Business Decision Making: Plan for Data Collection and Statistical Techniques

BUSINESS
DECISION MAKING

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK...............................................................................................................................................3
Develop a plan for collection of both primary and secondary based data. Identify the
appropriate survey methodology and sampling the frame for explaining data collection
methods. .....................................................................................................................................3
Assess the different type of statistical techniques, methods and tools which would help to
examine data collected and aid the business decision making procedure as well. .....................6
Develop graphs and Charts with the help of spreadsheet for reaching a conclusion which
would be based on information about the company. ..................................................................9
CONCLUSION .............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
The report takes in account Business decision making which would help in critical decision
making for the betterment, growth and welfare of the company. It also is useful for business to
generate various opportunities through quantitative and qualitative analysis. In the prepared
report as under the company taken in Centaur limited that is a UK based and is a Business to
consumer telemarketing organisation as well (Bruni-Bossio, 2018). The following developed
report consist of information and data collecting sources such as secondary and primary sources
by the assessment of it as how firms would be making best use of such sources. Further, with the
assistance and help of financial records such as Cash flow statement, analysis is carried out and
perform various type of ratios which are calculated and interpreted for understanding monetary
positioning of the business. Also, with the help of graphs and charts presentation the above
information can be represented for asserting conclusion and some recommendations can be
provided.
TASK
Develop a plan for collection of both primary and secondary based data. Identify the appropriate
survey methodology and sampling the frame for explaining data collection methods.
Collection of information: Data collection can be explained as a medium of collecting
information which can be explained to be fruitful as well as useful for the companies. It states the
importance of collection, measurement, analysing the data which would be related to various
sources that can serve as a helpful tool for recording relevant answers against the problems
which are faced by an enterprise. These are assimilated in a structured format as well as
unstructured form as well. There are two basis of data collection and sources as well such as
Primary and secondary data (Engel, Ramesh and Steiner, 2020).
Primary data: It is a pure information which is collected by specialised analysts. Such type of
information is least demanded against multitude of data. The researcher of the organisation
would be accumulating data through association, correspondence, overview or few analyses. It
takes place in a unique manner when a certain subject, services and goods are having a strong
brand image or are famous in the market or competitive environment and there are many
assumptions being made according to the necessity. The organisation Centaur limited is

collecting information for accumulation of its feedbacks from users, primary sources in such a
way that would contribute in enhancement of business. For this, it should examine about its
targeted markets and their product and services which the consumers will be incurring more
likely. The aim for collecting information must be defined more clearly and in a precise manner
and the assessment of customers must be understood (Escadas, Jalali and Farhangmehr, 2020).
There are following policies for essential data sources are:
 Assessment and Questionnaires: It is done after reflecting necessary reactions, the
specialist is required to record and disregard. It is necessary to direct a pioneer
concentration on where the enquiries are being addressed by experience and further
demand to investigate the policies that are not sufficient.
 Interviews: It is considered as a tool which records essential and required information
which would be performed between two persons. In this method there are two sort of
group of people accumulated as one where one would be asking questions and other
would be addressing it for responding towards enquiries. This can be performed in two
ways such as face to face interview and vital interviews as well (Gibbs and Flotemersch,
2019).
Secondary data: Optional information is sorted and collected from various sources which can
be explained as gathering data as per their need and want for exploration. The data is then shifted
from need for the basement and shortlisted from present gathered sources. Information might be
collected from internal sources which have been gathered earlier for the exploring reason.
External sources are those sources that are away from the association and gathering of
information from those sources as are indicated by the need of assessment. Inward sources
further take in account:
 Profit and loss statement
 Sales figure
 Balance sheet
 Inventory records
 Previous marketing studies
In the occasion that the data collected won’t be adequate and sufficient for leading an
assessment, then at point, the material can be sorted and gathered from external sources
which would be incorporated: