Data analytics is the current hot topic in the business world. As companies in today’s global economy are consistently trying to improve their profit, they need to be equipped with data in order to help them understand their shortfalls and improve on their processes so as to save time and money. However, data by itself is purely facts and numbers. Given that companies have voluminous of information, data analysis focuses on what data to extract, what does the data suggest, and how to present the data in a meaningful format so that the information will be value for key business decision makers, whether externally or internal stakeholders (Business Partner Magazine, 2018). In the past, data analytics is an elective course offered at Douglas College. However, one of the governing bodies (Certified Professional Accountant) has stipulated that data analysis needs to be a mandatory requirement for accounting students. I fully supported this strategy.
As accountants by trade in my past life, I worked with masses of data whether it is within the organization or from outside sources. The data analytics course provides students with analytical and logical reasoning in order to gain valuable information, thereby helping businesses make informed decisions. Students who enrol this course would have completed and acquired a solid understanding of the accounting concepts and theories. Based on Bloom’s taxonomy, it calls for high cognitive learning skills, such analysis, synthesis and evaluation (Armstrong, 2020). As such, the assessment should include both summative and formative assessment strategies. Students will be required to complete and submit a case study evaluating real world companies, such as Walmart vs. Costco, etc. They will provide comparative analysis, formulate strategies for business improvements and project the future growth prospects of these companies.
The summative assessment strategy works well for this activity because it helps me to evaluate student learning and mastery in accounting concepts, but also their ability to successfully complete the task in a specific time frame which is a must-have skill in the real world of business. I will provide students with a clear grading rubric so that they are aware of what and how I will be assessing their performances on the case study. In addition, students will be required to complete a self and peer assessment form with specific grading criteria on contributions and quality of work. This model the behaviour of real world of work where employees and managers are being evaluated for their performances. Also, by complimenting with formative assessment strategy, such as meeting with groups on a weekly basis to assess their progress on the case study, I will be able to provide students with detailed, actionable feedback. This will provide students with opportunities to reflect on their work they have done so far and revise the project, if necessary, before the final submission. Given that learning is a highly intense human activity, by having that frequent dialogue with students, it may help students to stay engaged and motivated on the project rather than going astray especially in an online learning environment.
References:
Business Partner Magazine. (2018, Nov 12). 5 Reasons Why Data Analysis is Important for Every Business. Retrieved from https://businesspartnermagazine.com/5-reasons-why-data-analysis-is-important-for-every-business/
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