Year
2024Credit points
10Campus offering
Prerequisites
NilTeaching organisation
3 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 outcomes
To successfully complete this unit you will be able to demonstrate you have achieved the learning outcomes (LO) detailed in the below table.
Each outcome is informed by a number of graduate capabilities (GC) to ensure your work in this, and every unit, is part of a larger goal of graduating from ACU with the attributes of insight, empathy, imagination and impact.
Explore the graduate capabilities.
| Learning Outcome Number | Learning Outcome Description | Relevant Graduate Capabilities |
|---|---|---|
| LO1 | Critically discuss frameworks, theories and concepts of data collection, analysis related to business decision-making | GC2, GC8 |
| LO2 | Locate, process, present data and apply information relevant to business decisions. | GC9, GC11 |
| LO3 | Work individually or in groups to apply knowledge and understanding of decision-making frameworks in businesses | GC3, GC4 |
Content
Topics will include:
· introduction to evidence-based decision making
· trends in business analytics
· decision making frames used in business
· systems thinking and scenario development
· ethics in managerial decision making
· defining and modelling business problems
· sourcing and evaluating data and information
· evidence based decision making through application of practical tools
- the future of big data and decision making
Learning and teaching strategy and rationale
Face to Face
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 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.
Blended
This unit takes an enquiry based learning approach to guide students in the development of knowledge associated with evidence-based decision-making Students explore the knowledge base underpinning evidence-based decision making through the integration of face to face workshops, online synchronous sessions and self-directed learning activities which facilitate student learning. Students are actively engaged in the development of their knowledge both individually and in groups. Through participation in the integrated delivery modes and online resources students will systematically develop their understanding of the critical aspects of evidence-based decision making and how to generate information solutions which supports 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.
Online
This unit takes an enquiry based learning approach to guide students in the development of knowledge associated with evidence-based decision-making Students explore the knowledge underpinning evidence-based decision making through a collection of integrated instructional resources including video/audio recording, guided readings, reflective exercises. Students are actively engaged in the development of their knowledge of evidence-based decision making through sequential completion of the online resources and modules that systematically develop their understanding of business decision making. This unit takes an experiential approach to support students in developing the skills required to effectively manage global organisations by exploring case studies and insights which directly link to their experiences.
Assessment strategy and rationale
In order to pass this unit, you 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 your level of achievement of the learning outcomes for each item of assessment. You will also be awarded a final grade which signifies your overall achievement in the unit. The assessment strategy for this unit allows you to sequentially develop your knowledge and skills of evidence-based decision making to the point where you can present a solution to a real-world problem. To develop this level of capability, you will demonstrate your knowledge of evidence-based decision making through analyses of a case study, development of a group business report and further develop your understanding then apply your knowledge and understanding by presenting your findings and recommendations in the final assessment task.
Overview of assessments
| Brief Description of Kind and Purpose of Assessment Tasks | Weighting | Learning Outcomes | Graduate Capabilities |
|---|---|---|---|
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 | 30% | LO1, LO3 | GC2, GC8 |
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 | 30% | LO2, LO3 | GC1, GC3, GC9 |
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 | 0% | LO1, LO2, LO3 | GC4, GC11 |
Representative texts and references
Abbas, A. E. & Howard, R. A. 2015. Foundations of Decision Analysis, Global Edition. Pearson Education Limited, Sydney.
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.
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
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.