Unit 6 Business Decision Making

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4OUTLINE CONTENT

1 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

2 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 process eg control, buffer stock levels) Calculation: use of quartiles, percentiles, correlation coefficient

3 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

4 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

5TEACHING AND LEARNING APPROACH

This module will be delivered through a combination of lectures and tutorials. Lectures will consider key ideas and concepts. In tutorial sessions you will be able to discuss relevant concepts as they are introduced and link them to the world of work wherever possible. Overview

This assessment will give learners the opportunity to examine a variety of data sources. For any of the given scenarios, they will collect data from different sources by using variety of methods, and will use spreadsheets and other software for data analysis and the preparation of information in an effective manner. Conclusions on the basis of data analysis are required to clarify the importance and use of different data analysis techniques.

6ASSESSMENT

Assessment 1 – Collection of primary and seconday data

Submission date: Tuesday 6th November 2012

Scenario
Suppose you are appointed as an assistant to a research executive for a marketing agency. Several clients have contacted your company to conduct research study for their upcoming projects. The research executive has made a panel that will be responsible for the research analysis of these projects. Being a member of that panel you are given a task to conduct analysis for any one of the clients. A list of these upcoming projects is as follows:

1. Hugh Baird College wishes to examine the attitudes of its current and potential visitors towards its website. 2. Nestle company is thinking of launching a new product i.e. Nestle Energy Drink. 3. HE Department of Hugh Baird College wants to introduce a new course called ACCA (professional accountancy qualification) 4. Luxuries Ltd has been established for 1 year distributing elegant chocolates on the internet and now wants to set up a shop in Liverpool One. They currently have a £100,000 a year turnover and wish to triple it in the next two years 5. Pizza hut wants to start a new promotion in their Liverpool One restaurant in collaboration with Odeon Cinema i.e. Three course meal (available on certain products) and cinema ticket for £25.

When conducting the research survey you have to carry out the following tasks:-

Task 1 (1000 – 1500 word count excluding words within your research survey/questionnaire) Use a variety of sources for the collection...
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