Business Decision Making

Business Decision Making

TABLE OF CONTENTS
Introduction.................................................................................................................................................3
Task 1..........................................................................................................................................................3
1.1 Plan for data collection......................................................................................................................3
1.2 Survey methodology and sampling framework.................................................................................4
1.3 Questionnaire....................................................................................................................................4
Task 2..........................................................................................................................................................6
2.1 Measures of central tendency..........................................................................................................6
2.2 Analysis of results.............................................................................................................................7
2.3 Measures of dispersion.....................................................................................................................7
2.4 Quartile, percentile and correlation coefficient...............................................................................8
TASK3...........................................................................................................................................................9
3.2 trend line.........................................................................................................................................13
3.3 Business presentation......................................................................................................................14
3.4 Business report for new product development...............................................................................14
Task 4........................................................................................................................................................15
4.1 Information processing tool for the launch of a new tour product.................................................15
4.2 Project plan and critical path...........................................................................................................15
1. 4.3 Project evaluation method.....................................................................................................19
Conclusion.................................................................................................................................................20
References.................................................................................................................................................21

Introduction
Future of an organization completely depends upon the business decisions. It can be
related to assets, liability, investment etc. For accomplishing the objective entity has to opt the
best option through which it can meet with its target. Present report is based on the Thomas cook
which is an international tour operator and working tremendous in the travel and tourism
industry. Survey methodology and sampling frame related to business will be described in this
assignment (Bharadwaj and et.al, 2013). Current assignment will discuss the sources of primary
and secondary data collection for the new tour products. In order to gather information related to
consumer profile, preferences, buying behavior questionnaire will be prepared by the researcher.
Data will be collected from 90 customers and this information will be analyzed in this study.
Mean, mode, median, standard deviation, investment tools will be calculated in this report for
making the sound business decision so that company can make its new tour product more
successful and can achieve its target significantly (Cao, Duan and Li 2015).
Task 1
1.1 Plan for data collection
In the modern life, people have high interest in the holidays and travel. They like to visit
new places and attractive points etc. In technological era most of the tour operators are offering
them attractive tour packages. So it is essential for the Thomas cook that to know consumers
behavior, their needs, market trends in order to provide them satisfactory tour packages. For that
data will be collected by two sources; primary and secondary (Merigó. and Gil-Lafuente, 2012).
Primary sources
These are first hand information which are collected for specific subject matter by
researcher own. This is very important tool and can give real detail about market trends and
needs of travelers. Several methods of primary sources are such as interview, survey, observation
etc. For developing the new tour product Thomas cook is required to gather information related
to major needs of consumers and what they expected to get. On the bases of this cited firm can
design its products and services. For collecting details survey is the great way and can help in
achieving goal of the company. Researcher can communicate with the customers via email,

social networking sites etc. Questionnaire is the way that can support the scholar in getting
details for the same (Newell, Lagnado and Shanks, 2015). London population would be sample
an individual can ask the questions with 90 customers. They can share their feelings, needs, and
desires with the help of questionnaire. That would be beneficial in identifying the requirement of
people and accordingly company will be able to design appropriate tour package.
Secondary sources
Researcher can take support of already available data such as books, journals, internet
articles etc. These are such information which have been gathered by other scholars for other
purposes but these detail can help in knowing the consumers behavior and their perception about
travels (Resende and de Sousa, 2013). By this way Thomas cook will be able to measure and
uncertainties and will be able to plan accordingly.
1.2 Survey methodology and sampling framework
Sampling frame work
There are several types of sampling frame work majorly it is divided into two main
sections; probability and non probability. The main aim of the researcher is to gather information
about desires, buying behavior of the London population so that Thomas cook can design its tour
package. For that probability sampling would be good. In this there are several techniques such
as random, stratum etc. But for present study random sampling frame work would be
appropriate. In this scholar can select 90 customers randomly with whom individual can fill up
questionnaire (Wang and Zhang, 2013). That would be best way and investigator will be able to
gather relevant information about current trends, preferences of consumers.
Survey methodology
Before designing the tour package it is necessary to identify the needs, preference of the
consumers. With the help of survey individual will be able to gather relevant information about
their needs and expectation. Survey is the way through which lacking point in existing tour
packages can be identified and accordingly manager of Thomas cook will be able to design new
package in order to enhance its sales volume and profit (Kacprzyk and Fedrizzi, 2012).

1.3 Questionnaire
Questionnaire
Name _______________
Gender _____________
Age _____________
Que. 1. How old are you ?
 20-35 years
 35-50 years
 50-65 years
 65 years and more
Que. 2: Do you agree that Tour services and products offered by Thomas are satisfactory ?
 Highly disagree
 Disagree
 Neutral
 Agree
 Highly agree
Que. 3: How frequently do you travel to different destinations?
 Once in a month
 Twice in a year
 Once in a year
 Thrice in a year
 Very rarely
Que. 4. What is your approx budget for the tour pacakages?
 £500 but less than 535

 £535 but less than 550
 £550 but less than 585
 £585 but less than 610
 £610 but less than 635
Que. 5: Up to which pricing level of the tour product you will pay for each traveler for the tour
of destination B which is Turkey ?
 £500 but less than 525
 £525 but less than 550
 £550 but less than 575
 £575 but less than 600
 £600 but less than 625
Que. 6. What do you want that should be included in tour packages?
 Accommodation facilities
 Local guide
 Packages needs to be affordable
 Sports tour packages
Task 2
2.1 Measures of central tendency
Measures of central tendency refer to the descriptive statistics tools that are used to make
decisions by the managers. There are number of descriptive analysis tools like mean, median and mode
that are used to make decisions by the managers. Mentioned tools are described below. Mean: Mean is the method and one of the important components of the measures of central
tendency that is used to measure the level of performance of the variable. It is the tool that
reflects the performance of the variable that is observed most of time (Huber, 2011). It can be
said that it is the one of the most important tool of the descriptive statistics that is used to evaluate
the specific variable.