Sources of Business Decision Making

   

Added on  2019-12-03

18 Pages4014 Words97 Views
Business Decision Making
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TABLE OF CONTENTSintroduction......................................................................................................................................1task 1................................................................................................................................................1Q. 1 Research plan including appropriate data collection sources for business decision making.....................................................................................................................................................1Q. 2 Survey methodology and Sampling methods......................................................................1Q. 3 Market survey questionnaire................................................................................................2Task 2...............................................................................................................................................3Q.1 Mean, median, mode and advise for line manager...............................................................3Q. 2 Calculation of Range and Standard deviation......................................................................4Q. 3 Calculation of interquartile range and use of quartiles and percentiles and correlationcoefficient....................................................................................................................................5Task 3...............................................................................................................................................6Q. 1. Column/ Bar graph showing sales, cost and profitability...................................................6Q. 2 Trend line graph for sales and profit of the organization....................................................7Q. 3 Power Point Presentation.....................................................................................................8Task 4...............................................................................................................................................8Q. 1 Different information processing tools which can be used to aid decisions making atoperational, strategic and tactical level........................................................................................8Q. 2 Critical Path Analysis, Network Diagram and calculation of project duration...................9Q. 3 Selection of a project for investment purpose...................................................................11Conclusion.....................................................................................................................................14References......................................................................................................................................15
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TABLE OF FIGURESFigure 1: Column graph showing sales, cost and profitability........................................................6Figure 2: Bar graph showing sales, cost and profitability...............................................................7Figure 3: Trend line graph for sales and profit................................................................................8Figure 4: Gantt chart......................................................................................................................10Figure 5: Network Diagram...........................................................................................................11LIST OF TABLESTable 1: Calculation of mean, mode and median............................................................................3Table 2: Calculation of quartile, percentile and interquartile range................................................5Table 4: Calculation of critical path analysis..................................................................................9Table 5: Calculation of ARR.........................................................................................................11Table 6: Calculation of Net Present Value....................................................................................12Table 7: Calculation of Internal Rate of Return............................................................................13
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INTRODUCTIONDecision making process is one of the major function for each and every organization.Company needs to use different methods and techniques for making appropriate decisions. Thecurrent research report is based on business decision making (Dey, Clegg and Bennett, 2010).Research focuses on a case study which states that a small food production company wants toexpand its business at large level and regarding this it has decided to start a canteen in FairfieldSchool of Business (FSB). The current research focuses on market research for this businessexpansion project. In addition, it will also analyze collected data using various statisticalmethods. Afterwards, research comprises project evaluation and review techniques and criticalpath analysis for determining the project completion duration. It focuses on various investmentappraisal methods for identifying the most profitable project. Therefore, study will use differentfinancial and operational methods for business decision making. TASK 1Q. 1 Research plan including appropriate data collection sources for business decision makingResearch plan can be defined as a process which include different steps for conductingwhole investigation. For the current project researcher will collect facts and figures from bothprimary and secondary data collection methods. Primary data will be collected by online surveyof students and college staff members of FSB (Lind, Marchal and Wathen, 2005). It helps ingetting information about the preferences of customers. Using this information organization canoffer appropriate product and services for satisfying their needs and requirements. On the otherhand secondary data collection can be done by different sources such as annual reports andwebsite of the company, literature review, books, articles and journals, etc. All these sources willhelp in getting appropriate historical information about the business expansion project.Therefore, research plan will play important role in getting suitable information about theresearch subject (Greasley, 2007). Q. 2 Survey methodology and Sampling methodsAs per the research plan, author needs to conduct a survey for getting primaryinformation. Online survey will be one of the best method for conducting survey of students andcollege staff. It will reduce time and cost of the company and provide and record all necessarydata in appropriate manner. Survey will be conducted by a structured questionnaire which will1 | P a g e
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