Critical Analysis of Knowledge Spectrum and Risk Management: Workplace Application

Theoretical Analysis

Group Assessment: No Submission method options: EASTS (online) TASK back to top  Please evaluate the following question. Your evaluation requires you to prepare and defend a chosen position: 'Knowledge can be divided into uncertainty and perfect knowledge. Where does risk fit into this spectrum?' (Hint: Evaluate the terms as measurable - i.e. a number between 0 and 1) Workplace application Identify how your work case problem would benefit if more reliable quantitative analysis and forecasts were available. (Ideally you should use the same work case problem from the first assignment, but if it does not lend itself well to this assignment you may choose another problem from your workplace). Your research requires you to: - Collect as much relevant data about the work case problem as possible. Analyse the data using descriptive statistics (measures of probability, frequency and central tendency such as mean, mode, median and standard deviation) and then plot the data in appropriate graphical forms. - Assess the diagrams by determining the key characteristics of the data - i.e. summarise the patterns and skewness to interpret what these patterns are likely indicate about the data to date - Use one quantitative modelling forecasting techniques to develop forecasts from the data - for example naive, moving average, exponential smoothing and/or regression - Explain your key findings from the quantitative analysis. In doing so, apply the predictions to your work case problem and determine what the consequences would be for your workplace. - Under what circumstances are qualitative modelling techniques suitable for forecasting? Explain and choose how 1 qualitative techniques could be applied to your chosen work case problem to improve future outcomes. Communication & Referencing skills• Presentation of the work including: structure, format, grammar and images • The application of APA 7th referencing RATIONALE back to top SUBJECT LEARNING OUTCOMES This assessment task will assess the following learning outcome/s: be able to assess and critically evaluate the role of the decision maker in risk and the influences of decision making heuristics, bias and risk preference in the risk management process. be able to interpret risk through modelling techniques. be able to determine the probability, frequency and consequences of a risk event occurring. This assessment builds on the information provided in the first assessment and the skills you have acquired in qualitative and quantitative analysis in the Modules. Having spent the first module working towards a more academic understanding of risk we now turn to measuring and modelling of risk. The first task is a critical analysis of a statement regarding the key concepts of risk and risk analysis. This task is an exercise that is expected to evidence the sourcing of relevant reference material, critically analysing the key concepts of the reference and then applying the material to the tasks listed below. It requires the use of appropriate references to support your work. The use of references that provide generic information without any critical analysis will be viewed unfavourably. The second group of tasks relates to risk analysis of the workplace case problem you selected in the first assessment. This assessment may be written in report style and you should use statistical tools such as tables, graphs, and descriptive techniques in your commentary. Marks will be awarded on the calculation of the quantitative information and the application of the results in your portfolio to key risk analysis and risk management concepts. GRADUATE LEARNING OUTCOMES This task also contributes to the assessment of the following CSU Graduate Learning Outcome/s: Academic Literacy and Numeracy (Skill) - Charles Sturt Graduates demonstrate the literacy and numeracy skills necessary to understand and interpret information and communicate effectively according to the context. MARKING CRITERIA AND STANDARDS back to top Marking Criteria High Distinction Distinction Credit Pass Fail Theoretical analysis This criterion is about defining, describing and evaluating the theoretical concepts. Specifically: - the knowledge spectrum; - discussing how to measure risk; - evaluation and justifying where risk sits on that spectrum. Clear definitions and descriptions of the knowledge spectrum (using examples to aid reader understanding). Multiple measurements of risk have been thoughtfully investigated in detail. Presents a clear, logical, well-constructed and well-articulated argument of the position of risk on the knowledge spectrum supported by accurate, thoughtful and well stated justifications and a wide selection of academic literature. A highly insightful discussion supported with relevant examples, evaluations and conclusions. Clear definitions and descriptions of the knowledge spectrum (using examples to aid reader understanding). Measurement of risk thoughtfully investigated. Clear explanation of more than one viewpoint of where risk may sit on the knowledge spectrum with a stand taken and argued concisely. Presents a clear, logical and well-constructed argument of the position of risk on the knowledge spectrum supported by considered justifications and solid academic literature. Perceptive examples, evaluations and conclusions. Some attempt to define and describe the knowledge spectrum. Measurement of risk investigated. Some examples to aid understanding. Presents a moderately well-constructed and mostly well-articulated argument of the position of risk on the knowledge spectrum, discussed with some logic and supported by some academic literature. Good attempt at evaluations and conclusions. An attempt to define and describe the knowledge spectrum. However, the measurement of risk is incompletely investigated with few or no examples to aid understanding. Presents a limited and basic constructed argument of the position of risk on the knowledge spectrum which has limited academic support. The discussion has basic logic with limited evaluations and conclusions. Inadequate / no definitions and descriptions of the knowledge spectrum. Measurement of risk not investigated. No examples to aid understanding. No articulated opinion of the position of risk. Presents an inadequately constructed and articulated argument of the position of risk on the knowledge spectrum, lacking logic and not supported by academic literature or justified in any way. Inadequate / no evaluations and conclusions. 10 marks Application skills This criterion is about: linking theory to a context, explaining how it relates to your chosen workplace case problem and making recommendations. Specifically: collecting and analysing the descriptive statistics and plotting data; - use a quantitative modelling technique to forecast; - explain key findings; - discuss suitability of qualitative modelling for forecasting. The data collected is accurate, relevant and useful. All of the relevant data regarding descriptive statistics has been carefully and accurately examined in terms of the measures of probability, frequency, central tendency (mean, median and mode), standard deviation and data distribution. The data has been graphed/plotted elegantly and accurately with correct labelling. Key characteristics of the graphs/plots have been identified and accompanied by an insightful and thorough analysis and interpretation. An appropriate quantitative modelling technique has been accurately identified, explained and the choice justified. Forecasts have been well developed and explained. The predictions have been applied to the workplace case problem along with perceptive discussion of how these results could affect the business and future decisions. Qualitative techniques have been explained and thoughtfully considered with a recommendation on an appropriate and very useful technique. The application of a qualitative modelling technique has been carefully explored. The data collected is accurate, relevant and useful. All of the relevant data regarding descriptive statistics has been accurately examined in terms of the measures of probability, frequency, central tendency (mean, median and mode), standard deviation and data distribution. Data has been graphed/plotted accurately with correct labelling. Key characteristics of the graphs/plots have been identified and accompanied by a useful and relevant analysis and interpretation. An appropriate quantitative modelling technique has been identified, explained and the choice justified. Forecasts have been developed and explained. The predictions have been applied to the workplace case problem along with discussion of how these results could affect the business and future decisions. Qualitative modelling techniques have been explained with a recommendation on an appropriate technique. The application of a qualitative technique has been explored quite well. The data collected is useful. Most of the relevant data regarding descriptive statistics has been examined in terms of the measures of probability, frequency, central tendency (mean, median and mode), standard deviation and data distribution. Data has been graphed/plotted and labelled with few errors. Key characteristics of the graphs/plots have been mostly identified and accompanied by some analysis and interpretation. An appropriate quantitative modelling technique has been mostly identified, explained and the choice justified. Some forecast has been developed and explained. The predictions have been applied to the workplace case problem along with limited discussion of how these results could affect the business and future decisions. Qualitative modelling techniques have been somewhat explained and a recommendation offered. The application of a qualitative technique has been somewhat considered. Simplistic data collection. Some of the relevant data regarding descriptive statistics has been examined in terms of the measures of probability, frequency, central tendency (mean, median and mode), standard deviation and data distribution. Adequate graphing or plotting. Few key characteristics of the graphs/plots have been identified and accompanied by a sufficient interpretation. Quantitative modelling techniques have been adequately identified. Forecasts are basic and/or accompanied by adequate explanations. The predictions have a limited application to the workplace case problem. The discussion is basic but adequate. Limited discussion of the business and future decisions. Qualitative modelling techniques have been adequately explained. Limited but adequate recommendations. Inappropriately recommended technique. Inadequate/no data collection. Little or no examination of the relevant data regarding descriptive statistics has been made in terms of the measures of probability, frequency, central tendency (mean, median and mode), standard deviation and data distribution. Little / no graphing or plotting. Little / no characteristics of the graphs/plots have been identified and/or accompanied by a superficial interpretation ad analysis of no practical benefit. No quantitative modelling technique have been identified. Forecasts have not been developed and/or not explained. The predictions have not been applied to the workplace case problem. The discussion is generic and not useful. No discussion of the business and future decisions. Qualitative modelling techniques have not been explained. No recommendation on an appropriate technique. No application of a qualitative technique Communication Skills This is about the presentation of the work including: structure, format, grammar, including images. Referencing Skills This criterion is about the application of APA 6th referencing and the depth of research Free of spelling and grammatical errors. Structure and format were clear, logical and consistent. Sentences were well constructed. Exceptional use of diagrams, images and tables, clearly relevant, explained and insightful links made. Both the in text and end reference list are exemplary in terms of style and application of APA 7th. An exceptional number of relevant sources were applied in a highly academic manner demonstrating extensive research. Free of spelling and grammatical errors Structure and format were clear Sentences were well constructed. Language was concise. Excellent use of diagrams, images and tables that are both visually appealing as well as clearly relevant and explained. The style is consistent with APA 7th throughout the text and end reference list. Few points remain unreferenced. An excellent number of relevant sources were applied in an academic manner demonstrating wide research. Minor spelling and grammatical errors, sentences were mostly clear and complete. A good structure and format were used to aid the reader including diagrams, tables and images which were relevant to argument, (although still not fully explained or described). There is consistent style, but application is not consistent with APA 7th. Some errors. A good number of relevant sources were applied demonstrating a reasonable research effort. Some spelling and grammatical errors, sentences were not always clear or complete. Adequate structure and formatting with limited use of headings, sub headings, some illustrations and diagrams, but not explained and only decorative. There is an attempt to apply APA 7th referencing, but style and application are inconsistent. Many points remain unreferenced. A limited number of sources were applied demonstrating a limited research effort. Inadequate spelling, grammar and punctuation. Concepts were not clear, no paragraphing or formatting- no images, tables or illustrations. No evidence of proofreading. There is limited or no attempt at in text or end of text referencing. An inadequate research effort.Report style It is expected you will follow a formal report style. Below are guidelines for your report: Begin with an executive summary followed by a table of contents. An introduction is then written before the main body of your report. The end of your report should include a conclusion. The report should finish with your references (not a bibliography) followed by any appendices you may have used; Headings and sub-headings should be used; Your reference list should contain all source documents that you refer to, quote or paraphrase from. It must conform to the APA 7th referencing style detailed in the assessment section; Be consistent in your layout and the use of font sizes and spacing between paragraphs; The font should be between 10-12pt size and be an open faced type such as Arial or Calibri; The line spacing should be 1.5; Left-justify the text; Most importantly, always proofread your work using a spell-checker and remember this does not pick up all errors. Do not submit PDF's. These will be returned without feedback REQUIREMENTS back to top NB:To be eligible for an Additional Assessment on a margin fail grade at the end of session (i.e. cumulative mark is between 45-49.5), all assessments must be submitted.