Prepare a project plan for an activity and determine the critical path

Unit 6 Business Decision Making - BTEC Level 3 National in Enterprise and Entrepreneurship

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Business Decision Making Tools

Task 1:

Question 1 Create a plan for the collection of primary and secondary data for a given business problem.

Question 2 Present the survey methodology and sampling frame used

Question 3 Design a questionnaire for a given business problem

Task 2:

Question 1 Create information for decision making by summarising data using representative values

Question 2 Analyse the results to draw valid conclusions in a business context

Question 3 Analyse data using measures of dispersions to inform a given business scenario

Question 4 explain how quartiles, percentiles, and the correlation coefficient are used to draw useful conclusions in a business context

Task 3:

Question 1 Produce graphs using spreadsheets and draw valid conclusions based on the information derived

Question 2 Create trend lines in spreadsheet graphs to assist in forecasting for specified business information

Task 4:

Question 1 Use appropriate information processing tools

Question 2 Prepare a project plan for an activity and determine the critical path

Question 3 use financial tools for decision making

Unit 6: Business Decision Making Tools in the BTEC Level 3 National in Enterprise and Entrepreneurship equips you with the knowledge and skills to analyze information and make informed decisions in a business setting. Here's a breakdown of what you'll learn:

Key areas of focus:

• Interpreting data: You'll develop skills in analyzing numerical and qualitative data from various sources like financial statements, market research, and customer feedback.
• Formulating solutions: Learn to identify and evaluate different options for addressing business problems and opportunities. This involves considering feasibility, risks, and potential outcomes.
• Applying decision-making tools: Master various tools and frameworks to aid decision making, such as:
• SWOT analysis: Assessing strengths, weaknesses, opportunities, and threats.
• PESTLE analysis: Evaluating external factors like political, economic, social, technological, legal, and environmental influences.
• Porter's Five Forces model: Analyzing the competitive landscape in your industry.
• Financial appraisal tools: Techniques like Net Present Value (NPV), Internal Rate of Return (IRR), and Payback Period for evaluating investments.
• Project management tools: Techniques like Gantt charts and critical path analysis for planning and monitoring projects.
• Management information systems (MIS): Understanding how information technology can be used to support decision making.

Benefits:

• Develop critical thinking and problem-solving skills valuable in any business career.
• Gain the confidence to make informed decisions based on evidence and analysis.
• Enhance your employability by demonstrating competence in essential business tools and techniques.

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