Report on Importance of Business Decision Making
Added on 2020-06-06
23 Pages5732 Words41 Views
Business DevelopmentData Science and Big DataHigher Education
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Business decision making
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1A. Data collection and formulation of plan for this....................................................................1B. Sampling frame and methodologies of survey used...............................................................3C. Questionnaire that will be used for the data collection..........................................................3TASK 2............................................................................................................................................6A. Summarisation of the information and using of representative values..................................6B. Interpretation of the outcomes and conclusions on basis of that..........................................11C. Measures of discipline required for analysis of data............................................................11D. Percentiles, correlation coefficient and Quartiles for decision making................................12TASK 3..........................................................................................................................................13A. Preparation of graph for the various responses....................................................................13B. Trend line analysis................................................................................................................15C. Covered in PPT.....................................................................................................................16D. Formal report........................................................................................................................16TASK 4..........................................................................................................................................16A. Use of information processing tools.....................................................................................16B. Determination of the critical path by network diagram........................................................17C. using various tools of finance for Decisions making...........................................................19CONCLUSION..............................................................................................................................20REFERENCES..............................................................................................................................21
INTRODUCTIONBusiness decision making is basically description of integral part of modern management.Basically every manager has to take hundreds of decisions to be considered consciously bymaking key components in role of manager (Vercellis, 2011). These business decision play animportant role in determining both organisational and managerial activities. This report is basedon UKCBC college which is education system provider that provides higher educationapplication in UK. Every institution has code for using this type of application process. The mainpurpose of this report is to analyse the importance of business decision making. The qualitativeand quantitative information is collected in special formats. There is a proper method oforganised behaviour which performs this type of collection of information. TASK 1A. Data collection and formulation of plan for this.In the business there are various decisions which are required to be taken and for thatthere will be requirement of the relevant data which will have to be collected from the varioussources which are present (Wu and Pagell, 2011). For this purpose it will be required that properplan shall be formulated with the help of which the data will be collected in the most appropriatemanner. In UKCBC there will be various decisions which will have to be taken by themanagement and for that a report will be submitted to the QAA. Various objectives which havebeen set by the management will be achieved with the help of this. The main sources which willbe used for this purpose is described below: primary sources: In this the data will be collected by using the direct method. In this thereare various tools which will be used so that all the information can be utilised by thecollege. For this research will be conducted in the views of different persons will beknown and then the decisions will be taken on the basis of it. In this as the data will becollected directly from the respondents so the risk involved in relation to the chances ofthe m9odification made by third party will be reduced. The methods which can be used inthis are Questionnaire, interviews and other means. There will be personal interview ofthe selected persons so there will be surety that the data that will be collected will beaccurate. 1
Secondary sources: in this the data will not be collected by the direct means rather theinformation that will be used will be the one which would have been collected by theothers and the same will be utilised by the college for its needs (Yager and Kacprzyk,2012). In this the information will be collected from the journals, magazines or the bookswhich are published by the other authors. As the information will travel from differentpersons so there will be high chances that there will be some amount of modificationwhich have been made in it by some or the other person. The data will also be collectedfrom the publications of the government and that will also prove to be beneficial for thecollege.With the help of these two methods the information that will be collected will be of two typeswhich are quantitative and qualitative and are explained in detain below:quantitative data: This is the data which is related to the numerical aspects. It means that in thisthe transactions or the activities which involve numbers will be considered. Quality will not begiven any importance in this and there will be no problem of the accuracy as in this all the figurewill be there so there will be less chances that mistakes will be there.Qualitative Data: In the college there are various students and it will be very important to havethe knowledge regarding the behaviour of all of them and this will be collected with the help ofthe methods which are described above. In this the data will be of the two types which arenominal as well as original data. In the original information all the labels that will be used by thecollege will be involved and in the nominal one the qualities will be determined in relation tothem. Data collection plan:In the process of the collection of the data there will be requirement that plan shall bemade in relation to it so that all the data can be collected in the proper manner and the methodthat will be used for this purpose will be specified in it. There will be various activities whichwill be performed and all of them will be mentioned in the plan. The person who will beresponsible for the performance of which task will also be mentioned in this. In the collectionprocess a time limit will be specified for which the survey will be required to be conducted andthat will have to be mentioned in the plan (Zikmund and et., al. 2013). The requirement to makedecisions will be fulfilled by the college and for that the report will be provided and in this themethod that will be used for the survey will be specified. In the given case questionnaire will be2
used and it will be conducted by taking a sample of 50 persons. The data will be collected for theperiod of 5 weeks in which the questions will be asked from the students of the college who willprovide their responses on the basis of their experiences.B. Sampling frame and methodologies of survey used.Survey is the tool that is used for the collection of the data and in this there are variousmethods which have been specified and can be used such as questionnaire and interviews. In thisall the data will be collected personally so there are least chances that any risk will arise inrelation to the information collected. Due to all this the decisions that will be made will be themost effective ones. Primary research is the method in which questionnaire will be used and inthe given case the same will be undertaken by the college. Questionnaire is the method in whicha list of questions is prepared and then that is provided to a set of persons who will be required toprovide the answers in relation to it. By that the information will be obtained about the level ofthe satisfaction which has been received by the students. The targets that are specified in this respect will be achieved by the college with the helpof this survey. In this the evaluation will be required to be done for which the information aboutthe past and future both will be undertaken and for that there are tools which will be used bywhich the gap that is present in the data will be identified and then on the basis of the findingsthe corrective steps will be taken by which all the work will be conducted with full efficiency. Sampling is the method in which the group will be selected from the whole populationand this will be required because it is not possible to consider all the people in the survey(Zsambok and Klein, 2014). In relation to this there are various methods which are specified inthis respect which are Quota sampling, systematic sampling, random sampling, cluster andstratified random sampling. They are the methods and it will be required by the college that bestamong them will be selected and that will be the one by which maximum advantage will bereceived by the college. The method that will be used here is the random sampling which is thesimplest method as in this there is no procedure involved which is complex and cannot beunderstood by the staff. In this the special training will not be required to be provided to theemployees neither the skills will be needed. By using this the research will be conducted whichwill be beneficial for the college in the long run as by it the overall development will take place.3
C. Questionnaire that will be used for the data collection.In the business the method that will be used for the conduction of the survey is thequestionnaire in which the sample that will be selected will be provided with the set of questionsand they will be required to provide the answers in respect of them so that the evaluation of theperformance can be done on the basis of it and then the decisions will be made by using theresponses that will be received by the college. Then the findings will be reported to the qualityassurance agency by which it will be able to make the performance of the college better andgrowth will be achieved. Steps will be taken so that the problems which are currently face by thestudents according to the survey will be dealt by in the most appropriate manner. A samplequestionnaire which will be used in the conduction of survey is provided here under:Questionnaire1. What is your gender?a) Maleb) Female2. In which category, do you fall?a) 19 or youngerb) 20-25c) 25-30d) 30-40e) 40-503. In which campus, you are currently studying?a) Wentworth House Park Royalb) Lords House Holbornc) Crickle Wood4. In this college, what course you have chosen?a) HNDBb) HNTTM4
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