L7 - Senior Professional Economist

1. Work-based project

The grading criteria below is based on the following principles:

The distinction grading descriptors build on what is set out in the pass grading descriptor;
To achieve a pass for an assessment method: pass or above must be demonstrated for every KSB under that assessment method.
To receive a distinction for the project 6 out of 9 distinction grading descriptors must be met

The information below can also be downloaded here LINK NEEDED

S1 Apply micro-economic and macro-economic theories and modelling, including econometric, to inform a range of business and policy decisions
S2 Convert the policy or other question into a tractable appraisal, evaluation or other analysis drawing on the most appropriate analytical method, including non-market valuation methods. Analysis considers, inter alia: the counterfactual, opportunity cost, risk and uncertainty and how to estimate discount rates and costs of capital.
S3 Critically assess available information sources and judge validity and usefulness for the issue at hand; clean and manipulate data; be aware of data limitations and explain them; clearly describe and present data using data visualisation techniques; and draw out and explain policy and business implications to clients

Fail	Pass	Distinction
The minimum pass criteria as defined in this table are not met.	Apply their economic knowledge to inform a range of business and/or policy decisions. Assess and argue what an appropriate method and data sources (s) are and identifies any limitations in the policy/business situation Give a clear explanation of the assumptions made in their analysis and argue effectively for why these are appropriate. Choose a presentation style and data visualisation tools that effectively describe the analysis and draw out recommendations for policy/business decisions. Identifies data relevant to the issue and the limitations of that data when judging validity and usefulness	Evaluate how limitations in the method/data selected could be improved upon and judge what the risks are for the project’s conclusions Explore a range of ways to improve their assumptions through new analysis and create convincing arguments to support their judgements. Make predictions of the likely impact of their recommendations on the business/policy situation.

S5 Scope areas of work identifying: objectives, analytical methods, resources required and potential delivery risks. Able to recognise when complementary expertise is required e.g. scientists, other social scientists and data specialists.

Fail	Pass	Distinction
The minimum pass criteria as defined in this table are not met.	Set out a clear project scope and had the correct resources to deliver the requirements of the project. Understood the risks to the project and set out evidence of how these were mitigated during the project Have, where required, drawn on other sources of expertise and opinion to inform their results and ensure maximum impact.	Demonstrate how the learning they have generated during the project could be used to inform future projects and/or the wider workplace. Devised processes for interdisciplinary working or tools to improve the effectiveness of inter disciplinary working.

S7 Clearly communicate economic principles and concepts to non-economists; present trade-offs and ncertainties and articulate these clearly; frame advice, drawing on knowledge of stakeholders' positions, for maximum impact

Fail	Pass	Distinction
The minimum pass criteria as defined in this table are not met.	Communicate complex economic ideas to a non-economist audience. Explore options and trade-offs. Set out key uncertainties Frames advice showing awareness of how stakeholders will react to analysis or recommendations.	Demonstrates that they can tailor their communication approach to the needs of different audiences.

S6 Use horizon scanning methodologies to anticipate new trends, opportunities and challenges that may influence outcomes of interest to client.

Fail	Pass	Distinction
The minimum pass criteria as defined in this table are not met.	Show how trends, future opportunities and future challenges will affect their analysis.	Demonstrate how their conclusions are resilient to future events or represent least regret solutions.

S8 Design Quality Assurance processes and implement these, following organisational best practices, and drawing on sources of external expertise; critically assess economic analysis and improve it.
B1 Ethical conduct: analyst attributes sources and ideas to their originator; provides honest advice on all relevant aspects to an issue; avoids bias.
B4 Rigour: demonstrates a commitment to detail.

Fail	Pass	Distinction
The minimum pass criteria as defined in this table are not met.	Devise a robust quality assurance process for their work to ensure that analysis and written outputs are accurate and error free. Clearly set out and reference all the sources they use, including both data sources and the source of ideas. Selected the appropriate level of detail necessary to achieve the required output. Compare their results with results from other methods or studies to check validity of results and conclusions. Describe the steps taken to ensure that their analysis is free from bias. Ensure that inconvenient facts or analyses that do not fit their argument are addressed.	Draw on new sources of expertise that are external to their organisation which substantially improve the robustness of, or insight from, findings Challenge conventional wisdom and/or existing approaches in a sensitive and effective way.