Project Schedule and Timing Analysis

A business unit aims to launch a new fruit juice product in the London market. To achieve this goal, the organization uses Gantt charts and network diagrams to effectively implement the project. The minimum duration for project completion is estimated to be 30 days, indicating that the business unit requires at least 30 days to complete the project. Timely implementation is crucial to meet deadlines and launch the product successfully.

BUSINESS
DECISION
MAKING
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Table of Contents
INTRODUCTION......................................................................................................................1
TASK 1......................................................................................................................................1
(A) Primary and secondary research.....................................................................................1
(B) Survey methodology and sampling frame:......................................................................2
(C) Preparation of questionnaire............................................................................................3
TASK 2......................................................................................................................................5
(A) Summarization of primary and secondary collected data:..............................................5
(B) Quartile, percentile deviation and correlation ..............................................................11
TASK 3....................................................................................................................................12
(A) Analysis and interpretation through different types of charts.......................................12
(B) Trend Line and chart for analytical purpose.................................................................13
(C)Analysis through Graphical presentation.......................................................................14
(D) Formal Business Report................................................................................................14
TASK 4....................................................................................................................................14
Project Plan of launching a new fresh juice drink ..............................................................14
CONCLUSION........................................................................................................................16
REFERENCES.........................................................................................................................17
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INTRODUCTION
Statistical analysis is a component of data analysis. It is the study of collection,
analysis, interpretation and organization of data. It is very important for every organization to
continue analyse the data by various statistical and financial methods. In this report, we
identify the methods of data collection for Fresh juice Manufacturer Company in London.
Moreover, Survey will be conducted for such purpose (Black, 2011). In addition to it,
different statistical methods will be used to analyse the data such as Frequency table,
Average, dispersion and correlation. The report also helps in identifying the financial
viability of the project by with reference to cost and revenues.
TASK 1
(A) Primary and secondary research
Data collection is a term used to describe a process of preparing and collecting data.
Data research can be done for different purposes according to the requirement. Data can be
collected by two sources primary as well as secondary sources.
Primary data: The data which are collected for the first time, called primary data.
This is the original data collected by the investigator itself (Zsambok and Klein, 2014). It
may be of two kinds Quantitative and qualitative research. Quantitative research can be
collected from sampling method.
Secondary data: This type of data are prior collected by someone for their purpose,
also called published source of data. It may be of two kinds Internal as well as External
sources. Internal source include organizations previous records or statements whereas
external source of data include journals, books, magazine and newspaper. Primary and
secondary research for fresh juice drinks with subject to consumer profile, preference;
attitude and buying behaviour are explained below:
Consumer Profile: It is a way of describing consumer categorically so that they can be
grouped for marketing and advertising purpose (Bazerman and Moore, 2012). It helps to
classify the customer on the basis of various factors such as demographic, education, and
psychological. Primary data for consumer profile can be collected through field research by
investigator itself. However, Secondary data can be collected from trade and business
association.
Consumer preference: It refers to the choice of customer for variety of goods
available in the market for fresh Juice Drinks such as Tropicana, Real, Fresh gold and Leh
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berry. Primary data for such purpose can be collected by experiments. However, secondary
data may be collected by newspapers and previous year industrial sales.
Attitude and Buying Behaviour: Consumers have a positive general attitude towards
the consumption of fruit juice. Consumer behaviour is driven by optimisation of nutrition.
However, attitude is defined as a kind of psychological tendency with some degree of likes
and dislikes. It is also affected by various factors such as cultural, social and personal factors.
Primary data can be collected by questionnaire method and secondary data can be collected
by published economic reports and commercial service reports (Kimmel, Weygandt and
Kieso, 2010).
(B) Survey methodology and sampling frame:
Surveys are important for getting specific information for various purposes. It is the
primary source of data and includes field research. In field research firstly, researcher should
set the target market in which survey will be conducted. Thereafter investigator should
identify the type of field research it can be done through Questionnaire method. Furthermore,
it helps to identify the type of information according to the objective of investigator.
Questionnaire can be filled by investigator itself through personal interview and also can be
filled by customers themselves. It is a set of questions to gather different type of information
such as customer preferences, their attitude and purchasing behaviour (Pettigrew, 2014). T. It
is the best method when resources are limited and data are required from various type of
customers. In such method, all the information can be collected by drafting an appropriate
questionnaire. It should include all type of questions which fulfil the investigator
requirement. It is very confidential source of data and the information collected truly
represent the situation. However, if it is filled by researcher himself then bias may arise.
Moreover, Web based questionnaire may be used in it will be send through email. Therefore,
information can be collected from widespread area (Jerry, Paul. and Donald, 2009). Hence, it
is considered as best method for Fruit Juice Company to identify the customer preferences,
their choice, and attitude also the behaviour.
Sampling: It refers to the selection of sample from a target population to conduct a
survey. It is very convenient way to identify the behaviour of the entire universe based on the
representative sample. It can be classified into two types such as probability sampling and
non probability sampling (Black, 2011). In probability sampling each member of the
population has a known probability whereas in non probability sampling probability is
unknown.
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Random Sampling: It is the purest form of probability sampling. In such sample, each
member of the sample has an equal chance of inclusion in sample. Sampling error also can be
calculated in it. Therefore, in case of very large population it is the very difficult to identify
each member so it will be considered as best method.
Non Random Sampling: it is another kind of sample and often used for speed and
convenience. In such type of sampling technique, sample is determined on the basis of some
factor (Robert, 2010). It includes quota sampling techniques and sampling error cannot be
computed in it.
Therefore, it is clear that to know about customer choice, behaviour, attitude and their
profile of fruit juice company random sampling will be best method because in it bias is
eliminated (Albright and Winston, 2014). In this report, sample of 25 Customers will be
taken for such purpose.
(C) Preparation of questionnaire
Name: ____________
Age: ______________
Gender: ___________
Email id: _______________________
Telephone-----------------------------------
What kind of fruit juice you often use to drink?
o Tropicana Juice
o Apple and Rhubarb Juice
o Pear Juice
o Other (please specify)_______
In last week, how many times did you consume such fruit juice?
o Twice in a week
o Thrice in a week
o Daily
How much do you spend on preferred juice product per day?
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o Less than £10
o £10 to £20
o More than £20
With whom do you often drink such fruit juice?
o Alone
o With family members
o With friends
o With a group
From where do you like to purchase this?
o Specialized shops
o Super markets
o Other (please specify) _________________
Which of the following is important factor to you, when deciding about such juice?
o Price
o Quality
o Quantity
o Other(specify)
Does this fruit juice satisfy your nutrition requirement completely?
o Yes
o No
Do you think prices of preferred fruit juice are under your purchasing power?
o Yes
o No
Will you prefer to consume this fruit juice in future also?
o Yes
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o No
Are you satisfied with the quality of fruit juice being offered by the fruit juice?
o Yes
o No
TASK 2
(A) Summarization of primary and secondary collected data:
After collecting data, it can be summarized by preparing frequency table. The
frequency of a particular data value is the number of times the data occurs. Frequency table is
constructed by arranging all collected data in a series with their corresponding frequencies
(Bajpai, 2009).
Primary data analysis
Frequency table to know consumer behaviour and preference for variety of fresh
juice by questionnaire method for 25 consumers is explained below:
What kind of fruit juice you often use to drink?
Particulars Frequency
Tropicana Juice 8
Apple and Rhubarb Juice 12
Pear Juice 2
Other ( please specify)_______ 3
25
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This chart represents an analysis of 25 customers about their choices for different
types of juice. 8 customers like Tropicana juice and 12 Customers like apple and rhubarb
juice. However, only 2 customers prefer pear juice and 3 customers will prefer other juice.
Therefore, it is clear that large number of customers prefer apple and rhubarb juice. Thus,
there is a great chance of higher sales of such type of juice.
From where do you like to purchase this?
Particular Frequency
Specialized shops 12
Supermarket 11
Other ( please specify)_______ 2
25
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Tropicana Juice
Apple and Rhubarb Juice
Pear Juice
Other ( please specify)_______
0
2
4
6
8
10
12
14
Frequency

his chart represent that 12 customer purchase juice from specialized shops, 11
customers bought it from supermarket and only 2 customers will prefer other places.
Therefore, it shows customer buying behavior to purchase from specialized shops.
Which of the following is important factor to you, when deciding about such juice?
Particular Frequency
Price 8
Quality 10
Quantity 5
Other ( please specify)_______ 2
25
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Specialized shops
Supermarket
Other ( please specify)_______
0
2
4
6
8
10
12
14
Frequency

This chart helps us to identify that which factor affects the buying decision mostly to
customers. 8 Consumers answer that price are important factor while 10 consumers say that
quality is the most important factor. However, only 5 customers replied that quantity is
important and 2 customers will prefer other factors. Therefore, it is clear that quality is the
most important factor which affects the buying decision to consumers. Thus, organization
should provide better quality of juice to customers so as to provide maximum nutrition to
them.
Does this fruit juice satisfy your nutrition requirement completely?
Particular Frequency
Yes 20
No 5
25
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Price
Quality
Quantity
Other ( please specify)_______
0
2
4
6
8
10
12
Frequency

This chart shows the satisfaction level of employees from their preferred juice type.
20 customers replied that they are satisfied whereas only 5 customers said that they are
dissatisfied. Therefore, it is clear that large users are satisfied from their consumption.
Secondary data analysis
Secondary data for such purpose will be included sales and profitability for a number
of year from 2004 to 2014.
Particular Sales Profit
2004 350 35
2005 475 50
2006 500 60
2007 450 45
2008 480 57
2009 525 80
2010 680 100
2011 789 125
2012 900 135
2013 1012 175
2014 1200 200
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Yes No
0
5
10
15
20
25
Frequency

The table shows the sales for the year 2004 was 350£ and it is continuously rising to
1200£ in 2014. Therefore, the profits are also increasing from 35£ in 2004 to 200£ in 2014.
Thus, it indicates that in UK consumption of juice are increasing so as to increase the
nutrition level of them. Hence, it is very beneficial for all the organization providing fresh
juice to customers.
Averages, measure of dispersion and other statistical measures: Measure of central
tendency, dispersion and other statistical measures for sales and profits are described below:
Mean 669.1818181818 Mean 96.5454545455
Standard Error 82.012617453 Standard Error 16.7719265638
Median 525 Median 80
Mode #N/A Mode #N/A
Standard Deviation 272.0050801665 Standard Deviation 55.6261874235
Sample Variance
73986.76363636
37 Sample Variance
3094.272727272
7
Kurtosis -0.3858007743 Kurtosis -0.6111887851
Skewness 0.8435485702 Skewness 0.7697360707
Range 850 Range 165
Minimum 350 Minimum 35
Maximum 1200 Maximum 200
Sum 7361 Sum 1062
Count 11 Count 11
Confidence Level(95.0%) 182.735498516 Confidence Level(95.0%) 37.3701810391
Representative values: Average of any series is identified as representative value of
the series. It is the measure of central tendency and also known as Mean value (Bertrand and
Fransoo, 2002). It is calculated by adding all the sales and profit values and then divided it to
number of years. The Mean value of sales and profit values are 669.18£ and 96.54£
respectively. It represent that in each year approximate 669.18£ sales will be made by the
companies also they earn profit of 96.54£ every year.
Measurement of Dispersion: Dispersion indicates the scatter of given series that how
data is spread out from the mean value. It can be identified by calculating range, variance and
standard deviation tools.
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Range: Range is the simplest method and calculated by the difference between
highest and lowest value.
Range = Highest Value – Lowest Value
Sales = 1200£ -350£
= 1850£
Profit = 200£ – 35£
= 165£
Therefore, it indicate that sales are scattered from 350£ to 1200£whereas profit are
scattered from 35£ to 200£.
Variance: It is calculated as average of squared deviation from mean values. The
variance of sales and profit will be 73984£ and 3094.25£ respectively. This analysis provides
an insight to the future with reference to different market behaviour.
Standard Deviation: Standard deviation is calculated as square root of variance. It
helps the organization to know the historical volatility in the market. The standard deviation
of sales and profit are 272.00£ and 55.62£ respectively. Higher the standard deviation
indicates higher volatility with the product whereas lower the standard deviation indicate
stable market situation. Moreover, standard error can be calculated in case of sample taken
from a universe.
(B) Quartile, percentile deviation and correlation
Quartile and percentile deviation of sales are as follows:
Sales
Quartile 1 477.5£ Percentile 25 477.5£
Quartile 2 525£ Percentile 50 525£
Quartile 3 844.5£ Percentile 75 844.5£
Quartile 4 1200£ Percentile 100 1200£
Quartile and percentile deviation of profits are explained below:
Profits
Quartile 1 53.5£ Percentile 25 53.5£
Quartile 2 80£ Percentile 50 80£
Quartile 3 130£ Percentile 75 130£
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Quartile 4 200£ Percentile 100 200£
Correlation: Correlation indicates the interrelationship of both series on each other
(Boulaksil and Fransoo, 2010). Sales and profit are positively related with each other. It
means that in case of higher and lowering the sales profits also rise and decrease. Correlation
associated with sales and profits are as follows:
Sales Profit
Sales 1
Profit 0.992451 1
The correlation of sales and profit is 0.99. It indicates that both sales and profit are
highly correlated with each other in positive direction. It implies that if sales are increasing
those profits are also rising and vice versa. Moreover, it shows the strong relationship
between sales and profit values.
TASK 3
(A) Analysis and interpretation through different types of charts
There are different types of chart such as pie chart, bar chart, line chart and ogive
chart. This chart is very important to making an analytical study. Bar chart for 10 year's sales
and profits are described as under:
Histogram: It is an estimate of the probability distribution of quantitative variable. It
is a graphical presentation of the distribution of numerical data (Weller and Monroe-Gulick,
2014). The purpose of histogram is to graphically summarize the distribution of universe. It
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shows the centre location, spread and skewness of data. Histogram for sales for 10 years is
described below:
Bin Frequency
350£ 1
633.33£ 5
916.66£ 3
More 2
It shows that sales of 633.33£ has highest frequency of 5. it indicate that in most of
the year’s sales amounted will be nearest to 633.33£.
Histogram for profit values from 2004 to 2014 are explained here:
Bin Frequency
35£ 1
90£ 5
145£ 3
More 2
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It shows highest frequency of 5 for profit of 90£. However, profit of 145£ has a
frequency of 3 and profit of 35£ has lowest frequency of 1. It implies that in most of the
year’s profit amount will be nearest to 90£.
(B) Trend Line and chart for analytical purpose
Trend line: It is a line represents general course or tendency for occurrence of
something. It may be of two kinds resistant and support trend line. Resistance line is
constructed when price are decreases while support line is formed in case of increases in
prices (Forza, 2002). It is very important to know the future market situation for various
factors such as cost, sales and profit. The trend line for ten year's sales and profits of fresh
juice are prepared here:
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Trend line for sales shows an increasing trend for fresh juice market in UK.
Therefore, from the above chart it is clear that trend line for sales are continuously increasing
for Fresh juice market in UK. It shows that it will be rising in future also. Thus, sales will be
increase in future years (Redder, M., n.d.). Moreover, Trend line for profit also shows an
increasing trend shows that profit are also increasing from past ten year for fresh juice. Thus,
it can be concluded that in upcoming year Fresh juice market will be in growth position
because of increasing in sales and profitability (Akhtar and et. al., n.d.).
(C)Analysis through Graphical presentation
Enclosed in PowerPoint Presentation
(D) Formal Business Report
To
The Decision Support Manager
Fresh Juice organization
Date_________
After all the primary and secondary data research, it can be said that fresh juice market has
a great scope of growth in UK. The consumption of Juice is continuously increasing this in turn,
increase the sales and profits for the industry. The research also found that price and quality are
the most important factor in the market which affects the buying decision of consumers. Thus,
the manager has to provide better quality of juice at reasonable rate to customers. By doing this,
the company can increase its sales and profitability. Moreover, the trend line depicts that UK
Fresh juice market have a rising trend. Therefore, it can be said that by provide maximum
nutrition to the consumers the management will be able to grab larger the UK fresh juice market
share and growth.
TASK 4
Project Plan of launching a new fresh juice drink
Before launching, any new drink in the market, decision manager should identify
various types of activities which have taken place.
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It is through gantt chart and network diagram that the business unit is able to implement
project on time. The organization need to meet all benchmarks so as to effective implement
the project into consideration. The Gantt chart provides an overview of schedule in which all
activities can be completed in an effective manner. However, network diagram helps in
estimating minimum duration in which project can be completed. As per the network
diagram, it can be said that minimum time period for project completion is
1+5+7+8+9=30days. It means that project for launching the new project can be completed
within minimum duration of 30 days. It can be said that the business unit requires minimum
of 30 days for compaction of project. Moreover, the organization should abide by all
deadlines so as to launch its fruit juices in market of London. The timely implementation will
help the business unit in achievement of long term goals.
CONCLUSION
From the Presented report, it is clear that statistical techniques are very important for
every organization. Moreover, research is a very important tool to know the market behaviour
customer attitude and preferences about the product. It helps the organization to know
financial viability of any proposal. In addition to it, various types of charts and statistical
tools such as central tendency, dispersion and variances are appropriate to do an comparative
analysis.
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REFERENCES
Books and Journals
Albright, S. and Winston. W., 2014. Business Analytics: Data Analysis & Decision Making.
5th Edition. Cengage Learning.
Bajpai. N., 2009. Business statistics. Pearson Education India.
Bazerman, M. and Moore, D. A., 2012. Judgment in managerial decision making.
Bertrand, M. W. J. and Fransoo, C. J., 2002 "Operations management research methodologies
using quantitative modeling. International journal of operations and production
Management. 22(2). pp. 241-264.
Black, K. 2011. Business statistics: for contemporary decision making. John Wiley & Sons.
Black, K., 2011. Business statistics: For Contemporary Decision Making. John Wiley &
Sons.
Boulaksil, Y. and Fransoo, C. J., 2010. Implications of outsourcing on operations planning:
findings from the pharmaceutical industry. International journal of operations and
production Management. 30(10). pp. 1059-1079.
Forza, C., 2002. Survey research in operations management: a process‐based perspective.
International journal of operations and production Management. 22(2). pp. 152–194.
Jerry. J. W., Paul. D. K. and Donald, E. K., 2009. Managerial Accounting: Tools for
Business Decision Making. 5th edition. John Wiley & Sons.
Kimmel, P. D., Weygandt, J. J. and Kieso, D. E., 2010. Financial accounting: tools for
business decision making. John Wiley & Sons.
Pettigrew, A. M., 2014. The politics of organizational decision-making. Routledge.
Robert, E. S., 2010. Statistics for Business: Decision Making and Analysis. Pearson
Education India.
Weller, T. And Monroe-Gulick, A., 2014. Understanding methodological and disciplinary
differences in the data practices of academic researchers. 32(3). pp. 467-482.
Zsambok, C. E. and Klein, G. 2014. Naturalistic decision making. Psychology Press.
Online
Akhtar, N., and et. al., n.d. Business Plan. [Pdf]. Available Through:
<http://www.slideshare.net/rubayatppt/business-plan-smoothy-juice>. [Accessed on
10th November, 2015].
Redder, M., n.d. Business Plan. [Pdf]. Available through;
<http://www.adam-europe.eu/prj/7823/prd/1/2/Businessplan.pdf>. [Accessed on 10th
November, 2015].
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