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Developing Business Practice –302LON
Using data in your studies
Unit: 5 Knowledgecast: 1
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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
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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
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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
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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
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5 Uses of Data
Measure Control Analyse Forecast Model
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3 Steps to Managing Data
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Making Data Easier to Understand
Graphs
Bar Charts
Pie Charts
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Benefits• Identify trends• Make comparisons• Identify variations• Make tentative predications
Identify• Axes• Scales
Understanding Data with Graphs
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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
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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
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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
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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
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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
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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
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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)
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• 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?
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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
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• 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
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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