Decision Making and Statistics for Business

The assignment provides a comprehensive overview of decision making and statistics for business, covering topics such as multiple objective decision making, statistical methods, and data mining. It includes references to books and journals on the subject, as well as online resources. The assignment is likely related to business or economics courses and may involve research and development in an enterprise.

Business Decision Making

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Create a plan for collecting primary and secondary data.................................................1
1.2 Survey Methodology and sampling frame use.................................................................2
1.3 Creation of questionnaire ................................................................................................2
TASK 2............................................................................................................................................5
2.1: Summarise the data collected from the survey................................................................5
2.2: Analysis of outcomes of the research and draw proper solution.....................................8
2.3 Evaluating the data as measure of dispersion...................................................................9
2.4: Explanation about quartile, percentiles and correlation to draw appropriate solution..10
TASK 3..........................................................................................................................................11
3.1: Various charts and graphs are prepared on the collected data......................................11
3.2: Trend line analysis.........................................................................................................15
3.3: Poster.............................................................................................................................16
3.4: Formal report.................................................................................................................16
TASK 4..........................................................................................................................................17
4.1 Roles and characteristics play by various information system.......................................17
4.2 Design of critical path and Gantt chart in order to estimate things................................18
4.3 Use of financial tools for defining better decision making............................................20
CONCLUSION..............................................................................................................................21
REFERENCES..............................................................................................................................22

INTRODUCTION
Business define that long term judgements are the only one which support and protect a
firm to sustain at market world in long period of course. A long term focus enable management
to grow properly and determine each and every crucial aspect better. This result in drawing
beneficial and suitable gain in nature so that profit used to get maximise in order to provide
strength towards working operations. Thus, whenever any firm used to work in a better frame
then they have to estimate things effectively so that suitable gain get gain. This project is based
on Marks and Spencer whom are one of a major retail sector enterprise in UK. Thus, they want
to determine aspect of technology on high street shopping malls (Groebner and et. al., 2011). For
this context, it will going to include about appropriate collection of information from various
sources like primary and secondary. Along with this, on the basis of primary data it will directly
lead to influence about survey which further support in data creation and better decision making.
It will also define various graphs and charts for better understanding of data. There will be
various information processing tool get estimated for managing data properly.
TASK 1
1.1 Create a plan for collecting primary and secondary data
Every business have a definite pattern of working which have to estimate by business
managers properly so that they could work in a better manner. When it all talks about a survey or
a study, a basic need or thing which have to estimate by an individual properly is gather data and
information properly in order to bring down positive attribute. Thus, planning define and support
in reduce more than half work load and support in utilising all resources properly and in better
frame which further enable in make a successful project (Tufféry, 2011). Thus, various
information collection tool which could be estimate by Marks and Spencer are signify as follow: Primary data: It associated and define about the raw information which interpret things
better and supportive in nature. Primary source of information is helpful in order to
analyse things better and effective with personal interaction process (Ford and
Richardson, 2013). There are various methods consider under primary method which are
questionnaire, personal interview etc. All of them are helpful in analysing aspects
properly by taking current prospect in account. This result in better dissemination of
information.
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 Secondary data: Another tool which support in defining the views and aspects better is
secondary source of information. In this aspect, books, journals or already analyse
information use to take in consideration which enable in defining things better with
suitable examples. In an organisation context, their previous records could be utilise in
context with expansion decision. Records include about profit and loss statement, cash
flow statement etc. All of them are helpful in analysing facts and figures better and in
supportive manner.
1.2 Survey Methodology and sampling frame use
Surveys are a core part of research or a study which includes and support in analysing
things better and effective. Thus, surveys have various kinds of method which required to
include in the project and support in deriving a beneficial outcome. The basic survey
methodologies which could be utilise for current topic are define as follow:
 Survey method: It is one of a kind of electronic source of information which support and
enable in gaining aspects via email (Vercellis, 2011). This is a modern kind of survey
method which currently utilising by many firms for deriving their stakeholders
viewpoints for effective judgement.
 Questionnaire: Another supportive consideration is questionnaire which not get organise
on vast individual but its surface area is limited. This need to understand at the time of
project execution so that effective and beneficial gains could be determine in order to
enhance better results derivation. Thus, such aspects are relay important to understand.
Apart from these survey methodologies, sampling is another important consideration which
arrive in a project. Like this project is based on questionnaire survey which is a kind of primary
method of survey. It will going to include about random sampling method where all individuals
have equal probability to get selected. This enable and facilitate understanding things better and
effective in nature with suitable and beneficial attribute.
1.3 Creation of questionnaire
Questionnaire is a kind of approach of survey which enable and support in deriving a
beneficial attribute for the project. This result in drawing beneficial attribute so that effectiveness
and efficiency could be maintain and manage. This questionnaire includes 10 questions with
random sampling method organise on more than 100 individuals. This result in drawing and
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gaining beneficial attribute which further going to clear a topic that internet shopping impacted
high street shopping malls or not in order to improve working.
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QUESTIONNAIRE
Name:
Age:
Group:
Gender:
Email:
Phone Number:
1. What is your major purpose before utilizing internet technology?
Shopping
Work
Education
2. Which is a method of shopping prefer by you?
 On line
 Door to Door
 Traditional
3. Please state reason of your purchase?
 Concern need
 Easy to operate
 Any other reason
4. How often you prefer online shopping mode?
 Regularly
 Sometimes
 Never
5. Do you like to use internet as a shopping medium?
 Strongly agree
 Agree
 Neutral
 Disagree
 Strongly agree
6. Define your perception against risk using internet shopping?
 High
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 Low
 Moderate
7. Do you think that prices are suitable in nature while shopping through internet?
 Agree
 Disagree
8. Have you ever met with any kind of problem while performing online shopping?
 YES
 NO
9. Do you think that this online mode is appropriate and suitable in nature?
 Yes
 No
Q10. Any further recommendation?
TASK 2
2.1: Summarise the data collected from the survey
Under this stage of research, all the data collected is being summarised through using
appropriate aspects that required determining effectively so that valuable output can be examine
in proper manner. From this survey, there is different value in order to get presentation through
which effective ability can be analyse by using measure of central tendency. According to this,
better understanding and estimation of things in more beneficial frame by which they are able to
manage and control research results in more effective manner (Maxwell, Jeffrey and Lévesque,
2011). This will provide necessary results by drawing a crucial advantage in consideration with
proper implementation of working management tools and techniques. This aspects which are
going to be analyse is get drawn up in appropriate manner with vital and suitable align data into
account. Under mentioned various calculation of mean, median and mode are shown from the
collected data that reflects for the project to get success criteria and options.
1. What is your major purpose before utilizing internet technology?
Particular Respondents in %
Shopping 20
Work 25
Education 15
Total 60
Mean 20
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Median 20
Mode 0
2. Which is a method of shopping prefer by you?
Particular Respondents in %
Online 40
Door to
door 15
Traditional 5
Total 60
Mean 20
Median 15
Mode 0
3. Please state reason of your purchase?
Particular Respondents in %
Concern need 25
Easy to operate 15
Any other reason 20
Total 60
Mean 20
Median 20
Mode 0
4. How often you prefer online shopping mode?
Particular Respondents in %
Regular 35
Sometimes 15
Never 10
Total 60
Mean 20
Median 15
Mode 0
5. Do you like to use internet as a shopping medium?
Particular Respondents in %
Strongly agree 20
Agree 15
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Neutral 10
Disagree 10
Strongly disagree 5
Total 60
Mean 8.333333333
Median 10
Mode 5
6. Define your perception against risk using internet shopping?
Particular Respondents in %
High 35
Low 15
Moderate 10
Total 60
Mean 20
Median 15
Mode 0
7. Do you think that prices are suitable in nature while shopping through internet?
Particular Respondents in %
Agree 55
Disagree 5
Total 60
Mean 30
Median 30
Mode 0
8. Have you ever met with any kind of problem while performing online shopping?
Particular Respondents in %
YES 40
NO 20
Total 60
Mean 30
Median 30
Mode 0
9. Do you think that this online mode is appropriate and suitable in nature?
Particular Respondents in %
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YES 55
NO 5
Total 60
Mean 30
Median 30
Mode 0
2.2: Analysis of outcomes of the research and draw proper solution
From the above research analysis, it has been determine that there are various numbers of
things that are taken into consideration during the proper of analysing Wal-Mart for their
working and every day operations. It is needed to be better mode by an individual so that proper
outcomes and suitable profit would be calculated during the period of time. On the basis of
shown research data, female and male are most of the time using online services for buying
process and to order something for their personal use. This provide that internet expansion and
consideration is more common for both parties which is required to be followed effectively in
respect to determine by an individual so that maximum benefits can be gain near future time.
Apart for this, there are other things which get disseminated by the project those are associated
with method of shopping which is more chosen from customers those are associated with the
company.
Although, shopping is only important points for which plenty of individual data can be
generated in effective manner. But certain period of time various issues that gets which is not
being used to particular persons. This will required to understand through an individual which
they would gain better and important results from the design. All these aspects and points are
taken into consideration for better evaluation by Wal-Mart so that they would properly helpful to
expand their business and manage their working ability in effective manner so that more
appropriate outcomes can be generated in effective manner (García-Peñalvo and Conde, 2014).
All the time, as per the current era individual that wants to but through their business and manger
their operations in effective. Every such things needs to be determine so that they would
maintain and manage their working and try to control all impacts made by online mode of
shopping. There are different kinds of shopping medium that get evaluated in proper manner. It
has been seen that underpin for the products and services that required to effectively
understanding through Wal-Mart so that they could implemented through online medium of
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shopping which is further facilitate in defining things better and valuable aspects of any research
research.
2.3 Evaluating the data as measure of dispersion
In accordance with the measuring data collected from the research in more effective
manner, they need to make proper estimation of gather information in more reliable and accurate
manner. Scattering cannot get consider as perspective that is implied in disperses and spread
which is related with recognises value. Under this survey, it should be measure so effectively
which would be drawn for assessing reasonable and appropriate results. Measure of dispersion is
incorporating as some contemplation that is separates standard deviations and many more. All
these need to examine in more better and proper manner with the aims that are compelling and
outright outcomes which is providing more valuable outcomes for the company. There are
certain important characteristics that are valuable for getting more crucial results for the
company. A fundamental decision is said to be an important angle assessed and analyse
underneath: Standard deviation: It has been determine as the normal deviation among singular
arrangement score and means proper estimation of data collected by the research data.
Standard data as a normal though then again deviation would imply in contrast among at
two important factors. It empowers in assets to determine spread data of management so
better outcomes would be collected. The main aspects of using this measure of dispersion
is to analyse total risk factors those are present in any research work (Tzeng and Huang,
2011). It will encourage to provide more effective suggestion with accordance to
collected more dependable and accurate solution to a given issues. Variances: It is known as mean value which provides vital information about the nature
of distinction and unequal outcomes. It is more widely essential to assess the variety
among at least two areas so that better and valuable results can be attaining quicker
period of time. Any kind of deviation in decides the esteem contrast among at least two
variables with the aims that viable and fitting extra expectation to be analyse in proper
manner. However, all investigation and comprehensive data is be based on suggested
data that would decided more appropriate data collected from this research work.
Rating
s R1 R2 R3 R4 R5
Standard
Deviation
Variance
s
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1 12 10 8 10 1.632993162 2.666667
2 20 20 0 0
3 20 10 5 5 7.071067812 50
4 20 4 10 4 2 7.348469228 54
5 25 10 2 3 10.61445555 112.6667
6 10 10 15 3 2 5.431390246 29.5
7 10 15 5 10 4.082482905 16.66667
8 16 2 10 2 10 6 36
9 20 15 5 7.637626158 58.33333
From the above project report, it has been seen that all the consideration taken from
calculation of standard deviation is mainly determine through online method of shopping which
must be essential for expanding the business. This online medium used to provide appropriate
management to their operations which is enable them to reach large number of customers around
the nations.
2.4: Explanation about quartile, percentiles and correlation to draw appropriate solution
According to get more valuable solution from the collected data out of this particular
research work they need to make proper analysis of the data.
Quartile is one of the important techniques which are divided into four equal parts from
the given population as per the distribution of values in a variable. Each variable those are
categorise into three parts are consider as random variable which is separated as per the given
respondents.
Percentile: It is known as one of the primary measure which is used in statistic which
indicate overall variable which is given in terms of percentage. Each of the data collected from
the research work out of 60 samples from the selected group into a population would be divided
as per the distribution of value in a given variable (Yager and Kacprzyk, 2012).
Correlation coefficient: It is said to be numerical measure of some types of correlation
that show as relationship among two given set of variables. There are various types of correlation
those are commonly used as linear regression (Correlation Coefficient, 2018). It can be divided
into +positive 1 and –negative 1. Along with this, there are another areas which is associated
with providing more reliable outcomes as per the mentioned tends to increase maximum chances
of opportunities to the researchers.
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TASK 3
3.1: Various charts and graphs are prepared on the collected data
What is your major purpose before utilizing internet technology?
Which is a method of shopping prefer by you?
Please state reason of your purchase?
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How often you prefer online shopping mode?
Do you like to use internet as a shopping medium?
12

Define your perception against risk using internet shopping?
Do you think that prices are suitable in nature while shopping through internet?
13

Have you ever met with any kind of problem while performing online shopping?
Do you think that this online mode is appropriate and suitable in nature?
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3.2: Trend line analysis
There are various types of pattern which are needed to be followed by every researcher in
order to estimate their coming future. It deals with benefits to a firm those are connected with
every other individual information which would be comprehend by management of an
organisation. This will provide maximum opportunities to gain reliable results in coming period
of time. The estimation can be done by making analyse of trend line charts.
Sales Revenue Year
10,000
unit
5,00,000 2018-
2019
15,000
units
1,20,000 2019-
2020
18,000
units
14,00,000 2020-
2021
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From the above trend line graphs, it has been seen that organisation has begun from 2018 to
2021. These results are providing proper utilisation of new and modified innovation of business
and their working ability that turns out to be more proper and viable nature which is held
responsible for increase better results for the research during the period of time. On the basis of
estimate sales they can be able to increase their business stability and maximum opportunities
can also be arise for an organisation.
3.3: Poster
3.4: Formal report
REPORT
To
The managers
Retail time magazine
Data: 16th May 2018-05-16
Subject: This report is based on use of technology and declining offline shopping
Introduction:
This project research is entirely based on collecting effective data from various
respondents those are using internet facilities for their own use. The research is done on the
basis of various perspective that most number of individual use online shopping approaches
from past few years.
Methodology: This particular report is prepared by using various methods that are held
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responsible for providing crucial information to the research. Some of them are related with
primary and secondary data. The quantitative and qualitative methods of data collection are
also being used to get more appropriate outcomes in near future time.
Findings: There are various positive outcomes are taken out of this particular research
process. All the information collected from various customers is indicating more accurate and
valuable results in the favour of digital technology. Most of the results are showing more
crucial benefits that are always helpful to make future analysing to make better future.
Recommendation: Out of this research, there are certain suggestion is need to be taken into
consideration. Such as suffering of net must be faster so that chances of errors can be remove.
More discounts are provided to customers while making payment over the online more.
TASK 4
4.1 Roles and characteristics play by various information system
Majorly, it has been located that there are almost three systems which needs to be kept in
mind by company while doing business. Along with this, it has been located that there are ample
number of roles and characteristics that these informative systems carries. In order to do business
in successful manner which needs to be considered in an appropriate manner by Marks and
Spencer. Here, in operational section, transactional system needs to get underpin in successful
and in proper manner as well. On the other hand, some details of various systems are given
beneath:
 Transaction processing systems (TPS): It is fundamentally worry for the gathering,
alteration and recovery of data appropriately (Hwang and Masud, 2012). One of a
fundamental and fitting attributes of TPS incorporate execution, unwavering quality
and legitimacy with consistency. This will empower business level directors to decide
the things better with the goal that viability and proficiency could be keep up and
oversee. Management information systems (MIS): A computerized database that is filled with
financial information where it can be organised along with programmed which helps a
superior to get all the details of financial condition. This sort of system is mostly being
used by supervisors and other people in order to make effective decisions and to analyse
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different situations. MIS may aid or assist supervisors gaining all the relevant and
authenticated information through which decisions can be made.
 Decision support systems (DSS): This can be stated as one more system which can be
considered and used by organisation. Here, Marks and Spencer's supervisors may aid and
become able in hitting their targets in much effective and appropriate manner. Along with
this, it has been located that this sort of system helps superiors in attaining goals and
objectives right on time (Bayne and Woolcock, 2011).
Above discussed systems are much helpful for Marks and Spencer while developing
products and services in much effective and appropriate manner.
4.2 Design of critical path and Gantt chart in order to estimate things
In previous years, Marks and Spencer used to give invoice to consumers as in a paper and
publishers makes contract while issuing books at international level (Schmold and et. al., 2013).
For this there are various sort of tools and techniques that can be used by Marks and Spencer in
short period off time. on the other hand, activities needs to be considered in effective and
appropriate manner as well. Books can be sold right on time through doing marketing research in
proper way.
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1+ 3+ 5+ 6+ 9+ 10 = 34 days
1+ 4+ 8+ 5+ 6+ 7+ 9+ 10=50 days
Based on decided basic way framework, most limited pathway to issue the book is 34
days under which entire book get printed appropriately and afterward other related tasks used to
occur. This improve and unmistakable way with the goal that better and implied result could be
drawn. This will bring about reflecting useful quality with the goal that odds of inferring
reasonable and compelling thought wind up conceivable and in addition its issue end up fruitful
in outline (Yu, 2013). Consequently, distributor required to run with Gantt Chart and Critical
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vow framework which additionally empower in characterizing various things in much effective
way.
4.3 Use of financial tools for defining better decision making
Marks and Spencer is introducing various new products and services which has helped
organization in grabbing good position at marketplace of both domestic and international market.
there are many financial tools that can be adopted by M & S's managers and leaders which are
most suitable in nature at marketplace that can aid organization in gaining competitive
advantages where rivalry can be given to competitors (Zolfani and et. al., 2013). Along with this,
it has been located that investment should be made in right amount so that it won't hamper the
situation.
On the other hand, implementing updated technology at Marks and Spencer through
which it can raise both productivity and profitability at the same time. Away with this, as per
perspective, management need to understand their financial reports better so that they could
estimate IRR and NPV of their project. This factor will contribute in business function on the
basis of projected cash flow of 4 years.
Year Cash flows %PV factor Net present value
0 -15000 10.00% -1500
1 8000 0.9090909091 7272.7272727273
2 10000 0.826446281 8264.4628099174
3 5000 0.7513148009 3756.5740045079
4 5000 0.6830134554 3415.0672768254
Total 13000 21208.8313639779
NPV 7,008.03
Internal rate of return 34.77%
Under this derivation, it has been computed that 70008 is net value for assignment which
can be considered as good value in order to implement all the strategies and investment can be
done in effective and appropriate manner. Away with this, it has been located that return on
interest rates can be expected or considered as 10% and then return which can be gained by
Marks and Spencer is 34% (Stine and Foster, 2014). Therefore, organisation can grab attention
of consumers high in numbers through developing products and services by applying updated
technology.
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CONCLUSION
From above mentioned report it has been concluded that making strategies or making
appropriate decisions is not an easy task in business world. Along with this, considering all the
external and internal aspects and examining them in a proper way may lead an organization to
create favourable conditions while doing business at marketplace. With the help of this, firm can
give good rivalry to competitors that are present already in marketplace. Here, both leaders and
managers plays a vital role when it comes to attaining all the desired goals and objectives right
on time through understanding all the aspects related to desired aim. Through conducting a
survey it has been located that superiors of firm can better understand about the impact of
technology in different business entities. In order to do this, questionnaire is being prepared
through which proper execution of plan can be done. Mean, median, mode, standard deviation,
variances are some sort of major components which can be used by research and development of
an enterprise. Away with this, many information systems may aid company's superiors in hitting
their targets in much effective and efficient manner.
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REFERENCES
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García-Peñalvo, F. J. and Conde, M. Á., 2014. Using informal learning for business decision
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Groebner, D. F and et. al., 2011. Business statistics: A decision making approach. Prentice
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Hwang, C. L. and Masud, A.S.M., 2012. Multiple objective decision making—methods and
applications: a state-of-the-art survey (Vol. 164). Springer Science & Business Media.
Maxwell, A. L., Jeffrey, S. A. and Lévesque, M., 2011. Business angel early stage decision
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Schmoldt, D and et. al., 2013. The analytic hierarchy process in natural resource and
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Stine, R. and Foster, D., 2014. Statistics for Business: Decision Making and. Addison-Wesley
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Tufféry, S., 2011. Data mining and statistics for decision making (Vol. 2). Chichester: Wiley.
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Vercellis, C., 2011. Business intelligence: data mining and optimization for decision making.
John Wiley & Sons.
Yager, R. R. and Kacprzyk, J. eds., 2012. The ordered weighted averaging operators: theory
and applications. Springer Science & Business Media.
Yu, P. L., 2013. Multiple-criteria decision making: concepts, techniques, and extensions (Vol.
30). Springer Science & Business Media.
Zolfani, S.H and et. al., 2013. Decision making on business issues with foresight perspective; an
application of new hybrid MCDM model in shopping mall locating. Expert systems with
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Online
Correlation Coefficient. 2018.[Online]Available
through:<http://www.statisticshowto.com/probability-and-statistics/correlation-
coefficient-formula/>.
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