Business Decision Making- Assignment

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BUSINESSDECISIONMAKING
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1: Creating a plan for effective data collection from students across various campuses:........11.2 Research Methodologies:......................................................................................................21.3 Framing Questionnaire..........................................................................................................3TASK 2:...........................................................................................................................................52.1 Analysing the data collected with the help of representative values.....................................52.2 Analysing outcomes of the survey to get a reliable conclusion............................................72.3 Interpretation of data using measure of dispersion...............................................................82.4 Use of Statistical tools for reliable inference of data............................................................8TASK 3............................................................................................................................................93.1 Graphical representation and interpretation..........................................................................93.2 Trend Analysis....................................................................................................................123.3: Covered in Poster...............................................................................................................133.4: Formal Report:...................................................................................................................13TASK 4:.........................................................................................................................................144.1 Benefits of using software generated information systems in business:.............................144.2 Network Diagram and Critical Path:...................................................................................144.3 Investment appraisal techniques:........................................................................................16CONCLUSION..............................................................................................................................17REFERENCES..............................................................................................................................18
INTRODUCTIONBusiness decisions are made by the management of the company on every level oforganization(Aguirre-Rodriguez, Bosnjak and Sirgy, 2012).They may pertain to a strategic,investment or routine decisions. An effective business decision essentially relates to any type ofcourse of action taken by the manager that helps in better integration of processes to achieveorganizational goals. This project report focuses on analysing the reasons behind the impact thattechnological innovations and evolution of using multichannel purchasing have on high streetshops and malls. Primary as well as Secondary research tools have been utilized for datacollection along with effective research methodologies.TASK 11.1: Creating a plan for effective data collection from students across various campuses:Effective Data Collection is the key to unlocking the minds of targeted customer. Propercare needs to be taken while creating the plan for collection of data. The researcher can collectaccurate and useful information that can help him/her in forecasting as well as planning thefuture market by deriving behavioural patterns of the customers from the information gathered.As mentioned in the scenario, a specific research has been conducted using primary as well assecondary research methods on a selected sample frame to ascertain customer buying behaviourand the underlying factors driving motivation for change and other socio-economic implications.Using more than one research method, helps in ascertaining the reliability of the data collected aswell as helps in analysing the data from more than one standpoint(Hwang and Lin, 2012).Usually the methodologies adopted by researchers for data collection can be stated as follows:Primary Sources:In order to collect data for this research study, face to face interactions withcustomers using different modes of purchasing have been taken into account. One of the benefitsof this method is that the primary data collected is highly customized in nature. This data can beobtained by conducting surveys, experiments, observations free of manipulation. Some of theseare explained below:Questionnaire:One of the most popular methods, a questionnaire is defined as a set oforal or written questions with multiple choice of answers used for the purpose ofgathering information regarding an issue or cause from a given sample(Cao, Duan and1
Li, 2015). It should be concise and easy to understand. Questionnaires are convenient aswell as can be used for large samples.Interviews:This method is based on a person asking questions to the samples to gatherdata. Interviews are more open ended in comparison to Questionnaires and an in-depthinformation can be obtained through this method. Confusions can be avoided in this typeof method and more clarity is obtained on the part of respondents.Internet Communication:This method involves collecting data by means of internetmediums such as emails, blogs and social media platforms. It is a faster and personal wayof data collection.Secondary Sources:The secondary data is the data that has been already present in the marketin the form of magazines, journals and numerical data. Secondary Data can be used by theresearchers for purpose of reference and complementing their current research. These help ingathering past trends and analysing results obtained when a similar research was carried out bysomeone else previously(Barry and Edgman-Levitan, 2012).The plan discussed below is related with collection of valuable viewpoints from largenumber of student across different campuses in respect to determine their understanding relatedwith particular management course. In order to collect data specific questionnaire is preparedthat focuses on main question that are going to be asked from student. This particular datacollection would be going to be held on 1stweek of September as this is the best time whenstudent are free from exam and they are planning for future studies.Questionnaire1)Are you familiar with foundation course related to management studies?1)Yes2)No2)What are the essential Requirement for doing management course?1)60% Marks in Previous course.2)Knowledge about Management Topic.3)What inspired you the most the most to take management course?1) Future Growth2) High Earning3) Interest topic than other options2
4)How Much time Do you spend on Studies every day?1) <2 Hours2) 2-3 Hours3) 4-5 Hours4) >5 Hours5) Which Activities You required most in classroom?1) Memory Development.2) Treasure Hunt3) Fast Facts learning4) other Activities.1.2 Research Methodologies:A Research methodology is a set of defined procedures or techniques that are used foridentification, selection and analysis of information regarding any topic of research. In order toanalyse the impact of technological innovation and increasing popularity of multiple-channelpurchasing among the consumers, appropriate research methods need to be used to gather asmuch relevant information one can obtain. Some of these research methods are discussed below:Descriptive Research:This research method focuses on answering the “what” part of the research instead of“how'. For example,the researcher targeting the population of customers that ranges between theage of 16 to 30 year of age preferring e-commerce sites, social media platforms as well as direct-to-consumer telemarketing and offline outlets to collect data.Quantitative Research:This research method focuses mainly on numerical analysis of data that has beengathered through research. For example, calculating the average income, from data collected,spent per year on online channels by the target audience with the help of statistical tools such asmean, median and mode would form the part of quantitative research(Fraedrich, Ferrell andFerrell, 2013).Qualitative Research:3
This research method focuses on analysing the feelings and perceptions that people havetowards a particular product or service. For instance, if the researcher surveys what kind ofrationale do the customers have while buying a smartphone online rather than going in offlineoutlet, this would focus on qualitative part of their research.Sampling Method:Sampling includes selection of a small group of individuals that represents a populationof similar characteristics by implementing statistical tools(Zeleny, 2012). If the research subjectincludes 60 respondents then it its important that these 60 respondents depict true characteristicsof the entire population consisting of customers aged 16 to 30 years. Some widely adoptedsampling techniques have been explained below:Random Sampling:A widely used method, random sampling uses probability forsample selection. Hence, every item of population has equal probability to be included inthe sample for analysing the rationale of customers to choose online purchasing channelsover offline outlets.Cluster Sampling:Under this method, population is segregated into separate groupscalled clusters based on common characteristics. After that, one sample from each clusteris chosen to be included in the sample(Erskine And et. Al 2014).1.3 Framing QuestionnaireQUESTIONNAIREPersonal information:Age: (A) 15-25 (b) 25-30 (c) 30-35 (d) more than 30Sex: Male [] Female []Occupation: Student [] Businessman [] Service [] Other []Q1: How frequently do you shop?(a) Every week(b) Once in 15 days(c) Every 3 Months(d) Once in a yearQ2: What channel do you prefer while shopping?(a) Street shops4
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