Developing Business Practice –302LON

Using data in your studies

Unit: 5 Knowledgecast: 1

In this Knowledgecast, we will:

• Evaluate current academic, self-marketing and personal skills and present a plan for developing skills

• Identify the key skills and competencies involved in designing and undertaking relevant business and management research

Module Learning Outcomes

Module Overview

Unit

1 Developing as a learner

2 Working independently and with others

3 Academic writing

4 Critical thinking, reading and taking notes

5 Using data in your studies

6 Business and management research

7 Career development strategies

8 Effective self marketing tools

9 Successful work experience

10 Personal Development Planning

Source:

Northedge (2005) & Cameron (2009)

Why Use Data?

Academic Inquiry• To produce convincing and reliable descriptions of the

world around us.

Data• To help illustrate the evidence that supports our

conclusions

Maths• A language with a set of rules for combining symbols rather

than words• A clear, unambiguous and concise way of describing

certain relationships

It’s a case of learning how to read numbers:

• How are the numbers being used

• What do the numbers represent

• How will I need to use numbers in my studies/career

A Positive Mindset about Numbers

5 Uses of Data

Measure Control Analyse Forecast Model

3 Steps to Managing Data

Making Data Easier to Understand

Graphs

Bar Charts

Pie Charts

Benefits• Identify trends• Make comparisons• Identify variations• Make tentative predications

Identify• Axes• Scales

Understanding Data with Graphs

Benefits• More visually interesting• Use a wider range of values on one scale• Easy to make comparisons

Identify• Explanation of axes• Explanation of specific numbers

Understanding Data with Bar Charts

Benefits• More visually interesting • Represents the individual parts of ‘a whole’• Easier to represent fractions/percentages

Identify• Number and size of slices• Meaning of each slice

Understanding Data with Pie Charts

COMPARISONS OVER TIME

Representing Data: Comparisons

29%

33%

23%

14%

Costs (£32k) by Nature (Year 1)

36%

28%

20%

15%

Costs (£38k) by Nature (Year 2)

Production Costs

Head Office Salaries

Rent

Marketing

HIGHLIGHTING ONE RESULT OVER OTHERS

Representing Data: Comparisons

29%

33%

23%

14%

Costs (£32k) by Nature (Year 1)

36%

28%

20%

15%

Costs (£38k) by Nature (Year 2)

Production Costs

Head Office Salaries

Rent

Marketing

EXPLAINING THE MAKE-UP OF ONE CATEGORY

Representing Data: Detailed Views

2%

28%

33%

23%

14%

Profitability Yr1

23%

28%22%

15%

12%

Profitability Yr2

Profit

Production Costs

Head Office Salaries

Rent

Marketing

COMPARISON: PIE vs 100% STACKED COLUMN

Representing Data: Choosing Views

Year 1 (32k) Year 2 (38k) Year 3 (44k)0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

29%36% 37%

33%28% 26%

23% 20% 18%

14% 15% 19%

Costs by Nature (Year 1 to Year 3)

Marketing

Rent

Head Office Salaries

Production Costs

29%

33%

23%

14%

Costs (£32k) by Nature (Yr1)

Production Costs

Head Office Salaries

Rent

Marketing

36%

28%

20%

15%

Costs (£38k) by Nature (Yr2)

Production Costs

Head Office Salaries

Rent

Marketing

37%

26%

18%

19%

Costs (£44k) by Nature (Yr3)

Production Costs Head Office Salaries

Rent Marketing

COMPARISON: CLUSTERED COLUMN vs. LINE

Representing Data: Choosing Views

Profit

Produ

ction

Cos

ts

Head

Office

Sala

ries

Rent

Mar

ketin

g -

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

Change of Profit and Costs (Year 1 to Year 3)

Year 1

Year 2

Year 3Year 1 Year 2 Year 3

Profit 775 11305.466 16601.67542

Production Costs 9385 14047.14 16621.33248

Head Office Salaries

10746 11068.38 11400.4314

Rent 7543 7769.29 8002.3687

Marketing 4587 5963.1 8348.34

1,000

5,000

9,000

13,000

17,000

Change of Profit and Costs (Year 1 to Year 3)

• In our next Knowledgecast, we will look at:

• Evaluate current academic, self-marketing and personal skills and present a plan for developing skills

• Identify the key skills and competencies involved in designing and undertaking relevant business and management research

What are we going to cover next?

In this Knowledgecast, we have looked at:

• Evaluate current academic, self-marketing and personal skills and present a plan for developing skills

– Identify the skills required to read data presented to you

• Identify the key skills and competencies involved in designing and undertaking relevant business and management research

– Appreciate the role and importance of managing data to inform effective decision making

Knowledgecast Summary

• Share reflections and feedback on Regular Assignment 1

• Details of Regular Assignment 2

Independence and Reflection: the ingredients for successful learners? Prepare and deliver a Group Presentation (Unit 7).

• Plenary and Q&A

Seminar: Regular Assignment Check-In

Independence and Reflection: the ingredients for successful learners? Prepare and deliver a Group Presentation (Unit 7).

1. Setting your Ground Rules

2. Brainstorming your assignment

3. Creating your action plan

Group Activity: Regular Assignment 2