(pdf) Business Decision Making

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Business Decision Making
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1A) Producing plan for data collection....................................................................................1B) Outlining survey methodology and sampling frame.........................................................2C) Producing questionnaire....................................................................................................2TASK 2............................................................................................................................................4A) Summarisation of collected data.......................................................................................4B) Analysing survey results from respondents.......................................................................6C) Measures of dispersion......................................................................................................6D) Computation of percentiles, quartiles, and correlation coefficient...................................7TASK 3............................................................................................................................................8A) Producing graphical representation of data.......................................................................8B) Preparing trend line graph.................................................................................................9C) Presentation of poster.......................................................................................................9D) Formal report to Retail Times Magazine..........................................................................9TASK 4..........................................................................................................................................10A) Outlining information processing tools for decision-making.........................................10B) Producing critical path and network diagram..................................................................11C) Implementing investment appraisal method regarding acceptance of project................12CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
INTRODUCTIONBusiness decision-making is useful for any company in achieving good returns yieldingproject and further increasing operational activities in business. Present report deals withQueensgate Shopping Centre which is a mall of UK and impact of technological innovation isused whether it increases sales of firm or not and change is initiated in consumer's shoppinghabits or not. Statistical analysis is made and results are interpreted thereof. Data analysis ismade through garnering responses from questionnaires.In addressing this, plan for collecting data is made along with sampling techniques andrespondents are used for making out primary data. Furthermore, statistical techniques such asmean, median, mode, standard deviation are used. Capital appraisal techniques will be used forevaluating project and making recommendations about the same. Investment methods such asIRR, NPV are made in relevance to cost of capital of 10 %.Moreover, information processingtools are carried out so as to attain benefits and take well-structured decisions. Trend analysis isproduced by taking past figures. Hence, decision-making in business plays vital role.TASK 1A) Producing plan for data collectionData is integral part of conducting research in that way by which constructive conclusioncan be drawn. For attaining valuable information, gathering data is essentially required. Presentreport is meant for data collection from consumers in order to ascertain whether technologicalup-gradation lays foundation with reference to sales. In simple words, impact of sales revenue onhigh-end malls prevails or not. It can be effectively attained by conducting proper research so asto find out whether increment in revenue is achieved with the help of innovative technology.Queensgate Shopping Centre which is high-end mall in UK is taken for research purpose. Thedata will be collected from customers for ascertaining research objective in a better way (Pengand et.al, 2016).Primary data and secondary data will be gathered for data collection so as to undertakeresearch in effective way. These are as follows-Primary data collection1
It means that new data is collected which is used firstly by scholar and no previous usageis made. It can be called as fresh piece of information accumulated for the underlying purpose. Itis used for attaining research in effective manner so that conclusion can be accomplished. Forachieving this, 20 respondents are chosen for the purpose and will be given questionnaire to befilled up by them and responses will be attained in a timely manner. It is essentially required sothat business may be able to attain whether technological advancement leads to increase on salesor not. Furthermore, this would be helpful for carrying out results in effectual manner.Secondary data collectionPlan for secondary data is that researcher will use already collected information that hasbeen used previously by other scholar. Such information can be accumulated from articles,books, journals, magazines etc. Hence, plan for data collection would be achieved throughprimary and secondary data. This data will be collected and information will be synchronised ina better way for making out conclusive research. The data analysis is required so that concreteresults may be accomplished.B) Outlining survey methodology and sampling frameSurvey methodology-Methods are to be implemented so that desired data can be collected in the best possiblemanner. It will provide helpful information to scholar by which aim and objectives of researchcan be accomplished quite effectually. In present study, online questionnaires would be providedto respondents so as to gather information in effective way. With regards to this, students ofUKCBC are taken and for issuing questionnaires to them, respective mail ids will be needed.From administration department, such information would be gathered and questionnaires will bemailed to students (Sekaran and Bougie, 2016). Hence, quick and better results will be achieved.By presenting survey methodology, adequate results would be accomplished to analyse impact oftechnological innovation on the sales of mall.Sampling frame-Generally, large data is available in the universe which cannot be used for conductingresearch by taking all of information. To overcome this, sampling is considered as a betteroption. Sample is taken which is a representative of total population. It helps scholar to get quickresults in a better way. Main advantage of using sampling frame is that additional expenditures2
are alleviated up to a high extent. In simple words, it is an economical method used for researchand attains desired results with ease (Kahraman, Onar and Oztaysi, 2015). Simple randomsampling method is used to identify and interpret results. In relation to this, 20 students are takenas a sample for directing research towards accomplishment of objectives.C) Producing questionnaireQuestionnaireDemographic informationNameAgeGenderQ1. As per your opinion, do you think innovation helps in achieving objectives of mall?YesNoQ2. Do you agree that innovative techniques instantly impact sales in a positive way ofQueensgate Shopping Centre?Strongly agreeAgreeDisagreeStrongly disagreeQ3. Do you agree with the fact that consumers shopping habits are largely induced bytechnological innovation?Strongly agreeAgreeDisagreeStrongly disagree3
Q4. From the following places, which do you mostly prefer for shopping?Local MarketMallsShowroomsOthersQ5. Do you think that post-implementation of innovative techniques, services of QueensgateShopping Centre have been improved?YesNoQ6. Which among the following factor influences you to buy products from QueensgateShopping Centre?CostDiscountsFast deliveryAfter sales servicesQ7. Do you like high-end malls for purchasing items?YesNoQ8. Do you think that customer's shopping habit changes due to innovation?Strongly agreeAgreeDisagreeStrongly disagreeQ9. Would like to consider your valuable suggestions for initiating more improvement in4
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