Economic Principles and Decision Making Assessment/Assessment 1: Consultative Report Individual/GroupIndividual Length3000 words Learning Outcomesa) Interpret and successfully apply economic concepts of supply and demand for effective organisational problem solvingb) Apply quantitative methods to forecast complex business variables including demand, production and costs SubmissionFlex Students – Due End of Module 3Online Students – Due End of Module 3 Weighting50% Total Marks100 marksObjectives? Identification and analysis of market dynamics;? Critical analysis of the technological forces impacting on business practise;? Application of theoretical knowledge to practise? Utilising communication skills in various media;? Innovative approach, reflection.How the assessment fits into the subject/course:The assessments in this subject allow the students to fully explore economic concepts in theory and in practice. There is an emphasis on labour markets and the impact of disruptive technologies to the future of workLinkages between Assessments 1 and 2:Assessment 1 focuses on the technical elements of microeconomics in the context of the labour market and includes a critical analysis while Assessment 2 extends the idea of the labour force with a particular emphasis on the future of work, and asks students to reflect on how they will contribute to that future.Instructions:The student will perform a labour market analysis to give a traditional overview and will then discuss how findings apply to their everyday life.ECON6000_Assessment brief 1.docx Page 2 of 5In the analysis students are expected to demonstrate an understanding of traditional labour market theory and of economic methods.Assessment 1 should take the form of a consultative report which includes the following elements:? An introduction and context for the report;? A critical discussion of traditional supply and demand including their nature;? A regression analysis using the data provided and forecast future conditions;? A critical analysis founded on research into the concepts of nominal and real wages and their interrelationship;? A drawing together and synthesis of the arguments of the report into a convincing conclusion.Output/Deliverable and parameters of the assessmentIndividual submission of a consultative report comprising of 3000 words as well as the use of relevant graphs, images and charts. Students may incorporate a range of media and formats in the report and are expected to us extensive references from the literature to support their arguments.RESOURCES TO BE PROVIDED:? Access to a shared exchange network? An electronic library and reading guide is provided to all students including a range of e-textbooks and journals available through online journal databases including EBSCO.? Spread sheets as provided on the learning platformCriteria? Identification and analysis of market? Understanding of Social Justice and Human rights in relation to Business practise? Application of knowledge to practise? Use of Effective communication? Innovative approach and creative thinkingECON6000_Assessment brief 1.docx Page 3 of 5Learning Rubrics Assessment Learning Outcomes Fail (Unacceptable) Pass (Functional) Credit (Proficient) Distinction (Advanced) High Distinction (Exceptional)Identification and Analysis of MarketInterpret and successfully apply economic concepts of supply and demand for effective organisational problem solving20%Neglects to sub-categorise labour market sectors and/or salaries applicable to specific jobs.Identifies the area within which employers are competing for labour.Within the labour market determine the salaries being paid for specific positions.Uses available data to validate market areas, market competitors, and job matches (benchmarks).Identifies market trends such as: ancillary pay, merit and pay practices.Establish, adjust, and/or recommend salary structures that will allow the business to effectively compete for staff within specific classification levels or grades.Compare competing institutions by the type of industry/institution, comparability of services, size (as reflected by FTE or financial profile), and business status (government, for-profit, not-for-profit).Understanding of Social Justice and Human rights in relation to Business practiseApply quantitative methods to forecast complex business variables including demand, production and costs.20%Difficulty in formulating own opinion and lack of recognition of ethical principles and competing interests.Does not clearly demonstrate moral-ethical reasoning.Does not understand the ethics, rights and responsibilities of corporations.Minimum justification of conclusions based on moral-ethical principles but recognises different viewpoints.Has limited understanding of the need for ethical practise in business and is aware of the rights and responsibilities of corporations.Conclusions are justified based on moral-ethical principles.Understands the need for ethical practise in business and is aware of the rights and responsibilities of corporations.Formulates and justifies conclusions based on moral-ethical principles.Can recognise the competing interests in arguments and identify ethical issues embodied in them.Understands ethical practise involving the rights and responsibilities of corporations.Uses ethical principles to identify competing interests and views.Sophisticated understanding of the ethical and moral positions.Well-articulated viewpoint based on moral-ethical reasoning.Applies ethical practise involving the rights and responsibilities of corporations and the social and ethical foundations of business.ECON6000_Assessment brief 1.docx Page 4 of 5Application of knowledge to practiseCritically analyse production processes and cost functions and classify the main forms of market structures as well as recommend appropriate pricing and strategies.20%Limited understanding of the internal and external business environment.Lacks a global perspective for potential market and trends.Uses a limited range of information as the basis of recommended practice.Understands the internal and external business environment including commercial context and market forces. Understands local and global markets/trends. Accesses relevant information. Utilisers’ information from a variety of sources.Gathers/utilises competitor knowledge.Understands the impact of financial, social, political, environmental issues on the business. Demonstrates commercial awareness of product development/service provision. Can prepare and presents business cases/proposals.Demonstrates commercial awareness of product development/service provision and cost relationships.Understands the business and its risks.Can prepare and presents business cases/proposals. Demonstrates cultural sensitivity. Understands and evaluates the impact of financial, social, political, environmental issues on the business; and where relevant, as they relate to different countries where the business may operate.Critically analyses commercial awareness of product development/service provision and cost relationships.Assesses the impact of information and communication systems on the operations of the business. Conceptualise global market opportunities and competitive environment.Effective CommunicationNo logical/clear structure, poor flow of ideas, argument lacks supporting evidence.Lack of clarity and reasoningInformation, arguments and evidence are presented in a way that is not always clear andInformation, arguments and evidence are well presented, mostly clear flow of ideas andInformation, arguments and evidence are very well presented; theExpertly presented; the presentation is logical, persuasive, and well supported by evidence,ECON6000_Assessment brief 1.docx Page 5 of 5Critically evaluate the role and impact of various forms of government intervention in the economy including the implications of competition and deregulation policy for managerial practices.20%logical.Line of reasoning is often difficult to follow.arguments.Line of reasoning is easy to follow.presentation is logical, clear and well supported by evidence.Demonstrates cultural sensitivity.demonstrating a clear flow of ideas and arguments.Engages and sustains audience’s interest in the topic, demonstrates high levels of cultural sensitivityEffective and innovative use of diverse presentation aids, including graphics and multi-media.Innovative approach and creative thinking20%Shows limited knowledge of innovation and demonstrates a preponderance of traditional thinking.Shows evidence of lateral and creative thinking.Undertakes trend analysis to inform business.Understands change management principles and processes.Understands change and the impact on business and staff.Advocates and implements continuous improvement.Communicates the need for change.Supports new ideas, strategies and processes.Understands the role of culture on change.Shows evidence of having sought out new ideas to generate alternatives.Indicates how others will be involved in creating further innovationHas a plan for developing individual and team commitment to new solutions.Has a plan for encouraging knowledge sharing.Has undertaken scenario planning.Acknowledges and addresses obstacles.Has a detailed plan to focus and foster internal organisational entrepreneurship.Proposes a program to rewards innovation.Builds the strategic framework to foster innovation and learning.Has a comprehensive plan to create a learning organisation.
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