Instructional Design Document

There are various ways to examine the performance and potential of a business. In the past, most common way to assess this was through looking at the financial health of the company. Current methods, however, often take a more comprehensive approach. For instance, two popular methods are the balanced scorecard approach (capturing learning, internal processes, finance, and customer related metric) , and the triple bottom line (examining items related to people, profit (finance), and place). Regardless of the approach, still financials play a role. Despite this, it is proposed here that many people in an organization do not understand the financial status of their organization or division or department. 

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If this minicourse were implemented in an organization, a proper analysis of the learning gap would have been performed. A needs assessment or performance discrepancy analysis of relevant individuals in the organization and their understanding of financial ratios should be done. As it stands, the learning gap was identified in a manner closer to feedback and evaluation analysis. For years, I taught both an introductory management class and the capstone class that all business majors were required to take. It is my belief that the Management and Marketing majors on average struggled more with financial topics than did Finance and Accounting majors, and Information Systems majors fell somewhere in between. Indeed, it has been my experience inside and outside of academia that individuals not in finance or accounting commonly sour at the thought of having to examine financials, largely because they lack the confidence and knowledge to do so. This minicourse will be designed to address that gap.  Because this is a minicourse, the focus will be only on some key financial metrics.

The course may need to be modified for a few different learner personae, but the one on which this minicourse will focus initially will be skilled factory workers. (A more thorough analysis of the target audience would need to be done in an actual setting. Some of the following information is informed guesses/approximations.)

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Demographics. According to the Bureau of Labor Statistics (as of 2023), over 70% of manufacturing workers are male, the median income for Machinist and tool and die makers (a representative group) was around $53,000, and a high school diploma often with most post secondary education and certifications is require for the job (Employed persons by detailed industry, sex, race, and Hispanic or Latino ethnicity, n.d.; Machinists and Tool and Die Makers, n.d.). Thirty-eight is the average age of factory workers according to the job search site Zippia (Factory Worker Demographics and Statistics in the US, n.d.).

Background, Skills and Prior Knowledge. As mentioned, these are skilled laborers often with specific certifications for their work. Prior knowledge of finance is likely limited to the personal finance arena.

Dispositions. They likely have an affinity for their work and have likely been programmed (as many people have) to not care for anything (beyond their work) that has to do with math (finance included) and likely have low self confidence in this area.

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Employed persons by detailed industry, sex, race, and Hispanic or Latino ethnicity. (n.d), Retrieved 4/27/2024 from https://www.bls.gov/cps/cpsaat18.htm

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Machinists and Tool and Die Makers. (n.d) Retrieved 4/27/2024 from https://www.bls.gov/ooh/production/machinists-and-tool-and-die-makers.htm#tab-1

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Factory worker Demographics and Statistics. (n.d.) Retrieved 4/27/2024 from www.zippia.com/factory-worker-jobs/demographics/

This course will be primarily a problem-solving course with some elements of an informational course. The learning objectives will be at the remember, understand, and apply levels which would be consistent with these course types. Additionally, the audience will have minimal prior knowledge and are seeking foundational knowledge (informational course) with a bridge leading to application of this knowledge to their jobs (problem-solving elements).

The course will be asynchronous online. This fits with learning objectives that will be primarily at the remember, understand, and apply levels. At lower learning levels, not as much real time interaction is necessary. It also fits the audience’s need for flexibility and potential preference for anonymity because of low task efficacy (that is, the belief that they can't do finance and would not want people to see them struggle). The resources and technical considerations are met as users can complete the course in a secured environment on their own device (which most if not all are expected to have because they are middle class) and there will be little in the way of technological requirements beyond that which they would need for day to day use of those devices. Given that these workers work on machines, it is expected that their accessibility requirements will be able to be met in an asynchronous online course.

By the end of this course, learners will be able to:

• LO1: Indentify select pieces of financial information and ratios

• LO2: Calculate select financial ratios

• LO3: Defend the importance of financial literacy

• LO4: Examine the financial implications of examples from their workplace

By the end of Module 2 on short-term solvency ratios, the learn will be able to:

• MO2.1: Describe what short-term solvency ratios mean. (LO1)

• MO2.2: Calculate 2 short-term solvency ratios (current ration and quick ratio) given select financial statements. (LO2)

• MO2.3: Explain the importance of short-term solvency ratios. (LO3)

• MO2.3: Predict how a change in procedures at their organization might affect short-term solvency. (LO3, LO4)

Suggested learning activities with their associated learning objective(s).

• LA2.1: A mini-presentation discussing what short-term solvency ratios are and how they can be important in the workplace (MO2.1, MO2.3)

• LA2.2: A mini-presentation describing and explaining how to calculate the current ratio (MO2.1, MO2.2)

• LA2.3: A mini-presentation describing and explaining how to calculate the quick ratio  (MO2.1, MO2.2)

• LA2.4: Knowledge checks after each mini-presentation (MO2.1, MO2.2)

• LA2.5: Game based learning practicing through an anonymous competition of how many current and quick ratios can be calculated correctly within a given time, called the “Ratio Race.” An anonymous leaderboard will be available.  (MO2.2)

• LA2.6: Problem-based learning through a case study analysis involving the key financial concepts (MO2.1, MO2.2, MO2.3)

• LA2.7: Reflection in a discussion (with required peer interaction) on a concept covered in class of their choice that includes a bridge to their organization (MO2.1, MO2.3, MO2.4)

• Knowledge checks after each mini-presentation can help students assess their understanding of the material presented. They can also be used as formative assessments for the instructor depending on how the course is facilitated. These will be untimed, “open-book,” and each question can be attempted 2 times.  (LA2.1, LA2.2, LA2.3, LA2.4)

• A “Ratio Race” where students calculate as many current and quick ratios examples in a given time (with an anonymous leaderboard to create a game-based practice). This is another chance for self- and formative assessment. It can be repeated as often as wanted (will pull from a bank of questions, so the student will likely not get exactly the same problems on different iterations.) Pass/fail credit will be given for a very easily reachable number calculated correctly in the time frame. (LA2.2, LA2.3, LA2.5)

• A case study analysis requires application of the knowledge and skill (ratio calculation) that has been learned. This will be in short report format with a detailed grading rubric to help the student to know what to prepare and to assess their application of this knowledge and skill. (LA2.1, LA2.2, LA2.3, LA2.6)

• The ability to apply what they have learned to the workplace will be assessed by a discussion with peers requiring interaction. A detailed rubric will be available to convey activity expectations and for assessment purposes. (LA2.1, LA2.2, LA2.3, LA2.7)

The Subject Matter Expert is the Instructional Designer for this course.

Three additional resources that can be used for this course are:

• Investopedia (www.investopedia): Contains a wealth of financial knowledge written in an easily accessible manner.

• U.S. Securities and Exchange Commission website (www.sec.gov): Has publicly available financial information for publicly traded companies that could be used for examples or activities.

• Yahoo! Finance: Can obtain free articles where implications of the financial information to learn in the course are discussed for actual companies.

The recommended instructional design model for this minicourse is the Rapid Instructional Design approach. Although it can be used in any context, Rapid Instructional Design is being used more and more for quick workplace training (check n click, 2022). Rapid Instructional Design may not be as resource intensive and is more flexible than other models. These are both qualities that could be key with a part-time IDT student designing a course. Similarly, tweaking of the learning goals is also more consistent with this approach. Instructional Designers are encouraged to reuse/curate materials and activities, which could prove helpful. Similarly, there is a bigger focus on activities than presentation of content, which I think would fit the topic and the learners needs well.

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One of the biggest benefits over more linear models is that it doesn’t lock you in as much if you realize how something (that you had already completed in a linear model) could be improved. Having mistakes that need to be corrected is likely from an IDT student.

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One of the biggest benefits over the Successive Approximation Model (SAM) is that SAM requires so much input from so many stakeholders at so many points. This is unlikely to happen for an IDT student.  (If that input from stakeholders were possible, SAM may be the more appropriate model.)

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check n click. (November 11, 2022). What is Rapid Instructional Design? Retrieved from https://check-n-click.com/what-is-rapid-instructional-design-rid/

Finance uses a lot of mathematics, and the bulk of what students are learning in this minicourse revolves around doing calculations and interpreting the inputs and output of these calculations. As such learning theories that lend themselves well to learning mathematics would likely work well for guiding this course. In a study comparing different learning theories used in mathematics teaching Lessani, et al. (2016) found that cognitivism and constructivism lead to better learning outcomes. Specifically, problem-solving and discovery-learning skills were helpful.

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Cognitive Learning Theory concerns mental processes and an active approach to learning (Malstrom, 2023).  Implications for this mini-course would be to limit lectures and focus on activities like doing calculations and analyzing case.

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Constructivist Learning Theory is student-centered and relies on the creation of an environment where students to think on their own (Mcleod, 2024).  Implications for this mini-course would be to limit lectures and focus on activities that draw on the learners knowledge of their business

Lessani, A., Yunus, A., Bakar, K., & Khameneh, A. (2016). Comparison of Learning Theories in Mathematics Teaching Methods. Fourth 21st CAF Conference. 9 (1): 165-174.

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Malstrom, H. (June 29, 2023). Cognitive Learning Theory. Retrieved from https://training.safetyculture.com/blog/cognitive-learning-theory/

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Mcleod, S. (February 1, 2024). Constructivism Learning Theory & Philosophy of Education. Retrieved from https://www.simplypsychology.org/constructivism.html