Analyse Data Effectively For Business Purposes

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

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
8	Be 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 activities	Computer lab
9	Challenges 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 activities	PowerPoint slides, supporting materials and activities.
10	Challenges for producing a business report and styles and modes of	Produce a formal business report. (3.4)	Class group activities	PowerPoint slides, supporting materials and activities.
11	Use appropriate information processing tools	Use computers and information processing tools for operational, tactical and strategic levels of the organisation. (4.1)	Class activities	Computer lab
12	Prepare a project plan for an activity and determine the critical path	Create a project plan using networking, critical path analysis, Gantt and Pert charts. (4.2)	Class  activities	Computer lab
13	Use financial tools for decision making	Use net present value; discounted cash flow; internal rates of return for decision making. (4.3)	Class activities
14	Revision Class: A review of assessment criteria 1.1 to 2.4	Addressing learning outcome 1-2
15	Revision Class: A review of assessment criteria 1.1 to 2.4	Addressing learning outcome 3-4
16	Assignment support	Assignment support and guidance		Module booklet
17	Assignment support	Assignment support and guidance		Module booklet
18	Assignment support	Assignment support and guidance		Module booklet
19	Assessment and feedback	Feedback given to the learner
20	Assessment and feedback	Feedback given to the learner
21	Assessment and feedback	Feedback 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

2. Trevor Wegner–Applied Business Statistics: Methods and Excel-Based Applications (Juta and Company Ltd, 2010, Edition 2nd, illustrated) ISBN 0702172863, 9780702172861

3. 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