Business Decision Making Assignment of Thomas Cook
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Added on 2020-06-04
Business Decision Making Assignment of Thomas Cook
Added on 2020-06-04
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UNIT 6 BDM
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Producing plan for collecting data....................................................................................11.2 Presenting survey methodology.......................................................................................21.3 Questionnaire....................................................................................................................2TASK 2............................................................................................................................................42.1 Summarising raw data......................................................................................................42.2 Analysing results and drawing out conclusion.................................................................62.3 Measures of dispersion.....................................................................................................72.4 Quartiles, percentiles and correlation coefficient.............................................................8TASK 3............................................................................................................................................83.1 Presenting graphs and charts............................................................................................83.2 Trend line graphs............................................................................................................123.3 Business presentation.....................................................................................................133.4 Formal business report...................................................................................................13TASK 4..........................................................................................................................................144.1 Information processing tools..........................................................................................144.2 Project plan and critical path..........................................................................................154.3 Investment appraisal techniques.....................................................................................15CONCLUSION..............................................................................................................................17REFERENCES..............................................................................................................................18
INTRODUCTIONBusiness decision-making is crucial for organisation so that it may flourish in the marketquite effectively. The present report deals with Thomas Cook Plc which is engaged in touroperations is planning for designing new tour product so that it may achieve more revenue withmuch ease. Various statistical methods such as mean, median, mode and standard deviation arecarried out to make decision. Moreover, investment appraisal techniques are also used to makedecision for the betterment of the company. TASK 11.1 Producing plan for collecting dataData collection is quite essential so that appropriate decisions can be taken with muchease. Thomas Cook Plc which has great name in the travel and tourism sector. It is required tocollect information so that new product may be developed and launch to satisfy customers. Datacollection is required so that market analysis can be done by the company regarding consumerpreferences, tastes. Data can be collected through two ways such as primary and secondary data.Primary data is collected for the first time and as such, it is first handed data to be used by theresearcher. Whereas, secondary data is second-handed data already used by the researcher(Pettigrew, 2014). The plan for collecting primary data is that online questionnaires may be provided so thatthey may answer those within stipulated time. It is quite easier method which help managementto have clear understanding of consumer preferences so that appropriate information may begathered to develop and launch new tour product in effective way. Online questionnaires arequite cost effective for the firm and data can be easily gathered. Responses can be easilyanalysed to draw valid conclusions (Sutherland and Holstead, 2014). In addition to this, plan for collecting secondary data is that Thomas Cook's annual reportfor past years can be taken so that relevant information may be gathered. Annual report providesclear information regarding sales made and income generated by the company and is good sourcefor assessing the financial health of organisation in effective way. Thus, the plan for datacollection through primary and secondary method can be implemented to generate adequateinformation.1
1.2 Presenting survey methodologySurvey methodologySurvey is effective method to collect adequate information with much ease for a specificsegment of a population while conducting research. Survey serve for attainment of particularpurpose so that relevant research may be obtained. In this survey, Thomas Cook Plc wants tocarry out research on the basis of consumer tastes and preferences and also for taking effectivedecision so that it may be able to accomplish desired objectives in better way. Onlinequestionnaires is used for conducting research so that adequate answer may be attained frompublic regarding their preferences with much ease. Moreover, open ended questions may beasked to gather information. This information can be collected within stipulated time by theresearcher so that adequate decision can be made confronting to launch new product in effectiveway. Questionnaires saves time for carrying out research and also are cost effective for thecompany (Ford and Richardson, 2013).Simple random sampling methodThis method is quite effective method for company so that it may be able to generateproductive results. For carrying out this research, about 90 customers sample will be taken togenerate effective outcomes. This means that sampling frame will be chosen from thesecustomers and consecutively questionnaire will be prepared for collecting valuable informationwith much ease. This is essential as entire population cannot be taken to conduct market researchand as such, simple random sampling technique is meaningful one to present effective results ypcompany so that new product may be successfully launched.1.3 QuestionnaireQuestionnaireDemographic informationName Age Gender 1. Have you ever gone for tour with Thomas Cook?YesNo2. What information do you research about going for a trip to new destinations?2
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