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Data collection and analysis for the business decision making problem

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Added on  2019-12-04

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Business Decision Making Introduction 1 Task 1 1 1.1 Creation of plan for the collection of primary and secondary data for the given business problem 1 1.2 Survey methodology and sampling frame 2 1.3 Questionnaire 2 Task 2 3 2.1 Descriptive statistics for Coffee Packaging Company 3 2.2 Analysing the collected data 5 2.3 Computation of measure of dispersion, quartile and Percentile 5 2.4 Coefficient Correlation 7 Task 3 7 3.1 Statistical graph 7 3.2 Trend lines 8 3.3 Business Presentation for Coffee Packaging Company 8 3.4 Formal Business Report 8

Data collection and analysis for the business decision making problem

   Added on 2019-12-04

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Business Decision Making
Data collection and analysis for the business decision making problem_1
Table of ContentsIntroduction..........................................................................................................................................1Task 1...................................................................................................................................................11.1 Creation of plan for the collection of primary and secondary data for the given businessproblem........................................................................................................................................11.2 Survey methodology and sampling frame.............................................................................21.3 Questionnaire.........................................................................................................................2Task 2...................................................................................................................................................32.1 Descriptive statistics for Coffee Packaging Company..........................................................32.2 Analysing the collected data..................................................................................................52.3 Computation of measure of dispersion, quartile and Percentile............................................52.4 Coefficient Correlation..........................................................................................................7Task 3...................................................................................................................................................73.1 Statistical graph......................................................................................................................73.2 Trend lines.............................................................................................................................83.3 Business Presentation for Coffee Packaging Company.........................................................83.4 Formal Business Report.........................................................................................................8Task 4...................................................................................................................................................94.1 Information Processing Tools................................................................................................94.2 Network Diagram and Critical Project Evaluation..............................................................104.3 Assessment of viability of project.......................................................................................11Conclusion..........................................................................................................................................14References..........................................................................................................................................15
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INTRODUCTIONLooking at the present condition of corporate market it can be said that competition hasled the companies to carry out their operations in appropriate manner (Gibson 2008). In order todo so, accurate and smart decisions play significant role. However, it is a critical task for thesenior managers as it helps in determining the future strategy to achieve defined aim andobjectives.Herein, research focuses on significance of decision making Coffee PackagingCompany operates in London. Looking at the increasing demand and level of competition,owners of cited firm are planning to introduce new flavors in coffee drink for satisfying differentexpectations of customers. Thus, report consist of collection of information and analysis throughthe help of statistical tool. Lastly, viability of available projects for Coffee Packaging Companyhas been analyzed through the means of investment appraisal techniques. TASK 11.1 Creation of plan for the collection of primary and secondary data for the given businessproblemHerein, top level management of Coffee Packaging Company is planning to introduce anew range of coffee drink and for which requires wide range of information. In this regard, thereare two method and approaches of collecting data i.e. primary and secondary. In general, primarymethod helps in collected fresh and new information regarding the selected to topic (Burcher andLee, 2000). While on the other hand, secondary method helps in gathering varied information onthe selected topic. Considering the case in current study, management of Coffee PackagingCompany will use both primary and secondary sources. In order to collect primary informationmanagers will make use of survey methodology in which questionnaire approach has beenselected and distributed to existing and potential coffee drinkers. Further, secondary informationwill be collected through varied sources such as articles, journals, books, past studies etc(Vroom, 2003). The main purpose behind using secondary sources for senior authority is thatthey will be able determine the trends and preference of customers in the target market. The mainpurpose behind using both the method is that it helps in gathering wide range of informationabout different aspects of introducing a new coffee drink as well as to serve consumers as pertheir expectations which leads to boost sales and profitability of cited company (Hacklin andWallnöfer, 2012). 1
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1.2 Survey methodology and sampling frameSurvey in general is conducted to gather valiant information regarding the research.However, despite of time consuming and expensive approach, survey methodology is the mostpreferred approach by the researchers (Schraederand Morrison, 2005). Herein, survey is carriedout to determine the customer preference in coffee drinks in London.Further, through the help ofdistribution of questionnaireto selected sample size will assist in defining their actual needs andexpectations regarding coffee. In this regard, purposive sampling has been selected in which 50coffee drinkers in different area of London will be asked about different prospects of coffee.Through the means of this, top level management Coffee Packaging Company can makeeffective and smart decision regarding introducing a new coffee drink (Li, 2006). 1.3 QuestionnaireName: _______Place of residence: _______Email address: _______Which coffee product would you like to consume?CappuccinoEspressoAmericanoCaffe LatteMochachinoHow often do you visit fast-food restaurant for Cup of Coffee?Once a week Twice a weekThrice a weekMore than itHow much you are willing to pay for a coffee?Less than £1Between £1- £3More than £3What quality factor do you consider most while purchasing coffeeTaste2
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HygienePresentationAre you satisfied with product offered by Coffee Packaging Company at present? Highly satisfied SatisfiedModerateDissatisfiedHighly dissatisfiedAny suggestion for the launch of the new product by Coffee Packaging Company?____________________________________________________________________________________________________________________________________Recommendation for the Coffee Packaging Company?____________________________________________________________________________________________________________________________________TASK 22.1 Descriptive statistics for Coffee Packaging CompanyYearSales (£m)Profit (£m)2006250180200730023020083603102009250180201022516520114003502012450380201350045020145304802015570500Descriptive Analysis of Sales:SalesMean383.5Standard Error39.83333333Median3803
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Mode250Standard Deviation125.9640601Sample Variance15866.94444Kurtosis-1.574197705Skewness0.151161336Range345Minimum225Maximum570Sum3835Count10Confidence Level(95.0%)90.10926032Descriptive Analysis of Profits:ProfitMean322.5Standard Error40.92846062Median330Mode180Standard Deviation129.4271567Sample Variance16751.38889Kurtosis-1.697117776Skewness0.082974544Range335Minimum165Maximum500Sum3225Count10Confidence Level(95.0%)92.586610362.2 Analysing the collected dataWith the help of above computation of descriptive analysis various statistical elementshas been evaluated for helping top level management of Coffee Packaging Company in makingaccurate smart decisions:Mean: It is defined as the average of all the collected numeric information from primaryand secondary sources (Cooperand Schindler, 2003). Herein, from the above computationof descriptive analysis, mean of sales and profit is 383.5 and 322.5 respectively. 4
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