IY1B9 - Quantitative Methods for Business Decision Making Report Writing Along With Manager Case Study - Management Assignment Help

Assignment Task

Assignment 

For managers to make effective and informed decisions, they employ the use of statistics to analyze data and information. This allows them to identify risks and opportunities and helps them to make strategic and tactical decisions for the future of the company. For example, a company might want to find out about their market share, the profitability of a new product, how many employees should be hired or sacked, what capital investment is required to increase capacity or reduce costs.

Module learning outcomes

pon successful completion of this module, you will be able to:

• Explain how a variety of sources can be used to collect both primary and secondary data relating to a business issue & use critical assessment skills to assess the suitability of sources
• Extract the main information from a business data set, produce summaries and present them effectively. Synthesize, analyze, display info using ICT and presentation skills
• Understand and apply a range of quantitative techniques and statistical methods to analyze data in a business context (using ICT software where appropriate)
• Evaluate a business problem to aid decision-making using an evidence base.

This assignment requires you to demonstrate that you can:

• Create and collect primary and secondary data for a business idea (LO1)
• Evaluate the effectiveness of sources used when making decisions (LO1)
• Extract the main information from a data set using representative values;  measures of dispersion; correlation; probability; simple regression analysis (LO2, LO3)
• Present data effectively as information to aid decision making (LO2)
• Apply relevant methods to interpret data, building on the extraction of data (LO3)
• Use the information to evaluate a business problem to aid decision-making (LO4).

Assignment purpose:

This assignment is designed to test your understanding of, and your practical ability in using statistical analysis techniques to make decisions through application to a real business problem. You will be collecting, preparing, testing, and presenting data in order to make management decisions.

Overview: You are a manager in a business who has a problem to solve. For this assignment, you need to write a report for other stakeholders in the business to understand the problem faced and what you believe should be done to solve the problem. 

Scenario: 

You should think like a manager in a real business. It is strongly advised that you use a real-life business scenario to base this coursework upon. If you are unable to access a real-life business, you can construct a life-like scenario but you must write the report as if the business is real and as if you are real managers within this business e.g. a potential start-up, issue in the university, or ONCAMPUS. 

Any scenario chosen should enable you to access enough data about the context and problem to allow for data analysis to be performed. Remember this is a business module and the topic should be business-related, however, the marks you are awarded relate to the data collection, analysis, and decision making rather than the scenario. Check with your tutor before you start to ensure that your topic is suitable.

Note that there are many business problems in different areas (Insurance, Banking, Finance, Logistics, Economics) that statistical methods can be applied to.

These include, but are not limited to:

• Marketing and Sales Department – pricing, understanding customer needs, consumer buying habits, customer segmentation/retention, brand image, advertising
• Operations Department – product profitability, production, stock management, and quality control
• Human Resources – hiring, employee motivation, training
• Investment decisions – equipment purchase, interest rate impact on the cost of borrowing
• Logistics department – physical distribution by ensuring goods arrive on time etc.

Please note that you are not limited to these sorts of business problems.

Content of the report:

• The problem: define the business context and problem that you need to make a decision about as managers in the business.
• Outline the plan for data collection & analysis
• Collect and present information/summary statistics and describe the data demonstrating good data management and display techniques (see topics 4 & 5 in the scheme of work)
• Test the data using relevant statistical tests (include your assumptions and rationale for using each test) (see topics 6, 7 & 8 in the scheme of work – select relevant tests, you only need to use useful and relevant tests on your data)
• Analyze the results and describe any learning you have gained about the business problem through your data analysis
• Draw conclusions about the data and understand limitations in concluding results
• Outline and justify your management decision (concerning your business problem) as a result of the data analysis you have conducted.
• References: sources of information and data used in your report

This IY1B9 - Management Assignment has been solved by our Management Experts at My Uni Paper. Our Assignment Writing Experts are efficient to provide a fresh solution to this question. We are serving more than 10000+Students in Australia, UK & US by helping them to score HD in their academics. Our Experts are well trained to follow all marking rubrics & referencing style.

Be it a used or new solution, the quality of the work submitted by our assignment Experts remains unhampered. You may continue to expect the same or even better quality with the used and new assignment solution files respectively. There’s one thing to be noticed that you could choose one between the two and acquire an HD either way. You could choose a new assignment solution file to get yourself an exclusive, plagiarism (with free Turnitin file), expert quality assignment or order an old solution file that was considered worthy of the highest distinction.