IY1B9 - Quantitative Methods for Business Decision Making Assignment Brief 2024-25

Module learning outcomes

On successful completion of this assessment, you will have met the following module learning outcomes:

LO1. Explore the use of statistical data and analysis for informing business decision
LO2. Extract information from data sets using representative values
LO3. Apply a range of quantitative techniques and statistical methods to analyse data

Assessment criteria:

In order to successfully complete this assessment and meet the above learning outcomes, you must satisfy the following criteria:

AC1.1 Identify purpose and context relevant for using statistical data in a business situation
AC1.2 Explain the different approaches and methods for collecting primary and secondary data
AC1.3 Analyse the effectiveness of selected approaches and methods used in collecting statistical data
AC2.1 Undertake data collection appropriate to a business situation
AC2.2 Extract key information from data sets using representative values; measure of dispersion;
AC2.3 Present data using appropriate visual and descriptive techniques
AC3.1 Apply relevant methods to effectively interpret extracted data
AC3.2 Test data using relevant statistical tests
AC3.3 Evaluate data results in the context of a business situation

Task 1-3 – Planning,data collection and presentation (LO1/2)

The introduction and plan for the study are like a real-life business. The importance of the problem is demonstrated. The data and summary statistics displayed in a professional format are practical for solving the problem. The criteria below are met.

Task 4 – Statistical analysis (LO2/3)

Exemplary understanding of the application of statistical tests in the given context has been demonstrated. No other analysis could have been performed to improve the outcome of the report. The criteria below have been met.

Task 5 – Analysis of data (LO2/3)

New analysis of the data is shown. Any additional analysis will not enhance the report. The criteria below are met.

Task 6 – Drawing conclusions (LO1/4)

Conclusion is considerably well developed and shows originality. Below criteria are met.

Task 7 – Decision making (LO4)

Decisions are based on compelling evaluation of the data and akin to if the decision was to be made in a real business. Below criteria are met.