BSBCRT611 DLA 8

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Deakin University *

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Feb 20, 2024

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Distance Learning Activity 4: BSBCRT611 Apply critical thinking for complex problem solving

ICT60220 Advanced Diploma of Information Technology (Cyber Security) Distance Learning Activity 4: BSBCRT611 Apply critical thinking for complex problem solving Copyright 2022  Australian College of Business Intelligence All rights reserved Version: 22.0 Date Modified: January 2022 No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise without the prior written permission of Australian College of Business Intelligence. Disclaimer: The Australian College of Business Intelligence does not invite reliance upon, nor accept responsibility for, the information it provides. The Australian College of Business Intelligence makes every effort to provide a high-quality service. However, neither the Australian College of Business Intelligence, nor the providers of data, gives any guarantees, undertakings or warranties concerning the accuracy, completeness or up-to-date nature of the information provided. Users should confirm information from another source if it is of sufficient importance for them to do so. Distance Learning Activity 4: BSBCRT611 Version: v22.0 Page 2 of 7 Developed by: ACBI Approved by: DoS Issued: January 2022 Review: January 2022

ICT60220 Advanced Diploma of Information Technology (Cyber Security) Distance Learning Activity 4: BSBCRT611 Apply critical thinking for complex problem solving 1. Instructions to Learners Purpose of this Distance Learning Activity This Distance Learning Activity will develop your knowledge and understanding of critical thinking. What you are required to do For this Distance Learning Activity, you are required to answer the following questions. Resources To complete this Distance Learning Activity, you may also refer to the resource below:  BSBCRT611 Apply critical thinking for complex problem solving learner guide – provided on Moodle  BSBCRT611 Apply critical thinking for complex problem solving slides – provided on Moodle How to submit your Distance Learning Activity Always submit your Distance Learning Activity on time by the due date. Your completed Distance Learning Activity must be uploaded onto Moodle by 11.55pm on Sunday of week 8. File naming convention When submitting your Distance Learning Activity, use the following naming convention  Unit of Competency code (ie. BSBCRT611)  ‘DLA’ followed by the week number  Your first name and initial of last name. Capitalise only the first letter of names. Then insert a dash, followed by submission attempt. Hence as an example of incorporating the three points above your file name or subject line should appear this way: BSBCRT611 DLA 8 – JessieA #1 Distance Learning Activity 4: BSBCRT611 Version: v22.0 Page 3 of 7 Developed by: ACBI Approved by: DoS Issued: January 2022 Review: January 2022

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ICT60220 Advanced Diploma of Information Technology (Cyber Security) Distance Learning Activity 4: BSBCRT611 Apply critical thinking for complex problem solving 2. Questions Answer the questions below using the space provided:  Answer all parts of each question  Use your own words and give examples wherever possible  The quality of your answer is more important than how long it is  Enter your answers in this document You may use various sources of information to inform your answers, including your resources provided by ACBI, books, and online sources. You must acknowledge and cite your sources. Question 1. Read the following articles, then answer the questions below:  https://eaber.org/wp-content/uploads/2011/05/PRI_Boadway_2006.pdf  http://www.waterecon.com/courses/agec636/pdfs/griffin1998.pdf Describe how cost benefit analysis works. Describe the decision rule. What are the limits of cost benefit analysis? Answer in 250-500 words. Write your answer here Cost-Benefit Analysis - A cost-benefit analysis compares the predicted or estimated costs and benefits (or opportunities) connected with a project choice to see if it makes sense from a business standpoint. Performing Cost-Benefit Analysis - Create a framework for analysis You must first set the framework within which you will conduct your analysis in order for it to be as precise as feasible. What this framework looks like will be determined by the characteristics of your company. - Determine the cost and benefits of your project You'll probably start with direct costs, which are expenses that are directly tied to the manufacturing or development of a product or service. Other Cost Involved - Indirect Costs: These are usually fixed expenses like utilities and rent that go towards the overhead of running a firm. Intangible Cost: Any costs that are difficult to define and quantify are considered intangible costs. Distance Learning Activity 4: BSBCRT611 Version: v22.0 Page 4 of 7 Developed by: ACBI Approved by: DoS Issued: January 2022 Review: January 2022

ICT60220 Advanced Diploma of Information Technology (Cyber Security) Distance Learning Activity 4: BSBCRT611 Apply critical thinking for complex problem solving Opportunity Costs: These are the rewards (or opportunities) that a company foregoes when it chooses one product or approach over another. Benefits includes Direct Benefits - Example, increase in revenue and sales generated from the product. Indirect Benefits - Increase in the customer’s interest in your product. Intangible Benefits - Improvement in employee morale. Competitive Benefits – First mover in the industry. - Assign a Dollar Amount or Value to Each Cost and Benefit - After you've made a comprehensive list of all costs and advantages, you'll need to assign a financial value to each one. It will be difficult to assess costs and benefits effectively if you do not assign a value to each. - Add up the total value of the benefits and costs, then compare them Decision Rule - The decision rule is critical to the CBA's final phases. That is the cost-benefit criterion by which a specific project can be endorsed (or not) on cost-benefit grounds. Net Present Value(NPV) and Net Benefit Criterion are to be used as the correct values for reducing the cost and benefits to a final or unique value. Any project with a positive Net Present Value (NPV) should be adopted, and projects should be ranked according to their NPVs. Limits of Cost-Benefit Analysis - Difficult to predict all the variables – It is difficult to anticipate all the variables that could affect the outcomes. Variables like market demand, material pricing. - Efficient for short and medium-length projects, not for long-term projects – It is difficult to make reliable projections for long-term projects. - It removes the human element - While most businesses are driven by a desire to make a profit, there are other, non-monetary reasons for a company to pursue a project or make a decision. It can be difficult to allow "human" considerations with the business argument in these situations. - Rely on the Data – CBA on incomplete or inaccurate data would lead to inaccurate calculation and findings. Distance Learning Activity 4: BSBCRT611 Version: v22.0 Page 5 of 7 Developed by: ACBI Approved by: DoS Issued: January 2022 Review: January 2022

ICT60220 Advanced Diploma of Information Technology (Cyber Security) Distance Learning Activity 4: BSBCRT611 Apply critical thinking for complex problem solving Question 2. Research technical solution comparison principles, then answer the questions below. a) What are comparison principles for technical solutions? b) Can you develop a matrix for comparing solutions based on the technical features of the respective solution? Explain why/why not. Answer in 200-400 words. Write your answer here Comparison Principles for Technical Solutions - What Issues should be considered  Choose the technology solution that best bridges the gap between what is required and what is already available.  Thinking through the options – Understand the correct requirement and choose the technology that best fits the organization’s processes. Consider features like scalability, feasibility, compatibility with the current system.  Performing a build versus buy analysis – Any modifications to the current system could cause inconsistency with the current system. The new upgrades or updates to the system might create issues in the business processes. Careful consideration of the change in technology is necessary for the smooth functioning of the processes.  Selecting the correct software and hardware  Performing comparison between purchasing and leasing. And based on the analysis and comparison opting for the appropriate solution.  Evaluating human resource - Making a final decision  Reviewing organization’s procedures and guidelines – Established procedures and guidelines for procurement and purchasing.  Seeking stakeholder’s advise  Reviewing references - Analysing the cost and establishing the budget for the solution - Comparing cost to benefit - Documentation Decision Matrix – A decision matrix can be created to compare the solution based on the technical features. The general criterion included in the matrix are - Feasibility - Reliability - Effectiveness Distance Learning Activity 4: BSBCRT611 Version: v22.0 Page 6 of 7 Developed by: ACBI Approved by: DoS Issued: January 2022 Review: January 2022

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ICT60220 Advanced Diploma of Information Technology (Cyber Security) Distance Learning Activity 4: BSBCRT611 Apply critical thinking for complex problem solving - Capability - Cost - Time - Support Other criteria more specific to a solution includes - Cost of the implementation - Return on investment - Ease of Implementation - Ease of maintenance - Support to the solution - Value to customer - Potential problems during implementation - Potential effects on the other systems Distance Learning Activity 4: BSBCRT611 Version: v22.0 Page 7 of 7 Developed by: ACBI Approved by: DoS Issued: January 2022 Review: January 2022

BSBCRT611 DLA 8

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