Decision Making in Business: A Review

This assignment delves into the multifaceted domain of business decision-making. It examines the influence of spiritual well-being on ethical orientations, particularly in the context of Australian business executives. The review also explores how information seeking behaviors among individuals and groups within business and political settings impact decision-making processes. Furthermore, it investigates the dynamic phases of growth and survival in international business-to-business new ventures, highlighting the moderating effect of decision-making logic. The analysis draws upon empirical studies, models, and theoretical frameworks to provide a comprehensive understanding of the complexities surrounding business decision-making.

Business Decision Making

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Plan use for collecting primary and secondary data..............................................................1
1.2 Present survey methodology and sample framing used by QAA.........................................2
1.3 Questionnaire for business problem......................................................................................3
TASK 2............................................................................................................................................4
2.1 & 2.2 Information creation by representing value and analyse them ..................................4
2.3 Data analysis by using measure of dispersion.......................................................................7
2.4 Use of quartile, percentile and correlation coefficient..........................................................8
TASK 3............................................................................................................................................9
3.1 & 3.2 Graphs and interpretation............................................................................................9
3.3 Covered in power point.......................................................................................................16
3.4 Formal business report with suitable findings and recommendations................................16
TASK 4..........................................................................................................................................16
4.1 Decision making by using information processing tools....................................................16
4.2 Identification of critical path...............................................................................................17
4.3 Decisions making with the help of financial tools..............................................................18
CONCLUSION..............................................................................................................................19
REFERENCES .............................................................................................................................21

INTRODUCTION
For any business it is compulsory for management to use data and information
which is related to their operation in taking effective decisions. Managers or researchers have to
gather all relevant sources of information which are associated with an organisation and then
evaluate them in formulating strategies (Barry and Edgman-Levitan, 2012). These schemes cater
long term benefit to a company by providing them strength in taking appropriate judgements. For
taking a decision, entities conduct a survey on different number of population for producing
goods and services. There are various kinds of survey methods used by a company in
implementing a powerful strategy for company. Present assignment is based on UK college of
business and computing who want to organise a survey on different groups of students of
institute and by using statistical tool . For this purpose, college authority gives this work to
Quality Assurance Agency who provide a data on various number of students. For making a
research better and effective, a proper plan has to be formulated with the help of questionnaire
and survey by different methods. Data which is collected through various methods have to get
summarised so that it become presentable in nature. At last, college use by consulting financial
statement, viability of their new project get analyse that is it beneficial for them or not.
TASK 1
1.1 Plan use for collecting primary and secondary data
Planning is an essential tool which every individual has to take in account. This provide a
framework on which all task and work is to be done appropriately (Brynjolfsson, Hitt and Kim,
2011). In business decision making, a person have to create a framework on which whole
research gets accomplished effectively. A perfect plan includes time duration in which the
investigation has to be done, various locations on which it is executed, methods, budget etc. All
these things are included in making a successful report. QAA have to create a plan which enables
them in collecting primary and secondary data. A perfect plan for conducting a research on
students are as follow:
1. Time duration: For any research, it is compulsory for an entity or an organisation to set a
time limit in which they have to complete the research process for collecting data. It
includes time limit of two days, three days or whatever time required.
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2. Location: Majorly there are four main campuses established by the college all over the
UK and now they want to set up another one. For this they have to gather the information
from students. This factor is helpful for them because at different location they get
different views of students (Craft, 2013).
3. Methods to be used: There are various techniques that can be used by researcher to make
valid conclusion of data. But two mostly used approaches are qualitative and quantitative
techniques. By using these methods, it become easy for QAA to interpret data easily.
4. Types of data: There are various forms of data collection but some methods are widely
used and whole statistical data is around these survey methodologies. Some of them are:
 Primary
 Secondary
 Qualitative
 Quantitative
Essential component of every business is their budget. Management have to set a budget
in which they have to include all such cost which is important for them at the time of research.
For better and effective data collection, a plan has to be formulated by researcher in which all
these things have to be included. This make the research more effective.
1.2 Present survey methodology and sample framing used by QAA
Surveys are generally conducted on population for getting their views about a particular
situation. Methods are all such techniques which are used for collecting data from large number
of respondents (Cronan and et. al., 2011). For conducting a better survey there are various
number of techniques used by researcher in making effective outcome. The various kinds of
surveys methodologies are:
1. Questionnaire Few questions have asked to respondents on the basis of their experience
and satisfaction. This is one of a best technique to get the view point of various number
of people by selecting some from large number of population.
2. Interviews: Another major approach which enable in getting the adequate informations
from individual is interview. At the time of personal interview all the views and opinion
of a person get derived for concluding a beneficial decision for business. It incur more
and more cost as compared to others.
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It is difficult for a researcher to conduct it on large number of population. Hence, for this
purpose an individual has to select a sample from the whole population in which all the
respondents have different nature. Sampling is done by selecting some number of people. For
this survey which is conducted on 4 location of college in which the number of respondent which
is choose by an individual is 80 (20 per campus). This help in making the research effective. For
this survey, random sampling is used in which none of a respondent have a similar nature than
others (Fassin and Buelens, 2011).
1.3 Questionnaire for business problem
This method is generally used for a purpose to conduct a survey on some respondent on
which variety of questions are asked to them. These are done on few personalities through which
any organisation can get opinion of different number of respondent and conclude a valid thing
out of them (Fernando and Chowdhury, 2010). The various types of questionnaires which can be
used in business environment by researcher at the time of research.
1. Structured questionnaire
2. Unstructured questionnaire
3. Open ended questionnaire
4. Close ended questionnaire
5. Mixed questionnaire
6. Pictorial questionnaire
For this research quality assurance agency used mixed questionnaire in which variety of
questions are asked to 80 students of college in which their satisfaction related, problem related
and experience related questions are arise. Several number of questions which asked by
researcher to respondent are as follow:
Name:
Class:
Age:
Contact number:
Email:
Q1. Are the services which provided by college authority are appropriate in nature?
Yes
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No
Q2. Is the canteen food hygienic ?
Yes
No
Q3. Does there is a need for starting distance education at campus?
Yes
No
Q4. Does the meritorious student get any scholarship from college?
Yes
No
Q5. Rate the classroom facility of college?
Satisfied
Moderate
Unsatisfied
Q6. Are the assignments which provided by faculty increases knowledge or not?
Yes
No
Q7. Your experience at college from last few years?
Satisfied
Not satisfied
Q8. From which category you refer to?
Above 19
Below 21
Q9. Is the relation of faculty with students is proper and appropriate?
Yes
No
Q10. Any suggestion for improvement at college campus?
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TASK 2
2.1 & 2.2 Information creation by representing value and analyse them
A data is divided into two major segments in which one is grouped and other one is un-
grouped. Grouped data is one which is collected at one place and the number of respondent know
each other very well whereas ungrouped data is one which is collected from various and take
time to present it at one place (Ford and Richardson, 2013). According to questionnaire
technique of research methodology which is conducted on 80 students of 4 campus of UKCBC,
an appropriate amount of information get gathered which enable them in take effective decision
for their students.
Name:
Class:
Age:
Contact number:
Email:
Q1. Are the services which provided by college authority are appropriate in nature?
Yes 45
No 35
Q2. Is the canteen food hygienic in nature?
Yes 50
No 30
Q3. Does there is a need for starting distance education at campus?
Yes 65
No 15
Q4. Does the meritorious student get any scholarship from college?
Yes 70
No 10
Q5. Rate the classroom facility of college?
Satisfied 45
Moderate 15
Unsatisfied 20
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Q6. Are the assignments which provided by faculty increase knowledge or not?
Yes 76
No 04
Q7. Your experience at college from last few years?
Satisfied 42
Not satisfied 38
Q8. From which age group you belong to?
Above 19 38
Below 21 42
Q9. Is the relation of faculty with students is proper and appropriate?
Yes 60
No 20
Q10. Any suggestion for improvement at college campus?
On the basis of student experience and satisfaction, data get collected from 4 campus of
UKCBC and the survey is conducted on 80 students (Frey, Schulz-Hardt and Stahlberg, 2013).
In this questionnaire, some questions are related to satisfaction and some are of experience. But
few of them do not link with any satisfaction and experience question. By using this information,
appropriate statistical analysis is done. On the basis of those judgements UKCBC can take
appropriate decision for their future development.
Questions
yes/
satisfied
No/
Unsatisfied
1 45 35
2 50 30
3 65 15
4 70 10
5 45 20
6 76 4
7 42 38
8 60 20
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Mean 56.625 21.5
Median 55 20
Mode 45 20
Kurtosis
-
1.6485188
297
-
1.1987864
988
Skewness
0.3314576
39
0.0443784
379
For better and effective decision, UKCBC conducted a research in which they used
arithmetic calculation for taking beneficial decision for business purpose. In business decision
making, this data is used as base for improving and providing better quality services to their
users (Frey, Schulz-Hardt and Stahlberg, 2013).
Mean: It represent an average value of data which is collected through survey. This approach is
helpful just for the purpose to interpretation for taking beneficial decisions for business. UKCBC
can use this mean value to signify that are their students really get appropriate services. As per
data, more than half population is satisfied with the services which are provided by college
authority. But still it shows some areas for improvement and betterment.
Median: Mid value of statistical progression is considered as median. It presents the middle
frequency of table. Satisfied people have mid value 55 which is also more than half and thus
management do not have to worry about their students experiences at college
Mode: Mode is that arithmetic frequency which take place again and again in table. This enable
in identifying the most repetitive value of analysed data. This factor is helpful for identifying the
same nature and preference personalities view. As per the data, the frequency of data is 45 which
signifies the range of satisfied bodies (Gabrielsson and Gabrielsson, 2013).
2.3 Data analysis by using measure of dispersion
Measure of dispersion is such expression which is used to stretched and squeezed the data
accordingly. It leads to calculate the variances which are taking place during various data which
is collected from variety sources. This segment of measure of dispersion is used to investigate
the variances, standard deviation and range. A basic evaluation of this sort of progression are as
below:
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Questions
yes/
satisfied
No/
Unsatisfied
1 45 35
2 50 30
3 65 15
4 70 10
5 45 20
6 76 4
7 42 38
8 60 20
Mean 56.625 21.5
Median 55 20
Mode 45 20
Kurtosis
-
1.6485188
297
-
1.1987864
988
Skewness
0.3314576
39
0.0443784
379
Range Upper Lower
standard
deviation
12.894489
4099
76 42
Correlation
coefficient
-
0.9117428
631
Range:There are basically two main forms of range which are upper range and lower range. The
highest value is consider as largest frequency of data where as lowest range is lower value of
data. This aid in identifying the preferences of various number of users for a particular product.
As per data in which highest value is 76 where as lowest value is 42.
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Standard deviation: In a data, all respondents have different opinion about each and every
questions. This enable in identifying that all users do not have same thoughts. As per data 12 is a
deviations between all mean value of frequency (García-Peñalvo and Conde, 2014).
2.4 Use of quartile, percentile and correlation coefficient
Apart from arithmetic progression, measure of dispersion provide adequate and
appropriate information of survey. By using this approach beneficial decisions for a business
entity can be carried out. For taking effective decision quartile, percentile and correlation
coefficient techniques are used.
Questions
yes/
satisfied
No/
Unsatisfied
1 45 35
2 50 30
3 65 15
4 70 10
5 45 20
6 76 4
7 42 38
8 60 20
Quartile Percentile
1quartile 45 13.75 1percentile 45
2quartile 55 20 2percentile 55
3quartile 66.25 31.25 3percentile
63.333333
3333
4quartile 76 38 4percentile 76
This data is analyse on 80 respondent and by using this measure of dispersion a beneficial
decision can be concluded for better and effective decision making. As per by using quartile,
percentile and correlation coefficient, management of UKCBC can take appropriate decision for
their new project which they want to set (Gigerenzer and Gaissmaier, 2011).
First quartile have the range is 45 which means the number of students are highly
satisfied. Also the third and last percentile and quartile have high valued which means that
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student experience over at college is appropriate. Thus, quartile and percentile help in taking
effective decisions for business purpose.
If the two variables have strong positive relation then it is treated as one of the most
favourable situation. Management have to take this thing in their account because it signifies the
relationship between two variables. If the relation is negative in nature then it lead to define as
inadequate situation for a business and management have to take this thing in their account.
TASK 3
3.1 & 3.2 Graphs and interpretation
Q1. Are the services which provided by college authority are appropriate in nature?
Yes 45
No 35
From the above graph it can be ascertained that the services that are provided by college
are satisfactory and this can be said as 45 students have given their answer in yes.
Q2. Is the canteen food hygienic in nature?
Yes 50
No 30
10
Yes No
0
10
20
30
40
50 45
35
Column B
Linear (Column B)

The food that is provided by the canteen is hygienic and this has been accepted by 50
students so it can be said that college is maintaining the quality of food.
Q3. Does there is a need for starting distance education at campus?
Yes 65
No 15
11
Yes No
0
10
20
30
40
50
60
50
30 Column B
Linear (Column B)
Yes No
0
10
20
30
40
50
60
70 65
15
Column C
Linear (Column C)

There are many students who are unable to attend college on the regular basis and they
require distance course so that they can complete their education and this can also be seen in the
above graph in which 65 students are in favour of this and want that it should be started in this
college also.
Q4. Does the meritorious student get any scholarship from college?
Yes 70
No 10
Scholarships are provided to those students who have achieved good grades and this is
the policy which is adopted by all the popular colleges and is also followed by UKCBC as 70
students have given their answer in positive.
Q5. Rate the classroom facility of college?
Satisfied 45
Moderate 15
Unsatisfied 20
12
Yes No
0
10
20
30
40
50
60
70
80
70
10
Column C
Linear (Column C)

From the graph it can be interpreted that 45 students are satisfied with the facilities
provided by college and 15 are moderately satisfied which proves that 75% students are satisfied
and there are some areas in which college is required to make improvement.
Q6. Are the assignments which provided by faculty increase knowledge or not?
Yes 76
No 04
It can be concluded that the knowledge of the students is increased by the assignments
that are provided by them and this has been accepted by 76 students out of the total 80 students
on which survey has been conducted.
Q7. Your experience at college from last few years?
13
Satisfied Moderate Unsatisfied
0
5
10
15
20
25
30
35
40
45
50 45
12
20 Column C
Linear (Column C)
Yes No
0
10
20
30
40
50
60
70
80 76
4
Column E
Linear (Column E)

Satisfied 42
Not satisfied 38
The experience of the students in the college is good and this can be said as 42 said that
they are satisfied but 38 are not satisfied which shows that college is required to make some
changes so that it can satisfy more number of students.
Q8. From which age group you belong to?
Above 19 38
Below 21 42
14
Satisfied Not Satisfied
36
37
38
39
40
41
42
43
42
38
Column F
Linear (Column F)

The survey is conducted on 80 students and out of which 38 are from the age group
which falls above 19 years of age and rest of them are below the age of 21.
Q9. Is the relation of faculty with students is proper and appropriate?
Yes 60
No 20
15
Above 19 Below 21
36
37
38
39
40
41
42
43
38
42
Column G
Linear (Column G)
Yes No
0
10
20
30
40
50
60
70
60
20
Column E
Linear (Column E)

In order to have good environment in the college it is required that the relation between students
and faculty should be maintained. In the survey it is found that most of the students accept that
good relations are present.
3.3 Covered in power point
3.4 Formal business report with suitable findings and recommendations
The Management
United Kingdom College of Business and Computing
Date: 14/07/2017
Subject: Recommendation
The main aim of this report is to take the management focus on the services which is
provided by them to their students. This report prepared after getting the opinion of various
number of students of UKCBC around their four major campuses. By using the data of this
report it become easy for management to take appropriate decision for their long term. College
want to introduce their another campus near to city. For this context, they have to analyse their
students satisfaction and experience over there and take crucial decisions which are related to
that. Authority have to increase the number of books in library so that they student curiosity for
some subjects get rises.
Their security facilities are good hence they have to show little more concern towards
that because still there are some students do not feel safe. Many students think that management
of UKCBC have to start a digital education system over there through which large extent of
students get knowledge from that. Also, they have to add on some number of professional
courses at their institute through which target get attain and their interest for study get improve.
In order to provide more satisfaction to the students it will be required that some new
facilities shall be introduced and also some incentives shall be provided so that more of them
will be attracted to join the college. It shall also be ensured that the quality of the material that is
provided to students shall be good and by which they will be able to gain the maximum
knowledge. This will also be possible by the help of teachers as it has been found that students
maintain good relation with the teachers.
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TASK 4
4.1 Decision making by using information processing tools.
In all the organisations there are various aspects in relation to which different decisions
will be made and for that various processing tools that are available will be required to used so
that most effective decisions can be formulated (Hwang and Yoon, 2012). In the competitive
market UKCBC will be able to gain addition advantage over them if the decisions will be made
in the appropriate manner. In order to enhance the performance decisions will be made at all the
levels that are present which will include operational level and this will continue till strategic
level. The various systems that will be used are:
 Transaction processing system: In a business there are various transactions that are
undertaken and in this system they will be recorded in the most systematic manner. The
information that will be collected in this will be used by the college whenever required
and by this the work will be performed in more effective and efficient manner. This will
be because the data will be used to make decisions that will help in achieving the targets
that are set (Isik, Jones and Sidorova, 2013).
 Decision support system: The college has decided certain targets that are to be attained
and for that this system will prove to be of great help as different and relevant decisions
will be drafted which will assist the college in all this. There are certain situations which
arise in the business in which it becomes very difficult to make and decision and due to
them the department in relation to which the issue has developed will be the one that will
suffer the most. In this case, the system that can help the business is this system as by this
the decision will be taken in the best possible manner (Maxwell, Jeffrey and Lévesque,
2011).
In addition to this they will help in the formulation of various policies and strategies with
the help of the information collected which will provide the college with the opportunity to earn
additional income and also to get the additional benefits.
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4.2 Identification of critical path
In order to determine the critical path it will be required that all the activities that will be
undertaken shall be identified so that they can be used to make the network diagram and also the
sequence that will be followed will also be determined. It can be seen that activity A will take 2
days and B takes 4 days and will be performed after A then comes C and D which will take 6 and
3 days respectively. For D it will be required that it is done after A. E will be done after B and
will take 6 days. G can be completed after Activities C and D. and H after F and G. the activity
which will be taking most time is E and least time will be required to do F within 1 day.
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From the above network diagram it can be identified that there are three paths in it which
can be used to complete the project on time and they are:
PATH A: 1+4+7+8 = 10Days
PATH B: 1+2+5+6+8 = 15 Days
PATH C: 1+2+3+7+8 = 17 Days
In a project there are various ways by which it can be completed and with the help of
critical path the manner in which the project will be completed in the least possible time will be
identified. In the given case the project will be completed in 10days which is the shortest
duration and is determined by the path A (Milovic and Milovic, 2012).
4.3 Decisions making with the help of financial tools.
Net present value is the most important technique that can be used by any organisation in
order to the decision in relation to any project. By this it will be identified that will the project be
beneficial to be undertaken or not. This is calculated by deducting the present value of all the
inflows that will be made from the amount of investment that is made at initial stage. The
decision will be taken on the basis of NPV that will be arrived after the calculation. If the NPV
will be positive then the project will be accepted otherwise not. The calculation of NPV for the
provided proposal is provided here under:
YEARS Cash flow PV@10% PV PV@15% PV
0 -15000 1 -15000 1 -15000
1 8000 0.909 7272.72 0.87 6960
2 10000 0.826 8264.46 0.756 7560
3 5000 0.751 3756.57 0.658 3290
4 5000 0.683 3415.06 0.572 2860
Total PV 22708.831 20670
NPV 7708.831 5670
IRR = 28.91%
From the above calculation it can be seen that the net present value of investment is determined
at 7708.831 at 10% and 5670 at 15% rate, that is not negative so the project will be taken by the
college as this will be benefited and will be making additional advantage (Muindi, 2011).
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the other technique that will be used in this is the IRR in which the total of the present value of
inflows will be deducted from the investment that has been made at initial level. at this rate the
NPV that will be calculated will be derived to be 0 so this will be a situation of no profit and no
loss. in the given case it is arrived at 28.91% and as this is more that the required rate so the
project will be undertaken by college.
CONCLUSION
As per the above mention report it is clearly get identified that for any business, decision
taking process have to include certain analysis on a new project which they want to execute. For
collecting data various techniques have been used like primary and secondary data. Also a
perfect plan have to prepare by researcher through which appropriate information can be gather
from respondents. Moreover, arithmetic progression provides information on which management
can take crucial decision but it never provide accurate data in sense. For this context, measure of
dispersion have been used. By using internal rate of return and net present value concept,
outcome from project can be determine.
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