Assess economic impact of a design

Unit of competency Outline

Date retreived
23/07/2026 11:20 AM AWST

Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.

Unit of competency

National Code
MSFFDT5011

State Code
WI307

TGA Status
Replaced

DTWD Status
Replaced

Current Release Number
1.00

Current Release Date
10/12/2013

View on TGA

State Implementation and Classification

Approved Date

20/06/2014

Field of Education

080301 - Business Management

Original Release Date

20/06/2014

Nominal Hours

Description

This unit of competency covers assessing the economic impact of a design, and recording its marketability, volume potential and competition. It applies in an industry workplace or design studio environment and involves application of skills and knowledge at a managerial level. No licensing, legislative or certification requirements apply to this unit at the time of publication.

Notes

Elements and Performance Criteria

1 Research economic factors

1.1 Applicable work health and safety (WHS), legislative and organisational requirements relevant to assessing the economic impact of a design are verified and complied with
1.2 Design brief is reviewed, confirmed and clarified with appropriate personnel
1.3 Communication with others is established and maintained in accordance with WHS requirements
1.4 Market research fundamentals undertaken to assess the size and nature of a market are considered and analysed
1.5 Potential designed products sales volume of amount sold within a specified time period, expressed in monetary terms or in terms of the total amount of stock or products sold f are analysed and evaluated
1.6 Niche markets are discovered and analysed for cost-benefit analysis assigning 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

2 Assess economic impact of the design

2.1 Production costs of a design are assessed and evaluated
2.2 Longitudinal statistical studies of a design that produces data gathered over a period of time are undertaken to explore potential success factors
2.3 Scale of production is estimated taking into account market analysis
2.4 Profit margins of the amount by which income exceeds expenditure, including the sale price minus the cost of production, distribution and marketing are analysed based on expected turnoverFull costing of product, including the price point of 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 in the market and demand for the product is conducted
2.5 Competition in the market place with similar design solutions or products in that market segment are analysed and strategies reviewed
2.6 Availability of resources is assessed to ascertain what impact this will have on economic viability
2.7 Product lifecycle analysis is evaluated for economic significance
2.8 Long-term economic impact on the business, staff and associated suppliers is analysed and strategised
2.9 Intended manufacturing processes, including assembly and finishing, are assessed for their economic impact
2.10 Final documentation outlining the full analysis of the designs economic impact is compiled and produced as a report
2.11 Production costs of a design are assessed and evaluated

No information

Replaces

State Code	National Code	Title	Type
WA398	LMFFDT6001A	Assess economic impact of a design	Unit of competency

Replaced By

State Code	National Code	Title	Type
ODZ59	MSFFDM5008	Evaluate design proposals and concepts	Unit of competency

State Code	National Code	Title	Type
J731	MSF50313	Diploma of Furniture Design and Technology	Qualification