Business Analytics

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Assignment Brief 2
Module Code and Title
QUA501 Business Analytics
Assignment Number & Title
Assignment 2: individual assignment
Assessment Type
(e.g. Presentation, Essay, Report etc.) Report
Weighting of assessment
(%TMM) 50%
Assessment Learning
Outcomes
Ability to make decision based on quantitative data
Ability to apply different decision making criteria to real life
problem
Ability to construct decision trees with correct sequence
and input data
Ability to use Excel fluently
Understand the sensitivity of the decision strategy to
estimated input data.
Module Leader Juliana Caicedo
Internal Reviewer
External Examiner Philip Oliver
Submission Details
Submission Deadline 06/05/2022
Release of Feedback Two weeks later
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Completing Your Assignment
What am I required to do in this assignment?
Requirements: Everyone will be given the same case study but with different data, which
you will write a management report on. The report will be based on your Excel analysis. The
report has to be understandable as a standalone piece of work without referring to the Excel
file. You need to provide tables and figures from the Excel analysis to support your report.
The deadline for group assignment is 23:59 Friday 6th May 2022.
Both the report and the Excel file need to be submitted to Blackboard. Graphs should be
carefully labelled and explained. The Excel file must demonstrate all of the obtained
answers.
Word limit of the report is 1500 words. The data for each individual will be posted in a
separate Excel spreadsheet.
If you do not submit the Excel file, you will automatically lose 50% mark of all tasks that
require Excel. Calculation and graph tasks that are not visible in Excel will also lose 50% mark
automatically.
The Russo Manufacturing company
The Russo Manufacturing Company must decide whether to manufacture a component part
at its Milan plant or purchase the component part from a supplier. The resulting profit is
dependent upon the demand for the product. If the demand for the finished product is low,
Russo will incur a loss of [i.] if it decided to manufacture the component part. On the other
hand, if Russo purchases the component part, it will not incur any production cost and the
profit is estimated to be [ii.] when the demand of the finished product is low. In a better
scenario when demand for the finished product is high, Russo will earn [iii.] if it manufactures
the component part in house, or [iv.] if it purchases the part. Finally, when demand for the
finished product is at medium level, Russo will earn [v.] profit if it manufactures the
component part, or [vi.] if the part is purchased from a supplier.
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Originally the management estimate the probability of weak demand to be [vii.] and of strong
demand to be [viii.]. However, the management is concerned about the accuracy of this
estimation and is contemplating of conducting extra market research to determine the
likelihood of different states of demand. The cost of the research is [ix.] and the research can
indicate if market condition is favourable or unfavourable. The research is fairly reliable,
meaning it is more likely to obtain a favourable result if the demand for the finished product
is truly high. On the other hand, the report will be less likely to generate a favourable result if
the demand for the finished product is truly low. The probabilities of obtaining a favourable
report given a certain market condition are:
P (F | low demand) = [x.] P (F | medium demand) [xi.] P (F | high demand) = [xii.] Task:
Perform an analysis of the problem facing Allied Insurance and prepare a report that
summarizes your findings and recommendations. Be sure to address the following issues:
1. The payoff table of Russo Manufacturing, ignoring all the probabilities.
(5 marks)
2. Recommendations regarding which decision the management should take if they
ignore the probabilities and decide to apply the following decision criteria:
a. Optimistic Approach
(5 marks)
b. Conservative Approach
(5 marks)
c. Minimax Regret Approach
(5 marks)
3. Computation of the posterior probabilities of weak demand, medium demand and
strong demand given the market research is conducted. Briefly explain the meaning
of these probabilities.
(5 marks)
4. A decision tree illustrating the decisions and events that Russo is facing. All the
payoffs, probabilities and decision at each step need to be labelled carefully on the
tree.
(25 marks)
5. A recommendation whether the market research should be undertaken. Explain
clearly the reasons for your recommendation.
(10 marks)
6. A decision strategy that Russo should follow if they take the recommended action in
5.
(10 marks)
7. A sensitivity analysis to illustrate how different decisions change if the prior probability
of [xiii.] change by 0.1 at a time.
(20 marks)
Presentation (10 marks)
The report must be written in a clear manner and including the required items. There is no
need to restate the questions in your report. Your report must have the following structure:
I. Executive summary
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Give an overview of the problem, the solutions and the recommendation
II. Introduction
Introduce the case study and the objectives of the report
III. Main body
This section addresses all the questions associated with the case study.
IV. Conclusion
Conclude the case study and present your recommendations to the board of directors based
on the analysis.
Is there a size limit?
1500 words
What do I need to do to pass?
Threshold criteria i.e. achievement of the learning outcome at the pass/fail boundary
Submit the Excel file
Demonstrate basic understanding of decision analysis
Able to identify and translate real life case study to basic decision tree
Able to compute basic calculation using Excel
Address the questions asked.
How do I produce high quality work that merits a 70% or above grade?
Submit the Excel file
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Demonstrate deep understanding of decision analysis.
Able to identify and translate complex decisions and events to a decision tree.
Ability to discern the meaning of different probabilities and their roles for the decision tree.
Ability to employ different Excel tools to achieve the answer.
Ability to interpret the mathematical answers in real life context.
Answer the questions clearly and carefully
Report is presented carefully with all the necessary figures supporting the answers.
How does assignment relate to what we are doing in the scheduled sessions?
The skills necessary to complete the assignment are practiced and discussed in the
scheduled webinar sessions.
How will I receive formative feedback for this assignment?
Formative deadline: 25th April 2022
QUA501 Business Analytics, Autumn 2021/21 6
Marks and Feedback
How will my assignment be marked?
Your assignment will be marked according to the threshold expectations above and the marking
criteria below. You can use them to evaluate your own work and estimate your grade before you
submit.
Marking Criteria Table
Issue 80% -100% 70%-79% Grade 60%-69% 50%-59% 40-49% 0-39%
Relevance to
assignment
brief
Assignment’s aims and
themes are integral to the
assignment.
Clear focus on the
themes of the
assignment.
Mainly focused on
the themes of the
assignment.
Some of the writing
is focused on the
themes of the
assignment.
Not relevant attempt to
address the themes of
the assignment.
Makes no attempt to
address the themes of the
assignment.
Extent of evaluation Evaluation within
assignment rigorous and
appropriate.
Good clear evidence
of evaluation carried
out within assignment.
Evaluation
reasonably well
carried out
Some attempt at
evaluation within
assignment.
Not relevant attempt at
evaluation within
assignment
No attempt at
evaluation within
assignment
Quality
of
reasoning
Analytical and clear
conclusions well- grounded
in theory and literature,
showing development of new
concepts.
Good development as
shown in summary of
arguments based on
theory/literature and
beginnings of synthesis.
Evidence of findings
and conclusions
grounded in
theory/literature.
Limited evidence of
findings and
conclusions supported
by the literature and
theory.
Lack of
substantiated/valid
conclusion, based on
anecdotes and
generalisations only.
Unsubstantiated/invalid
conclusion, based on
anecdotes and
generalisations only.
Skill at
facilitating
discussion
Excellent enabling
pacing and
summarising of
discussion.
Clear evidence of
ability to stimulate,
facilitate and
summarise
discussion.
Some ability to
stimulate and
facilitate discussion
or be directive.
Some ability to
facilitate discussion
but tendency to miss
opportunities.
Limited ability to
stimulate/
facilitate discussion.
Inability to stimulate/
facilitate discussion.
Clarity and
quality of written
expression
Clarity of expression
excellent. Consistently
accurate use of grammar and
spelling
professional/academic
writing style.
Thoughts and ideas
clearly expressed.
Grammar and
spelling accurate
with fluent fluent.
Language mainly
fluent. Grammar and
spelling mainly
accurate and language
fluent
Meaning apparent
but…. language not
always fluent,
grammar and
spelling still poor.
Purpose and meaning
of assignment unclear.
Language, grammar and
spelling weak.
Purpose and meaning
of assignment unclear.
Language, grammar and
spelling poor.
Understanding of
subject
Work shows a well-coordinated, grounded and
reasoned understanding of
topic and its relevance to
practice
Consistent
understanding
demonstrated in a
logical, coherent and
lucid manner.
Demonstrates
understanding in a
style which is
logical, coherent and
flowing.
Attempts a logical
and coherent
understanding of the
subject area.
Marginal fail to
demonstrate
understanding of the
subject/topic area.
Fails to demonstrate
understanding of the
subject/topic area.
QUA501 Business Analytics, Autumn 2021/21 7
Regent’s University Generic Descriptors
Band
Conversion
scale for UG
Programmes
Conversion
scale for PG
Programmes
Generic descriptors
8 90 – 100 90 – 100
All learning outcomes and task specifications have been achieved to an exceptionally
high standard (according to the level of study).
The outcome of the assessment task is presentable in a professional context and
may extend practical or theoretical knowledge in the field. It displays an exceptionally
high level of understanding, evaluation, insight, analysis, reflection and/or criticality
(according
to the level of study), and connections are developed both within and beyond the task
set.
The work’s organisation, structure and presentation are developed to an
exceptionally high standard.
7 80 – 89 80 – 89
All learning outcomes and task specifications have been achieved to an outstanding
standard (according to the level of study).
The outcome of the assessment demonstrates an outstanding display of
understanding, exploration, evaluation, insight, analysis, reflection, criticality and/or
research (according to the level of study). Connections are developed both within
and beyond the task set.
The work’s organisation, structure and presentation are developed to an outstanding
standard.
6 70 – 79 70 – 79
All learning outcomes and task specifications have been achieved to high standard
(according to the level of study).
The outcome of the assessment demonstrates an excellent display of understanding,
exploration, evaluation, insight analysis, reflection, criticality and/or research
(according to the level of study), and connections are developed both within and
beyond the task set.
The work’s organisation, structure and presentation may be developed to an
excellent standard.
5 60 – 69 60 – 69
All learning outcomes have been achieved at a good and some to a very good
standard (according to the level of study).
The outcome of the assessment demonstrates a very good level of understanding,
exploration, evaluation, analysis, reflection, criticality, some insight and/or very good
research (according to the level of study), and connections are established within the
task set, and in some cases reaching beyond.
The work’s organisation, structure and presentation may be developed to a very
good standard.
4 50 – 59 55 – 59
Most learning outcomes have been met at a good standard (according to the level of
study).
The outcome of the assessment demonstrates a good understanding, exploration,
evaluation, analysis, and some reflection, criticality and/or appropriate research.
(According to the level of study)
The work’s organisation, structure and presentation may be appropriately developed.
3 40 – 49 50 – 54
All learning outcomes have been met to a minimum satisfactory standard (according
to the level of study).
The outcome of the assessment shows an adequate understanding, of major ideas,
with little insight and basic research. Limited level of analysis, reflection and/or
criticality (according to the level of study).
The outcome of the task shows ability to paraphrase concepts and theories, with
limited ability to make connections.
The work may be disorganised, and the structure and presentation may be barely
adequate.
QUA501 Business Analytics, Autumn 2021/21 8
2 30 – 39 36 – 49
Most learning outcomes have almost been met, whilst the rest have not (according to
the level of study).
The outcome of the assessment shows a limited understanding of major ideas, with
little insight, very basic research, and very limited ability to make connections. No
analysis, reflection and/or criticality (according to the level of study)
The work may be disorganised, and the structure and presentation may be barely
adequate.
1 11 – 29 21 – 35
The majority of the learning outcomes have not been met (according to the Level).
The outcome of the assessment task is incomplete, flawed, very limited and/or
presents significant inaccuracies.
The outcome of the assessment shows very limited understanding with no insight,
and very limited ability to make connections within basic ideas in the field, very
fragmented. Lacks research. No analysis, reflection or criticality (according to the
level of study)
The work is disorganised, and unstructured. Presentation is barely adequate.
0 0 – 10 0 – 20
None of the learning outcomes have been met. The task has not been addressed by
the student, or there is no assessable task.
The outcome of the assessment shows no understanding of basic ideas, with no
insight and shows no ability to make connections within basic ideas in the field, or the
connections are completely irrelevant. Lacks research. No understanding, analysis,
reflection nor criticality.
The work completely lacks organisation and structure. Presentation is completely
inadequate.