Analyse Data Effectively For Business Purposes

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

BUSINESS DECISION MAKING

WkLecture ScheduleOutcome of session
After completing each session learners will be able to:
Activity/seminar and formative assessmentResources
1Introduction 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 planModule outline PowerPoint slides, supporting materials and activities
2Survey 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 scenariosPowerPoint slides, supporting materials and activities
3Questionnaire 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 problemPowerPoint slides, supporting materials and activities
4 Using range of techniques to analyse data effectively for business purposes- Measures of Central TendencyUnderstand and be able to calculate Mode, Median and Mean (2.1, 2.2)Class ExercisesPowerPoint slides, supporting materials and activities
5Lab sessionCalculate Mode, Median, Mean and Range on Excel. (2.1, 2.2)Solving problems on excelVideo demonstration
6Analyse data using measures of dispersion and explain how quartiles, percentiles and the correlation coefficient are used to draw useful conclusions in  business contextAnalyse data using measures of dispersion to inform a given business scenario. (2.3, 2.4)Activities,  sample, case study, mock sampling addressing the assignmentPowerPoint slides,
Question bank and activities.
7Lab sessionCalculate Standard Deviation, quartiles, percentiles and correlation coefficient. (2.3, 2.4)Solving problems on excelVideo demonstration
8Be able to produce information in appropriate formats for decisions making in an organizational context.Produce graphs using spreadsheets and draw valid conclusions based on the information derived. (3.1)
Create trend lines in spreadsheet graphs to assist in forecasting for specified business information. (3.2)
Problems and activitiesComputer lab
9Challenges for preparing presentation using suitable software and techniques to disseminate information effectively.
presentation
Prepare a business presentation using suitable software and techniques to disseminate information effectively. (3.3)Class group activitiesPowerPoint slides, supporting materials and activities.
10Challenges for producing a business report and styles and modes ofProduce a formal business report. (3.4)Class group activitiesPowerPoint slides, supporting materials and activities.
11Use appropriate information processing toolsUse computers and information processing tools for operational, tactical and strategic levels of the organisation. (4.1)Class activitiesComputer lab
12Prepare a project plan for an activity and determine the critical pathCreate a project plan using networking, critical path analysis, Gantt and Pert charts. (4.2)Class  activitiesComputer lab
13Use financial tools for decision makingUse net present value; discounted cash flow; internal rates of return for decision making. (4.3)Class activities
14Revision Class: A review of assessment criteria 1.1 to 2.4Addressing learning outcome 1-2
15Revision Class: A review of assessment criteria 1.1 to 2.4Addressing learning outcome 3-4
16Assignment supportAssignment support and guidanceModule booklet
17Assignment supportAssignment support and guidanceModule booklet
18Assignment supportAssignment support and guidanceModule booklet
19Assessment and feedbackFeedback given to the learner
20Assessment and feedbackFeedback given to the learner
21Assessment and feedbackFeedback given to the learner

Recommended text and links:
BPP Learning Media; Business essentials (supporting HND/HNC and foundation) Business Decision making Supporting texts and books

  1. Anderson, Sweeney, Williams, Thomas A.-Modern business statistics with Microsoft Office Excel (Cengage Learning, 2008) ISBN 68665, 9780324568660
  1. Trevor Wegner-Applied Business Statistics: Methods and Excel-Based Applications (Juta and Company Ltd, 2010, Edition 2nd, illustrated) ISBN 0702172863, 9780702172861

 

  1. Teale, John, David-Management Decision Making: Towards an Integrative Approach Financial Times/ Prentice Hall; 1 edition (31 Oct 2002) ISBN-10: 0201619229

Journals and newspapers
The financial and mainstream press can be a useful source of information, both in terms of data for case studies and background understanding.
Videos
A variety of videos is available covering financial topics.
Websites
www.bized.ac.uk provides case studies appropriate for educational purposes
www.iasb.org.uk International Accounting Standards Board.Order Now

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