Aspects of Decision Making in Thomas Cook : Report

Added on - 22 Jul 2020

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Business Decision Making
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Plan for data collection..........................................................................................................11.2 Data collection methods........................................................................................................21.3 Questionnaire to carry out survey.........................................................................................3TASK 2............................................................................................................................................52.1 Information summarizes raw data collection........................................................................52.2 Result for decision making....................................................................................................52.3 Standard deviation for new tour product development.........................................................62.4 Quattiles, correlation and coefficient for decision making...................................................7TASK 3............................................................................................................................................73.1 Graphical presentation based on collected information........................................................73.2 Trend line for forecasting....................................................................................................103.3 Business plan on analysis and findings...............................................................................113.4 Business report....................................................................................................................12TASK 4..........................................................................................................................................124.1 Information processing tools...............................................................................................124.2 Project plan for an activity to determine critical path.........................................................134.3 Investment appraisal tools...................................................................................................14CONCLUSION..............................................................................................................................16REFERENCE.................................................................................................................................17
Illustration IndexIllustration 1: Information summarizes on customers' views..........................................................5Illustration 2: Revenue of organization for providing services to other countries' people..............6Illustration 3: Standard deviation....................................................................................................7Illustration 4: Quartiles....................................................................................................................7Illustration 5: NPV to choose appropriate project for new product development.........................15Illustration 6: IRR for selecting best project..................................................................................15Illustration 7: project evaluation method.......................................................................................16
INTRODUCTIONBusiness decision making is essential to preparing plans and making decisions regardingorganization's effectiveness and its operations. It includes forecasting and planning for furtheryears' operations on the basis of analysing organization's current performance. The present reportis based on understanding different aspects of decision making for developing new product forThomas Cook Group. In this regard, different data collection methods and systematic survey isto be described to recognize performance of entity. Including this, information summarizes onraw data collecting including mean, median, mode, standard deviation and correlation can beexpressed through this assignment. However, several decision making tools for innovations canbe introduced that involves data analysis. Along with this, business plan and forecasting as wellinvestment appraisal techniques to select appropriate project is to be explained forimplementation. Thus, students are able to acquire knowledge regarding decision making fororganization to implement accommodation services through this report.TASK 11.1 Plan for data collectionAs per the given case scenario, Thomas Cook is going to develop new product asinnovation in for tourists of different countries worldwide. Therefore, it plans to collect data toanalyse actual performance of tourism so various ideas can be created for decision makingprocess (Popovič and et.al., 2012). In accordance to this, several information are to be gainedsuch as; consumer profile, preference, attitude and their attitude towards services provided byentity. On behalf of this, decisions can be made for further years. Therefore, information relatedto facilities provided by tourist can be expressed as follows:-Primary data collection:-Information at primary level are gathered through conductingsurvey, face to face interview, door to door asking questions and so on. Therefore, actualposition of organization and its services is gained. In accordance to this, further decisions can bemade to implement strategies that is helpful for organization's effectiveness and improving betterquality services (Craft, 2013).Secondary data collection:-Under this data collection method, information are gainedthrough ready and prepared materials like newspaper, magazine, performance evaluation of1
organization. Thus, decisions for business operations in future time can be made effectivelythrough analysing last years' performances.Thus, data can be collected through above mentioned methods for decision makingprocess (Isik, Jones and Sidorova, 2013). However, it is needed to create plan for innovationsincluding data related to following tools:-Data requiredPlanConsumer attitude and perception towardsservices provided by Thomas Cook (ThomasCook,2016).It will be conducted through conducting marketresearch.Buying behaviour and consumer preferencesIt can be gained through analysing tourists'behaviour including different systems andbeliefs they follow.Competitive productsBy comparing Thomas Cook's performancewith other tour operators, different ideas canbe generated for further decision making.Data analysis and decision makingAfter collecting and identifying customers'views on services provided by organization,further decisions can be made for expansion ofentity and developing new product asimplementation in accommodation services ofentity.1.2 Data collection methodsInformation are gathered through primary and secondary data collection methods thatpresent Thomas Cook's performance. However, data are collected through conducting surveyand asking questions to people regarding travelling and accommodation service provided byThomas Cook (Mulley and et.al., 2013). In this regard, sampling and survey method includingqualitative as well quantitative research techniques can be explained as follows:-Survey and sampling:-Research is conducted through this method by selectingrespondents to analyse their views on organization's services. It can be done through2
different methods like random, cluster, snowball sampling and so on. For conducting thiskind of research, analyst asks question to selected 90 respondents from differentcountries of the world. Therefore, actual position of organization and its product servicesare gained through this process (Mackie, Worsley and Eliasson, 2014). For the presentresearch, analyst selects customers to identify their views as well making decisions forentity's effectiveness. He selects respondents randomly and further asks question relatedto services provided by Thomas Cook.Qualitative research:-Under this research method, analysis of customers' views,opinions is gained that proceed to make further decisions. In accordance to this, decisionsare made related to better quality services and satisfying them at large scale (Harris andet.al., 2016).Quantitative research method:-In this research method, analyst asks question toselected respondents and further counts answers collected in majority. On behalf of this,further strategies are to be prepared for implementing services of Thomas Cookenterprise.1.3 Questionnaire to carry out surveyResearcher asks question related to travelling and accommodation services provided byThomas Cook. For conducting research, he selects 90 respondents randomly through preparingquestionnaire consists a list of questions (Martinsuo, 2013). In this regard, he asks followingquestions to gain respondents' views on quality services thereby further decisions can made:-Name:Q.1 In which of the following age group you are belong to?18-2425-3233-50Above 50Q. 2 How about travelling services provided by Thomas Cook?3
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