module specification

The Business Consulting Project is a 60-credit year-long module which is an alternative core module on the MSc Economics and Analytics course. It builds on the previously studied modules, which will give students an opportunity to apply and integrate their learning from the programme of study to the module activities and assessment. The module will also introduce students to the analytical tools and key processes of business consultancy. The analytical frameworks will provide students with a useful structure for analysis and thinking and guide their decision making process. Some of the key processes used in business consultancy are the identification of main problems or challenges facing an organisation or an industry, data analyses, presentation of solutions and recommendations. Students will engage with these processes by participating in the business simulation exercise and by completing the business consultancy report.

The business simulation platform replicates realistic market environment and allows students to apply their knowledge in practical business situations. In the business simulation task, students will be involved in running their own virtual business in collaboration with other students. They will have to consider multiple factors and real-world business situations, analyse financial and non-financial data, and make well-reasoned decisions by the set deadlines. Students will then reflect on the decision-making process and their teamwork in a formal business presentation.

In the business consultancy report, students will be required to demonstrate thorough understanding of their chosen real-world business or industry, identify the strengths but also challenges/ risks that it is facing, evaluate outcomes, problem-solve, and provide suitable and feasible solutions. Students will be expected to engage in rigorous research on their chosen organisation/ industry and the environment it operates in, collect financial and non-financial data and statistical evidence, apply analytical tools and techniques, and present their findings and analyses clearly both in text and graphically, to produce a well-structured, clearly communicated and thoroughly referenced business consultancy report of postgraduate standard.

The business consultation project will represent a significant piece of work from which students can reflect on the higher order academic skills developed through the course. Students will also develop a range transferable skills and thorough knowledge of the business/ industry they are interested in, which may support their employment. The skills acquired through the module include research skills, analytical skills, critical thinking, problem identification and problem-solving abilities, time management, teamwork and communication skills, including presentation of large sets of data and report writing skills.

This module aims:

- To engage students in a major piece of independent research on a business or industry that the student has interest in or in which the student works or wants to find future employment.

- To engage students in experiential learning through the business simulation exercise.

- To facilitate learning through individual and collaborative practical activities.

- To assimilate knowledge and understating that students have gained from the taught .elements of the course and apply the key concepts and analytical tools in the practical context.

- To apply and develop research analysis and report writing skills to produce a clearly written and well-presented text.

- To enhance students employability skills via team work and group presenttion, as well as research on the business and industry of their choice.

Students will utilise and integrate knowledge and skills gained in other modules on their MSc course. In addition, the module will cover:

Business report writing and presentation

Introduction to business simulation and the virtual business

Introduction to business consultancy

Recap on some key analytical tools for business, for example:

Internal environment: Financial statements (P&L, balance sheet, cashflow), Balanced scorecard, SW(OT) analysis, BCG Matrix, identification of critical success factors, KPIs and USPs

Micro environment/ Industry: Market structures, Porter’s 5 forces, benchmarking, customer profile

External macro environment: PESTEL analysis, TO(WS) analysis, macroeconomic variables/ trends and their effect on the chosen business/ industry

International environment, business growth and market entry strategies

Business risks: financial, operational, reputational, personnel, legal and compliance, technological incl. cyber security, macroeconomic risks

Key online resources and databases, e.g. Bloomberg, FAME, Mintel, Keynote, Data Monitor

Career and Employability talk on the services available and employment opportunities in the post graduate market

The module uses blended learning strategy where some teaching and learning activities will be delivered in the classroom and some online. Students will also be required to dedicate a substantial amount of time to self-guided independent learning and assessment preparation.

Learning and teaching are structured around three hours of class contact time per week in the first semester. The contact hours will comprise a mix of interactive classroom and workshop activities in which students will be supported as they engage in the business simulation task and prepare the business consultancy report. While students are required to utilise and build on the knowledge and skills gained through their MSc course, the module will also introduce some additional theoretical concepts and analytical tools and other metrics to guide decision-making process and analyses required for the assessment.

The module will be supported with relevant WebLearn pages where students can find lecture slides and other learning material, reading list, contact details of the teaching team/ supervisors, and assessment details and feedback. Members of staff also make announcements about assessment deadlines or other important matters regarding the module through WebLearn.

In the first part of the module, students will engage in business simulation and run a virtual business in collaboration with other students in their team. Students will reflect on each stage of the business simulations during the workshops and discuss their results and decisions with their tutor. Students will then present their reflection on the decision-making process and teamwork in a formal group presentation.

The second part of the module will focus on the final assessment. The business consultation project will require the learner to self-direct and manage their own independent learning. To support this. each student will be allocated a supervisor who will guide and advise students during the research process and completion of the business consultancy report. To help structure the meetings with the project supervisor, a written record will be made at each meeting outlining the discussion and setting out any agreed actions.

The business or industry to be investigated can be chosen by the student and should be discussed with the supervisor in the first meeting to ensure its feasibility for independent postgraduate study. Students will need to ensure that they can access suitable data to examine and analyse the chosen business or industry and ensure that there is a realistic prospect for successful completion of the project.

The business consultancy report will also provide students with an opportunity for reflection. As part of the project submission, student will be required to reflect on learning experiences during the module and set out how these have contributed to their personal, academic and professional development.

On successful completion of this module, students will be able to:

· LO1. Demonstrate business acumen and team working skills by running a virtual business in collaboration with other students and engaging in group presentation

· LO2. Understand and apply relevant theoretical concepts and analytical tools to investigate a chosen business/ industry, identify issues and suggest appropriate evidence-based solutions

· LO3. Understand the environment that the chosen business/ industry operates in, and the trends, challenges and opportunities that this might present for its current and future operation

· LO4. Evaluate economic, financial and non-financial data, and provide thorough and clearly presented analyses in text and graphically

· LO5. Demonstrate originality and self-direction to write up an independent business consultancy report, which is rigorously researched, thoroughly analysed, relevant, clearly presented, structured and communicated, and produced to expected postgraduate standards.

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