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Data Insights for Business Decisions:

Suggestions on how PR1 assignment should be done by students.

1. State what type of data is collected and used by the organisation and if this is Big Data, and if this is primary or secondary data. (10%)

Sector must be identified first.eg., retail sector
State the types of data collected by retailers. This must be supported with a source (s) such as a journal, book or website.
If this is a primary data relating to big data, owing to the fact the data is voluminous (huge), then discuss in relating to the 5Vs.

2. Describe orthodox market research (traditional market research) and how this is different from Big Data. (15%)

Introduce orthodox/ traditional market research.
Describe the differences between these two research strategies.
Explanations must be supported with literature sources.

3. Explain how information is captured and stored with key references to types of databases and management information system. (15%)

Here, students need to identify the various methods/ ways by which data is captured by companies, eg. Cookies on companies’ websites, questionnaires, barcode/QR recognition etc.
Students can add programs and software names which the chosen industry use for data collection.
Then, explain how data is stored through the use of Management Information Systems (MIS). E.g. cloud computing.
Explanations must be supported with literature sources.

4. Describe the impact of technological development on the role and use of data in the business decision making process within your chosen sector. (20%)

Discuss how technological innovation impact on businesses or the sector chosen. Eg artificial intelligent (AI) and software packages generate data in the form of graphs, charts that support business decisions.
Describe briefly how software solutions help businesses e.g. fast data collection, e-commerce analysis, accurate sales predictions, online tracking of consumer’s social media comments etc.
Sources of information for discussion must be acknowledged (cited)

5. Set out how information and data is used within the day-to-day operations of organisations within that sector and what is its strategic importance to the organisation within its sector. (20%)

Outline how information and data is used in the operations of organisations. For example, risk management (legal and operational risk), cost reduction (transactional and processes), creating of new reality (new products, services, new business ideas) and value addition (for customers and market value)
Information source should be acknowledged (cited).

6. Set out an outline for research into improving data capture and use in a sector/organisation. (20%)

Discuss how to improve data capture through a research.
Then, discuss how useful improvement in data capture for a business organisation or sector.
Information sources must be cited.

Note: Harvard style of referencing should be used throughout the assignment.

The number of slides was not determine. However, considering that the presentation is only 15 minutes, this should be between 13 and 20 maximum, with an average of two slides per question. Detail discussion should be contained in the speaker notes.

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State what type of data is collected and used by the organisation and if this is Big Data, and if this is primary or secondary data.