Investment Appraisal: A Comparative Analysis of Project A and Project B

The assignment discusses the discounted cash flow model, specifically calculating the present value of cash inflows and net present value (NPV) for two projects. The calculations show that project A has a higher NPV ($26535.20) compared to project B. Additionally, the internal rate of return (IRR) for project A is 15.58% and for project B is 12.09%. Based on these results, it is recommended that the organization select project A for investment purposes as it provides a higher return on investment.

Business Decision Making

TABLE OF CONTENTS
introduction......................................................................................................................................1
task 1................................................................................................................................................1
Background..................................................................................................................................1
Rational........................................................................................................................................1
Objective of the research.............................................................................................................1
Methodology................................................................................................................................2
Data analysis................................................................................................................................3
Timeframe....................................................................................................................................3
Budget section.............................................................................................................................4
Designing of a sample questionnaire...........................................................................................4
Task 2...............................................................................................................................................6
1. Mean, Median and Mode.........................................................................................................6
2. Range and Standard deviation.................................................................................................7
3. 25th Percentile (Lower iii...........25th Percentile (Lower Quartile) and 75th Percentile (Upper
Quartile) and use of Percentile....................................................................................................8
4. Inter-quartile range..................................................................................................................8
5. Calculation of correlation coefficient......................................................................................9
Task 3...............................................................................................................................................9
Line graph for advertising and sales figure.................................................................................9
Pie and bar chart for net income generated by five branches and scatter graph for sales.........10
Scatter plot for sales and advertisement cost of the organization..............................................11
Trend line for forecasting sales figure for years 2015 – 2017...................................................11
Business presentation.................................................................................................................12
Business Report.........................................................................................................................12
Task 4.............................................................................................................................................13
4.1 Network diagram.................................................................................................................13
4.2 Calculation of the project duration......................................................................................13
4.3 Critical path.........................................................................................................................14
4.4 Gantt chart and its benefits for project management...........................................................15
task 4B...........................................................................................................................................16
1. Calculation of NPV and IRR of project A and B..................................................................16
2. Recommendations for project selection with justification....................................................18
conclusion......................................................................................................................................19
references.......................................................................................................................................20

TABLE OF FIGURES
Figure 1: Line Graph for advertising and sales figures...................................................................9
Figure 2: Pie chart for net income generated by five branches.....................................................10
Figure 3: Bar chart for net income generated by five branches.....................................................10
Figure 4: Scatter plot for sales and advertising cost......................................................................11
Figure 5: Trend Line for sales and advertising cost......................................................................11
Figure 6: Network diagram............................................................................................................13
Figure 7: Project summery for duration of the project..................................................................14
Figure 8: Gantt chart......................................................................................................................15
LIST OF TABLES
Table 1: Gantt chart for timeframe of the research plan..................................................................3
Table 2: Calculation of mean mode and median.............................................................................6
Table 3: Calculation of the range and Standard deviation...............................................................7
Table 4: Calculation of the percentile and interquartile range........................................................8
Table 5: Calculation of correlation coefficient................................................................................9

INTRODUCTION
Decision making is one of the important function of every business organization.
Business decision making can be defined as a process of selecting best among different
alternatives. It is beneficial for evaluating managerial performance, expansion of business and
developing different policies and processes (Lind, Marchal and Wathen, 2005). The current
research report is based on business decision making and regarding this whole investigation will
focus on different business scenarios. Current report includes range of techniques which can be
used by different organizations for making various business decisions. Further, it also comprises
the importance of different information for different personnel or decision makers of the
company. Along with this, application and importance of various operation and financial
techniques are also included in the upcoming section of the current report.
TASK 1
Background
As per the given business scenario, government of London wants to start a Crossrail
project in London for economic development of UK. It will provide appropriate travelling
facilities to 1.5 million people to connect with their key employment, leisure and other business
activities of different places, such as Heathrow, West and the City, etc. this project will start in
late 2018 and estimated annual passengers will be 200 million. Available fund for deliver
Crossrail is £14.8bn.
Rational
Project rational helps in determining the major reasons behind the completion of whole
investigation. The current research is conducted by the government of UK for determining the
perceived benefits of the Crossrail project for local community. Government has invested the
huge amount of money for starting this project but still they are not sure about that weather it
will be beneficial for local community or not. So, author needs to complete whole investigation
because it will help in identifying the major benefits of Crossrail project for individual of the
local societies of London and its major city areas. Therefore, determination of the major benefits
of this project is the major reason behind this project (Morato, 2013).
1 | P a g e

Objective of the research
 To determine the perceived benefits of the Crossrail project for local community of
central London.
 To estimate budget and timeframe for completing whole project.
 To develop a research plan for completing the whole investigation and collecting
appropriate primary and secondary information about this project.
Methodology
For conducting the whole investigation author will follow a systematic methodology for
collecting primary and secondary data for this Crossrail project. It will include qualitative and
quantitative techniques which will contribute in collecting necessary information. Qualitative
techniques will play significant role in understanding the behavior of local community towards
the Crossrail project. On the other hand, using the quantitative technique researcher can collect
numerical data which will help in determining the benefits of this project for local passengers of
London. Including this, qualitative research technique will also help in conducting survey of all
passenger in effective manner (Prieto and Revilla, 2006).
Data collection:
Including this, researcher will use primary and secondary data collection method for
obtaining appropriate and necessary information about this project.
Primary data collection method:
Primary data collection methods will help in collecting new and fresh information about
this project and its benefits. Regarding this research will use a survey methodology. Researcher
will develop a structured questionnaire for conducting survey which will include open and close
ended questions about the Crossrail project and its benefits.
Secondary data collection method:
Researcher will also use the secondary data collection method for gathering historical and
past information about the Crossrail project. Regarding this, author will use the different
secondary sources such as websites, books, journals and other research articles relevant to the
current subject (Jankowicz, 2005).
Sampling Frame:
2 | P a g e

As per the above discussion researcher will collect primary data from local community of
London so, author needs to select sample from entire population using appropriate method of
sampling. So, for the current investigation researcher will use random number sampling which is
an important tool of probability sampling method. It will help in selecting sample using random
number table as well as provide equal chance to every member of local community of London to
select in the sample of research (Newbold and et.al, 2009). It will also reduce the sampling error
in entire investigation. Using this method author will select 20 individuals from local
community. It will represent the sample size for entire investigation.
Data analysis
As per the above discussion author will apply the qualitative and quantitative techniques
for conducting investigation and collecting data. So, all collected data will be analyzed by
t5hematci and statistical analysis. Thematic analysis will play important role in examining
qualitative or subjective information. On the other hand statistical analysis will play significant
role in interpreting numerical information about the benefits of the Crossrail project for local
community of London (Little, 2011).
Timeframe
Researcher needs to estimate an appropriate time for completing whole investigation in
effective manner (Helfert, 2004). Timeframe for the whole investigation will be represented by
Gantt chart which will comprise different activities and duration. Gantt chart for the current
investigation as described as under:
Table 1: Gantt chart for timeframe of the research plan
Activities/ duration in days 2 4 6 8 10 12 14 16
Background analysis
Formulating appropriate
objectives of the research
Methodology for developing
a research plan
Collection of primary and
secondary data
Analysis of the data
3 | P a g e

Determining budget for the
whole research
Development of the whole
research plan
Budget section
As per the given business scenario, development of the Crossrail project is a very huge
project for the government. Development of the research plan for determining the benefits of this
project for local community will also take huge time and money. So, budget for this research
project will be £800. It will include the allocation of fund for different activities such as market
survey and collection of primary as well as secondary data, etc (Newbold and et.al, 2009).
Budget for the current investigation will as follows:
Table 2: Budget for research
Activities Amount in £
Background analysis 50
Formulating appropriate objectives of the research 50
Methodology for developing a research plan 150
Collection of primary and secondary data 200
Analysis of the data 150
Determining budget for the whole research 100
Development of the whole research plan 100
Total 800
Designing of a sample questionnaire
According to the data collection planning researcher will use primary data for attaining
research objectives (Greasley, 2007). Regarding this, author will conduct a questionnaire survey
of local community of London and questionnaire for this purpose if described as under:
Demographic information of same unit
Name (Optional):
1. Age:
 16-22
 23-30
 31-40
 41-50
4 | P a g e

 More than 50
2. Your gender:
 Male
 Female
3. What is the level of your educational qualification?
 Under graduate
 Graduate
 Post-graduate
 Higher and professional qualifications
4. What is you occupations?
 Job or service
 Business
 Housewife
 Students
 Others
5. What is your level of income in a single month?
 Under 15000
 15000-25000
 25000-35000
 Above 35000
6. Do you aware about the Crossrail project of the government?
 Yes
 No
7. As per your thinking, what is the major benefits of Crossrail project?
 Improvement in journey times across London
 Easy congestion
 Better connections
 Change and improvement in the way people travel around the capital
8. Do you believed that, Crossrail project will improve the rail transportation and cut journey
time across city?
 Yes
5 | P a g e

 No
9. To which extent you believe that, Crossrail project will enable further economic development
in the London?
 Agreed
 Neutral
 Disagreed
10. Would you like to use Crossrails for your employment, leisure and business activities?
 Yes
 No
11. Please, provide appropriate suggestions for improving benefits of Crossrail project for local
community of central London
TASK 2
1. Mean, Median and Mode
As per the given business scenario, organization wants to analyses the sales data using
the descriptive analysis such as mean, mode and median. Mean can be defined as average sales
of the company. It helps in developing future decision making of the organization. Mode helps in
identifying the repeated sales of the organization which have incurred more than one time.
Median helps in determining the middle value of the sales figures (Fitsimmons, 2009).
Therefore, these calculations play significant role in decision making process of the company.
Formulas for mean, mode and median are given as under:
Formula of mean-
Mean=A + ∑fdx
N
Formula of Median-
Median= N
2
Formula of Mode-
6 | P a g e

z=l+ f 1−f 0
2 f 1−fo−f 2 × hTable 3: Calculation of mean mode and median
Amount Spent
(£)
No. of customers
(f) Mid- value(x) fx
Cumulative Frequency
(CF)
10-20 20 15 300 20
20-30 22 25 550 42
30-40 20 35 700 62
40-50 14 45 630 76
50-60 16 55 880 92
60-70 10 65 650 102
70-80 8 75 600 110
80-90 6 85 510 116
90-100 4 95 380 120
120 5200
Mean 43.33
Median
L + (n/2-
CF)/f*h 39
Mode 25
As per the above calculation mean of the sales data is 43.33 and median is 39 and mode
is 25. It has reflected that most of the customer spends £43 in this shop. So, organization needs to
make arrangements as per the number of customer’s arrivals and their average purchase. Along
with this, median of spending is 39 which has reflected middle value of the spending of
customers. Mode is the frequently occurring frequency of spending. So, as per the given data,
most of the customers spends £25 in the shop of cloths. So, all these calculation helps in
estimating the future sales of the organization in effective manner.
2. Range and Standard deviation
Range can be defined as an area where the data has spread out and on the other hand
standard deviation helps in determining the fluctuation of mean (Measures of Dispersion, 2013).
Calculation of range and standard deviation of the sales figures is as under:
Table 4: Calculation of the range and Standard deviation
Amount Spent (£) No. of customers (f) Mid- value(x) X^2 fx^2 fx
10-20 20 15 225 4500 300
20-30 22 25 625 13750 550
30-40 20 35 1225 24500 700
40-50 14 45 2025 28350 630
50-60 16 55 3025 48400 880
7 | P a g e

60-70 10 65 4225 42250 650
70-80 8 75 5625 45000 600
80-90 6 85 7225 43350 510
90-100 4 95 9025 36100 380
120 495 33225 286200 5200
Variance 511.4845938
Std. deviation 22.61602516
Range 97.52
As per the above calculation range of the above data is 97.52 it has reflected that
customers can spend maximum £97.52 in the cloths shop. Along with this, value of standard
deviation is 22.61 and it has reflected that mean of the spending can be increased and decreased
by 22.61. So, organization needs to take decision as per the highest and minimum sales of the
company (Measures of Central Tendency and Dispersion, 2013).
3. 25th Percentile (Lower iii. 25th Percentile (Lower Quartile) and 75th Percentile (Upper
Quartile) and use of Percentile
Percentile can be defined as statistical measures which shows the all values below the
percentage given. 25th percentile will help in determining all value which are below the level of
25 percentage (Cumulative Frequency, Quartiles and Percentiles, 2014).
Table 5: Calculation of the percentile and interquartile range
Lower quartile/25th percentile 24.5
Upper quartile/75th percentile 58.8
Interquartile range 34.2
As per the above calculation 25th percentile is 24.5 which shows that 75% customers
spend the amount below £24.5. Along with this, 75th percentile has reflected that 25% people
spend below £58.8.
4. Inter-quartile range
The interquartile range (IQR) is a measure of variability, based on dividing a data set into
quartiles. It can be calculated by the different between upper and lower quartile. As per the above
calculation, interquartile range of total spending is 34.2. It helps in determining the value which
have occurred in below and outer side of the range. It will help in future sales decision of the
company (Wallnau and Gravetter, 2009).
8 | P a g e

5. Calculation of correlation coefficient
Correlation coefficient helps in determining relationship between two different variables.
Company wants to determine the relationship between sales and discount figure of organization.
Calculation of correlation coefficient is described as under:
Table 6: Calculation of correlation coefficient
Correlation Coefficient
Sales (Units ) Discount (%)
Sales (Units ) 1 0.97441
Discount (%) 0.9744106 1
Coefficient of correlation is 0.97 which has reflected that sales and discount is highly
correlated with each other. If company increases the discount then, it will help in augmenting the
total sales of the organization as well (Sheu, 2005).
TASK 3
Line graph for advertising and sales figure
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
Line graph for sales and advertising cost
Advertising Cost £'000s Sales £'000s
Figure 1: Line Graph for advertising and sales figures
Graphical analysis of the given data has reflected that company is investing huge amount
of money in advertising of cloths of different countries. Along with this, sales figures of the line
graph has also shown that sales of the organization has also increased year by year. Overall,
financial performance of the company is very high for managing all expenses of importing and
advertisement (Bryde, 2003).
9 | P a g e

Pie and bar chart for net income generated by five branches and scatter graph for sales
240
180160
140
130
N et Income Generated by 5 B ranches of the
company in 2015 in £000s
London Manchester Edinburgh Cardiff Liverpool
Figure 2: Pie chart for net income generated by five branches
London
Manchester
Edinburgh
Cardiff
Liverpool
0 50 100 150 200 250 300
240
180
160
140
130
N et Income Generated by 5 B ranches of the
company in 2015 in £000s
Series1
Figure 3: Bar chart for net income generated by five branches
As per the given business scenario organization has different branches at distinct location
which play important role in generating income. As per the above graph branch of London has
generated highest income for the whole organization. Lowest income if generated by the branch
of Liverpool. So, for improving the sales of branches company needs to take different decisions
regarding marketing and advertisement. Pie chart helps in analyzing the net income of the
different branches of the company in 2015 (Akpolat and Pitinanondha, 2009).
10 | P a g e

Scatter plot for sales and advertisement cost of the organization
2000 2002 2004 2006 2008 2010 2012 2014 2016
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
Scatter plot on sales and advertising cost
Advertising Cost £'000s Sales £'000s
Figure 4: Scatter plot for sales and advertising cost
Scatter plot is also showing that company is generating sufficient amount of sales
according to the advertisement cost of the organization.
Trend line for forecasting sales figure for years 2015 – 2017
Trend line can be defined as a forecasting tool which help in estimating the future trends
and performance of the company. Organization wants to use the trend line graphs for sales
figures of coming two year 2015-2017. So, trend line for sales figures are described asunder:
2000 2002 2004 2006 2008 2010 2012 2014 2016
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
f(x) = 245.626373626374 x − 490653.428571429
R² = 0.978228060018697
Trend line for sales and advertising cost
Sales £'000s Linear (Sales £'000s)
Figure 5: Trend Line for sales and advertising cost
11 | P a g e

Trend line has reflected that sales of the organization will be increased in 2015-17. It will
help in augmenting the financial performance of the company. So, organization needs to invest
sufficient amount of money in advertisement which will lead high sales of the company. Value
of R square and equation of trend line has also reflected effective financial performance in future
year. Therefore, trend line has helped in taking different future decisions of the organization
about the expansion and expense management of the company (Arnicans, 2013).
Business presentation
Power Point Presentation
Business Report
Introduction
As per the given business scenario organization wants to conduct sales analysis of the
organization for determining the future trends and current sales position of the company. Along
with this, organization also wants to make comparison of the net income and total cost of the
organization by using the different graphical analysis.
Methodology
For conducting the analysis of the sales and advertisement figures of the different
branches of the organization, sales analyst has used an appropriate methodology. Sales analyst
has used different graphical methods for analyzing sales and advertisement and net income data
of the organization. These graphs include pie chart, bar graph and trend line graph and scatter
graphs (Banerjee, 2006).
Findings
Findings of the analysis has reflected that sales of the organization has increased year by
year due to the high investment in advertisement and marketing of the clots at different locations
of the company.
Results
Conclusion of the findings has shown that sales performance of the company is very
strong so organization can invest its income in increasing the future sales of the company. Along
with this, company can expand its business by developing new branches at different locations.
12 | P a g e

TASK 4
4.1 Network diagram
Network diagram is one of the effective tool for project management which help in
determining relationship between different activities of the whole project plan. It also help in
segregating whole plan in different activities. As per the given business scenario an organization
wants to install a new computer program in its system. This project includes different activities
with specific duration and preceding relationship (Dawson and Catherine, 2002). So, as per the
given information, network diagram for that project is as follows:
Figure 6: Network diagram
4.2 Calculation of the project duration
Project duration can be calculated by the critical path method it will help in calculating
the total duration for complet5ing whole project in effective manner. Researcher has used the
MS project for developing gnat chart and calculating project duration (Cowie, 2003). So, project
summery for the whole project is as follows:
13 | P a g e

Figure 7: Project summery for duration of the project
As per the above calculation the whole project is calculated by 68 days. So, as per the
above calculation organization can install new computer program in 68 days.
4.3 Critical path
Critical path is one of the important method for estimation of the duration which is
required for completing whole project. It shows the longest path and minimum duration for
completing the project in effective manner (Day, 2005). As per the above project plan and
network diagram critical path for the project is as follows:
A-B-D-E-F-G-K-L = 4+3+15+10+4+6+12+20= 68 Days
14 | P a g e

Task Name Duration Start Finish Predecessors
A 4 days Mon 12/7/15 Thu 12/10/15
B 3 days Fri 12/11/15 Tue 12/15/15 1
C 15 days Fri 12/11/15 Thu 12/31/15 1
D 10 days Wed 12/16/15 Tue 12/29/15 2
E 4 days Wed 12/30/15 Mon 1/4/16 4
F 6 days Tue 1/5/16 Tue 1/12/16 5
G 9 days Wed 1/13/16 Mon 1/25/16 6
H 2 days Fri 1/1/16 Mon 1/4/16 3
I 10 days Wed 12/16/15 Tue 12/29/15 2
J 9 days Wed 12/30/15 Mon 1/11/16 4
K 12 days Tue 1/26/16 Wed 2/10/16 7,8,9,10
L 20 days Thu 2/11/16 Wed 3/9/16 11
Overall, the whole project will be completed in 68 days.
4.4 Gantt chart and its benefits for project management
Gantt chart can be defined a tool for monitoring and project progress of the whole
project. It includes different activities and duration (Bryde, 2003). As per the given project plan
Gantt chart for the project is shown as under:
Figure 8: Gantt chart
Gantt chart is beneficial for analyzing the project progress. Along with this, it is also
effective for monitoring and control of different activities. Along with this, it helps in managing
15 | P a g e

time and cost of the whole project. It improves the clarity of the relationship of the different
activities which will be effective for making communication and allocating resources such as
time and cost (Akpolat and Pitinanondha, 2009).
TASK 4B
1. Calculation of NPV and IRR of project A and B
Investment appraisal methods are most appropriate tools for identifying the profitable
project for an organization. There are different methods such as discounted and discounted
methods. Discounted methods focuses on the time value and money approach which help in
determining the present value of the future cash flow of the investment. On the other hand, non-
discounted method does not focus on the time value of money approach. Discounted methods
include Net Present Value method and Internal Rate of Return. On the other hand, non-
discounted methods comprise payback period and Average value of Return. Discounted method
re more effective due to the use of time value of money approach so, researcher has used NPV
and IRR for analyzing the profitability of the different projects (Banerjee, 2006). NPV helps in
determining the new present value of the future cash flow of the investment. Positive NPV shows
the profitability of the project. Similarly, IRR helps in determining the return of the future
investment of the company. Calculation of NPV and IRR for both projects are given below:
NPV for project A:
Net Present Value for project A
Years Cash
Inflow
Discounted
factor @ 10
%
Present
value of
Cash Inflow
@ 10%
1 55,000 0.91 50000.00
2 67,000 0.83 55371.90
3 72,000 0.75 54094.67
80,000 0.68 54641.08
4 90,000 0.62 55882.92
Total Discounted Cash inflow 269990.56
Less: Initial Investments 200000.00
Net Present value 69990.56
NPV project B:
16 | P a g e

Net Present Value for Project B
Years Cash
Inflow
Discounted
factor @
10 %
Present value
of Cash
Inflow @ 20
%
1 42,000 0.91 38181.82
2 75,000 0.83 61983.47
3 82,000 0.75 61607.81
63,000 0.68 43029.85
4 35,000 0.62 21732.25
Total Discounted Cash inflow 226535.20
Less: Initial Investments 200000.00
Net Present value 26535.20
NPV of project A is 69990.56 and NPV for project B is 26535.20. It has reflected that
both projects have positive NPV which reflect that both are profitable for the organization. But,
NPV of project A is higher than the project B so, company should select project A for future
investment.
IRR for project A:
Internal Rate of Return
Years
Cash
Inflow
CAN$
Discounted
factor @
20 %
Present
value of
Cash
Inflow @
20%
CAN$
Discounted
factor @
30%
Present
Value of
cash
Inflow @
30 %
CAN$
1 55,000 0.83 45833.33 0.77 42307.69
2 67,000 0.69 46527.78 0.59 39644.97
3 72,000 0.58 41666.67 0.46 32771.96
80,000 0.48 38580.25 0.35 28010.22
4 90,000 0.40 36168.98 0.27 24239.62
Total Discounted Cash inflow 208777.01 166974.46
Less: Initial Investments 200000.00 200000.00
Net Present value 8777.01 -33025.54
17 | P a g e

IRR=A + PVA −Initial investment
PVA−PVB (B− A)
Where
A = Lower trial rate; 10%
B = Higher trial rate; 20%
PVA = Present value of cash inflows with lower trial rate (Arnicans, 2013);
PVB = Present value of cash inflows with higher trial rate;
IRR for project A= 12.099%
IRR for project B:
Internal Rate of Return
Years Cash
Inflow
Discounted
factor @
10 %
Present
value of
Cash
Inflow @
10%
Discounted
factor @
20%
Present
value of
Cash
Inflow @
20 %
1 42,000 0.91 38181.82 0.83 35000.00
2 75,000 0.83 61983.47 0.69 52083.33
3 82,000 0.75 61607.81 0.58 47453.70
63,000 0.68 43029.85 0.48 30381.94
4 35,000 0.62 21732.25 0.40 14065.72
Total Discounted Cash inflow 226535.20 178984.70
Less: Initial Investments 200000.00 200000.00
Net Present value 26535.20 -21015.30
IRR for project A= 15.58%%
As per the above calculations of IRR for both projects, IRR for project A is 12.099% and
IRR for project B is 15.58%. It has reflected that project A will provide high return on
investment as compare to project B. So, organization should select project A for investment
purpose (Dawson and Catherine, 2002).
2. Recommendations for project selection with justification
As per the above calculation of the NPV and IRR project A is more profitable for
organization because Net Present value of the future cash flow of investment is high as compare
to the another project. Along with this, it will provide high return on investment in coming future
18 | P a g e

as compare to project B. So, organization should invest in project A because it will help in
improving the financial performance of the company (Sheu, 2005).
CONCLUSION
The current research report has concluded that organizations needs to take different tools
and techniques for making various financial and operational decisions. These tools includes
descriptive statists, graphical analysis, investment appraisal methods, Gantt chart, critical path
method and network diagram, etc. All these tools have helped in making different important
decisions about the expansion of the business and managing sales, profitability and advertising of
the organization. Including this, study has included Net present value and internal rate of return
method for analyzing the investment appraisal of different projects. Application of these tools
have reflected that organization needs to select project B for investment purpose due to the
positive NPV and high internal rate of return. Use of all these methods has helped in taking
different investment, sales and operational decision of every organization.
19 | P a g e

REFERENCES
Books and journals
Akpolat, H. and Pitinanondha, T., 2009. A Framework for Systematic Management of
Operational Risks. Asian Journal on Quality. 10(2). pp.1 – 17.
Arnicans, G. 2013. Information Processing Tools and Environments. [report] Raina Blvd:
University of Latvia, pp. 1-2.
Banerjee, B., 2006. Cost Accounting: Theory and Practice. PHI Learning Pvt. Ltd.
Bryde, J. D., 2003. Modelling project management performance. International Journal of
Quality & Reliability Management. 20(2). pp.229 – 254
Cowie, G., 2003. The importance of people skills for project managers. Industrial and
Commercial Training. 35(6). pp.256 – 258.
Dawson, Catherine, 2002, Practical Research Methods, New Delhi, UBS Publishers’
Distribution
Day, A., 2005. Mastering Financial Mathematics with Excel: A Practical Guide for Business
Calculations. Financial Times/Prentice Hall.
Fitsimmons, G., 2009. Resource management: materials, equipment, facilities. Bottom Line:
Managing Library Finances. 22(3). pp.86 -88.
Greasley, A., 2007. Operations Management. SAGE.
Helfert, A. E., 2004. Techniques of Financial Analysis. Tata McGraw-Hill Education
Jankowicz, D. A., 2005. Business Research Projects. Cengage Learning EMEA.
Lind, D., Marchal, W. and Wathen, S. 2005. Statistical techniques in business & economics.
Boston: McGraw-Hill Irwin.
Little, B., 2011. The principles of successful project management: It takes careful planning,
skilful leadership … and a little bit of luck. Human Resource Management International
Digest. 19(7). pp.36 – 39.
Morato, A. E., 2013. Business Decision Making. eBookIt.com
Newbold, P. and et. al. 2009. Statistics for Business and Economics. Pearson Education
Prieto, M. A. and Revilla, E., 2006. Learning capability and business performance: a non-
financial and financial assessment. Learning Organization. 13(2). pp.166 – 185.
Sheu, C., 2005. The importance of national culture in operations management research.
International Journal of Operations & Production Management. 25(4). pp.371 – 394.
Wallnau, B. L and Gravetter, J. F., 2009. Statistics for the Behavioral Sciences. Cengage
Learning.
20 | P a g e

Online
Cumulative Frequency, Quartiles and Percentiles. 2014. [Online]. Available through: <
http://www.wyzant.com/resources/lessons/math/statistics_and_probability/averages/
cumulative_frequency_percentiles_and_quartiles>. [Accessed on 7th December 2015].
Measures of Central Tendency and Dispersion. 2013. [pdf] Available through:<
http://college.cengage.com/mathematics/larson/trigonometry/6e/shared/appendix/
median.pdf>. [Accessed on 7th December 2015].
Measures of Dispersion. 2013. [Online] Available through:<
http://www.mathsrevision.net/advanced-level-maths-revision/statistics/measures-
dispersion>. [Accessed on 7th December 2015].
21 | P a g e