Unit number and title
BTEC Higher National Diploma in Business
Unit 6 Business Decision Making
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Business Decision Making
Consider that you have recently been appointed as a consultant to advise the Product Development team at a UK based outbound tour operator. You are required to write a report consisting of four (4) tasks which should provide an analysis of emerging market trends and customer preferences as well as attitude in order to help develop a new tour products and services.
In carrying out the tasks, the company wants you to gather relevant data and analyse using appropriate tools and techniques, including statistical methods. This would involve identifying and collecting both primary and secondary data from appropriate sources.
You are required to demonstrate that you have a good knowledge and understanding of appropriate data collection methods and able to process, analyse and present data using relevant techniques and tools, including ICT and software packages such as the spreadsheets.
What you must do
- Identify the sources of primary and secondary data that you would require for the development of new tour products and create a plan for data collection. You may need to list the type of data required such as consumer profile, preference, attitude and buying behaviour as well as competitor products. [P1.1, M1]
- In order to support the above plan for collecting primary and secondary data, present the survey methodology along with an appropriate sampling frame and strategy. [P1.2]
- Design a questionnaire to carry out the survey with relevant instruments to reflect the required data. [P1.3]
- To achieve M1, you will need to demonstrate that effective approach to study and to create a plan for collecting primary and secondary data has been applied [Task 1A].
- Create information by summarising the data collected from your research using frequency tables and representative values (averages) and analyse the results to draw valid conclusions regarding new tour product development [P2.1 and P2.2]
- Analyse data using measures of dispersion (standard deviation) to develop a given business strategy scenario for a new product development [P2.3, M2, D1]
- Explain how quartiles, percentiles and correlation coefficient can be used to aid decision making in the package tour market. [P2.4]
- To achieve M2, you will need to demonstrate that a range of methods and techniques have been used in analysing the relevant data to support effective decision making in business context. [related to Task 2B]
- To achieve D1, you will need to demonstrate the results in Task 2B have been validated using defined criteria such as the dispersion measures (standard deviation orcorrelation).
- Produce graphs and charts (pie, bar, line, ogive, histogram) using a spreadsheet to draw valid conclusions based on the information regarding the proposed project. [P3.1]
- Create a trend line on an XY- plot using a spreadsheet and use it to forecast future events within the chosen business context.[P3.2, M3]
- Prepare a business presentation based on your analysis and findings using appropriate software tools. [P3.3]
- Produce a formal business report for the proposed new product development initiative at the chosen organisation. [P3.4]
- To achieve M3, you will have used a range of methods, including appropriate technical language in creating the trend line to assist in forecasting information for decision making in yourorganisation.
- Using appropriate information processing tools, prepare a project plan and determine the critical path for the launch of a new tour product. [P4.1 and P4.2, D2]
- Use financial tools such as the feasibility analysis to assess viability of the project. [P4.3, D3]
- To achieve D2, you will need to demonstrate that substantial activities have been planned, organised and managed in the preparation of the projectplan.
- To achieve D3, you will need to demonstrate that innovation and creative thought have been applied in analysing the financial viability of the proposedproduct
LO1. Be able to use a variety of sources for the collection of data, both primary and secondary
- create a plan for the collection of primary and secondary data for a givenbusiness problem
- present the survey methodology and sampling frame used
- design a questionnaire for a given business problem
LO2. Understand a range of techniques to analyse data effectively for business purposes
- create information for decision making by summarising data usingrepresentative values
- analyse the results to draw valid conclusions in a business context
- analyse data using measures of dispersion to inform a given businessscenario
- 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
- produce graphs using spreadsheets and draw valid conclusions based on the information derived
- create trend lines in spreadsheet graphs to assist in forecastingfor specified business information
- prepare a business presentation using suitable software and techniques to disseminate information effectively
- produce a formal business report
LO4: Be able to use software- generated information to make decisions in an organisation
- use appropriate information processing tools
- prepare a project plan for an activity and determine the critical path
- use financial tools for decision making