Unit of competency Outline
Date retreived
22/07/2026 9:30 AM AWST
22/07/2026 9:30 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.
Formulate business strategies
Formulate business strategies
Unit of competency
National Code
PSPMGT008
PSPMGT008
State Code
AWU53
AWU53
TGA Status
Current
Current
DTWD Status
Approved
Approved
State Implementation and Classification
Approved Date
21/07/2016
Field of Education
080399 - Business And Management, N.e.c.
Original Release Date
21/07/2016
Nominal Hours
40
Description
This unit describes the skills required to develop, implement and review business strategies to attain the business unit’s strategic objectives. It includes defining and implementing business strategies, reviewing the effectiveness of strategies and managing risk associated with the strategies.This unit applies to those responsible for business strategies.The skills and knowledge described in this unit must be applied within the legislative, regulatory and policy environment in which they are carried out. Organisational policies and procedures must be consulted and adhered to.Those undertaking this unit would work autonomously, with management responsibilities performing complex tasks in a range of familiar contexts.No licensing, legislative or certification requirements apply to unit at the time of publication.
Notes
Elements and Performance Criteria
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.
No information
No information
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| C8212 | PSPMNGT609B | Formulate business strategies | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| AZX8 | PSP60616 | Advanced Diploma of Procurement and Contracting | Qualification |