8431-705 Strategic Data Analysis
- January 26, 2024
- Posted by: admin
- Category: ILM Level 7
The ILM Level 7 unit 8431-705 Strategic Data Analysis is part of the senior diploma course, focusing on developing advanced skills in analysing data strategically. In just 47 guided learning hours, participants will learn how to make sense of data to make informed decisions in leadership or management roles.
This unit is designed for individuals at an advanced level who want to enhance their ability to use data effectively in a strategic context. Whether you’re leading a team or making organisational decisions, this course provides practical insights and tools to analyse data meaningfully.
Through straightforward and engaging content, participants will explore how to extract valuable information from data sets, interpret trends, and apply strategic thinking. This unit aims to empower learners with the skills needed to leverage data for strategic decision-making, contributing to their professional growth in senior leadership roles.
This unit aims to empower learners with the skills to utilise research methodologies, financial strategies, and critical analysis. By doing so, they will be equipped to support decision-making processes and deliver innovative solutions in various contexts.
Upon completion of this unit, the learner will possess the capability to apply the process of ‘Systems Thinking’ to deliver creative solutions.
- Systems Thinking and Creative Solutions:
- AC1.1: Clearly describe the concept of ‘Systems Thinking’ and articulate how it has contributed to the development of creative and innovative solutions.
- AC1.2: Explain research methods, data management, and programme management concepts, highlighting their roles in fostering creative and innovative solutions.
- Financial Strategy Development for Decision Making:
- AC2.1: Critically evaluate the use of financial and non-financial information to support decision-making within a governance framework.
- AC2.2: Justify the approach taken in research, incorporating a process of critical analysis and the integration of complex information to develop financial strategies.
The assessment for this unit encompasses several key aspects, ensuring a comprehensive understanding and practical application of crucial concepts:
- Systems Thinking and Creative Solutions:
- The learner is tasked with providing a detailed description of ‘Systems Thinking’ and explaining how and why it has been applied to generate creative and innovative solutions within their workplace. The explanation should reference at least two appropriate tools and/or characteristics associated with ‘Systems Thinking.’
- Understanding Concepts and Differences:
- In this section, the learner is required to articulate the concepts of research methods, data management, and programme management while highlighting the distinctions between them. The learner should further elaborate on how each of these concepts has been considered in the context of delivering creative and innovative solutions to complex and ambiguous issues.
- Critical Evaluation of Financial and Non-Financial Information:
- The learner needs to conduct a critical evaluation of their utilisation of a range of financial and non-financial information. This assessment should align with economic theory and financial modelling, showcasing how this information supports strategic decision-making and resource allocation. The learner must also demonstrate an understanding of decision-making compliance with legal, governance, and procurement requirements.
- Justification of Research Approach:
- A critical aspect of the assessment involves justifying the learner’s chosen research approach for producing creative solutions. This justification should encompass considerations of research methodologies, integration of complex information, critical analysis of research data and outcomes, and the synthesis of outcomes. Special emphasis should be placed on applying innovative and creative solutions to navigate areas of ambiguity or complexity.
These assessment requirements are designed to ensure that the learner not only comprehends fundamental concepts but can also effectively apply them in practical scenarios. The focus is on integrating ‘Systems Thinking,’ understanding research-related concepts, critically evaluating financial information, and justifying research approaches to deliver innovative solutions in the face of real-world challenges.
- ILM qualifications: https://www.i-l-m.com/learning-and-development/leadership-and-management-qualifications
- Harvard Business Review: Data-Driven Decision Making: https://hbr.org/2022/02/why-becoming-a-data-driven-organization-is-so-hard
- MIT Sloan Management Review: The Art of Data Storytelling: https://executive.mit.edu/course/communicating-data-through-storytelling/a054v00000jk27LAAQ.html
What is the course about?
ILM 8431-705 Strategic Data Analysis equips you with the skills and knowledge to extract insights from data and leverage them for strategic decision-making.
Who is the course for?
This course is designed for professionals across various sectors who need to analyze and interpret data to inform strategic decisions. It’s valuable for managers, analysts, business leaders, and anyone involved in data-driven decision-making processes.
What are the learning outcomes?
By the end of the course, you will be able to:Understand the fundamentals of data analysis and its role in strategic decision-making.
Apply various data analysis techniques and tools to extract insights from data sets.
Evaluate and interpret data to identify trends, patterns, and relationships.
Communicate data-driven insights effectively to stakeholders at all levels.
Develop and implement strategic data-driven initiatives within your organization.
What is the assessment format?
The assessment involves a combination of assignments, presentations, and practical exercises. You’ll apply your learning to real-world data sets and scenarios, demonstrating your ability to analyze, interpret, and communicate data-driven insights.