Methodology
Application
Students are expected to:
A) apply (“to connect or join” concepts together skillfully):
- knowledge (“to perceive as fact or truth“)
- understanding (literally “to stand under, have an intimate perspective of, to grasp something.”)
B) To different contexts of business.
Contexts
Contexts (“to weave together, or join the dots”) ranging in both:
A) scale:
- small enterprises —> multinationals
B) geographical coverage:
- local
- national
- global
Impact
Students develop an understanding of how scale and geographic coverage impact business behaviour among various stakeholders.
Decision making
Students will apply their knowledge and understanding to decision-making (“to cut off” i.e. to be decisive and know where to make your cut – once made, is final), including:
External
- interdependent nature of business activity (between businesses)
- influences on business (other factors external to a business that affect the business behaviour)
Internal
- business operations
- finance
- marketing
- human resources
And how these interdependencies underpin (“are a foundation for” or “form the basis” of) business decision-making.
Different contexts
How different business contexts affect business decisions i.e. common scenarios, dynamics and outcomes
Data
Use & Limitation
2 forms of data (“to give” i.e. that which the situation or environment gives you to read):
- quantitative (as defined by numerical measure)
- qualitative (as defined by nature or quality)
In making business decisions.
Key deliverables
Draw on knowledge and understanding to:
Use business terminology (‘be conversant’)
To identify and explain business activity
Apply business contexts (‘able to join the dots with sound business thinking’)
To familiar and unfamiliar contexts
Develop problem-solving & decision making (‘can think your way to solutions’)
Relevant to business
Investigate, analyse and evaluate (‘study, pick apart and weigh up with good reason’)
Business opportunities and issues
Make justified decisions (‘be decisive and confidently back up your decisions’)
With qualitative and quantitative data:
- selection (“choose” the appropriate data – pick up what counts and leave behind what doesn’t)
- interpretation (“translate” from technical into plain language)
- analysis (“unravel or loosen” – like unpicking a knot. or complex issue)
- evaluation (“to extract the value or worth”)
And:
application of appropriate quantitative skills (perform some expected mathematical routines)