Business Decision Making - Next Plc

Added on - 21 Jul 2020

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BUSINESS DECISIONMAKING
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31.1 outline of Plan by using different source of data collection.............................................31.2 Research methodology that are used in collection of data...............................................41.3 Questionnaire based on defining issues in Next Plc.........................................................5M1 Identify suitable survey methodology and sampling strategies.......................................6M2 Designing a questionnaire by using issued faced by consumer.......................................7M3 Relevant terminology or language used in data collection..............................................7TASK 2............................................................................................................................................72.1 Data use with representative value..................................................................................72.2 Mean, median and mode..................................................................................................82.3 Range and standard deviation...........................................................................................92.4 Inter-quartile Range and correlation coefficient.............................................................10D 1 identify and define quartile,percentile and correlation coefficient...............................10TASK 3..........................................................................................................................................113.1 line graphs as from 2002-2015 and pie,or bar charts.....................................................113.2 Trend line using scatter charts........................................................................................133.3 Covered in PPT...............................................................................................................133.4 Formal business report..................................................................................................13D.2 Effective planning for managing through line,pie,bar and scatter graph......................14TASK 4 (A)....................................................................................................................................15TASK 4 (B)....................................................................................................................................17D3 Recommendation on critical path..................................................................................18CONCLUSION..............................................................................................................................18REFERENCES..............................................................................................................................19
INTRODUCTIONThis topic is to introduce Business decision making which is an important term whichexplain various course of action those are specifically selected from different sources to achievethe organisation objectives. Under this one of the company Next Plc which is a Britishmultinational company is dealing in clothing, footwear and home product. Keeping in view theclothing sectors of company we have designed a plan which are collected from two majorsources, primary and secondary (Ariely and Berns, 2010). Questionnaire is also filled fromvarious respondents that will help to take important decision regarding business growth anddevelopment. However, whole business is depended on effective decision made by entrepreneurin their organisation. In addition to this perfect plan must be required to take corrective action toimprove your business.Under this various calculation that are based on mean ,median ,mode or various chartsthat help to identify the position of company in past and coming year and on the basis of thatbusiness decision has to be made.TASK 11.1 outline of Plan by using different source of data collectionPlanning :It refers to the process by which plans have been made for the company. Ithelp to identify the goal and objectives to be achieved by Next Plc in its future time. In otherwords it is techniques to decide what to do? How to do? And who is going to do? By using thisadministration can easily meet their organisation objectives by making effective decision toavoid various past mistakes and errors that might create problem in the future time being(Casadesus-Masanell and Ricart, 2011). There are mainly two sources from which data can becollected for making decision to its business organisation.For preparing plan for the business we have to collect primary and secondary data thatare related to business problems. As the data are statistical in nature, detail, verses photographs,charts and etc. problems of Next plc can be identified from various collected data and accordingto its decision has to be made to overcome these issues.There are two types of data :Quantitative data:It means data collected from filling questionnaire from various respondentabout its products. These are generally of number format.
Qualitative data:These are those that are recorded in detail. To get valuable output we have tocollect data from both sources (Chang, Van Witteloostuijn and Eden, 2010).Primary Data: These are said to be fresh data or information that is collected byresearchers itself and in quick time. It includes questionnaire, personal observations, survey andinterviews. These can help to know that different view point of other person towards Next Plc.The company must use primary data in their research because they can get new suggestions andinnovation that can help the company to grow and develop unto a certain stage.Secondary Data : It refers to second hand data that are already available with researcherswhich will help them to take an idea on the basis of this they can make decision for theirbusiness (Gigerenzer and Gaissmaier, 2011). It can save the time, cost of Next Plc because theyare already founded by researchers, literatures, evidences, social sciences and numerical orstatistical data.1.2 Research methodology that are used in collection of dataOn the basis of above mentioned plan we have chosen Qualitative researchmethodologies that are simplest to collect information about Next plc working operation aboutits brand of cloths they are selling to its customers. As per as research methodology is concern ithelps us to find a relevant information by adopting various effective strategies to achieved itsgoal. It helps to explicit the overall advantages and disadvantages that are applied in above datacollection plan.Rationale of study:It is important for the company to explain the advantages of researchthat are conducted by providing valid proof. Rational for the studies must be specified or idealthat must contains :Firstly:Research must contribute to diminish literature gap : The gap arise between pastand present data are to be eliminated so that it can help to fulfil the requirement of ourstudy (Ho Xu and Dey, 2010). Under this objectives and goals must be sharpen fromnew positions.Secondly:Research can solve specific problems : whatever problem that are faced by theNext Plc in their daily operations . They need solve problems with applying appropriateresearch methods.
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