Role of Business Decision Making Assignment
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Added on 2019-12-03
Role of Business Decision Making Assignment
Added on 2019-12-03
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BUSINESS DECISIONMAKING
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................4TASK 1............................................................................................................................................4Background of the study..............................................................................................................4Rationale......................................................................................................................................4Objectives of the research............................................................................................................5Methodology................................................................................................................................5Data analysis section....................................................................................................................5Timeframe....................................................................................................................................5Budget section for the research....................................................................................................6Designing questionnaire..............................................................................................................6TASK 2............................................................................................................................................8Mean, median and mode..............................................................................................................8Range and standard deviation......................................................................................................925th Percentile (Lower Quartile) and 75th Percentile (Upper Quartile) and explain the use ofPercentile...................................................................................................................................10Interquartile range......................................................................................................................10Correlation coefficient...............................................................................................................10TASK 3..........................................................................................................................................11Line graph..................................................................................................................................11Scatter Plot on Advertising and Sales Costs..............................................................................13Trend lines.................................................................................................................................14Business presentation.................................................................................................................15Formal business report...............................................................................................................15TASK 4..........................................................................................................................................16
Task4 A..........................................................................................................................................16Network diagram.......................................................................................................................16Calculation of the project duration............................................................................................17Critical path...............................................................................................................................19Gantt chart and its benefits as a project management tool........................................................20Task 4B..........................................................................................................................................201. Calculation of NPV and IRR of project A and B..................................................................202. Recommendations..................................................................................................................23CONCLUSION..............................................................................................................................24
INTRODUCTION Business decision making plays most crucial role as management of every enterprise hasto take different decisions which are linked with growth and development of firm (Hodge andAustin, 2004.). Further, decisions can be linked with expansion; product development etc whichneeds to be taken through proper analysis so that business can be positively benefitted with thehelp of this. Moreover, entire process of decision making is supported by collection of primaryand secondary information and it is fruitful for business in every possible manner. Moreover, itallows organization to easily operate in the competitive market for longer period of time. Theentire study being carried out is based on different scenarios where crossrail service project hasbeen undertaken which is associated with expansion, Carmen project which is associated with instore promotion etc. In all the scenarios given business has to take appropriate decisions as theyare linked with development. Further, various tasks have been covered in the study whichinvolves collection of primary and secondary data, descriptive analysis, designing questionnaireand budget section for the research. TASK 1 Background of the study The present case study provided is based on crossrail services expansion which is one ofthe Europe’s largest construction projects which was started in the year May 2009. At presentaround 10,000 people are working across 40 construction sites. Crossrail will transform railtransport in London where capacity will be increased by 10% supporting regeneration andcutting journey times across the city. Further, through this proper travelling facility will begranted to around 1.5 million people with the aim to connect their key employment and other keyactivities of business to large number of places such as Heathrow etc. It is expected that projectwill start in the year 2018 and annual passengers will be 200 million. Funds allocated forimplementing project is £14.8bn. Rationale Rationale supports in knowing the main reason due to which the entire project has beenundertaken. So, the present project is based on analysis where government of UK is interested inknowing the perceived benefit of cross rail project for local community. Regulatory authoritieshave invested large amount for implementing this project but government is not at all sure thatweather will be beneficial for the entire community or not. Therefore, it is required for1
investigator to complete the entire project by evaluating the advantage of crossrail project forlocal people living in the society and in other parts of the country. So, to examine the keybenefits of this project is one of the main reasons behind carrying out this study. Objectives of the research Following are the objectives set for conducting study and they are as follows:To identify the key benefits of Crossrail project for local community of central LondonTo build research plan for carrying out the entire investigation process and collectingprimary along with secondary information linked with the projectTo estimate budget along with time required in accomplishing the project Methodology For conducting the study in appropriate manner data has been collected from bothsources named primary and secondary for the project of Crossrail. Further, both qualitative andquantitative methods will be employed for the collection of crucial information. Moreover,qualitative method is effective as through this it will be possible to know about the behavior oflocal community towards Crossrail project. Apart from this, by using quantitative methodinvestigator can easily obtain data in numeric form and this can assist in knowing the realbenefits of this project for local people living in London (Sapsford and Jupp, 2006). Apart fromthis method of qualitative study will support in carrying out survey of all the passengers inappropriate manner. For collection of primary information investigator has designedquestionnaire keeping in view objectives of the study. Further, for collection of secondaryinformation various books, journals and online articles have been considered in order to knowthe benefits of the Crossrail project. Sample size of 50 local people has been undertaken from whom overall information hasbeen collected through which accurate information has been obtained which is fruitful for thisresearch. This sampling frame is appropriate for the present study as through this it is possible toaccomplish overall aim and objective of the research. On the other hand random samplingtechnique has been used where respondents associated with the study have been selectedrandomly and there is no such fix criteria present. The main reason behind undertaking thissampling technique is that through this it is possible to obtain accurate amount of informationwhich is beneficial for the research. Sample size of 50 is appropriate enough in knowing thatCross rail project is beneficial for the country like London or not. 2
Data analysis sectionIn the present study data has been analyzed by using both qualitative and quantitativetechnique. Further, the information obtained will be analyzed by forming themes and usingstatistical tools. By forming different themes it is possible to know about the response providedby the respondents and is beneficial in every possible manner.Timeframe For conducting each and every activity in the project appropriate time is required andthrough this efficiency of the study can be enhanced easily. Further, each and every activity inthe project has been highlighted with the help of Gantt chart and appropriate time frame has beenallocated. Gantt chart for the present project is as follows:Activities/ duration in days246810121416Analysis of background Developing objectives for thestudySelection of methodologicaltools and techniques Obtaining primary andsecondary informationData analysisPreparing budget for theentire budget Building research plan Budget section for the research Considering the present scenario of Crossrail project it is necessary to developappropriate budget so that funds allocated can be utilized in appropriate manner. Further, highamount of investment is required so entire project will be carried out on large scale. So, theproposed budget for this project is £1200. It will take into consideration large number ofactivities such as research collection from primary and secondary data, fuel cost, miscellaneousexpenditure etc. ExpensesAmountResearch collection from secondary data£150Research collection from Primary data£500Stationary costs£200Fuel Cost£150Miscellaneous expenditure£200Total£10003
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