MGT555 Business Analytics Assignment Sample UiTM Malaysia
The MGT555 course will help you to gain an understanding of the basic business analytics methods and principles, as well as a hands-on familiarity with data analysis software like Microsoft Excel. It’s designed for those who want access or ownership over their own company’s analytical needs from start-up through growth stages. The coursework is rigorous, but you’ll come away with both the technical skillset and the confidence to make sound decisions based on data.
This course is the first in a three-course specialization called Business Analytics. The other courses are MGT525 Data Analysis and Presentation Skills, which covers basic data analysis methods using Excel, and MGT565 Optimizing Business Processes, which applies analytical methods to real business problems.
This course is designed for those who want to develop their data analysis skills using Microsoft Excel. By the end of this course, you will be able to:
- Understand basic business analytics methods and principles
- Apply data analysis software like Microsoft Excel to business problems
- Develop the confidence to make sound decisions based on data
If you want to get ahead in business, you need to understand data. This course will give you the skills you need to make better decisions, improve your products and services, and boost your bottom line.
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Assignment Activity 1: Demonstrate Managerial Skills In A Data-Driven Business Environment.
As a data-driven business, it’s important to make decisions that are backed by evidence. Here are some ways you can demonstrate managerial skills in a data-driven business environment:
- Collect and analyze data to identify trends and patterns.
- Use data to inform decision-making processes.
- Communicate data findings to stakeholders clearly and concisely.
- Use data to support business objectives and strategies.
- Stay up-to-date on new data analysis methods and tools.
- Continuously strive to improve data collection and -analysis processes.
- Foster a data-driven culture within the organization.
- Encourage employees to use data to support their work.
- Hold employees accountable for making decisions based on data.
- Reward employees for making decisions that lead to business success.
Assignment Activity 2: Apply The Theories, Concepts And Applications Of Business Analytics In Supporting Managerial Decisions.
Decision-making is the process of choosing the best course of action from a set of available alternatives. It involves evaluating risks and benefits, as well as anticipated uncertainties. Furthermore, it is important to consider all stakeholders when making a decision, as there may be unintended consequences.
There are many different theories, concepts and applications of business analytics that can support managerial decision-making. Some common ones include cost-benefit analysis, break-even analysis, activity-based costing and data mining.
Cost-benefit analysis is a tool that can be used to determine whether a proposed project or course of action is worth pursuing. It involves quantifying the costs and benefits of the proposed decision to compare them. This can help managers to make informed decisions about whether to go ahead with a project or not.
Break-even analysis is another tool that can be used to support decision-making. This involves calculating the point at which the revenue from a project will equal the costs of carrying out the project. This information can help managers to assess whether a project is likely to be profitable or not.
Activity-based costing is a method of allocating overhead costs to products or services. This can be useful for decision-makers as it allows them to see the full cost of a product or service, rather than just the direct costs.
Data mining is a process of extracting valuable information from large data sets. This information can be used to support managerial decision-making in several ways. For example, data mining can be used to identify trends and patterns, as well as to make predictions about future events.
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Assignment Activity 3: Display Skills In Using Tableau Software And Microsoft Excel In Data Visualization And Analysis.
Both Tableau and Microsoft Excel are powerful data visualization and analysis tools. However, they each have their strengths and weaknesses.
A tableau is a great tool for creating data visualizations quickly and easily. It also has some powerful built-in analysis features, such as the ability to calculate correlations between different variables in your data set. However, Tableau can be a bit expensive, and it can be difficult to customize your visualizations if you need to do something that isn’t already built-in.
Microsoft Excel is a much more versatile tool than Tableau. It’s much less expensive, and you can do just about anything you want with it by customizing the formulas and macros. However, it can be difficult to create complex visualizations with Excel, and the built-in analysis features are not as robust as those in Tableau.
So, which tool is right for you? It depends on your specific needs and goals. If you need to quickly create complex data visualizations, Tableau is a great option. If you need more flexibility and customization, Excel is a better choice. And if you’re on a budget, Excel is the clear winner. Whichever tool you choose, make sure you take the time to learn how to use it effectively so that you can get the most out of your data.
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