Teaching organisation3 hours per week (two hours of lectures and one hour of tutorial) for 12 weeks or equivalent in intensive mode or online.
Unit rationale, description and aim
The digital revolution has changed the business practices. Data to support business decisions collected through internal business systems, research centres, data released from specialised agencies such Australian Bureau of Statistics, Intelligence Agencies as well as through the Internet and Social Media are growing exponentially and require analysis and interpretation to understand and use. If students are able to do this, they will need knowledge and understanding of decision-making frameworks and theories used in business, how to define problems, how to source relevant data, process, present and critically evaluate to become foundations of responsible decisions. Students will apply their knowledge in the context of managerial decision-making that contributes to sustainable organisational outcomes.
The aim of this unit is to provide knowledge and understanding of how to apply evidence-based decision making by transforming data into information and then used as a sound foundation for business decision-making in order to promote the common good for individuals, organisations, society and the environment.
|Learning Outcome Number||Learning Outcome Description|
|LO1||Critically discuss frameworks, theories and concepts of data collection, analysis related to business decision-making|
|LO2||Locate, process, present data and apply information relevant to business decisions.|
|LO3||Interpret business decisions considering the global diverse contexts, ethical perspectives and constraints impacting on business.|
|LO4||Draw on written and oral communication skills to discuss relevant insights in a practical business context|
|LO5||Work individually or in groups to apply knowledge and understanding of decision-making frameworks in businesses|
Topics will include:
- introduction to evidence-based decision making
- decision-making frameworks used in business
- Individual and group decision-making
- systems thinking and scenario development
- ethics in managerial decision-making
- defining and modelling business problems
- sourcing, processing, presenting and evaluating data and information
- evidence based decision making through application of practical tools
- effective communication in the decision-making context
- trends in Business analytic
- the future of big data and decision-making
Learning and teaching strategy and rationale
This unit takes an enquiry-based learning approach to guide students in the development of knowledge associated with evidence-based decision-making Students are able to explore the knowledge base underpinning evidence-based decision-making in a series of on campus workshops. These workshops are designed to support students to actively participate in the development of this knowledge both individually and in groups. By participating in these workshops, students will systematically develop their understanding of the critical aspects of evidence-based decision-making and how to generate information solutions which supports responsible business decision making. This unit takes an experiential approach to support students in developing the skills required to effectively manage global organisations by sharing stories and insights and reflecting on experiences. This approach is designed to interest students who prefer to learn within a social environment and builds in expert support for skills development.
Assessment strategy and rationale
In order to pass this unit, students are required to complete and submit three graded assessment tasks and achieve an aggregate mark of at least 50%. Marking will be in accordance with a rubric specifically developed to measure student’s level of achievement of the learning outcomes for each item of assessment. Students will also be awarded a final grade which signifies their overall achievement in the unit. The assessment strategy for this unit allows students to sequentially develop their knowledge and skills of evidence-based decision making to the point where they can present a solution to a real-world problem. To develop this level of capability, students will demonstrate their knowledge of evidence-based decision-making through analyses of an individual decision process, development of a group business decision report and further develop their understanding by applying their knowledge and understanding in presenting their findings and recommendations in the final assessment task
Overview of assessments
|Brief Description of Kind and Purpose of Assessment Tasks||Weighting||Learning Outcomes|
Task 1: Individual Decision Analysis
This assessment task consists of a 1500-word individual written decision analysis report. This task requires students to independently apply and integrate the frameworks, theories , models, and concepts learned in this unit. The purpose of this assessment is to demonstrate an understanding of the context personality influence on decision-making frameworks. Further, students are required to make recommendations on how to improve individual decision-making process.
Submission Type: Individual
Assessment Method: Decision analysis
Artefact: Written report
Task 2: Group Decision Analysis Report
This assessment task consists of a 1500 word group written decision report. This task requires students working in groups of no more than 3 to interrogate quantitative and qualitative data and apply tools and techniques learned in the unit to create an evidence base to resolve a business problem. The purpose of this assessment is to demonstrate knowledge of the sources of big data and how to process, analyse, present and evaluate data from multiple sources in a group decision-making environment.
Individual group members to complete Peer Evaluation Tool.
Submission Type: Group & Individual
Assessment Method: Decision analysis
Artefact: Written reports
Task 3: Verbal or video presentation/Written critique:
This assessment task consists of a 10-minute presentation with accompanying presentation script. This assessment will require students to work with a student partner to prepare a corporate video presentation of the primary influences in strategic decision making in a specific industry environment recognising their responsibility to the common good. This task requires students to demonstrate critical thinking skills, application of appropriate decision-making theory, social responsibility, and present findings.
Submission Type: Group
Assessment Method: Presentation / Critique
Artefact: Verbal or Video presentation / written critique
Representative texts and references
Abbas, A. E. & Howard, R. A. 2015. Foundations of Decision Analysis, Global Edition. Pearson Education Limited, Sydney.
Alstete, J.W. and Cannarozzi, E.G.M., 2014. Big data in managerial decision-making: concerns and concepts to reduce risk. International Journal of Business Continuity and Risk Management, 5(1), pp.57-71.
Bauer, J.C., Schmitt, P., Morwitz, V.G. and Winer, R.S., 2013. Managerial decision making in customer management: adaptive, fast and frugal? Journal of the Academy of Marketing Science, 41(4), pp.436-455.
Bratianu, C., Vãtãmãnescu, E., & Anagnoste, S. 2018. The Influence of Knowledge Dynamics on the Managerial Decision- Making Process. European Conference on Knowledge Management, pp.104-XXVII.
Bucciarelli, E., & Mattoscio, N. 2018. Reconsidering Herbert A. Simon’s Major Themes in Economics: Towards an Experimentally Grounded Capital Structure Theory Drawing from His Methodological Conjectures. Computational Economics, pp.1-25.
Dilger, A., Gehrig, T., & Sarstedt, M. 2019. (Ir)Rationality of decisions in business research and practice: Introduction to the special issue. Business Research, 12(1), pp.1-7
Elbanna, S. and Fadol, Y., 2016. The role of context in intuitive decision-making. Journal of Management & Organization, pp.1-20.
Erl, T., Khattak, W. & Buhler, P. 2016. Big Data Fundamentals: Concepts, Drivers & Techniques. Prentice Hall, Sydney.
Ferrell, O.C. and Fraedrich, J., 20196. Business ethics: Ethical decision making & cases. 11th edn., Nelson Education.
Harrison, E. Frank. 1999. The Managerial Decision-Making Process. 5th edn., Houghton Mifflin, PA.
Thirathon, U., Wieder, B., Matolcsy, Z., & Ossimitz, M. 2017. Big Data, Analytic Culture and Analytic-Based Decision Making Evidence from Australia. Procedia Computer Science, 121(C), pp.775-783.
Xiao, Y., Zhang, H. and Basadur, T.M., 2016. Does information sharing always improve team decision making? An examination of the hidden profile condition in new product development. Journal of Business Research, 69(2), pp.587-595.