Significance of Population and Sampling in Business Analysis

This report discusses the significance of population and sampling in business analysis. It explores the importance of population size and its impact on economic development. It also explains the different sampling techniques and their relevance in research. Additionally, the report compares and contrasts primary and secondary data, highlighting their pros and cons. Overall, it provides valuable insights into the role of population and data collection methods in business analysis.

Business Analysis
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TABLE OF CONTENT
Introduction......................................................................................................................................3
Question 1. Survey of colleagues and their response to holiday pay scheme. Explain
significance of population and sampling.....................................................................................3
Question 2. Compare and contrast primary and secondary data.................................................6
Question 3....................................................................................................................................8
Question 4....................................................................................................................................9
Conclusion.....................................................................................................................................11
REFERENCE................................................................................................................................13
Primary vs Secondary Data:15 Key Differences.......................................................................14
Primary vs Secondary Data:15 Key Differences.......................................................................14
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Introduction
Business analysis refers to evaluating business in order to make effective decisions.
Morrisons is the multinational company which comes under retail sector. This report will discuss
significance of sampling and population. Further will analyse primary and secondary data pros
and cons with mean, mode and standard deviation. This report will also discuss why
management information system is important.
Question 1. Survey of colleagues and their response to holiday pay scheme. Explain significance
of population and sampling.
1. do you like holiday pay scheme.
From 5 respondents 3 said yes while 2 said no they did not like holiday pay scheme.
Holiday pay scheme is the benefit which is provided by the company to their workers. Holiday
pay scheme means employees should have paid same by Morrison when they are on holiday like
same as they were paid when they were working. There are some organisation which cut the
amount from the salary of the employees when they went on holiday. As per government rules,
companies have to give minimum number of holidays to their employees and have to provide
them salary at the time they are on holiday (Brandao, Marcondes and Faciola, 2020).
2. do you get commission, overtime or bonus.
Out of 5 respondents 4 said yes they get all such benefits and 1 said no they didn’t get such
things. It is very necessary for the company to provide commission or bonus in order to motivate
their workforce. As employees will think that they are getting extra and they will get motivated.
If company have made extra work done from their employees then they must have to pay for
that. Morrison pay extra to their workers if their workers are doing extra work. Overtime is the
right of every employee and employer cannot deny to give that.
3. do your think that government should have interfere in holiday pay scheme.
Out of 5 respondents 3 yes and 2 said no. government should have definitely interfere in
holiday pay scheme because this is the right of every workers and there are some companies
which does not pay their employees on holidays. So if government will pressurise such
companies then they will pay their workers for holidays as well. By interfering government on
this matter will save workers from further exploitation.
Significance of population:
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A population is the complete group from which the conclusions can be drawn. Population
includes all living organisms which belongs from the same group and which lives in the specific
area. It further also includes demographic and social feature like cast, sex etc. in simple language
population is defined as total number of people which is living in specific area at the specific
time. Every country have different size of population. Some country have large population
whereas some have less population (Gu, Angelov and Soares, 2020). Every country have several
states and in every state the size of population is not same because it ranges and is also different
in every state. The process by which the number of people are counted which are present in the
population is census. In many countries census are taken place in every 10 years. As in every 10
years, the population of the country is ascertained by counting number of people from the
complete population.Size of population is not fixed as it changes with time.it changes are based
on fertility, migration and mortality.
So the size of population can be described on the basis of specific place and time.
Population is one of the important element of every country. It is also helpful in balancing the
environment. The population must be balanced with the resources and means. Overpopulation in
the country is not good. There are countries which have more population than the available
resources then it is bad sign for such countries. When country have less resources as compare to
their population then it adversely affect their economic development. Country can easily fulfil
the demands of their citizens if the population is balanced which results in preserving
environment of the country. As government of every country where population is more should
have come up with such policies where they should restrict on giving birth to specific number of
children. Couples should have restricted within two children and in case if the country is over
populated then authority can also restrict up to one children only. As managing high population
is not easy so government will definitely put restrictions because resources are limited so
population should be according to the available resources only (Duan and et.al., 2020).
Exponential population growth model:
Under this model, population which gets increased with the time is the result of the number of
people who reproduce without regarding to the limited resources. In this growth model, the size
of the population increases as per the exponential rate over the period of time.
Significance of sampling techniques:
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When the data is collected from the large population so it is difficult to gather data from
every person. So instead of that a sample has been selected. The sample refers to those
individuals who have participated in the research process. To ascertain fruitful outcome, the
carefully researcher have to select the sample as sample will be the representative of the entire
group. Sampling is divided into two which is probability sampling and non-probability sampling.
Probability sampling method:
Under this sampling technique sample is taken randomly from the whole population. So that
every individual can get equal opportunity for selection. This is also called as the unbiased
technique (Steliarova-Foucher and et.al., 20170. If the researcher wants to draw the conclusion
which are the representative of the entire population then probability sampling technique can be
the best choice.
Non probability sampling method:
Under this technique sample is selected from non-random criteria. It does not provide each and
every individual the chance of being selected. This method is cheap and also easy to conduct. It
also consume less time. But it supports sampling bias (Berryman, 2020). There are chances that
researcher can get baised at the time of selecting sample. This method is generally used in
qualitative research.
Sample is taken so as to provide statistical data for the research and administrative
purposes. The importance of sample is wide so here are the real life example of importance of
sampling. For example: in the opinion poll, interview is conducted with few individuals and their
opinions are recorded and then it is showed that it is the attitude of the entire community. There
are marketing agencies which conducts many surveys to know about customer’s expectations,
purchasing power, attitudes, shopping habits etc. this data or information is used by the company
at the time of sales promotion. Since it is very difficult to collect data from huge customers so
that is why information is obtained from few customers only.
Big lots of the already manufactured items are selected or rejected by purchasing
department of the company at the time of inspection from small number of products from big
lots. So only few items are checked from lots then purchasing department decides that the lot is
acceptable or not. Sampling technique is applied by both agencies which is government and non-
government agencies.At borders also customer officers make sure the laws by checking few
travellers who are crossing the borders.So by reviewing few sample they can estimate that whole
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population should be given permission or not. Another example is of auditor, when checking
accounting procedure and auditor checks few transactions which have been selected from wide
number of transactions which has taken place within specified period.
Question 2. Compare and contrast primary and secondary data.
Difference between primary and secondary data
Primary data is the data which researchers collects directly from the sources whereas
secondary data which are being collected via primary sources so that researchers can use for their
research (Primary vs Secondary Data:15 Key Differences., 2021). This data is also called as the
information derived from primary data. The secondary data which is used by the researchers are
taken from the primary sources and the primary research is conducted in the past. Secondary data
will be available or not are dependent on the primary researcher then he or she want to share the
information publicly or not. Example of primary data is the census data which is collected by the
central government. Example of secondary data is the information which is gathered from online
sources. The secondary data which is available at online websites are the primary data only
which has been collected in the past. When government collected national census, then they
share results in press, newspaper, magazines etc. so the another national authority which wanted
to allocate the budget for education or health etc may require census results (Scott and Kline,
2019).
By with the help of data, it can be find out the number of children who require education
and amount cab be easily assigned to the education sector and likewise by getting information
regarding old people funds can be easily allocated in the health sector. the data type of primary
data is real time and data type of secondary data is stale. When researchers are conducting
primary research then they have the permission to use latest information and this case cannot be
found in the secondary data. Secondary data is completely dependent on secondary data which
are gathered in the past so that research can be performed. The researchers is called as lucky
when the data is collected closely to the time when the researcher is being conducted research.
Primary data collection takes lot of time that is why researchers are more involved into this
whereas secondary data is easy and can be collected quickly. That is why is said that primary
data is longitudinal. In primary data researchers takes more time in recoding information, doing
research and evaluating data.
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While secondary data can be gathered and evaluated in few hours only. Primary data is
available in the form of crude while secondary data is the refined form of data. Secondary data is
very simple and can be easily understood by layman so that is why public can easily understand
it while primary data are available in the raw form and researcher has to simplified it.Secondary
data is available in the easy form because in the past information is broken by the researchers
and made it simple while doing primary research.
Primary data can be easily collected from tools like questionnaires and surveys whereas
secondary data is gathered from library, magazines bots etc. while collecting primary data,
researcherssearch for such tools which can be used easily in order to gather reliable information.
Formplus is the primary tool through which data can be easily collected. It is the web based tool
for collecting primary data (Trinh, 2018). Sources of primary data involves observations, focus
groups, surveys, interviews etc. and sources of secondary involves articles, blogs, books and
journals etc. in case of primary data researchers have to study deep which takes time as subject
have to analyse properly while in secondary data subject interaction is not necessary before it
gets collected. Primary data is very specific as per the needs of the researchers while it is not
necessary that the secondary data should be also specific.Secondary researchers are lucky as
compare to primary researcher because they use available information and which are available in
the refined and purest form. Primary data is more reliable and accurate as compare to secondary
data. The reason behind this is secondary data is not the regularized one.
Pros and cons of primary and secondary data:
Pros of Primary data:
It is helpful in solving specific research issues (What is primary data? What are
advantages and disadvantages of primary data over secondary data., 2020). When researchers
conduct their own research then it helps them to resolve particular problems of the business
situation. The information which is collected by researcher is the information which he wanted to
know and he published in the manner which is used by the organisation in the specific situation.
Primary data is said to be the more accurate data as it is freshly and directly collected by the
researcher.
Research design can be easily controlled by the marketer. So it can be said that researcher
have good control on the information which he has collected.The primary information is the up
to date and latest information as it is collected directly from the are in real time. In primary
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research, information which is collected by researcher becomes its owner also. So it is the wish
of researcher that he or she wanted to share information or not.So information can be hide also
from the competitors.
Cons:
Primary data collection is the most expensive method as the researcher have to start everything
from the starting only which means entire research process have to be followed, organising
information etc. it consumes a lot of time to conduct primary data (Prada-Ramallal, Takkouche
and Figueiras, 2017). Primary data is limited and specific to the place, time number of
respondents etc.
Pros of secondary data:
Secondary research is the cost-effective research. As the data is already available online or
offline so that is why this data is cheap as compare to primary. In secondary data one can obtain
wide range of information. This data can be access very easily. So after the internet has evolved
it made easy to find out secondary data. The secondary data is almost available for free. By
saving lots of money the efforts of the researchers. When old data is evaluated then it can
brought new understanding and also helps in drawing new conclusions. Through secondary data
longitudinal analysis can be easily performed. It refers to performing the studies over the long
period of time. It is helpful in finding out different trends. Anyone can perform secondary
research even those people can also perform it easily who does not have information about
different data collection methods.
Cons:
Secondary data might not match with the needs of the researcher as in the past it is gathered for
some another reason. So it can be said that with the current needs of the researcher it can be
unreliable. Secondary data can give wide information but quantity cannot be compared with the
accuracy.On the data quality researcher have no control on the secondary data. As there is
probability that secondary data can be of poor quality. When the information is collected from
the interest then the information can be questionable (Siddiqui, 2019). When an individual makes
decision by relaying on secondary data then he should find out the reliability of information and
how it is collected and analysed.
Question 3
Mean
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Mean refers to average. It is basically used in statistics minimum calculated by adding all the
numbers and by dividing number of. Mean is also one of the essential concepts used in
mathematics and Statistics as well. Refers to average of collection of numbers also used to
measure the central tendency of any probability and distribution. Refers to the total sum of all the
values and numbers.
Mode
Motor refers to the value which appears most frequently in the entire data set. A set of data must
have one mode and there is a possibility that it may have more than one mode as well. It can be
distributed in different ways. It is it is used for normal distribution as well sometimes the value
of mode is also same as mean and median.
Standard deviation
Standard deviation is used to measure the amount of variation and dispersion among the set of
values. It also indicates the value tend which remains close to mean and mode as well.
Question 4
An effective MIS is necessary for every organisation as it helps the organisation to create sound
decisions and also it is important part of the entire process of organisation (Setiawan, R., 2018).
It is using machine system which provides information to the organisation so that the overall
operation management and analysis of the organisation can take place smoothly. MIS also helps
the organisation to determine goals and objectives because it provides key performance indicator
to the company as well. Along with key performance indicators scorecard also being provided to
the companies for that all the relevant information which is required by the senior executive and
senior management team they may easily get with the help of MIS. Management information
system is one of the accurate way of getting information and using best resources that the higher
management can make certain formal and informal decisions within the organisation (Guha, and
et. al2018) On the basis of information which is been provided by management information
system they can make certain planning Strategies and also they may create various scopes for the
organisation. Management information system provides baseline and all the accomplishment
about every activity such as manage materials financial data and also provides a record of
different and castings so that the management of the organisation can take accurate decisions in
the favour of the company. Every organisation implements and appropriate and effective
management information system then it becomes easy for the management and employees as
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well to sort out day-to-day operational problems which is associated within the organisation.
These are the major reason that management information system has become one of the
important parts of every organisation (VORONKOVA and et.al 2017). In management
information system is being prepared in developed under the supervision of Management and the
common data follows by each and every employee. The overall structure of management
information system begins with self appraisal of different information which is being needed by
the management at different level. The system is being designed by taking care that it provides
information to top to bottom departments so that no one have to face any difficulty in the
organisation. Information will be different for different management levels because the kind
works by getting one information at all the level. Management information system also needs
review and participation and therefore it is being prepared under the supervision of higher
management. So that management information system can provide accurate and appropriate
visitor information to other managers as well. Management information system is known to be
the integrated system of the organisation because it blends the information by collecting different
operational areas and serve to other departments as per their needs. It also provides different
information about production capacity workforce inventory level of the products what are the
market demands and also the requirement of capital within the organisation. For that
management can make for the decisions about the marketing and promotional activities as well.
Management information system has become an important factor for every organisation because
it provides future information of the business and it has become a need for every organisation if
they want to operate for long in the market.
Importance of management information system
Growth of records
Organisation was using non paper storage media the amount of papers were escalate to
organisation but with the help of management information system now every information is
being generated and recorded in the form of software so that the chances of thefts may decrease.
Minimization of operating cost
Earlier organisation has to spend a lot of money on operating costs as they won’t have to record
the necessary documents and maintain them and therefore the cost of staffing had to bear by the
company but now with the help of management information system it is totally reduced the
operational cost.
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Theories
Cognitive theory
Cognitive theory States about the presentation of various information as per the story all the
information affects the overall performance of the organisation. So it is the responsibility of
manager that they must get accurate and updated information so that the overall performance of
the organisation do not get damaged. It also speaks about the changes of various elements and
consistency among the behaviours and attitudes.
Task technology
The story states that all the information technology and their capability must match to each other
so that the management and employees can use the positive impacts of the technology. They may
easily complete the given task by using appropriate technology and techniques within the
organisation. This can only be possible when organisation has effective management information
system so that each and every employees of the organisation may know how to use different
Technologies and techniques in different situation.
Other theories
Competitive strategy is also one of the important theories of management information system. As
per the theory it is the responsibility of higher management that determine all the factors which
can make the overall market attractive for the organisation (Olszak and et.al 2018). With the help
of the story organisation can perform well in the market and give tough competition to other
players as well. Social technical theory is also one of the important factor and theory of
management information system which provides large system to get optimal performance so that
organisation can provide better products and services in the market. So after analysing all the
aspects it can be said that management information system has important role and it has become
important part of the entire procedure of organisation. Management information system is liable
for safeguarding valuable and vital information for the organisation as it maintains the integrity
and confidentiality of the necessary information so that the organisation can go ahead in the
market.
Conclusion
From the above report it can be concluded that population is wide and government take
various steps to control the population in various countries. The report has explained importance
of sampling and population. The study has evaluated primary and secondary data its differences,
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advantages and disadvantages. This report also calculated mean, mode and standard deviation
from the case study. Effective management information system is important when making
decisions so that relevant information can be taken out while making decisions.
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What is primary data? What are advantages and disadvantages of primary data over secondary
data., 2020.[Online]. Available through: <https://brainly.in/question/8679738>
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Primary vs Secondary Data:15 Key Differences., 2021. [Online]. Available
through:<https://www.formpl.us/blog/primary-secondary-data#:~:text=Primary%20data
%20is%20the%20type,use%20for%20their%20own%20research.>
Primary vs Secondary Data:15 Key Differences
Primary vs Secondary Data:15 Key Differences
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