Business Decision Making-Btechnd
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.
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.
- 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.
- 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
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.Order Now