1 The Economics, Business & Enterprise Association © 2008 FIRE!!!

2 The Economics, Business & Enterprise Association © 2008 Knowledge Objectives: Survival by staying alive Minimise the damage and therefore costs to the school Ensure the school can stay open so that there is little disruption to learning and the education of students

3 The Economics, Business & Enterprise Association © 2008 Application Ideas must be in context: Only use equipment that is in the classroom to survive Bear in mind we are on the second floor of the building

4 The Economics, Business & Enterprise Association © 2008 Application Options? Phone 999 Jump out of the window Use the fire extinguisher Panic

5 The Economics, Business & Enterprise Association © 2008 Analysis Option 1: Call 999 Fire will be extinguished Building can be checked by professionals Would more than likely meet the objective of survival A delay in the fire brigade arriving could mean that the primary objective of survival may not be met A great deal of damage will be done to the school in the time it takes for the fire brigade to arrive

6 The Economics, Business & Enterprise Association © 2008 Analysis Option 2: Jump out of the window Immediate escape from the burning classroom Will ensure that smoke fumes do not damage lungs Will ensure do not die from smoke fumes Depending on landing may mean death therefore objective of survival not met Serious injuries could be sustained as a result of the fall Will not help to put out the fire and option alone would mean that the school would burn down therefore resulting in closure

7 The Economics, Business & Enterprise Association © 2008 Analysis Option 3: Use the fire extinguisher Will contain the fire and depending on the size of the fire may extinguish it Will mean that objective of survival is met The objective of minimising damage and therefore costs to the school will be met as damage could be contained to one classroom The fire may be too large for the fire extinguisher to put out the entire fire The fire may be blocking the fire extinguisher

8 The Economics, Business & Enterprise Association © 2008 Analysis Option 4: Panic Is a natural reaction that gets adrenaline pumping and therefore prepares us gets us for fight or flight It is harder to think of solutions whilst panicking Is counterproductive Could result in all objectives not being met as solutions will not be thought of and time will be wasted

9 The Economics, Business & Enterprise Association © 2008 Evaluation A judgement must be made about which option(s) to chose The option(s) chosen must be fully justified A combination of options could be chosen and an explanation of why must be included Include comments about the short term and long term implications Are there any drawbacks mentioned that could be counter argued and how?

10 The Economics, Business & Enterprise Association © 2008 Evaluation Sample 1 I think that the class should ring 999 because then professionals would come and sort out the problem. The class should also try to use the fire extinguisher in the meantime to try to contain the fire. Is this evaluation? WHY?

11 The Economics, Business & Enterprise Association © 2008 Evaluation Sample 2 The class should not panic as that would not help the situation and would prevent the overall objectives being met. The class firstly should try to use the fire extinguisher in the short term as this would at least contain the fire. They should also phone 999 if they have a mobile phone available as the fire brigade will be able to secure the building and ensure that the fire is completely extinguished. Is this evaluation? WHY?

Evaluation Why did Winston Churchill ask for a one handed economist?

Evaluation The learning objective today is to –Understand how to evaluate through group learning and practise

Evaluation In groups of 5 write down everything you know about evaluation (10 minutes) Chose one person to present

Evaluation Each team presents I will give you some additional info Take notes of the things you hadn’t thought of so that you can add it to your poster later

16 The Economics, Business & Enterprise Association © 2008 Evaluation Trigger words: To what extent… Justify Recommend Evaluate

17 The Economics, Business & Enterprise Association © 2008 Evaluation Evaluation is giving your final judgements after dismissing all other arguments and saying why the judgement you have made is superior to all others You will be required to consider limiting factors e.g. feasibility, impact of internal and external constraints It is useful to consider the long term and short term issues Comments on the reliability of the data or information given is effective and you must state if there anything that your judgement depends on If any drawbacks can be counteracted by your suggestions you should include this

Evaluation phrases The arguments for and against X are finely balanced…. A change in X might cause a change in Y however this depends on Z being held constant….. However, a possible disadvantage of this strategy / policy is that … The relationship between S and T rests on certain assumptions which may not be the case in reality….. The effects of a change in A depend on the price elasticity of demand and supply….. The argument that X causes Y is actually contradicted by recent evidence which shows that…. Although a fall in M should lead to a rise in N, time lags mean that policy changes take time to have their full effect….. Although there are short term effects arising from the introduction of M, the longer-term impact might be more important

Evaluation phrases In conclusion, there are several policy options available to the government. I would argue that policy X is likely to be most effective in achieving the government’s objective in the long run. This is because ………….. There may be a potential conflict involved with this policy To conclude I would argue that … The weight of my arguments suggests that policy X is the one that the government should consider first

20 The Economics, Business & Enterprise Association © 2008 What is the difference between analysis and evaluation?  Analysis assesses the causes and consequences of an issue and explains the likely impact and reaction of the firm/government/consumer.  Evaluation builds on analysis and involves you weighing up options and coming to a view on what government/the central bank should do.

21 The Economics, Business & Enterprise Association © 2008 What is the difference between analysis and evaluation? For example: Evaluate Sam’s Rolls decision to change their production method from batch to flow. L3: Weighing up the advantages and disadvantages of the change L4: Making a decision overall to whether it is a good or bad decision and why. Suggesting an alternative method and explaining why would also demonstrate L4.

Practise Create a plan for the following essays (15 minutes) –Group 1 – Evaluate the measures that a government might use to reduce unemployment. –Group 2 – Evaluate the measures that a government might use to reduce inflation. –Group 3 – Evaluate the measures that a government might use to achieve economic growth –Group 4 – Evaluate the measures that a government might use to reduce a current account deficit. Be prepared to present your plan to the class When viewing the presentations think about what is good and what could be added – you will be asked for feedback

What did you learn? Before you leave the classroom you have to tell me something about evaluation!! Have a look at this video for homework (a great video on supply side policies with lots of evaluation) –