Assignment Business Decision Making Sample

Added on - 21 Jul 2020

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BUSINESS DECISIONMAKING
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Data collection plan..........................................................................................................11.2 Survey method and sampling framework.........................................................................31.3 Questionnaire framing......................................................................................................4TASK 2............................................................................................................................................82.1 Data estimation on collected data from survey................................................................82.2 Data estimations on collected data...................................................................................92.3 Dispersion of collected data...........................................................................................102.4 Quartiles, percentile and correlation of collected data from survey...............................10TASK 3..........................................................................................................................................113.1 Graphical presentation of collected data from survey....................................................113.2 Trend line for forecasting...............................................................................................163.3 Power point presentation of collected data.....................................................................173.4 Report on result from survey..........................................................................................17TASK 4..........................................................................................................................................184.1 Information processing tools..........................................................................................184.2 Project plan and critical path method.............................................................................204.3.........................................................................................................................................21CONCLUSION..............................................................................................................................21REFERENCE.................................................................................................................................22
ILLUSTRATION INDEXIllustration 1: Time schedule for accomplishing project plan.......................................................20Illustration 2: Network diagram.....................................................................................................20Illustration 3: NPV and IRR as investment appraisal techniques for decision making onprojection.......................................................................................................................................21
INTRODUCTIONThe business decision making is the most crucial part in the business as it requiresextensive research before going to make the decisions. But business have to make sure that thefirm are requires making sure that the research is done properly so that the business could run(Cao and et.al., 2015). In the given reports, the students suggestions are required about theirexperience and satisfaction. This can only be achieved by way of doing surveys and other modesof collecting information. This is observed that the management can conduct surveys and collectdata so that the could frame the decisions effectively. Now, this also pointed out that the datacollection techniques are also needed to assess so that the management can collect theinformation that are needed by the firm. However, data can be gathered via primary resourcesand the secondary resources. But there is need to know about which one need to follow by thecompany (Bremer, 2015).TASK 11.1 Data collection planThere is need to know the plan which are required to be produced in order to get theinformation in a most effective manner. The information can be gathered to fulfil the informationneeds so that the management can frame their strategy in a better way. The administration arerequired to ascertain about what kind of information they want so that they can frame thedecisions. Basically there are two kinds by which data can be collected. These are primary dataand the other one is secondary data. These are explained hereunder:Primary research:Primary resource is a tool which is done for the first time and it requires hugeresources in order to gather the information. The primary resources can be gathered by way ofdoing survey, conducting interviews and any other ways. The reliability of the primary data is atthe topmost level (Gaillard, 2014). This also seen that the managementmake the decisions in aneffective manner so that the objectives and targets can be attained. The primary data is thecollected for the first time and it requires high degree of concentration while collecting theinformation. The primary data can be gathered via telephone, interviews, conducting surveys inthe potential markets so that the intended information can be gathered. This kind of source forcollecting information requires huge capital. That is why, this can also possible in the small scalebusiness. Primary research is not suitable for the organisation or any association which requiresthe data at a large scale.
Secondary Research:This is the research which is already published. Secondary data isrequired in order to get the business decisions within a less amount of spending while conductingresearch. The sources for conducting secondary research are books, journals and other publishedinformation. This research is easy to gather and requires less amount while gathering the datafrom this tool. The secondary research use of previous information for some other purposes andthe data is easily available. Secondary research is also recognised as a desk research. Secondaryresearch covers already published reports in a library, internet, or the surveys. It can also need tocover scientific reports that were created by the medical councils, universities, and othergovernmental bodies. This covers the summery, collection and synthesis of the already publishedresearch rather than of doing primary research. However, sometimes this research technique isrequired at the beginning of the research to identify what kind of data is required in order to havethe research.The main tool is to have the raw data, for analysing, implementing and storing them, so that theresearcher would be able to ensure that the data are of high quality.But before going to gatherthe data, researcher is required to face the following issues which are effectively meet. These are:Identifying on methods:There are various learnings and teaching methods that areimplemented in order to gather analyse the data (Chen, 2014). There are basically twotypes of data collection techniques. Quantitative data and qualitative data collectiontechniques. Quantitative data is mainly needs to focus on the numerical facts and figuresthat is required to draw a valid conclusions so that the user can frame the decisions in abetter and effective manner.Frame a data collection plan:The data collection plan is started from developing thestructure of the data gathering process (Delen, 2014). This also seen that before going togather the data it is essential to frame the plan so the that the collected data is able toassist in making the decisions. Under this point researcher need to know about the datathe he/she going to present.Person responsible for collecting and process the data:The data which is going tocollect, need to know about the person who is going to gather the data in order to get theobjective.
Data gathering:This is the main question which are required to be framed in order tooverlapping in the data. While gathering the data, there is a need to know about thesource from where the data can be collected or gathered, and then assess whether thesource from where the data is collected are reliable or justifiable. The researcher wants toknow about the time where the data collection process can be started. The researcher alsowants to know about the data collection period within which the data could be collected.The cost for collecting data is also needed to assess so that the researcher can manage allthis. In this data gathering process, there is need to know about the individual who isgoing to collect the data.By considering primary and secondary resources, researcher would plan the survey thathe is going to entertain for getting the relevant data from the general public so that the surveywould be be convened effectively. There is a need to make certain arrangement in their researchsurvey and makes efforts in order to have effective survey. Under this plan, researcher will useboth of the data collection method for gathering the data from students from diverse streams.1.2 Survey method and sampling frameworkSurvey is the method which is usually used in order to gather information and in thismanner, information is gathered by young generation about their enrolment and number ofsatisfaction. For making the report, it is required that the primary research are required to beconducted which will assist for making the research. There are so many kinds of researchmethodologies and samplings which have been emerged with the assistance of the researchproject. Some of them have been mentioned hereunder:Survey methodologies:This is most essential as that the representatives of the college toidentify what might be the view, behaviour and perception of entire students whichrepresents the UKCBC college (Goodall, 2014). Before going to convene the research, itwill be need to determine the students from whom the information can be gathered.Under this case, they are the students which are studying in the cited college. The mostimportant aim for which the research is convened is the gathering of the concernedinformation and for that it would be needed that entire powerful strategies which shouldbe considered. In the research methodology, there are so many research methodologythere are so many aspects which are needed to be discussed and they are investigatedbelow:
Rational of study:This includes essential and legal proofs that are provided inconnection to researches so to achieve some benefits out of it. The important aspects thatneed to be focused while carrying out any surveys is that they guarantee of any type ofliterature gap that lies between the earlier and the present information , if it is found thenthat needs to be reduced. There can be many issues which are faced during the process ofconductivity of research analysis. This can be solved with the help of surveys, which willoccur in accordance with the UKCBC College. Professional growth can be achieved bydoing rational study analysis, which will be considered as a helpful step for growth in thelong terms.Sampling Framework:Sampling is the method through which the group of respondentsis selected form the total population so that the valid conclusions can be drawn. For convening ofsampling, a sample size is required to be taken the sampling size in this case is 200 studentswhich are present in the UKCBC college(Kumar, 2014). The best tool which is required to beused in this case, is random sampling method that can be used in order to get the validconclusion out of the total college students. This is one of the easiest method through which thesurvey could be conducted. Under the statistical tool, it is considered as the easiest way throughwhich the survey could be made as this may help to collect the data. The data which is going togather the by way of doing survey and it will also need to made for implementing by the collegefor various purposes. The administrators are able to draw an adequate decision which have beenframed which needs to be attained that are going to lead the overall development of the college.1.3 Questionnaire framingName:Course:Campus belonged to:Q.1 In which age group, do you belongs to ?18 to 2525-3030-4040-50Q.2 Are you a ?Male
FemaleQ.3 Which is your ethnicity?CaucasianHispanicAfricanAsianNative AmericanOtherQ.4 Which subject your are studying in UKCBC college?HND BusinessHealth and Social careTravel and tourismITOtherQ.5 What is your matrimonial status?SingleMarriedDivorcedSeparatedQ.6 How did you get to come Under this college?Started college at UKCBC Park RoyalTransfer from another campusOtherQ.7 Do you expect to enrol for a top up when or if you complete your HND?YesNoQ.8 How do you meet your college expenses: Fill in the response that best applies?YourselfSpouse or partnerParentsEmployer support
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