Significance of Population and Sampling 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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