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Business Decision Making

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

Learning outcomes and assessment

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 a 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.