Business Decision Making Techniques : PDF

BUSINESS DECISION MAKING

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
1.1. Creating a plan for the collection of primary and secondary data........................................3
1.2. Designing survey methodology and sampling frame...........................................................4
1.3. Presenting a questionnaire for the collection of primary data..............................................4
TASK 2............................................................................................................................................6
2.1 Calculation of mean, median and mode................................................................................6
2.2 Interpretation of results..........................................................................................................7
2.3 Measures of dispersion..........................................................................................................8
2.4 Computation of correlation and percentile............................................................................9
TASK 3..........................................................................................................................................10
3.1 Graphical representation of data..........................................................................................10
3.2 Trend analysis chart.............................................................................................................12
3.3 Power point presentation.....................................................................................................12
3.4 Formal business report.........................................................................................................12
TASK 4..........................................................................................................................................13
4.1 Information processing tools...............................................................................................13
4.2 Network diagram.................................................................................................................14
4.3 Project evaluation method...................................................................................................15
CONCLUSUION...........................................................................................................................15
REFERENCES..............................................................................................................................17
Figure 1People response on statement do you agree that grades attained in the examination have
high level of impact on satisfaction level......................................................................................11
Figure 2Respondents response on question you is satisfied with modules, supporting note and
revision exercise conducted by UK CBC?....................................................................................12
Figure 3Trend analysis chart.........................................................................................................13
Figure 4GANTT chart...................................................................................................................15
Figure 5Network diagram..............................................................................................................15

Figure 6Calculation of Net present value......................................................................................16
Figure 7Calculation of IRR...........................................................................................................16
Table 1Calcualtion of mean, median and mode..............................................................................7
Table 2Calculation of standard deviation........................................................................................9
Table 3Calcualtion of quartile and percentile................................................................................10

INTRODUCTION
Statistics is the area in which many developments happened in the recent time period. There
are number of statistical tools that can be used to analyze the data. Hence, it is very important to
select appropriate statistical method in order to make business decisions. In the current report
research is carried out on the UKCBC and thinking that students have about same in terms of
education. In this regard primary research is conducted and data is analyzed by using descriptive
analysis tools. Along with this, in the report, trend analysis is done and accordingly prediction is
made. At end of the report, network diagram is prepared and comments are done on same. Along
with this, in the report project evaluation method is applied on cash flow and viability of project
is measured.
TASK 1
a. Creating a plan for the collection of primary and secondary data
In order to evaluate the mindset of students regarding the educational services of UK
CBC college data has been gathered through the means of both primary and secondary sources.
Primary data is the one that is obtained by the researcher through the means of new investigation.
Survey, observation and focus group etc. are the most effectual methods which in turn help in
collecting highly suitable information according to the research issue (Laing, Ross and Joubert,
2014). In reduces the possibility of business to a great extent. On the other side, secondary data
may be served as those that have already been evaluated by some other authority. Books,
journals and research articles help in making collection of suitable secondary data. Researcher
has visited the all branches of CBC College that are located on the several locations during the
14 days of duration. We have surveyed with the various questions in the questionnaire and the
personal interviews with maximum students to fetch their ideas and it reduces the perplexity in
implementing changes. Budget of £15000 has been considered by the researcher to conduct
investigation more effectually. The colleges are:
 Wentworth House- Gants Hills (Main Campus- East London)
 Lords House- Gants Hill (East London)
 Windermere House- Park Royal (West London)

 Victory Park- Cricklewood (North West London)
Plan for the collection of primary data
With the motive to evaluate the preferences, attitude and satisfaction level of student’s
primary data has been collected by the researcher via survey. This is the most effectual methods
which in turn help in collecting suitable information in accordance to the research issue (Nutt
and Wilson, 2010). Hence, for conducting survey in an effectual way researcher has selected
sample of 20 students by using purposive sampling technique. Thereafter, researcher has
designed questionnaire by including both close as well as open ended questions in the
questionnaire. In this way, by designing questionnaire in an appropriate manner and sending the
same to the students researcher will collect primary data.
Secondary data collection plan
To assess the factors that place high level of impact on the satisfaction, experience and
grades level of researcher has made evaluation of books, journals and other related articles. In
this, by using internet and accessing the related articles scholar will collect secondary data. In
this, by preparing brief thesis scholar would become able to analyze data in the best possible
way.
Quantitative data collection plan
The quantitative data is the collection of all the numerical data, they are recorded with the
system record in books in the computer database. This is an adequate and correct method of
collection of data. It helps in fetching the competency and the confidence of the person. It is a
logical way that helps the scholars apart from the theoretical knowledge.
Qualitative data collection plan
The quality collection of data in which the representative talks to the individual student
and takes notes, everyone has the different thoughts so with the help of this data collection
process we analyses the innovative ideas, opinions and beliefs.
b. Designing survey methodology and sampling frame
Survey methodology
The surveys can be categorized broadly into two area like the time and the
instrumentation. Here, we create the various selection processes like questionnaires, sampling
interviews, cross- selection and the longitudinal survey. Selection of suitable tools and

techniques are the prior requirements which in turn help in conducting survey in an effectual
manner. Moreover, researcher can analyze data and would become able to present suitable
solution only when survey is conducted within the suitable time frame (Robert, 2010). Hence,
with the motive to conduct study within the less duration online survey methodology has been
selected by the scholar. On the basis of this aspect, researcher will approach to the administration
department of UK CBC and thereby gather information regarding the mail id of students. Once
mail–id’s of the students have been acquired thereafter scholar will send questionnaire to the
potential respondents. In this way, by sending questionnaire and getting quick responses of
students researcher can present the fair view of study. Hence, by following online survey
methodology scholar can meet the research goals and objectives. The following are the methods
of survey:
 Questionnaires: The questionnaire is prepared to ask the responses of the students on a
framed question paper. It is a kind of survey that helps in individually ask the students
and it brings many new ideas as well as the things in which the college is lacking.
 Interviews: The interview is an interpersonal process at which the two main parties are
involved and this is good to know the individual idea face to face but on the other hand it
is very time consuming and very hectic.
 Cross-sectional Survey: This surveys are also asked on the questionnaire basis. But it
only contains the particular topic on the particular time. It helps in getting a prompt result
on any problem with step by step solutions.
 Longitudinal Survey: This survey is based on the previously gathered data only to sort it
out with the favorable conclusion and examine the changes.
Sampling frame
 In order to carry out research or investigation in the best possible manner scholar
is required to select suitable sample by using either probabilistic or non-
probabilistic technique. Sample may be defined as a subset of population which in
turn provides high level of assistance to the scholar to conduct study in an
appropriate manner. Probabilistic techniques include simple random, strata etc. in
which each individual gets equal chance to being selected as sample (Solomon