Significance of Population and Sampling Techniques in Business Analysis

Business Analysis

Table of Contents
INTRODUCTION......................................................................................................................3
QUESTION 1.............................................................................................................................3
Significance of Population.....................................................................................................3
Significance of sampling techniques......................................................................................4
QUESTION 2.............................................................................................................................6
Difference between primary and secondary data...................................................................6
Advantage and Disadvantage of primary and secondary data...............................................7
QUESTION 3.............................................................................................................................7
Mean ......................................................................................................................................7
Mode ......................................................................................................................................7
Standard deviation..................................................................................................................7
QUESTION 4.............................................................................................................................7
Importance of using effective management information system ..........................................7
CONCLUSION..........................................................................................................................7

INTRODUCTION
Business analysis is a research through which companies needs are identified and
provide a solutions of a specific problem as well. These solutions may also include the
software system development component and also consist of process improvement. In the
same way, current study is based upon the case study of Debenhams Plc which is top UK
retail firm and provide best shopping experience to their customers by providing best brands.
The current study main purpose is to provide an importance of business analysis so that
company may meet the further level of success.
The study will provide the significance of using sampling technique and population
by using relevant concept and models. Further, study will describe the difference between the
primary and secondary data with their pros and cons in which concepts and theories are
applied. Further, with the help of case study, scholar also choose proper quantitative measure
in order to calculate mean, mode and standard deviation by using excel. Lastly, study will
explain the importance of effective management information system in order to make better
decision for a company by using concepts and theories.
QUESTION 1
Significance of Population
While conducting a survey, populations plays an important role because it is an actual
population from which the survey data are collected from the data collection operations. In
the same way, when survey is conducted of the fellow colleagues to determine their response
of introducing a holiday pay scheme, researcher have to select the best sample from the
population (Wang and et.al., 2017). As it is not possible to involve entire population to get
their response and that is why, some are selected from a range of population. So, population
is refers as a number of people in a particular place.
Malthus’ Theory is consider the best theory for population which was introduced by
Thomas Robert Malthus who was a key figure to determine the population statistic which can
be used for conducting survey. The theory is fall under the principle such that there is a
strong attraction of two gender and thus, population could also be increased by multiples in
many years (Ernsting and et.al., 2017). Even there are many author who also criticize, as a
result, many new theories are further developed in order to examine the correct concepts.

Moreover, there is a big difference between the population and sampling such that
population is a broader group of people from which researcher collect the answer and the
population will depend upon the scope of a study. In the presence scenario, for conducting a
survey, some sample is selected form the population and here population is the fellow
colleagues who provide answer whether holiday pay scheme is good or not. Even there are
many characteristic of population such that age, location, socio- economic data and race. So it
is depend upon the study through which sample is selected from the population size
(Formeister and et.al., 2018). Or else it can be stated that population can thus be said to be an
aggregate observation of subjects grouped together by a common feature.
In addition to this, the concept of a population also shows that unlike a sample, when
carrying out a statistical analysis of a population, there is no standard error to report because
such error inform the analysts using a sample how far their estimate may deviate the true
population. That is why, it can be vague or specific, which is based upon the need or scope of
a study (Shuva and et.al., 2016). For example, if a company wanted to know whether their all
customer are satisfied with the offered service and product and there are around more than
50000 customers. So it is quite challenging for the company to get answer from all, that is
why, survey is conducted in which sample is selected by using appropriate sampling
techniques that help to determine the answer. In this situation, 50000 is termed as a
population whereas, selected respondents for survey is known as sample size. Therefore, it is
clearly reflected that population is an aggregated observation of subjects that is grouped
together by a common feature.
Significance of sampling techniques
To conduct a survey, it is essential for the investigator to have a good knowledge of a
sampling technique because it is not possible to select entire population, so sample size is
selected by using techniques. Also, there are different sampling techniques available for the
qualitative as well as quantitative study. Sampling and sampling techniques are consider
important element of a primary research because it is impossible to conduct survey from an
entire population and thus to make sure that people in sample reflect the population or else
mislead the results too (Taherdoost, 2016). That is why, with the help of sampling and
sampling techniques, bias can be minimized and also investigator get their accurate results as
well. As there are two sampling techniques such that purposive and non- purposive.