In terms of assessing skills, I found the approach used for Australian Computer Society's postgraduate students most useful. With this you get the student to do whatever it is you are assessing, preferably in their workplace. This is much the same as the approach which I was trained in for assessment in the VET sector. I have applied this approach with masters students and it would seem applicable to fixing a light switch or developing a corporate strategy.
As an example, the assessment for my ICT Sustainability course, includes: "Write a report on the carbon footprint and materials use of the ICT operations of your organisation (or an organisation you are familiar with)".