Business Decision Making: Plan for Data Collection and Survey Methodology

This report discusses the importance of strategic decision making in business and focuses on the plan for data collection from students at UKCBC. It also presents the survey methodology and sampling framework used, along with the design of a questionnaire for collecting data.

BUSINESS DECISION
MAKING
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INTRODUCTION
Globalization has paved way for business organizations to gain success and growth.
However many challenges and difficulties also have been arises and it has become vital that
decisions and strategies for business should be formed by adopting strategic and innovative
approach. Decision making for business is a complex and critical process which requires
strategic approaches from the side of the entrepreneur so that required decisions for business can
be taken successfully. In addition to that it aids for making innovative and effective strategies for
performing the business functions successfully. Present report is based on UK college of
business and computing (UKCBC). The report describes about creating a plan for collecting
from students across all campuses. In addition to that survey methodology and sampling frame
presented has been mentioned. Moreover, a questionnaire has been designed for collecting the
data and summaries of data and information has been done in the report.
TASK 1
1.1 Plan for collection of data from students across campus
It is imperative that data should be collected from authentic and reliable data sources so
that required outcomes should be successfully gained (Ho, Xu and Dey, 2010). There are two
main methods that are used for gathering necessary data that is required for performing the study.
Along with this data and information. Data collection techniques that have been used in the
present study are as mentioned: -
Primary data collection methods: - under this primary data has been gathered for conducting the
study in successful manner. Primary data is the data that is being collected at first time and in
this performance of the organization is evaluated. Questionnaire method in which questionnaire
asked to the respondents proves useful for collecting all the necessary information in successful
manner. Along with this primary data collection method has been used for taking the information
from the respondents. It provides an effective medium that could be used for carrying out the
necessary activities of the institution in successful way (Vercellis, 2011).
Secondary data collection methods: - In this method use of secondary data is taken so that
required objectives of the study should be accomplished. Data has been collected from books,
journals, online sources such as websites and internet. Use of various non-econometric and
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econometric tools have been taken and it has helped for gathering necessary information.
Secondary information that is collected from different sources aids for completing the study in
effective and successful way.
1.2 Presenting the survey methodology and sampling framework used
Primary data collection needs to be done in organized and systematic way so that overall
research can be completed without facing any difficulty. Conducting survey for collecting data is
the most effective method that could be used for gathering primary data and by making use of
technique views expressed by respondents can be gathered. Participants views can be collected in
a simple and random manner by making use of this technique. Questionnaire is prepared by
scholar so that open ended and closed ended questions can be mentioned in that (García-Peñalvo
and Conde, 2014). Open ended and closed questions are mentioned in the questionnaires. Along
with this Survey provide a meaningful medium for taking response of candidates. Initially
researcher makes use of tools that could be used for collecting the necessary data and figures
from the candidates.
Survey that is being organized helps for taking response of participants. Response of
students regarding performance of UBCBC can be taken and on the basis of that evaluation can
be done so that proper assessment can be done. In regard of this critical evaluation of weak
performing areas can also be done so that effective measures could be taken by management for
making improvements.
It will aid for rendering quality education to the students. Simple random sampling
method under probabilistic sampling has been selected and it has helped for taking views of
respondents. Along with this sampling frame is a technique that has been used by the researcher
for taking response from the participants of the research study (Solomon, 2014). This provide a
tool for gathering necessary data and figures that could be used for analyzing performance of
college against the set standards. Positive and negative reviews about the existing performance of
the organization can be collected and it will aid for taking effective decisions for carry out
necessary operational activities that are being performed in the company.
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1.3 Designing a questionnaire for collecting the data
In the present study scholar will make use of questionnaires method so that necessary
data for evaluating performance of UKCBC can be collected. Reviews of students about the
existing educational performance can be taken. It will aid for gaining a meaningful insight for
ensuing that students in the organization should receive quality education so that their bright
future can be ensured. Other than that sample of 50 students from the entire population has been
chosen so that their opinions and views can be collected for carrying out the study. Closed ended
questions have been mentioned in the questionnaires and it has assisted for assessing the
response of candidates. The questionnaire that has been prepared for taking views of candidates
is as described –
QUESTIONIRE
NAME –
AGE-
GENDER-
EDUCATION QUALIFICATION –
(1) What is your age group?
(a) 18-20 (b) 21-24 (c) 25-27
(2) Do you feel satisfied with the Education courses that are being offered at the college?
(a) Yes (b) No (c) Can’t say
(3) Do You feel that there is need for making improvements in the existing system that is
being followed in the college?
(a) Yes (b) No (c) Can’t say
(4) Are you satisfied with the education facilities that are being provided by the college
entity?
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(a) Yes (b) No (c) Can’t say
(5) Are you satisfied with the knowledge provided by tutors in the classrooms?
1. Highly agree
2. Agree
3. Neutral
4. Disagree
5. Highly disagree
(6) Do you feel that there is need for making improvements in the method for providing
teaching in the college?
1. Highly agree
2. Agree
3. Neutral
4. Disagree
5. Highly disagree
(7) Will you give preferences for recommending the college to your family members and
friends?
(a) Yes (b) No (c) Can’t say
(8) Do You feel that modern facility that are being offered at the college are satisfactory?
(a) Yes (b) No (c) Can’t say
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TASK 2
2.1 Computing measure of central tendency such as mean, median and mode
In the statistical tools there are different number of techniques are to be used by the
scholar in order to analyse about the research and business problem. Some tools which are
adopted in the current case for determine level of satisfaction of the students of UKCBC College
are such as mean, median as well as mode. The data are to be collected in the present case is
using the questionnaire and feedback from the 17 students of the college. Further, calculation of
such tools and techniques given as below:
Number of
respondents Q5 Q6
1 2 1
2 2 2
3 2 1
4 3 3
5 1 5
6 5 1
7 4 2
8 2 1
9 3 1
10 1 1
11 2 3
12 2 1
13 1 4
14 3 2
15 2 1
16 4 5
17 2 1
Mean 2.41 2.06
Median 2 1
Mode 2 1
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Mean: The value under which the scholar able to know average value of the data set which is
derived from the total 17 students of the college. By this the company or educational institute is
easily able to assess that on an average there are how much students are more agree as well as
satisfy from the services and education which provided to them by UKCBC (Nutt and Wilson,
2010).
Median: The other tool of measure of central tendency is median which helpful and supportable
to the scholar for dividing the overall data into two kind of equal parts. Another kind of measure
of central tendency is like as median where the investigator determine that what is the middle
and central value of the data set. Further, it helps to known that upper value from the median or
lower values are more better. On the basis of this, the college can know that upper the median
value college able to satisfy and attract the more students or lower the median value. On the basis
of this further decisions in the UKBC college are to be made.
Mode: Other measure of central tendency used in the current case is such as mode by which the
scholar can know that in whole data set there are which one value occurs often. The value or
number of those students who are more satisfy from the educational institutions are easily
assessed and known by the researcher (Pettigrew, 2014).
2.2 Interpretation and analysis of the results
Mean: From the above mentioned calculation it can be analysed and interpreted that average
value of the whole data and respondents is such as 2.41 which shows that students are rely
between the agree and neutral situation. Most of the numbers of students are fully neither agrees
nor neutral and they are at the middle position. Apart from this, the 2.06 value of average shows
that the students of college totally agree that college needs to improve its educational systems for
make them highly satisfied.
Median: It is not possible that every time available data will be in small scale and due to
segregate in equal two parts the current measure of central tendency is to be used. At the current
case, middle value of overall data is 2 which shows that most of the students and respondents of
the UKCBC college are agree by the knowledge which is delivered to them (Robert, 2010).
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Apart from thus, as pert the second kind of theme or question it has been ascertained that the
more number of students are highly agree and thinks that method of delivering the educational
knowledge must be improve.
Mode: It can be clearly said that value of mode in first case is 2 and in the second question it
determines at the one. It indicates that most of the students are repeated on the second option that
is agree where they satisfy with the knowledge of education provided by UKCBC to them. On
the other side in the second condition it can be said that the students are often select option one
by which they wants that college must need to improve way of education services.
2.3 Computation of measure of dispersion
Number of
respondents Q5 Q6
1 2 1
2 2 2
3 2 1
4 3 3
5 1 5
6 5 1
7 4 2
8 2 1
9 3 1
10 1 1
11 2 3
12 2 1
13 1 4
14 3 2
15 2 1
16 4 5
17 2 1
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Standard
deviation 1.12 1.43
Interpretation
The value which shows that from the generated outcome value of average or mean is up
to which extent deviate in the whole data set is identified as standard deviation. In the current
case both the value are deviate up to high level which is better for the college. It has been
analysed that in the first question most students are at the first option when in another kind of
question they are at the middle of first and second (Siegel, 2013). Standard deviation of both the
data sets like as question five and six is such as 1.12 and 1.43 respectively.
2.4 Calculating quartile and correlation
Number of respondents Q5 Q6
1 2 1
2 2 2
3 2 1
4 3 3
5 1 5
6 5 1
7 4 2
8 2 1
9 3 1
10 1 1
11 2 3
12 2 1
13 1 4
14 3 2
15 2 1
16 4 5
17 2 1
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Lower quartile 2 1
Middle quartile 2 1
Upper quartile 3 3
Correlation -0.055
Interpretation
By considering the current calculation it can be said that at two levels of quartile like as
lower and middle values are same in both the case which are such as and 1 respectively. Apart
from this as the level of quartile enhances in the data set then value also giving in the same
direction which is better and profitable for it. Upper quartile value in question five and six is
such as 3 and 3 respectively. Moreover, as per the correlation there are value comes at -0.055
which shows that if one variable will increase then second independent variable will reduce.
Hence, it can be said that between both the variable there is negative and week relations
(Siemens and Gasevic, 2012).
TASK 3
3.1 Graphical representation of data
Are you satisfied with the knowledge provided by tutors in the classrooms?
Responses Respondents
Highly agree 4
Agree 6
Neutral 2
Disagree 4
Highly disagree 1
Total 17
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Highly agree Agree Neutral Disagree Highly
disagree
0
1
2
3
4
5
6
7
8
5
7
2 2
1
Interpretation and Analysis
By considering as well as analyzing the above mentioned analysis it has been ascertained
that level of satisfactions of most of the students agree by the knowledge which is given and
provided by the professors and staff in the lectures and classrooms. There are 7 students agree
that the education service and knowledge given by the staff in classroom is highly effective.
Further, there are five among the 17 students are highly satisfied from the educational services
which are provided in the classroom of UKCBC college.
Do you feel that there is need for making improvements in the method for providing teaching in
the college?
Responses
Respondent
s
Highly agree 5
Agree 7
Neutral 2
Disagree 2
Highly
disagree 1
Total 17
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Highly agree Agree Neutral Disagree Highly disagree
0
1
2
3
4
5
6
7
8
5
7
2 2
1
Interpretation and Analysis
On the basis of the above mentioned analysis as well as chart it can be clearly found that
total 5 students between the whole selected data and respondents are highly agree. They are
highly agree in order to improve as well as enhance the services which are given and provided by
the UKCBC to their potential and all the students. They think that if it will improve way and
method of delivering the knowledge then able to attract more number of the students and satisfy
them up to higher level. Moreover, total seven number of respondents between the whole agree
that the management of UKCBC needs and must require to improve the method for providing the
educational services as well as knowledge to students.
3.2 Trend line chart of the data for forecasting
In the graphical presentation there is one of the most important chart is trend line which is
adopted and used by most of the firms, business entities as well as the current selected college
also. Key purpose and requirement of the trend line chart is to forecast and predict about the data
which are it has in the company. On the basis of forecasting further decisions to make the firm
more profitable (Trkman and et.al., 2010). At the current case scenario, the UKCBC college able
to determine that at the further financial years it will be able to raise more number of students or
not. Further, trend line is to be prepared for the UKCBC which is shown as below:
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The above trend line graph or chart indicates about the number of students which increase
year by year. The trend of taking admission in the UKCBC by students is increasing in each and
every year which is profitable for it in the education industry. It has been analysed that at the first
year there are 5000 students which reaches up to the 9000 students at the end of third year. Apart
from this, in the fifth year ending number of students is such as 15000 which indicate that
UKCBC has effectual strategies to attract the students. It can be forecasted that in the future
years the UKCBC college will attract more students and number of students also raises in all the
upcoming years (Baepler and Murdoch, 2010).
3.3 Power point presentation
3.4 Formal business report
Formal Business Report
To,
Board of Directors,
UKCBC College,
Date: 2nd May 2017.
The current report shows about the satisfaction level of the students of the college along with the
number of students. By doing survey with the help of questionnaire it has been analysed from the
respondents such as students that they are agree as well as some highly agree between total 17
that they are satisfy with the level of knowledge delivered in the classroom. Due to only agree to
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enhance their satisfaction it is necessary to improve and enhance method and ways which
UKCBC adopted in the existing situation. On the basis of analsying the second kind of
questionnaire it has been indicated that most of the students thinks as well as highly agree that
UKCBC must necessary to enhance their method by which at the current scenario it provide
educational services to them. Hence, it can be suggested to the management of UKCBC that it
needs to enhance its strategies and method of delivering the educational services and knowledge
up to the students.
TASK 4
4.1 Support for business decision making at strategic, operational and tactical level
It is important that business decisions should be taken so that growth and success of the
business can be ensured. There are major activities that are included for taking decisions for
business and it comprise of planning, organizing, scheduling, coordinating and controlling. It is
critical that all the decisions for business all the decisions for business are taken at three level
and it comprise of these –
Operational level – in this level all the day to day functioning of the business is ensured and
decisions are taken for performing the required operational activities in successful manner. Line
managers are basically responsible for taking these decisions and it influence the people that are
working at lower level of management (Zimmerman and Yahya-Zadeh, 2011). There are many
decisions that needs to be taken and daily reports needs to be prepared regarding sales in case of
marketing business.
In addition to that cash positions should be completed on daily basis so that required
activities of entity van be performed without facing much challenges and difficulties. Future
objectives of the company can be achieved if operational level decisions are taken in effective
manner. These types of decisions are taken by data and information that is being collected
internally and less accurate decisions are taken for performing the functioning of entity.
Tactical level -short term plans for carrying out the business Activities are needs to be
completed. actual procedures that required to be completed are undertaken at the tactical level
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and it supports for achieving the long term and short term objectives of the business in successful
manner. Along with this these decisions ae partly historic and partly that are taken on the basis of
future vision of the company (Kimmel, Weygandt and Kieso, 2010). Allocation of necessary
resources is done on the basis of the tactical decisions that needs to be performed in the
company.
Strategic level decisions – These decisions ae taken at the top management level and external
sources of data and information is used for taking the Overall goals, policies and objectives for
the business are determined at this level.
Management support system- in this system collection of data and information related to various
departments of the organization is done and it aids for providing all the necessary information in
the form of reports. All the three level of management makes use of MIS and it aids for taking
effective decisions for the business.
Decision support system – it is also used for collecting necessary data and information that is
been required for carrying out the required activities of the entity in successful manner (Ford and
Richardson, 2013). Decision making activities of the enterprise are performed successfully and it
also aids for achieving long term and short term goals of the company by making effective action
plans.
Transaction processing system – It is the system that is being used for processing the minute and
detailed information of the company in successful manner. It aids for taking effective decisions
for the entity. Major elements that are included under this are transaction, data capturing and
database maintenance.
4.2 Preparing a project plan for the given project activity and determining the critical path
Projects are handled and prepared in organization for scheduling all the necessary
activities of the project in successful manner. In an organization, it becomes responsibility of the
project manager for making it ensure that action plan should be made so that required objectives
from the project should be achieved without facing much difficulties and complications
(Zsambok and Klein, 2014). Analysis of actual performance against the set performance is done
and on the basis of that weak performing areas for the business are identified. Scheduling of all
the necessary activities that needs to be performed is done and on the basis of that plan is
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formed. It is vital that all the activities should be performed as per the set plans so that required
goals and objectives of the project should be successfully achieved.
Plan for the project Activities that needs be
included in the project
Time frame for completion
of project
Evaluating actual
performance of business
against the set standards
Assessment of non
econometric and monetary
tools so that performance of
the business should be
recognized.
4 weeks
Setting goals and objectives
so that required activities
can be scheduled against
them.
Taking decisions and
making strategies so that
goals and set objectives can
be completed.
2 weeks
Implementation of strategies Allocation of resources so
that necessary activities can
be performed without any
challenge. Other than that, it
is also required that
allocation of task and
assignments should be done
so that strategies should be
successfully implemented.
5 weeks
Monitoring of performance
against the set standards
Performance evaluation is
done so that weak
performing areas of the
business can be identified
and on the basis of that
effective measures should
be taken for improving the
performance.
3 weeks
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All the activities that have been mentioned under the plan required to be completed so
that required outcomes can be gained without facing much challenges. It is also critical that
allocation of necessary resources should be done so that activities ca be planned and executed.
Setting goals and objectives is one of the major steps that needs to be followed and all the
necessary activities ae planned and scheduled on the basis of that. Along with this
implementation of strategies also needs to be done in planned way so that less challenges should
be faced (Vercellis, 2011). In addition to that it is critical that specific time frame should be set
so that necessary tasks and activities should be accomplished on due time. Evaluation of actual
performance is also necessary so that weak performing areas can be identified and on the basis of
that measures can be taken fo making improvement in the performing areas of the business.
4.3 Project evaluation using financial tools
Calculation of Net Present Value:
Number of
years Cash flow of project Cost of capital @ 10% present value of project
Initial investment 15000
1 8000 0.909 7273
2 10000 0.826 8264
3 5000 0.751 3757
4 5000 0.683 3415
Total 22709
NPV 7709
Computation of Internal Rate of Return:
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Number of
years Cash flow of project
Initial investment -15000
1 8000
2 10000
3 5000
4 5000
IRR 34.77%
By considering as well as analysing the above calculation it can be said that management
of the college and firm must adopt and undertake the current project within the education system
(Internal rate of return and modified IRR, 2017). The key reason is that it provides positive
return and IRR which are like as 7709 GBP and 34.77% of the potential investment at the end of
four years.
CONCLUSION
By summing up the overall analysis it can be articulated that the UKCBC college has
problem in terms of satisfaction level of students and to conduct survey on this problem primary
data are collected using questionnaire. It can be said from the analysis thjat most of the students
are agree by the knowledge which is provided and delivered to them in the classroom. Apart
from this the students are highly agree and says that management must improve method of
education which lead to make them more satisfied. On the basis of trend line it can be said that in
the future number of students will be increase consistently. Further, it can be suggested to the
management that it needs to undertake the project due to having positive and better NPV as well
as IRR.
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