1.1 Create a plan for the collection of primary and secondary data for a given business problem

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1.1 Create a plan for the collection of primary and secondary data for a given business problem

Business Decision Making

Learning Outcomes Content Assessment Criteria for Pass

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

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

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

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

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

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 nformation effectively

3.4 produce a formal business report

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

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.