustainability of development opportunities.
  2. Analyse risks associated with initiatives and ensure compliance with legislative and regulatory requirements.
  3. Develop and document a business development plan outlining priorities, responsibilities, performance indicators, timelines and budgets.
  4. Communicate plans to relevant personnel and seek required approval.
  5. Test business development initiatives for acceptance in the market place.
  6. Prioritise potential business development opportunities for action.
Prepare feasibility studies and reports that assess viability, profitability and sustainability of development opportunities.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Analyse risks associated with initiatives and ensure compliance with legislative and regulatory requirements.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Develop and document a business development plan outlining priorities, responsibilities, performance indicators, timelines and budgets.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Communicate plans to relevant personnel and seek required approval.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Test business development initiatives for acceptance in the market place.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Prioritise potential business development opportunities for action.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Implement business development plan.

  1. Communicate the business develop plan to relevant stakeholders and personnel.
  2. Allocate resources to support the delivery of business development opportunities.
  3. Oversee the roll-out of marketing and communication processes to target markets launching new business initiatives.
Communicate the business develop plan to relevant stakeholders and personnel.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Allocate resources to support the delivery of business development opportunities.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Oversee the roll-out of marketing and communication processes to target markets launching new business initiatives.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Evaluate impact of business development plans.

  1. Monitor and evaluate new business initiatives against desired outcomes and performance indicators.
  2. Review business development plans in line with changing organisational and business requirements.
Monitor and evaluate new business initiatives against desired outcomes and performance indicators.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Review business development plans in line with changing organisational and business requirements.

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.

1. Identify new business opportunities.

1.1.Review existing operations to identify and analyse new business opportunities.

1.2.Research business trends relevant to the organisation to identify new business opportunities.

1.3.Identify and evaluate opportunities and threats from internal and external environments.

1.4.Consult with stakeholders and customers to seek input into business opportunities.

1.5.Determine organisational capacity to respond to identified opportunities and select opportunities to peruse.

2. Develop a business development plan.

2.1.Prepare feasibility studies and reports that assess viability, profitability and sustainability of development opportunities.

2.2.Analyse risks associated with initiatives and ensure compliance with legislative and regulatory requirements.

2.3.Develop and document a business development plan outlining priorities, responsibilities, performance indicators, timelines and budgets.

2.4.Communicate plans to relevant personnel and seek required approval.

2.5.Test business development initiatives for acceptance in the market place.

2.6.Prioritise potential business development opportunities for action.

3. Implement business development plan.

3.1.Communicate the business develop plan to relevant stakeholders and personnel.

3.2.Allocate resources to support the delivery of business development opportunities.

3.3.Oversee the roll-out of marketing and communication processes to target markets launching new business initiatives.

4. Evaluate impact of business development plans.

4.1.Monitor and evaluate new business initiatives against desired outcomes and performance indicators.

4.2.Review business development plans in line with changing organisational and business requirements.

Required Skills and Knowledge

ELEMENTS

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Identify new business opportunities.

1.1.Review existing operations to identify and analyse new business opportunities.

1.2.Research business trends relevant to the organisation to identify new business opportunities.

1.3.Identify and evaluate opportunities and threats from internal and external environments.

1.4.Consult with stakeholders and customers to seek input into business opportunities.

1.5.Determine organisational capacity to respond to identified opportunities and select opportunities to peruse.

2. Develop a business development plan.

2.1.Prepare feasibility studies and reports that assess viability, profitability and sustainability of development opportunities.

2.2.Analyse risks associated with initiatives and ensure compliance with legislative and regulatory requirements.

2.3.Develop and document a business development plan outlining priorities, responsibilities, performance indicators, timelines and budgets.

2.4.Communicate plans to relevant personnel and seek required approval.

2.5.Test business development initiatives for acceptance in the market place.

2.6.Prioritise potential business development opportunities for action.

3. Implement business development plan.

3.1.Communicate the business develop plan to relevant stakeholders and personnel.

3.2.Allocate resources to support the delivery of business development opportunities.

3.3.Oversee the roll-out of marketing and communication processes to target markets launching new business initiatives.

4. Evaluate impact of business development plans.

4.1.Monitor and evaluate new business initiatives against desired outcomes and performance indicators.

4.2.Review business development plans in line with changing organisational and business requirements.

Evidence of the ability to complete tasks outlined in elements and performance criteria of this unit in the context of the job role, and:

identify business opportunities and develop a business development plan for the implementation of one identified opportunity by:

researching and analysing internal and external business environments to determine opportunities for business development

determining feasibility of and risks associated with business development opportunities

developing business plan that details:

priorities

responsibilities

performance indicators

timelines

budgets

evaluating the above plan against performance indicators and report on impact and effectiveness.

Demonstrated knowledge required to complete the tasks outlined in elements and performance criteria of this unit:

techniques for:

identifying and analysing business opportunities

determining feasibility of business development opportunities

evaluating business development plans

formats of business development plans

internal and external environments and their role in determining business opportunities

risks associated with business development opportunities and strategies to minimise risks

budgeting and financial planning procedures

business development opportunities and trends in the relevant industry.