Business Decision-Making: Tools and Techniques for Effective Decision-Making

This report explores the importance of business decision-making and the tools and techniques used for effective decision-making. It covers topics such as net present value, probability sampling, payback period, and internal rate of return. The report provides calculations and analysis to advise management on financial viability and suggests alternative factors to consider. It also discusses the difference between probability and non-probability sampling, presents five sampling methods, and examines the advantages and disadvantages of each method. Additionally, it explains the importance and limitations of the payback period and explores the concept of internal rate of return.