FELM4026Financial and Economic Literacy for ManagersSummer 2019 Coursework Brief Handout: [Week...

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FELM4026Financial and Economic Literacy for ManagersSummer 2019 Coursework Brief Handout: [Week 1]Deadline for Submission: [2pm, Wed. 21. 08. 2019]Submit this coursework through the Student Portal with a Turn-it-in ReportWord Limit: 2,500 (Plus or minus 10%)Learning outcomes assessed:At the end of a module students will be expected to be able to:1. Explain the principles of business and financial economics in an international context.2. Identify and explain the impact of governmental, monetary and economic policy on decision making in a business context.3. Describe and apply macro and micro concepts and models to business decision making.4. Interpret financial information (external and internal) and apply to decision making within a business context.5. Discuss the rationale and impact of decisions for business strategies to users and stakeholders.6. Examine and discuss the relationship between theory, and application in business and financial economics in an international context.This coursework is worth 100% of the total marks for this module.	Coursework InstructionsPlease read carefully• Carefully read the module handbook, the marking criteria and the grade descriptors.Academic MisconductYou are responsible for ensuring you understand the policy and regulations about academic misconduct. You must:• Complete this work alone except where required or allowed by this assignment briefing paper and ensure it has not been written or composed by or with the assistance of any other person.• Make sure all sentences or passages quoted from other people’s work in this assignment (with or without trivial changes) are in quotation marks, and are specifically acknowledged by reference to the author, work and page.																					Blank			Assignment Questions	1(a) Discuss the types of goods and the price elasticity of demand. (12 Marks) (500 words)(b) Discuss how your decision to consume an item is determined by the type of good and its price elasticity. (8 Marks) (100 words).(Learning outcome 1 and 6)	2.(a) Identify and discuss the three types of production as well as growth strategies of firms (12 Marks) (500words)(b) Describe how a firm in gold mining can grow and expand. (8 Marks) (100 words)((Learning outcome 3 and 6). 	3. (a) Explain the theory of Fiscal Policy (8 Marks) (100 words)(b) Discuss the Fiscal Policy implemented by the UK government in 2018. (12 Marks) (500words) (Learning Outcomes 3 and 6)	4.(a) Describe the benefits of globalisation and international trade. (400 words) (12 marks)(b) Discuss how the UK has benefited from globalization and international trade (8 Marks) (200 words)(Learning outcomes 4 and 5) 	5.	(a)	You have been provided with the following information in relation to two separate companies in the same industry. Their financial statements supplied are as follows:Statement of comprehensive income for the year ended 31 December, 2018																									RON   Ltd																			MES   Ltd																																	£’000																			£’000																		Sales										2,150										1,512														Cost   of sales										1,430										1,148														Gross   Profit										720															364														Operating   and other expenses										250															190														Operating   profit										470										174														Finance   income										0										0														Finance   expenses										20															60														Profit   before taxation										450										114														Taxation										100															30														Profit   after tax										350															84														Dividends										200															80														Retained   Profit										150															4																																									Statement of financial position as at 31 December 2018																																												RON   Ltd																																						MES   Ltd																																	£’000																			£’000																			£’000																			£’000																							Non-current assets																																																										Property,   plant and equipment																				2,750																				3,420														Depreciation																									980																				2,524																																		1,770																									896																			Current Assets																																																										Inventory										420																				340																								Trade   receivables										900																				680																								Cash															40																									0																																		1,360																				1,020																													Current liabilities																																																										Trade   payables										(360)																				(400)																								Dividends										(200)																									(80)																								Overdraft										(200)																				(560)																								Net   current assets																				600																				(20)														Total   assets																				2,370																				876														Debentures   10%																									(200)																				(600)																			Net Assets																													2,170																													276																																																																													Equity																																																										Ordinary   share capital																				1,200																				200														Retained   profits																									970																									76																																							2,170																													276																																																																You are required to:a) Analyse the performance of the above companies using	any five of the ratios	listed below for the above two companies.	Ratios:a) Return on capital employed – ROCE,b) Return on equity – ROE,c) Gross profit margin - GP,d) Operating profit margin,e) Current ratio,f) Quick (Acid test),g) Dividend coverh) Debtors turnover days,i) Creditors turnover days, j) Stock/Inventory turnover days,k) Gearing ratio, andl) Interest cover ratio. (All formulae and workings for each ratio calculation should be clearly shown).			(10 Marks) 		(b)Imagine MayTrump are partners proposing two	mutually exclusive	projects for a possible investment on military hardware in Israel and South Korea. The partnership business has provided the following projected cash flows for your advice:										Year										Israel Project 										South Korea 														0										(£1,800,000,000)										(£1,800,000,000)														1										1.500,000										500,000														2										1,500,000										1,100,000														3										1,500,000										250,000														4										1,500,000										1,220,000														5										1,500,000										1,400,000						The initial cost of either investment is £1.8 billion but the cash inflows are not in £billions. If the required rate of return on these projects is 2% percent, which project would be chosen and why? Show your calculations/explanations. [Hint: Net Present Value]	(10 marks)	(100 words) (20 marks total)(Learning outcomes 4 and 5)		End of Assignment Brief				Marking Criteria	GENERIC ASSESSMENT MARKING CRITERIA LEVEL 4																																																																									KNOWLEDGE & UNDERSTANDING																			INTELLECTUAL & COGNITIVE SKILLS																			Graduate Skills: transferable, employability, practical and academic   skills 																																																																																Factual and conceptual knowledge and understanding; use of class   materials; independent reading 																			Critical thinking; conceptualisation; creativity; synthesis, analysis   and evaluation; application; problem solving and research/investigation																			Written, oral and presentation skills; interpersonal, group and   teamwork skills; leadership skills; numeracy; digital skills; practical,   professional and academic skills (including referencing/presentation 																							MARKING BAND																			MODULE LEARNING OUTCOMES																			CLASSIFICATION																			WEIGHTED AT 45%																			WEIGHTED AT 30%																			WEIGHTED AT 25%																							86 - 100%																			Achieved at this level																			FIRST (1ST)														Includes all   required factual content, accurately summarised.										Well developed,   relevant, reasoned introduction and conclusions.										Within word   count or presentation time.																																					Includes   relevant factual content only.										Clearly and   logically structured material.										Accurate   spelling, grammar, punctuation, paragraphing.																																					Accurate   identification of relevant concepts, theories and/or principles, appropriate   to this level.										Information or   data selected from a good range of primary and secondary sources, and   categorised, analysed or evaluated using relevant methods or techniques.										Fluent,   interesting writing style, appropriate to the assignment OR engaging,   confident, audible and well-paced presentation.																																					Excellent   understanding of factual and conceptual material, relative to this level.										Well developed,   coherent arguments, referencing primary and secondary literature.										Appropriate   visual presentation, including font, spacing, margins, headings, graphics,   images and appendices.																																					Calculations are   accurate, clearly set out, with explanations.										Well-developed   integration of theory and practice, for this level, using defined conceptual   frameworks.										Correct use of   academic conventions, references and bibliography.																																					Independent,   wide-ranging reading and research, from both primary and secondary sources,   appropriate to this level.										Very good   application of numerical and statistical methods to defined problems.										Outstanding,   consistent delivery of group work obligations, for this level.																																																						Substantiated,   relevant recommendations. Very good awareness of ethical issues, where   relevant.										Insightful   reflection on own strengths and weaknesses in relation to defined   professional and practical skills.																			70 - 85%																			Achieved at this level																			FIRST (1ST)														Includes all   required factual content, accurately summarised.										Well developed, relevant   introduction and conclusions.										Within word   count or presentation time.																																					Includes   relevant factual content only.										Clearly   structured material.										Accurate   spelling, grammar, punctuation, paragraphing.																																					Accurate   identification of relevant concepts, theories and/or principles, appropriate   to this level.										Information or   data selected from relevant primary and secondary sources, and categorised,   analysed or evaluated using relevant methods or techniques.										Fluent writing   style, appropriate to the assignment OR engaging, audible and well-paced   presentation.																																					Very good   understanding of factual and conceptual material, relative to this level.										Coherent   arguments, referencing primary and secondary literature.										Appropriate   visual presentation, including font, spacing, margins, headings, graphics,   images and appendices.																																					Calculations are   accurate, clearly set out, with explanations.										Very good   integration of theory and practice, for this level, using defined conceptual   frameworks.										Correct use of   academic conventions, references and bibliography.																																					Independent,   wide-ranging reading and research, from both primary and secondary sources,   appropriate to this level.										Good application   of numerical and statistical methods to defined problems.										Very good,   consistent delivery of group work obligations, for this level.																																																						Relevant   recommendations. Good awareness of ethical issues, where relevant.										Good reflection   on own strengths and weaknesses in relation to defined professional and   practical skills.																			60 - 69%																			Achieved at this level																			UPPER SECOND (2:1)														Includes most   required factual content, mostly accurately summarised.										Relevant   introduction and conclusions.										Within word   count or presentation time.																																							Includes   relevant factual content only.										Clearly   structured material.										Mostly accurate   spelling, grammar, punctuation, paragraphing.																																							Mainly accurate   identification of relevant concepts, theories and/or principles, appropriate   to this level.										Information or   data selected from some relevant primary and secondary sources, and   categorised, analysed or evaluated using relevant methods or techniques but   with some gaps or misunderstandings.										Mainly fluent   writing style, appropriate to the assignment OR mainly engaging, audible and   well paced presentation.																																							Sound   understanding of factual and conceptual material, relative to this level.										Mostly coherent   arguments, referencing primary and secondary literature.										Mostly   appropriate visual presentation, including font, spacing, margins, headings, graphics,   images and appendices.																																							Calculations are   mainly accurate, mostly clearly set out, with mostly good explanations.										Good integration   of theory and practice, for this level.										Mostly correct   use of academic conventions, references and bibliography.																																							Independent   reading and research from sufficient and mostly authoritative primary and   secondary sources, appropriate to this level.										Mainly good   application of numerical and statistical methods to defined problems, with   some gaps, errors or misunderstandings.										Consistent   delivery of group work obligations, for this level.																																																																																	Some relevant   recommendations. Satisfactory awareness of ethical issues, where relevant.										Clear reflection   on own strengths and weaknesses in relation to defined professional and   practical skills.																			50 - 59%																			Achieved at this level																			LOWER SECOND (2:2)														Includes   essential required factual content, but with some gaps or misunderstandings.										Adequate   introduction and conclusions.										Within 10% of   word count or presentation time.																																							Includes some   irrelevant factual content.										Mostly clearly   structured material.										Some mistakes in   spelling, grammar, punctuation, paragraphing.																																							Some   identification of relevant concepts, theories and/or principles, appropriate   to this level.										Information or   data selected from mainly secondary sources, and categorised, analysed or   evaluated using mostly relevant methods or techniques but with gaps or   misunderstandings.										Writing style is   appropriate but not always fluent OR a presentation that is not always   engaging, audible or well-paced.																														Adequate   understanding of factual and conceptual material, relative to this level.										Limited   arguments, referencing mostly secondary literature.										Inconsistent   visual presentation, including font, spacing, margins, headings, graphics,   images and appendices.																														Calculations may   have inaccuracies, or issues relating to set out and explanation.										An adequate   attempt to relate theory to practice, for this level, using defined   conceptual frameworks.										Inconsistent use   of academic conventions, references and bibliography.																														Some independent   reading and research from mainly secondary sources, appropriate to this   level.										Adequate   application of numerical and statistical methods to defined problems, with   gaps, errors or misunderstandings.										Inconsistent   delivery of group work obligations, for this level.																																																						Basic   recommendations. Satisfactory awareness of ethical issues, where relevant.										Some evaluation   of own strengths and weaknesses in relation to defined professional and   practical skills.																			40 - 49%																			Marginal achievement at this level																			THIRD (3RD)														Includes limited   required factual content, with many gaps or inaccuracies.										Basic   introduction and conclusions.										Within 10% of   word count or presentation time.																																							Includes   considerable irrelevant factual content.										Unevenly   structured material.										Frequent   mistakes in spelling, grammar, punctuation, paragraphing.																																							Limited   identification of relevant concepts, theories and/or principles, appropriate   to this level.										Information or   data selected from secondary sources, and poorly categorised, analysed or   evaluated using inappropriate methods or techniques.										Awkward or   inappropriate writing style OR a presentation that is not engaging, audible   or well-paced.																																							Limited   understanding of factual and conceptual material, relative to this level.										Sense of   emerging argument, mainly descriptive or personal opinion, with little   reference to literature.										Clear but   inappropriate visual presentation, including font, spacing, margins,   headings, graphics, images and appendices.																																							Calculations are   often inaccurate, with many issues relating to set out and explanation.										Limited attempt   to relate theory to practice, using defined conceptual frameworks.										Inconsistent or   incomplete use of academic conventions, references and bibliography.																																							Limited   independent reading and research from secondary sources, appropriate to this   level.										Weak application   of numerical and statistical methods to defined problems, with many gaps or   errors.										Unreliable   delivery of group work obligations, for this level.																																																																																	Recommendations   lack clarity or may be incomplete. Little awareness of ethical issues, where   relevant.										Limited   reflection on own strengths and weaknesses in relation to defined professional   and practical skills.																			30 - 39%																			Marginal failure at this level																			FAIL. POSSIBLE COMPENSATION.														Includes   insufficient required factual content, with significant gaps or inaccuracies.										Incoherent or   irrelevant introduction and conclusions.										More than 10%   outside word count or presentation time.																																																							Includes   substantial irrelevant factual content.										Incoherently   structured material.										Serious mistakes   in spelling, grammar, punctuation, paragraphing.																																										Very limited or   inaccurate identification of relevant concepts, theories and/or principles,   appropriate to this level.										Little selection   of information or data, and little attempt at collation, categorisation,   analysis or evaluation.										Poor writing   style OR a presentation that is not engaging, audible or well-paced.																																					Very limited   understanding of factual and conceptual material, relative to this level.										Little or no   argument, entirely descriptive or personal opinion, with no reference to   literature.										Poor visual   presentation, including font, spacing, margins, headings, graphics, images   and appendices.																																					Calculations are   mostly inaccurate, or incorrectly set out or explained.										Theory only   sporadically related to practice, using defined conceptual frameworks.										Inaccurate or   incomplete use of academic conventions, references and bibliography.																																					Minimal   independent reading and research, appropriate to this level.										Very weak   application of numerical and statistical methods to defined problems, with   significant errors.										Poor delivery of   group work obligations, for this level.																																																						Irrelevant   recommendations. Little or no awareness of ethical issues, where relevant.										Very limited   reflection on own strengths and weaknesses in relation to defined   professional and practical skills.																			16 - 29%																			Not achieved at this level																			FAIL. NO COMPENSATION.														Includes almost   no required factual content, and with very significant inaccuracies.										Incoherent or   missing introduction and conclusions.										More than 10%   outside word count or presentation time.																																							Includes mainly   irrelevant factual content.										Very   incoherently structured material.										Serious and   extensive mistakes in spelling, grammar, punctuation, paragraphing.																																							No   identification of relevant concepts, theories and/or principles.										No evidence of   the selection, categorisation, analysis or evaluation of information or data.										Incoherent   writing style OR an inaudible, poorly paced and unengaging presentation. 																																							No understanding   of factual and conceptual material, relative to this level.										No argument,   entirely descriptive or personal opinion, with no reference to literature.										Very poor visual   presentation, including font, spacing, margins, headings, graphics, images   and appendices.																																							Calculations are   inaccurate, with no explanations.										Theory not   related to practice.										Very inaccurate   or no use of academic conventions, references and bibliography.																																																							No independent   reading and research, appropriate to this level.										Minimal   application of numerical and statistical methods and techniques to defined   problems, with significant errors.										Very poor   delivery of group work obligations, where relevant.																																																																																	No   recommendations. No awareness of ethical issues, where relevant.										Minimal or no   evaluation of own strengths and weaknesses in relation to defined   professional and practical skills.																			0 - 15%																			Not achieved at this level																			FAIL. NO COMPENSATION.														Does not include   required factual content.										No introduction   and conclusions.										More than 10%   outside word count or presentation time.																																					Includes   entirely irrelevant factual content.										Very   incoherently structured material.										Serious and   extensive mistakes in spelling, grammar, punctuation, paragraphing.																																					No   identification of relevant concepts, theories and/or principles.										No evidence of   the selection, categorisation, analysis or evaluation of information or data.										Incoherent   writing style OR an inaudible, poorly paced and unengaging presentation. 																																					No understanding   of factual and conceptual material.										No argument,   entirely personal opinion, with no reference to literature.										Exceptionally   poor visual presentation, including font, spacing, margins, headings,   graphics, images and appendices.																																					Calculations are   missing, with no explanations.										Theory not   related to practice.										No use of   academic conventions, references and bibliography.																																					No independent   reading and research, appropriate to this level.										No application   of numerical and statistical methods to defined problems.										No delivery of   group work obligations, for this level.																																																						No   recommendations. No awareness of ethical issues, where relevant.

Bichitrananda · Accepted Answer

1. (a). The types of goods can be classified based on the tastes and preferences of the consumers concerning price. The goods that determine demand in any market are
Substitute goods, Complementary goods, Normal goods and Inferior goods.
 
Substitute goods:
Substitute goods are goods that are alternate to each other in the eyes of the consumer. Consumers prefer to purchase alternative goods when the goods they wanted aren’t available in the market. Examples of substitute goods are tea and coffee, Coke and Pepsi, etc. The price of substitute goods affects the demand for goods. An increase in the price of Pepsi can lead to a higher demand for Coke.
 
Complementary goods
Goods that are consumed together and when purchased their price being dependant on each other are complementary goods. Bread and Butter, Torch and battery etc. are complementary goods. Any fluctuation in the price of one good can affect the demand for both goods.
 
Normal goods
Normal goods are goods for which the demand increases with the increase in the income of the people. iPhone, LCV television are examples of normal goods.
 
Inferior Goods
Inferior goods are goods whose demand drops with an increase in the income of the people. Inferior goods are not always low-quality goods but sometimes just an economic term given to goods that describe the shift in the socio-economic status of people to purchase costlier goods than the ones they used to consume.
 
The price elasticity of goods has a direct impact on the quantity demand of a good. A rise in price usually results in a decrease in the quantity demanded. However, the degree to which the quantity demanded rises or falls varies with the product. A product with many substitutes can see a higher degree of decrease in the quantity demanded whereas a product with fewer or no substitutes only leads to a minor fall in the quantity demanded.  Price elasticity can be simply defined as the change in quantity demanded concerning a change in price. When the quantity demanded only changes to a small extent with the change in price, the demand curve is more elastic. The demand curve is less elastic when there is a greater change in the quantity demanded with a change in price. The price elasticity of goods around the world has different effects on the decision to consume a product. In the case of seasonal goods, the price elasticity doesn’t have a consistent pattern. 
According to (Jones, Elizabeth Sloman, John, 2017) by knowing the price elasticity of a demand for a product, the effect on the price and quantity can be predicted when there is a shift in the supply curve for the product.
                                                                                                                                                                                               
                                   
 
 In the above figure, the curve D’ is more elastic as it doesn’t show a higher change in quantity demanded with change in price.
 Price elasticity can be calculated using the formula.                                                              Price elasticity = % of change in the quantity demanded / % of change in the Price.                                                                                                                                                                                                                        
                                                                                                                                                  (b) A normal decision to consume any item would include the availability of the item or good. Based on the type of goods, the decision making is easily explainable. When shopping for groceries or food, the decision to purchase a product includes factors like price, availability, and size. When it comes to groceries like rice and other goods that last longer, the decision is to purchase in bulk and go for store discounts which are available at the month-end or beginning. Less elastic products don’t require planning as they can be purchased at any time without worrying about the price. Highly elastic products require planning to be purchased at a seasonal discount or when the demand is low.
 
 
 
2. (a). There are different types of production that any manufacturing firm would employ which would depend on the type of product, its demand and the availability of raw materials.
Unit production:
Unit production is done by small firms or businesses that provide customised products and service to an individual. Bakeries, restaurants use this type of production. Besides small firms, there are also premium brands that use this type of production. Examples of this are Triumph, Royal Enfield and Harley Davidson.
 
Batch type production:
This type of production involves production in batches where the demand for the product is varied and the number of units sold in a month can be estimated from the previous months. Seasonal demand influences the number of units to be produced in this type of production. FMCG products and other durables come under this category of production. If there’s a shortfall in the number of units, additional goods are manufactured and it goes into the inventory. Coca-Cola, Kingsmill, LG use this type of production.
 
Mass production
Mass production is most commonly used by automobiles manufacturers where there are assembly lines with a special function each to mass produce in volumes. There’s high efficiency and productivity as every work station focuses on a special type of work. Light bulbs, canned products, automobiles use this type of production. Nissan and Ford are examples of mass production. Standardised products are produced by mass production. Demand doesn’t influence the production however; a high production capacity reflects a successful mass production.
 
Any firm that decides to expand can adopt several growth strategies to survive or thrive in the international market. There are different types of growth strategies and it can be achieved through internal or external expansion of the firm.

FELM4026 Financial and Economic Literacy for Managers Summer 2019 Coursework Brief Handout: [Week 1] Deadline for Submission: [2pm, Wed XXXXXXXXXX] Submit this coursework through the Student...

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	RON Ltd	MES Ltd
	£’000	£’000
Sales	2,150	1,512
Cost of sales	1,430	1,148
Gross Profit	720	364
Operating and other expenses	250	190
Operating profit	470	174
Finance income	0	0
Finance expenses	20	60
Profit before taxation	450	114
Taxation	100	30
Profit after tax	350	84
Dividends	200	80
Retained Profit	150	4

Year	Israel Project	South Korea
0	(£1,800,000,000)	(£1,800,000,000)
1	1.500,000	500,000
2	1,500,000	1,100,000
3	1,500,000	250,000
4	1,500,000	1,220,000
5	1,500,000	1,400,000

				KNOWLEDGE & UNDERSTANDING	INTELLECTUAL & COGNITIVE SKILLS	Graduate Skills: transferable, employability, practical and academic skills
				Factual and conceptual knowledge and understanding; use of class materials; independent reading	Critical thinking; conceptualisation; creativity; synthesis, analysis and evaluation; application; problem solving and research/investigation	Written, oral and presentation skills; interpersonal, group and teamwork skills; leadership skills; numeracy; digital skills; practical, professional and academic skills (including referencing/presentation
MARKING BAND	MODULE LEARNING OUTCOMES		CLASSIFICATION	WEIGHTED AT 45%	WEIGHTED AT 30%	WEIGHTED AT 25%
86 - 100%	Achieved at this level	FIRST (1ST)		Includes all required factual content, accurately summarised.	Well developed, relevant, reasoned introduction and conclusions.	Within word count or presentation time.
				Includes relevant factual content only.	Clearly and logically structured material.	Accurate spelling, grammar, punctuation, paragraphing.
				Accurate identification of relevant concepts, theories and/or principles, appropriate to this level.	Information or data selected from a good range of primary and secondary sources, and categorised, analysed or evaluated using relevant methods or techniques.	Fluent, interesting writing style, appropriate to the assignment OR engaging, confident, audible and well-paced presentation.
				Excellent understanding of factual and conceptual material, relative to this level.	Well developed, coherent arguments, referencing primary and secondary literature.	Appropriate visual presentation, including font, spacing, margins, headings, graphics, images and appendices.
				Calculations are accurate, clearly set out, with explanations.	Well-developed integration of theory and practice, for this level, using defined conceptual frameworks.	Correct use of academic conventions, references and bibliography.
				Independent, wide-ranging reading and research, from both primary and secondary sources, appropriate to this level.	Very good application of numerical and statistical methods to defined problems.	Outstanding, consistent delivery of group work obligations, for this level.
					Substantiated, relevant recommendations. Very good awareness of ethical issues, where relevant.	Insightful reflection on own strengths and weaknesses in relation to defined professional and practical skills.
70 - 85%	Achieved at this level	FIRST (1ST)		Includes all required factual content, accurately summarised.	Well developed, relevant introduction and conclusions.	Within word count or presentation time.
				Includes relevant factual content only.	Clearly structured material.	Accurate spelling, grammar, punctuation, paragraphing.
				Accurate identification of relevant concepts, theories and/or principles, appropriate to this level.	Information or data selected from relevant primary and secondary sources, and categorised, analysed or evaluated using relevant methods or techniques.	Fluent writing style, appropriate to the assignment OR engaging, audible and well-paced presentation.
				Very good understanding of factual and conceptual material, relative to this level.	Coherent arguments, referencing primary and secondary literature.	Appropriate visual presentation, including font, spacing, margins, headings, graphics, images and appendices.
				Calculations are accurate, clearly set out, with explanations.	Very good integration of theory and practice, for this level, using defined conceptual frameworks.	Correct use of academic conventions, references and bibliography.
				Independent, wide-ranging reading and research, from both primary and secondary sources, appropriate to this level.	Good application of numerical and statistical methods to defined problems.	Very good, consistent delivery of group work obligations, for this level.
					Relevant recommendations. Good awareness of ethical issues, where relevant.	Good reflection on own strengths and weaknesses in relation to defined professional and practical skills.
60 - 69%	Achieved at this level	UPPER SECOND (2:1)		Includes most required factual content, mostly accurately summarised.	Relevant introduction and conclusions.	Within word count or presentation time.
				Includes relevant factual content only.	Clearly structured material.	Mostly accurate spelling, grammar, punctuation, paragraphing.
				Mainly accurate identification of relevant concepts, theories and/or principles, appropriate to this level.	Information or data selected from some relevant primary and secondary sources, and categorised, analysed or evaluated using relevant methods or techniques but with some gaps or misunderstandings.	Mainly fluent writing style, appropriate to the assignment OR mainly engaging, audible and well paced presentation.
				Sound understanding of factual and conceptual material, relative to this level.	Mostly coherent arguments, referencing primary and secondary literature.	Mostly appropriate visual presentation, including font, spacing, margins, headings, graphics, images and appendices.
				Calculations are mainly accurate, mostly clearly set out, with mostly good explanations.	Good integration of theory and practice, for this level.	Mostly correct use of academic conventions, references and bibliography.
				Independent reading and research from sufficient and mostly authoritative primary and secondary sources, appropriate to this level.	Mainly good application of numerical and statistical methods to defined problems, with some gaps, errors or misunderstandings.	Consistent delivery of group work obligations, for this level.
					Some relevant recommendations. Satisfactory awareness of ethical issues, where relevant.	Clear reflection on own strengths and weaknesses in relation to defined professional and practical skills.
50 - 59%	Achieved at this level	LOWER SECOND (2:2)		Includes essential required factual content, but with some gaps or misunderstandings.	Adequate introduction and conclusions.	Within 10% of word count or presentation time.
				Includes some irrelevant factual content.	Mostly clearly structured material.	Some mistakes in spelling, grammar, punctuation, paragraphing.
				Some identification of relevant concepts, theories and/or principles, appropriate to this level.	Information or data selected from mainly secondary sources, and categorised, analysed or evaluated using mostly relevant methods or techniques but with gaps or misunderstandings.	Writing style is appropriate but not always fluent OR a presentation that is not always engaging, audible or well-paced.
				Adequate understanding of factual and conceptual material, relative to this level.	Limited arguments, referencing mostly secondary literature.	Inconsistent visual presentation, including font, spacing, margins, headings, graphics, images and appendices.
				Calculations may have inaccuracies, or issues relating to set out and explanation.	An adequate attempt to relate theory to practice, for this level, using defined conceptual frameworks.	Inconsistent use of academic conventions, references and bibliography.
				Some independent reading and research from mainly secondary sources, appropriate to this level.	Adequate application of numerical and statistical methods to defined problems, with gaps, errors or misunderstandings.	Inconsistent delivery of group work obligations, for this level.
					Basic recommendations. Satisfactory awareness of ethical issues, where relevant.	Some evaluation of own strengths and weaknesses in relation to defined professional and practical skills.
40 - 49%	Marginal achievement at this level	THIRD (3RD)		Includes limited required factual content, with many gaps or inaccuracies.	Basic introduction and conclusions.	Within 10% of word count or presentation time.
				Includes considerable irrelevant factual content.	Unevenly structured material.	Frequent mistakes in spelling, grammar, punctuation, paragraphing.
				Limited identification of relevant concepts, theories and/or principles, appropriate to this level.	Information or data selected from secondary sources, and poorly categorised, analysed or evaluated using inappropriate methods or techniques.	Awkward or inappropriate writing style OR a presentation that is not engaging, audible or well-paced.
				Limited understanding of factual and conceptual material, relative to this level.	Sense of emerging argument, mainly descriptive or personal opinion, with little reference to literature.	Clear but inappropriate visual presentation, including font, spacing, margins, headings, graphics, images and appendices.
				Calculations are often inaccurate, with many issues relating to set out and explanation.	Limited attempt to relate theory to practice, using defined conceptual frameworks.	Inconsistent or incomplete use of academic conventions, references and bibliography.
				Limited independent reading and research from secondary sources, appropriate to this level.	Weak application of numerical and statistical methods to defined problems, with many gaps or errors.	Unreliable delivery of group work obligations, for this level.
					Recommendations lack clarity or may be incomplete. Little awareness of ethical issues, where relevant.	Limited reflection on own strengths and weaknesses in relation to defined professional and practical skills.
30 - 39%	Marginal failure at this level	FAIL. POSSIBLE COMPENSATION.		Includes insufficient required factual content, with significant gaps or inaccuracies.	Incoherent or irrelevant introduction and conclusions.	More than 10% outside word count or presentation time.
				Includes substantial irrelevant factual content.	Incoherently structured material.	Serious mistakes in spelling, grammar, punctuation, paragraphing.
				Very limited or inaccurate identification of relevant concepts, theories and/or principles, appropriate to this level.	Little selection of information or data, and little attempt at collation, categorisation, analysis or evaluation.	Poor writing style OR a presentation that is not engaging, audible or well-paced.
				Very limited understanding of factual and conceptual material, relative to this level.	Little or no argument, entirely descriptive or personal opinion, with no reference to literature.	Poor visual presentation, including font, spacing, margins, headings, graphics, images and appendices.
				Calculations are mostly inaccurate, or incorrectly set out or explained.	Theory only sporadically related to practice, using defined conceptual frameworks.	Inaccurate or incomplete use of academic conventions, references and bibliography.
				Minimal independent reading and research, appropriate to this level.	Very weak application of numerical and statistical methods to defined problems, with significant errors.	Poor delivery of group work obligations, for this level.
					Irrelevant recommendations. Little or no awareness of ethical issues, where relevant.	Very limited reflection on own strengths and weaknesses in relation to defined professional and practical skills.
16 - 29%	Not achieved at this level	FAIL. NO COMPENSATION.		Includes almost no required factual content, and with very significant inaccuracies.	Incoherent or missing introduction and conclusions.	More than 10% outside word count or presentation time.
				Includes mainly irrelevant factual content.	Very incoherently structured material.	Serious and extensive mistakes in spelling, grammar, punctuation, paragraphing.
				No identification of relevant concepts, theories and/or principles.	No evidence of the selection, categorisation, analysis or evaluation of information or data.	Incoherent writing style OR an inaudible, poorly paced and unengaging presentation.
				No understanding of factual and conceptual material, relative to this level.	No argument, entirely descriptive or personal opinion, with no reference to literature.	Very poor visual presentation, including font, spacing, margins, headings, graphics, images and appendices.
				Calculations are inaccurate, with no explanations.	Theory not related to practice.	Very inaccurate or no use of academic conventions, references and bibliography.
				No independent reading and research, appropriate to this level.	Minimal application of numerical and statistical methods and techniques to defined problems, with significant errors.	Very poor delivery of group work obligations, where relevant.
					No recommendations. No awareness of ethical issues, where relevant.	Minimal or no evaluation of own strengths and weaknesses in relation to defined professional and practical skills.
0 - 15%	Not achieved at this level	FAIL. NO COMPENSATION.		Does not include required factual content.	No introduction and conclusions.	More than 10% outside word count or presentation time.
				Includes entirely irrelevant factual content.	Very incoherently structured material.	Serious and extensive mistakes in spelling, grammar, punctuation, paragraphing.
				No identification of relevant concepts, theories and/or principles.	No evidence of the selection, categorisation, analysis or evaluation of information or data.	Incoherent writing style OR an inaudible, poorly paced and unengaging presentation.
				No understanding of factual and conceptual material.	No argument, entirely personal opinion, with no reference to literature.	Exceptionally poor visual presentation, including font, spacing, margins, headings, graphics, images and appendices.
				Calculations are missing, with no explanations.	Theory not related to practice.	No use of academic conventions, references and bibliography.
				No independent reading and research, appropriate to this level.	No application of numerical and statistical methods to defined problems.	No delivery of group work obligations, for this level.
					No recommendations. No awareness of ethical issues, where relevant.