Unit 7- Business + Decision + Making summary and complete notes
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Course
Operations Management
Institution
Stanford University
Book
BTEC Level 3 National Business Student Book 2
In this unit, you will apply the knowledge and skills you have gained in other units to interpret business data and formulate appropriate decisions and solutions to business problems. You will consider business situations and scenarios where you are required
to select and use appropriate evidence...
btec level 3 national business student book 1 summary
btec level 3 national business student book 1 complete notes
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UNIT 7: BUSINESS DECISION MAKING
Unit 7: Business Decision Making
Level: 3
Unit type: Internal set assignment
Guided learning hours: 120
Unit in brief
Learners use their knowledge and understanding of business concepts and processes
from the mandatory content to formulate business decisions and solutions.
Unit introduction
In this unit, you will apply the knowledge and skills you have gained in other units to
interpret business data and formulate appropriate decisions and solutions to business
problems. You will consider business situations and scenarios where you are required
to select and use appropriate evidence drawn from several sources in order to make
business decisions to support a business’s objectives.
Making business decisions will require you to analyse, interpret and compare business
data drawn from a number of sources such as financial data, financial statements and
market information. You will use appropriate business models to identify business risks
and evaluate the costs and benefits of alternative solutions to a business problem. You
will predict probable consequences, identify faulty arguments or misrepresentations of
information or data, compare information and data, provide reasonable alternatives,
and evaluate and justify your proposed solutions.
This unit will help you to understand the importance of decision making and planning
in a business and enable you to progress to employment, self-employment, training or
higher education. This is a controlled assessed unit and will allow you to demonstrate
your ability to extract relevant information and apply the knowledge and understanding
you have developed.
Assessment availability
This unit has a set assignment. Learners must complete a Pearson Set Assignment Brief.
Learning aims
In this unit you will:
A Examine the business principles and practices that determine business decisions
B Review and interpret business data and information
C Formulate decisions and solutions to business problems
D Prepare business documents to present business decisions.
Summary of unit
Learning aim Key content areas Assessment approach
A Examine the business A1 Business ideas and
principles and practices objectives
that determine business A2 Purpose and structure
decisions of a business
A3 Business practices and
operations
A4 The use of business
models to aid decision
making
B Review and interpret B1 Sources for data
business data and collection and their
information presentation
B2 Techniques to analyse
data effectively for
business purposes
C Formulate decisions and C1 Analysis and This unit is assessed
solutions to business interpretation of through a Pearson Set
problems financial projections Assignment.
C2 Analysis and
interpretation of
financial statements
C3 Creation and
interpretation of a
break-even chart
C4 Interpreting the
outcome of investment
appraisal
D Prepare business D1 ‘What if’ scenarios and
documents to present sensitivity analysis
business decisions D2 Contingency plans
D3 Use IT skills to create
appropriate
documentation
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