Business Decision Making: Data Collection, Statistical Tools, and Analysis

Business Decision
Making

Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Make a plan for collecting primary and secondary data. Also identify the methodology and
sampling frame to justify the collected data................................................................................3
Observe the various statistical tools and techniques used to collect data and helps in decision
making process............................................................................................................................6
Create charts and graphs (pie, bar, line) using accounting tables to make reasonable inferences
based on data about the business.................................................................................................8
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Business decision making helps in taking decision based on the previous performance and also
takes decision for the betterment and welfare of the company. It further helps in growing the
organisation by using qualitative and quantitative analysis (Direction, 2019). The following
report includes a company which deals in outsourcing and works as a tele performance of the
company. In the following case the company taken is Darling Ingredients Limited which is based
in UK and deal in B2C telemarketing company. By using cash flow statement an analysis is
performed in order to know the actual results of the company and how the cash is used within the
organisation. Also the graphs and charts are prepared to draw a conclusion of the finding of the
report.
MAIN BODY
Make a plan for collecting primary and secondary data. Also identify the methodology and
sampling frame to justify the collected data.
Collection of Data: Data collection is a medium used for collecting information which is
useful for the organisation. It is a process which consists of measuring, collecting and analysing
the information collected from various sources and finding out the outcome of the data collected.
There are various ways of collecting data which includes assimilated data in structured form and
unstructured data which is collected from secondary sources. There are mainly two types of data
collection namely primary data and secondary data (Guarana and et.al., 2022).
Primary Data: It is form of raw data which is directly collected form sources in order to
know the fulfil the requirement of the study. This information is least demanded as many of the
information is readily available and already collected. This form of data is used by researchers in
order to collect the findings of their report. It may be used by the companies in order to launch a
new product in the market before which market research is done to analyse whether there is a
demand of a specific product in the market or not. In the following case, Darling Ingredients
Limited gathers information from various sources and also from the customers in order to
improve the services of the company. The main objective of the study is clearly defined to
collect the information regarding the subject matter.
Following are the various sources from where the information is collected.

 Interviews: this form of instrument is used to determine the actual analysis and results
from the individual itself. This form of collection of data includes two ways, one is the
person addressing and the second is the respondent of the data. The apparatus is
performed in two ways one is face to face interview and the other is vital interview.
 Questionnaires and Assessments: this form of collection of data is used when there are
fixed number of questions that needs to be answered by the respondent. It can be further
collected in various forms namely, in form of paper, mail, etc. it can be used to gather
information from outside the organisation by using various sources and examine the data
gathered (Kumar, Kumar and Prakash, 2019).
Secondary Data: This form of data is accumulated from various sources that have collected data
at this time in accordance with their investigation requirements. Data is filtered according to
assessment requirements and from currently collected sources. For investigative reasons, data
may be collected from internal sources accumulated earlier. External sources are those outside
the affiliate and from which data are collected, as evidenced by the need for assessment. Further
consolidation of internal resources:
 Balance sheet
 Profit and Loss statement
 Sales Figure
 Previous marketing studies
 Inventory records
If the data collected is not sufficient to guide the assessment, data can be collected from external
sources:
 Universities
 Corporate filings
 Business, trade, and professional association
 Government sources
Types of secondary data:
 Websites: It is a kind of help information through which data can be assembled, for
example, an area made by an association for better access by customers. The locale
facilitates access to data that will provide important lessons in clarifying and
documenting its strengths and setbacks in the systematized, money-related position of