(Doc) Business Decision Making Assignment
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Added on 2020-07-23
(Doc) Business Decision Making Assignment
Added on 2020-07-23
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Business Decision Making
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................4Task 1...............................................................................................................................................4A. Creating plan for the collection of primary and secondary data.............................................4b. Presenting survey methodology and sampling frame used......................................................5c. Designing questionnaire for survey.........................................................................................6TASK 2............................................................................................................................................82.1 Summarizing data collected from the survey using representative values............................82.2 Analyzing results of the survey and draw conclusions..........................................................9Theme 2:......................................................................................................................................9Theme 3:....................................................................................................................................10Theme 4:....................................................................................................................................10c) Analyzing the data using measures of dispersion..................................................................10d) Explaining the use of quartiles, percentiles and the correlation coefficient in relation todrawing useful conclusions........................................................................................................11TASK 3..........................................................................................................................................113.1..............................................................................................................................................11Theme 3: Customers highly prefer to purchase products or services through the means ofonline store rather than rather than high street shops and malls................................................123.2 Creating a trend line graph which represent that sales and profit growth over the period..133.4 presenting a formal report for Retail Times magazines.......................................................16TASK 4..........................................................................................................................................164.1 Use of information processing tools in decision making.....................................................164.2 Drawing network diagram and determining critical path of the project..............................174.3 Presenting the use of financial tools in decision making process........................................20
INTRODUCTIONIn the recent times, business units lay high level of emphasis on conducting research andundertaking financial tools for the purpose of decision making. Now, companies can gain attainsuccess and gain competitive edge over others only when they take appropriate decisions. Thepresent report is based on the case situation which presents that now shopping habit ofcustomer’s changes as compared to the prior years. For this project, some retail stores as well asmalls have been selected which offers grocery or retail products or services to the customers. Inthis, report will provide deeper insight about the plan used for the collection of primary andsecondary data for resolving the concerned issue. Further, it depicts methodology undertaken bythe researcher for conducting survey. Report will also present the manner in which statisticaltools and techniques help in deriving suitable results from data set. Besides this, it also entailshow information processing and investment appraisal tools aid in decision making aspect. Inthis, use of project management software in the context of business planning will be described. Task 1 A. Creating plan for the collection of primary and secondary dataGiven case scenario presents that now technological advancements and innovations areincreasing in the retail sector to a great extent. In the competitive business environment firm canattain success only when it complies with recent changes or trends.Topic: To assess the impact of technological innovation and multichannel shopping on salesand customer base retail high street shops & malls For analyzing the concerned issue data will be gathered by the researcher from bothprimary and secondary sources in the following manner:Primary data collection plan In the field of research, data gathered through the means of survey, observation, focusgroup etc is considered as primary. In other words, primary data implies for the one which isspecifically gathered for meeting the research aim and objectives (Albright, Winston and Zappe,
2010). Primary data is highly effectual which provides suitable and specific information as perthe issue being investigated. For getting information about changing shopping habits ofcustomers and motivations behind change, in the context of retail sector, survey technique willbe used by the researcher. Hence, firstly 20 managers of high street retail shops and malls will beselected via purposive sampling. Once, sampling has been done thereafter questionnaire will beprepared by the researcher by including both close and open ended questions regarding changingshopping aspects, multichannel shopping etc. Hence, after the preparation of questionnaire, itwill be sent on the mail-id of manager who selected as sample from the related population. Thus,by following the above depicted plan primary data will be gathered by the scholar. Secondary data collection plan Data which has already been gathered, evaluated, analyzed and published by theresearcher recognized as secondary. Books, journals as well as scholarly papers are considered asthe main secondary sources which provide information about the research issue and thereby helpin investigating problem in the best possible way (Gigerenzer and Gaissmaier, 2011). Hence, forevaluating the impact of technological innovation in the retail store and trend related tomultichannel shopping data will be gathered from journals and articles. Moreover, scholarly andrecently published articles render information about the level to which customers are using aswell as preferring multichannel shopping. Thus, for gathering information about customer’sshopping trend in the retail sector internet surfing will be done. The reason behind this, internetcontains more information about shopping trends and customer’s behavior.b. Presenting survey methodology and sampling frame used Survey methodology: This implies for the process which researcher undertakes to carryout survey more effectively. For conducting survey within the suitable time period researcherlays emphasis on selecting and undertaking specific methods (Ho, Xu and Dey, 2010). In this,for analyzing the impact of technological innovations on sales performance and customer base ofretail stores and malls responses will be gathered from the manager of such firm through onlinesurvey methodology. The rationale behind the selection of online survey methodology is that itsaves time and highly cost effective. On the basis of this aspect, firstly emphasis will be placedon acquiring mail-id of managers working in high street shops and malls. Thus, by sendingquestionnaire on the mail-id of managers, who selected as sample, responses will be collected.
Sampling frame: In survey, researcher is required to select appropriate sample by takinginto account either probabilistic or non-probabilistic technique. Probabilistic techniques implyfor the one in which all the individuals of concerned population gets an equal chance to beingselected as sample (Peetz and Buehler, 2013). On the other side, in non-probabilistic researcherselects sample by taking into account research aim and objectives. For assessing the impact ofmultichannel shopping as well as technological changes on the sales and customer base of retailshops & malls 20 managers will be selected by taking into account purposive samplingtechnique. This sampling technique highly suits to the qualitative research type and thereby helpsin assessing suitable solution of issue. c. Designing questionnaire for survey In order to conduct survey more effectually questionnaire has been designed by theresearcher by including both open and close ended questions.Questionnaire:Demographic information Name:Age:Area of working:Q.1 Do you agree that shopping habits of the customers are changed in the recent time frames?Agree ()Strongly agree ()Neutral ()Disagree ()Strongly disagree ()Q.2 Do you feel declining trend in the sales revenue pertaining to retail products or services?Yes ()No ()
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