Unit of competency Outline
Date retreived
22/07/2026 8:06 PM AWST
22/07/2026 8:06 PM 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.
Assess economic impact of a design
Assess economic impact of a design
Unit of competency
National Code
LMFFDT6001A
LMFFDT6001A
State Code
WA398
WA398
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
27/08/2013
Field of Education
080301 - Business Management
Original Release Date
27/08/2013
Nominal Hours
30
Description
This unit specifies the outcomes required to assess the economic impact of a design, recording its marketability, volume potential and competition.
Notes
Elements and Performance Criteria
1. Research economic factors
- 1.1. Applicable OHS, 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 OHS requirements
- 1.4. Market research fundamentals are considered and analysed
- 1.5. Potential sales volume of designed products are analysed and evaluated
- 1.6. Niche markets are discovered and analysed for cost benefit analysis
2. Assess the economic impact of the design
- 2.1. Production costs of a design are assessed and evaluated
- 2.2. Longitudinal studies of a design are undertaken to explore potential success factors
- 2.3. Scale of production is estimated taking into account market analysis
- 2.4. Profit margins are analysed based on expected turnover, full costing of product, price point in the market and demand for the product
- 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
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
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
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
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
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| WI307 | MSFFDT5011 | Assess economic impact of a design | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| 3170 | 10221NAT | Advanced Diploma of Industrial Design | Accredited course |