Business Decision Making Table of Contents

BUSINESS DECISION
MAKING

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1Creation of plan for collection of primary and secondary data for a given business
problem...................................................................................................................................1
1.2 Survey methodology and use of sampling frame.............................................................2
1.3 Questionnaire for a business problem..............................................................................3
TASK 2............................................................................................................................................4
2.1 Data estimation tools........................................................................................................4
2.2 Mean, median and mode of collected data.......................................................................6
2.3 Dispersion of collected data.............................................................................................6
2.4 Quartiles and coefficient of the data.................................................................................7
TASK 3............................................................................................................................................9
3.1 Produce the graph using Spreadsheet and draw valid conclusion....................................9
3.2 Producing scatter graphs through considering data of age and weight..........................12
3.3 Preparinmg line chart using the data set of age and weight...........................................13
TASK 4..........................................................................................................................................14
4.1 Investment appraisal methods and their advantages & disadvantages...........................14
4.2 Project plan for Speedy Filters Plc.................................................................................15
4.3 Estimation of NPV & IRR for the proposed project......................................................18
CONCLUSION..............................................................................................................................19
REFERENCES..............................................................................................................................20

Index of Tables
Table 1: Data estimation on collected data......................................................................................2
Table 2: SD and Variance analysis of collected data.......................................................................3
Table 3: Quartiles of collected data.................................................................................................4
Table 4: Correlation between admissions and profit at LBBA........................................................4

ILLUSTRATION INDEX
Illustration 1: Formula used for calculating mean...........................................................................1
Illustration 2: Median for odd number of respondents....................................................................2
Illustration 3: Standard deviation measurement..............................................................................3

INTRODUCTION
Business decision making is considered as an important aspect that is needed in
appropriate and full consideration so that no problems in this regards can occur in future (Ford
and Richardson, 2013). The main objective behind this report to develop techniques for the data
gathering and implantation about the business perspective, also gaining an understanding of the
tools which are available for creation and presentation of useful information in order to make
effective business decisions. A case of Excellent School Education Plc is taken in to
consideration which is a private school in North London for students from affluent back grounds
and achieved best results of its input. Thus, they want to open a new branch of school in Surrey
for which is business decision is being made. Further, there are various important methods have
been used by researcher to determine the opportunities for enterprise to expand their business
operations.
TASK 1
1.1Creation of plan for collection of primary and secondary data for a given business problem.
Primary data collection method is considered as the collection of first hand data. It is also
recognised as relevant and more focused as well as reliable as the data are collected for the first
time which creates the less chances of data manipulation. There are various important methods
of primary data collection like questionnaire, survey, interviews and others (Nowduri, 2011). In
this context, the data would be collected from the members in relation to the preferences that are
willing to set up a new school as well as their choices in order to make a proper analysis should
be taken in to consideration. Data which are collected would be from the target population who
are working in the school. In order to accomplish this task, the questionnaire is being prepared in
which questions relevant to topic are being asked from the students. It is also analysed that there
are various courses have been offered by LBBA for students which can be further analysed in
appropriate manner.
Secondary are considered as those which are collected by the researcher from the study that is
already present or conducted by different person. In this method, both primary and secondary
data are being collected by using the method of questionnaire that would be distributed between
the populations of 100 students. These secondary are being collected from the internet surfing,
journals and articles etc.
1

Plan for the collection of all the required data-
In this research, all the primary data are collected from the methods of questionnaire
which will be distributed among the sample population of 100 people in order gathered correct
and relevant information. It being estimated that all the required data would be collected in the
period of 10 days, so that its analysis and interpretation can be presented in suitable manner.
Further, appropriate method of sampling is being used to so that no extra efforts are needed to be
made by the researcher in implementation of plan.
1.2 Survey methodology and use of sampling frame.
As per the analysis, methodology used in the survey is mainly discussed as the effective
practice that is used for the application of better sampling of population (Tzeng and Huang,
2011). In the present scenario, the best and most effective way of survey for LBBA would be
through the survey distribution towards the people so that no wrong things would be taken in to
consideration. Another concept that is used in sampling is considered as sampling frame which is
used to draw out the source from the given material or data. Some of the important methods of
sampling are mentioned above:
 Random sampling: Most effective method which states that the selection of imperative
data is done from the population at every particularpoint of time or interval.
Cluster sampling method: In this, the random selection is being done from the population which
is being already divided in to cluster (Yager and Kacprzyk, 2012). It is also considered as an
easy form of sampling that will be done a specific time limit.
Stratified sampling: It is important method in which the population is being divided in strata
from where there is various chance of collecting relevant information (Yu, P.L., 2013). In
present scenario, the data are being collected in the form of proportionate manner so that it will
be understandable from the research.
 Judgemental sampling: This method of random sampling is based on the rational decision
of the researcher through which the sampling is being done in effective manner.
In present context, the most method of stratified sampling is being used by the researcher along
with the systematic random sampling method.
2