1. Work-based project
1.2. Grading descriptors
KSBs
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
Applied economic analysis
- 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
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- 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.
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Project management and planning
- 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.
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- 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.
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Effective communication
- 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.
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- Demonstrates that they can tailor their communication approach to the needs of different audiences.
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Horizon scanning
- 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.
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- Demonstrate how their conclusions are resilient to future events or represent least regret solutions.
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Maintaining quality standards
- 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.
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- 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.
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