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Both Learning Outcomes and Competencies can be set at the course level and copied forward into future courses. However, Brightspace only allows for the use of one of these tools in a course. if you set up "Learning Outcomes" then the "Competencies" tool automatically disappears and vice versa. It's best to know which one works best for your class before setting anything up in your course. This linked article that comes from D2L's K12 documentation contains a good explanation of both tools and has been recently updated.
This linked article from D2L's Administrator documentation contains a comparison chart of their Learning Outcomes Tool vs. their Competencies Tool.