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Unit 6 Business Decision Making

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Unit 6 Business Decision Making

INTRODUCTION, AIMS AND OBJECTIVES

INTRODUCTION

In business, good decision making requires the effective use of information. This unit gives learners the opportunity to examine a variety of sources and develop techniques in relation to four aspects of information: data gathering, data storage, and the tools available to create and present useful information.

ICT is used in business to carry out much of this work and an appreciation and use of appropriate ICT software is central to completion of this unit. Specifically, learners will be made aware of how to use spreadsheets and other software for data analysis and the preparation of information. The use of spreadsheets to manipulate of numbers, and understanding how to apply the results, are seen as more important than the mathematical derivation of formulae used.

Learners will gain an appreciation of information systems currently used at all levels in an organisation as aids to decision making. Organizational data is a collection of raw facts relating to the enterprise and its environment. It can be classified in a number of ways eg, quantitative / qualitative, discrete/ continuous, internal, external formal informal primary and secondary.

Much of a manager’s work will involve the use of data and information, collected and stored internally or externally. Decisions regarding the future plans and operations of the organization will incorporate information about past performance, future market potential, industry and company statistics etc—all of which need to be gathered processed and analysed.   

Aim

The aim of this unit is to give learners the opportunity to develop techniques for data gathering and storage, an understanding of the tools available to create and present useful information, in order to make business decisions. 

Key Objectives

§  Use a variety of sources for the collection of data, both primary and secondary.

§  Evaluate a range of techniques to analyse data effectively for business purposes.

§  Produce information in appropriate formats for decision making in an organisational context

§  Use software-generated information to make decisions in an organisation the factors which impact on individual and group decision making. 

LEARNING OUTCOMES

§  Be able to use a variety of sources for the collection of data, both primary and secondary

§  Understand a range of techniques to analyse data effectively for business purposes

§  Be able to produce information in appropriate formats for decision making in an organisational context

§  Be able to use software-generated information to make decisions in an organisation 

LEARNING OUTCOMES AND ASSESSMENT CRITERIA

 

LO1   Be able to use a variety of sources for the collection of data, both primary and secondary.

1.1 Create a plan for the collection of primary and secondary data for a given business problem

1.2 Present the survey methodology and sampling frame used

1.3 Design a questionnaire for a given business problem

 

LO2   Understand a range of techniques to analyse data effectively for business purposes

2.1 Create information for decision making by summarising data using representative values

2.2 Analyse the results to draw valid conclusions in a business context

2.3 Analyse data using measures of dispersion to inform a given business scenario

2.4 Explain how quartiles, percentiles and the correlation coefficient are used to draw useful conclusions in business context

LO3

Be able to produce information in appropriate formats for decision making in an organisational context.

3.1 Produce graphs using spreadsheets and draw valid conclusions based on the information derived

3.2 Create trend lines in spreadsheet graphs to assist in forecasting for specified business information

3.3 Prepare a business presentation using suitable software and techniques to disseminate information effectively

3.4 Produce a formal business report

 

LO4 Be able to use software-generated information to make decisions in an organisation

4.1 Use appropriate information processing tools

4.2 Prepare a project plan for an activity and determine the critical path

4.3 Use financial tools for decision making

Key Knowledge and Understanding

·         Create a plan for primary and secondary data collection.

·         Usea range of techniques for the collection of data

·         Analyse the data collected using statistical techniques to estimate the measure of location such as the arithmetic mean, the mode and the median.

·         Analyse the result and use the outcome to make effective decision.

·         Calculate the measure of dispersion using the data collected.

·         Analyse the data to make informed and effective strategic decision for the organisation used in the case study.

·         Produce different graphs using spreadsheets and make a case for the organisation in question.

·         Produce a trend line for a given data and explain the practical implication with respect to the organisation in question.

·         Produce a formal business report.

·         Prepare a project plan for a given scenario.

·         Prepare a project plan for a given set of data.

·         Use financial tools such as PBP, ARR and NPV to appraise a project.

Unit content:

LO1. Be able to use a variety of sources for the collection of data both Primary and Secondary

 

Primary sources: survey methodology; questionnaire design; sample frame; sampling methods; sample error

Secondary sources: internet research; government and other published data; by-product data

Storage: security of information; data protection issues; ethical issues

 

LO2. Be Understand a range of techniques to analyse data effectively for business purposes

 

Representative values: Mean median, mode; calculation from raw data and frequency distributions using appropriate software; using the results to draw valid conclusions

Measures of dispersion: standard deviation for small and large samples; typical uses(statistical processes eg control buffer stock levels)

Calculation: use of quartiles, percentiles, correlation coefficient

LO3. Be able to produce information in appropriate formats for decision making in an organisational context

 

Creation and interpretation of graphs using spreadsheets: line, pie, bar charts and histograms

Scatter (XY) graphs and linear trend lines: extrapolation for forecasting (reliability)

Presentations and report writing: use of appropriate formats; presentation software and techniques

 

LO4. Be able to use software generated information to make decisions in an Organisation

 

Management information systems: computers and information processing tools for operational,tactical and strategic levels of the organisation

Project management: networking and critical path analysis, Gantt and Pert charts

Financial tools: net present value; discounted cash flow; internal rates of return

Teaching Plan                            

Unit: 6BUSINESS DECISION MAKING

Wk

Lecture Schedule

Outcome of session

After completing each session learners will be able to:

Activity/seminar and formative assessment

Resources

1

 

Introduction to the module

Address the mode of assessment

Primary data, secondary data collection.  

Address how to create a plan for collection of date for the chosen scenario.

Create a plan for the collection of primary and secondary data for a given business problem (1.1)

 

 

 

Learners create a data collection plan

 

 

Module outline PowerPoint slides, supporting materials and activities

2

 

Survey methodology and different sampling methods used in survey.

Present the survey methodology and sampling frame used. (1.2)

 

Quiz learners about identifying the correct sampling methods for different scenarios

 

PowerPoint slides, supporting materials and activities

3

 

Questionnaire design and the different question forms and discuss when and how they can be used most effectively.

 

Design a questionnaire for a given business problem. (1.3)

 

 

Learners design a questionnaire for a given problem

 

 

PowerPoint slides, supporting materials and activities

4

 

 Using range of techniques to analyse data effectively for business purposes- Measures of Central Tendency

 

Understand and be able to calculate Mode, Median and Mean (2.1, 2.2)

 

Class Exercises

 

PowerPoint slides, supporting materials and activities

5

 

Lab session

Calculate Mode, Median, Mean and Range on Excel. (2.1, 2.2)

 

 

Solving problems on excel

Video demonstration

6

 

Analyse data using measures of dispersion and explain how quartiles, percentiles and the correlation coefficient are used to draw useful conclusions in  business context

 

Analyse data using measures of dispersion to inform a given business scenario. (2.3, 2.4)

 

Activities,  sample, case study, mock sampling addressing the assignment

PowerPoint slides,

Question bank and activities.

7

 

Lab session

Calculate Standard Deviation, quartiles, percentiles and correlation coefficient. (2.3, 2.4)

 

 

Solving problems on excel

Video demonstration



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