module specification

Data analysis is a top business priority. It drives the opportunity for performance improvement and, with advances in technology, data are generated at an ever increasing rate. As such, it is not surprising business data analysis and Excel skills are among the top graduate skills sought by employers today. MN4059, Fundamentals of Business Decision Making, responds to these market demands by providing the underpinning skills required to make effective use of the mathematical and statistical methods of data analysis and develops students’ interpretation and reporting skills.

The module introduces data-based decision making and performance measurement and provides students with the practical experience of using Excel to transform data into information. It further introduces students to forecasting and target setting, budgeting and project management. In other words, it provides students with an understanding of the fundamentals of statistical methods for business. In doing so, it provides the skills and knowledge required for levels 5 and 6 modules, including the dissertation, that develop and evaluate the quantitative and qualitative aspects of business management. 

The module also introduces the principles of accounting and finance. Financial statements are interpreted and analysed to review the financial position and condition of a company. Activity-based costing and budgeting methods are introduced to facilitate planning and performance measurement.
  
Overall, this module develops the analytical and communication skills relevant to understanding business Information, with an emphasis on problem-solving techniques in the context of business management, decision making and performance measurement.

Standard University level 4 entry requirements

This module is split in to 2 parts.

Part 1 – Quantitative Business Analysis for Decision Making LO1, LO2, LO3

This part of the module focuses on the processes by which data are transformed into information to provide insights and facilitate decision making. Data sources and survey methods are discussed and students are introduced to Excel for data presentation and the descriptive analysis of ungrouped and grouped cross-sectional data. To examine relationships and future values, correlation, regression and time series analyses are introduced. Finally, this part of the module covers path analysis to facilitate project planning and management. Whilst this part of the syllabus will be delivered using a combination of pen and paper exercises and Excel activities to familiarise students with the techniques, the focus is on interpretation and the reporting of Excel output and findings.

Part 2 – Accounting and Finance for Business Managers LO1, LO2, LO3

The second part of the module focuses on fundamental financial and accounting principles. Financial statements, such as balance sheets, income statements and cash flows, are introduced and interpreted to consider the financial position of a company, whilst accounting ratios are calculated to review its relative financial condition. Finally, planning and performance measurement are introduced through activity-based costing and budgeting methods.

Learning and teaching are structured around three hours of class contact time per week. The weekly sessions for Part 1 take the form of 3-hour, interactive workshops in a computer lab.

The workshops introduce students to the theories and methods and adopt a problem-focused approach to learning. Sessions are designed to facilitate learning through individual and collaborative practical activities, interpretation and reporting exercises, discussions and presentations, and 360-degree feedback. 

Students will receive module material, including weekly session notes, presentation slides, exercises and computer activities via WebLearn. The computer-based tasks are blended into the weekly activities: students will be using Microsoft Excel to enter and analyse quantitative and / or financial or accounting data and Microsoft Word to report the findings. A range of tasks are completed in class, though others are completed outside formal contact hours.

In addition to pen and paper exercises and Excel-, or Word-based activities, tasks take a variety of forms, including online research, working with statistical applets and participating in, and interaction with, Mentimeter games (Voting, Word Cloud, etc.), Kahoot quizzes, or similar activities.  It is expected that for every 3-hours spent in the workshop, students spend a further 7 hours a week on independent study. A total of 30 hours is allocated for assessment preparation. 

Reflective learning is incorporated into the module and students are advised to keep a journal of experiences and personal development to analyse and reflect on the effectiveness of their learning.

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

LO1.  Understand the use of Excel to transform data into information to facilitate business decision making; 

LO2.   Define the role of quantitative business techniques in market analysis, planning and performance measurement;

LO3.  Understand financial statements and appreciate the principal activities of cost accounting to inform financial decision-making.

Assessments are designed to provide feedback opportunities and enable students to demonstrate the learning outcomes have been achieved. On MN4059, assessments take the form of individually-completed coursework with a reflective component embedded.

The module has two formal assessment opportunities. The first is linked to learning outcomes 1 and 2 and requires students to complete and comment on a set of short tasks that require the use of Excel. The deadline for this coursework is the end of week 7 and the work contributes 50% to the overall module mark.

The second assessment involves the analysis of financial or accounting information and the planning of a budget. It requires the preparation of a 2000 word report reviewing the financial position or condition of a company and a discussion of the budget. This coursework is linked to learning outcome 3, is due at the end of week 15 and contributes 50% to the overall module mark.

A short, reflective commentary is required as part of each assessment.

Coursework briefs and assessment criteria are discussed in class to ensure requirements, and the basis on which academic judgements are made, are clear. In the weeks where coursework workshops are incorporated into the regular sessions, students are encouraged to show draft work for developmental feedback. To improve the quality of work, these sessions focus on interpretation and / or business report writing and developing good academic practice, for example in terms of consistently crediting sources.

Provisional results and feedback will normally be made available within 10 working days of submitting the first coursework and within 15 working days of submitting subsequent pieces of work. The module is passed on aggregate. Results are finalised following internal moderation and are published on E-vision at the end of the academic year.

Textbooks:

Core Texts:

For Quantitative Techniques and Business Analysis
Oakshott, L. (2016) Essential Quantitative Methods for Business, Management and Finance. 6th edn. UK: Palgrave.

For Accounting For Business Managers

Carey M., Knowles, C. and Towers-Clark, J. (2017) Accounting: A Smart Approach. 3rd edn. UK: Oxford.

Other Texts:

Dyson, J. R. and Franklin, E. (2017) Accounting for Non-Accounting Students. 9th edn, UK: Pearson.

Farris, P. W. et al. (2016) Key Marketing Metrics: The 50+ metrics every manager needs to know. 3rd edn. UK: Pearson.

Swift, L. and Piff, S. (2014) Quantitative Methods for Business, Management and Finance. 4th edn, UK: Palgrave Macmillan.

Waters, D. (2011) Quantitative Methods for Business. 5th edn. UK: Pearson.

Weetman, P. (2015) Financial and Management Accounting. An Introduction. 7th edn, UK: Pearson.

Websites:

MN4059 WebLearn module

Bloomberg – European Edition, https://www.bloomberg.com/europe

Reuters. Edition: United Kingdom, https://uk.reuters.com/

Rice Virtual Lab in Statistics (simulation applets, interactive multimedia course, cases and more): http://onlinestatbook.com/rvls.html

Other:

Google’s Chief Economist, Hal Varian, on the Importance of Statistics and Data: https://www.mckinsey.com/industries/high-tech/our-insights/hal-varian-on-how-the-web-challenges-managers

Online Statistics Education: A Multimedia Course of Study (http://onlinestatbook.com/),

Project Leader: David M. Lane, Rice University. Free statistics Textbook (pdf version): http://onlinestatbook.com/Online_Statistics_Education.pdf

London Metropolitan University Harvard Style Referencing guide: http://student.londonmet.ac.uk/library/subject-guides-and-research-support/referencing-and-copyright/referencing/