MGT602_Assess 3_Research Analysis 1 of 4 A SSESSMENT 3 BRIEF Subject Code and Title MGT602 Business Decision Analytics Assessment Research Analysis Report Individual/Group Individual Length Up to...

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MGT602_Assess 3_Research Analysis 1 of 4 A SSESSMENT 3 BRIEF Subject Code and Title MGT602 Business Decision Analytics Assessment Research Analysis Report Individual/Group Individual Length Up to 2,000 words Learning Outcomes a) Select and evaluate the usefulness of a range of decision making tools and reflect on your decision-making styles and contrast with other styles to determine the respective levels of rationality and intuition utilised b) Compare, contrast and critically evaluate sources of data as influences for decision-making in a range of business contexts c) Examine and evaluate decision making systems and techniques to engage group decisions and analyse how these can enhance sustainable outcomes d) Critically examine emerging tools and technologies for decision making Submission 12 week class: By 11:55pm AEST/AEDT Friday of Module 6.1 (Week 11) Intensive 6 week class. By 11.55pm AEST Friday of module 6.1 (week 6) Weighting 40% Total Marks 40 marks Context: Workplaces today are changing rapidly in parallel with rapid advances in technology and means of communication with teams separated in terms of space and time, that is different geographic locations and time zones, not only within countries, but also across continents. This is something that we in Torrens adapt to on a daily basis as part of a global organisation. We need to take into account not only time and space, but other elements of diversity to collaborate effectively for organisational outcomes. Task: This assignment is designed for you to critically reflect on key themes for this subject: individual and group decision-making processes; sources of data and analysis, including usage of data analytics for organisational decision-making, and the influence of bias in effective decision-making. MGT602_Assess 3_Research Analysis 2 of 4 In doing so, you should consider a meaningful work challenge – a project that requires many decisions to be made- that is relevant for you- in your current, or recent workplace. [NOTE: Torrens University is a workplace and you have a special role in it.]. CHECKPOINT: Submit a draft of your outline and discuss your report proposal with your Learning Facilitator by WEEK 9. Your task is to analyse the project from the perspective of decision-making points/stages. In the analysis, you are to consider: 1. The sources of data, and the use of data analytics to identify trends/ patterns that form the evidence for decision-making; 2. Show visualisation of the decision-making process, and analytics to support the decision- making; 3. Select at least three decision-making tools and technologies from within the subject modules and show their application for your project. Consider if the decision would be the same/ different by using multiple methods. 4. Present the findings of your results in a business style report that includes clear headings to guide the reader and visualisation of the data sources/trends/ patterns, and is underpinned with evidence from relevant contemporary literature, including major resources from within the subject modules. 5. Reference according to the APA 6th. Ed. reference style guide, available at Student Hub @ Torrens. Submission Instructions: 1. Submit your report to Turn-It-In. 2. Submit your report and TII report via the Assessment link in MGT602 Business Decision Analytics on the Student Portal. 3. The Learning Facilitator will provide feedback via Grade Centre in the Student Portal. Feedback can be viewed in My Grades. MGT602_Assess 3_Research Analysis Page 3 Learning Rubric: MGT602 Assessment 3 Research Analysis Report 40% (40/100 marks) Assessment Criteria Fail (Unacceptable) 0-49% Pass (Functional) 50-64% Credit (Proficient) 65-74% Distinction (Advanced) 75 -84% High Distinction (Exceptional) 85-100% 1. Critically reflect on the key themes for this subject: individual, group decision-making and business analytics, and reduction of bias for more effective business decision-making. (25% -10 marks) Little or no authentic personal reflection on individual, group and business decision-making and the use of analytics for organisations. No, or limited reflection on bias Some personal reflection on individual, group and business decision-making and the use of analytics in organisational decision-making is evident, Some reflection on bias is evident. A clearly authentic personal reflection on individual, group and business decision-making and the use of analytics is evident, with clear links to the influence of bias on decision- making. Comprehensive reflection on individual, group and business decision-making and the use of analytics, with clear links to the influence of bias on decision-making. Comprehensive and sophisticated reflection on individual, group and business decision-making and the use of analytics is evident, including implication of bias and blind spots for decision-making. 2. Examine and analyse at least three decision-making tools and technologies to demonstrate their application in the workplace. (25%- 10 marks) Little or no reference made to conceptual frameworks and explicit decision-making tools and technologies. Basic coverage of at least three decision-making tools and technologies, with reference to conceptual frameworks, data analytics and their workplace application. Clear analysis and comparison of at least three decision- making tools and technologies, with reference to conceptual frameworks, data analytics and their workplace application. Well-developed analysis and comparison of at least three decision-making tools and technologies, with reference to conceptual frameworks, data analytics and their workplace application. Sophisticated analysis of at least three decision-making tools and technologies, with reference to conceptual frameworks, data analytics and their workplace application. 3.Prepare a business style report with clear headings and visual interpretation and presentation of data trends/ patterns (25%- 10 marks) Report lacks logical coherence and clear structure Limited data analysis and no visual representation of data. Report has basic logical flow and structure. Basic concepts and analysis are explained Attempts basic visual representation of data. Report has a clear logical flow and structure. Clear expression of concepts and analysis. Adequate visual representation of data trends/ patterns Report has a strong logical flow and structure. Accurate Executive Summary. Conclusion accurately captures key learning. Clear visual representation of data trends/ patterns Excellent logic and structure. Concise, accurate Executive Summary Conclusion accurately captures deep learning and insights. Creative and engaging visual representation of data trends/ patterns. 4.Support your argument with relevant contemporary literature including major resources from within the subject modules. (25%- 10 marks) No, or few references from within subject learning resources. Many errors in text citations and reference list according to APA referencing guidelines. Makes some attempt to use relevant references from within subject learning resources. Several major and minor errors in text citations and reference list according to APA referencing guidelines. References support an adequate argument and application of major concepts from within subject learning resources. Several minor errors in text citations and reference list according to APA referencing guidelines. References support a mostly comprehensive argument and application of major concepts from within subject learning resources. Strong level of accuracy of in- text citations and reference list according to APA 6th ed. style guidelines; minor errors. Sophisticated references support comprehensive argument and application of major concepts from within subject learning resources. High level of accuracy of in-text citations and reference list according to APA 6th ed. style guidelines. MGT602_Assess 3_Research Analysis Page 4 Learning Rubric: MGT602 Assessment 3 Research Analysis Report 40% (40/100 marks)
Answered 248 days AfterJan 28, 2021MGT602

Answer To: MGT602_Assess 3_Research Analysis 1 of 4 A SSESSMENT 3 BRIEF Subject Code and Title MGT602 Business...

Sourav Kumar answered on Jan 29 2021
128 Votes
Introduction:
The cultural diversity of the workforce of an organisation like Torrens, can either strengthen or break the development of an organisation. A properly trained culturally diverse workforce can be very effective in the process of decision making. Decision making involves choosing the most profitable or suitable choice among the available alternatives. It is considered to be one of the most significant functions of the manag
ement of an organisation. Different functions of the management like organising, planning, staffing, coordinating, directing are made through decisions. When decision making process of an organisation is efficient it will be as to utilise its resources better, promoting the growth of the business. Efficient decision making helps an organisation to weigh its strengths and weaknesses to devise a proper plan to achieve its objectives along with facilitating me and increasing efficiency. Some of the decision making tools that can be used by the management of Torrens are discussed in this study.
Usefulness of a range of decision making tools:
Marginal Analysis
Marginal Analysis is a decision making tool that works by weighing the benefits of an activity or input against the costs required for its implementation. This analysis is helpful to business leaders in determining whether the activity or input is going to provide the maximum ROI or return-on-investment. Conducting a marginal analysis. Conducting marginal analysis requires identifying and changing a variable like the quantity of input or volume of output used. Then the increase in the total benefit is determined. If the marginal cost exceeds the marginal benefit, there is a net benefit after which the marginal unit of variable is to be added. This decision making tool is effective as it takes resources, preferences as well as informational constraints into consideration so that it helps the managers to make more informed and optimal decisions.
SWOT Diagram
SWOT diagrams as a decision making tool is often used when a significant change might take place in the organisation. The SWOT diagram helps the management to break down the situation into four categories. Each letter stands for one such categories
· Strength - Takes into consideration both the external and internal strengths possessed by an organisation.
· Weaknesses - Inspects the factors that might be hurting the growths and development of the organisation.
· Opportunities - Analyses how strengths can help to create new opportunities for the organisation as well as how doing away with a weakened can open up a new opportunity.
· Threats - Challenges or threats in the way of achieving goals are identified and analysed.
SWOT analysis is helpful in identifying the forces that can influence our plan, initiative or an action. Torrens can use this decision making tool as in such situation it will help the organisation to follow the right directions along with providing support to the decisions being made.
Decision Matrix
In case, Torrens or any other organization is going through a difficult time trying to choose between various variables or choices, Decision Matrix can be helpful in clearing the disarray. This decision making tool is like a list of pros and cons where the user can accurately weigh the options against one another. Therefore, a decision matrix is a chart that helps the management team to identify analyses and understand the strength of the relationship between two or more steps of information, through a systematic method. The decision matrix will be useful for Torrens specially when it will be looking at a huge number of factors of decisions and will be assessing each one of their importance in relation to the other.
Pareto Principle
The decision making tool, Pareto Principle helps to identify changes that will prove to be most effective for an organisation. The principle has been named after Vilfredo Pareto, an economist who discovered that a distribution of 80/20 happens on a regular basis in the world. That is, 20 percent of the factors usually contribute to 80 percent of the growth of an organisation. Pareto's principle can be very useful for Torrens in cases of determining the areas which are to be focused with resources and efforts so that maximum profit and efficiency can be achieved. The management or teams can use the rule of 80/20 to prioritize their...
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