Financial Analysis for Project Selection

The assignment content is about analyzing two projects (A and B) using financial tools such as net present value (NPV), internal rate of return (IRR), and cost of capital. The projects have different initial investments, cash inflows, and resale values. The analysis reveals that project A has a higher NPV than project B when the cost of capital is 10%. However, when the cost of capital is 60%, both projects have negative NPVs, indicating that they are not viable investments at this rate. Therefore, the recommendation is to invest in project A if the cost of capital is 10% and to not invest in either project if the cost of capital is 60%. The analysis also highlights the importance of considering multiple scenarios when making investment decisions.

BUSINESS DECISION
MAKING

TABLE OF CONTENTS
Introduction......................................................................................................................................4
Task 1...............................................................................................................................................4
1.1 Collection of primary and secondary data.............................................................................4
1.2 Survey Methodology.............................................................................................................4
1.3 Questionnaire.........................................................................................................................5
Task 2...............................................................................................................................................7
2.1 Create Information for the decision making..........................................................................7
2.2 Analyze the results...............................................................................................................12
2.3 Measures of Dispersion.......................................................................................................13
2.4 Quartiles, percentiles and Correlation.................................................................................13
Task 3.............................................................................................................................................14
3.1 Graphs through spreadsheets...............................................................................................14
3.2 Trend line through spread sheet...........................................................................................20
3.4 Formal Business Report.......................................................................................................22
Task 4.............................................................................................................................................23
4.1 Use of appropriate information processing tools.................................................................23
4.2 Preparation of project Plan..................................................................................................23
4.3 Use of financial tools...........................................................................................................25
Conclusion.....................................................................................................................................28
References......................................................................................................................................29

LIST OF TABLES
Table 1: Descriptive statistics for Sainsbury Sales..........................................................................9
Table 2: Descriptive statistics for Sainsbury’s operating profits...................................................10
Table 3: Descriptive statistics for Tesco Sales..............................................................................11
Table 4: Descriptive statistics for Tesco operating profit..............................................................11
Table 5: Computation of quartile and percentile of Sainsbury......................................................13
Table 6: Table 4: Computation of quartile and percentile of Tesco..............................................13
Table 7: Correlation Coefficient for Sales- Sainsbury..................................................................14
Table 8: Correlation Coefficient for Sales- Tesco.........................................................................14
Table 9: Frequency distribution of sales - Sainsbury....................................................................16
Table 10: Frequency distribution of operating profit Sainsbury...................................................17
Table 11: Frequency distribution table for sales Tesco.................................................................19
Table 12: Frequency distribution table for operating profit..........................................................19
Table 13: Activities of Network Diagram.....................................................................................23
Table 14: Time Schedule...............................................................................................................23
Table 15: NPV for project A.........................................................................................................26
Table 16: NPV for project B..........................................................................................................26
Table 17: IRR calculation of project A and B...............................................................................28
LIST OF FIGURES
Figure 1 Network Diagram............................................................................................................24
Figure 2: Gantt chart......................................................................................................................25

Introduction
Business decision making is a complex process. The purpose of this research report is to
understand a range of techniques for the purpose of analyzing the data effectively. It will shows
how software generated information can be used to make decisions.
Task 1
1.1 Collection of primary and secondary data
 Primary Data – Primary data is the first hand information that is available for use. The
data related to Sainsbury will be collected from customers by using the approach of
questionnaire. It is fresh and raw in nature. A semi-structured questionnaire will be
prepared which will be consist of open ended and close ended questions (Aksoy, Ozturk
and Sucky, 2012). This technique is appropriate because it helps in collecting the relevant
and accurate information.
 Secondary Data – It is the second hand information that is available from sources such as
books, journals, newspapers etc. For this research, secondary data will be compiled from
financial statements of Sainsbury and Tesco. All sources of information will be valid and
authentic (Freedman, Pisani and Purves, 2007).
Following research questions have been addressed:
 What is the level of satisfaction amongst Sainsbury’s customers?
 What has been the relationship between operating profit and sales for Sainsbury over the
last 25 years?
Series of logical steps for data collection
 Preparing questionnaire
 Applying sampling technique
 Collecting responses
 Filtering the information
 Selecting the right questionnaires
 Data evaluation

Quantitative data
In order to evaluate the quantitative data, sales and operating profits of the Sainsbury
have been collected (Hedgebeth, 2007). For the purpose of evaluation descriptive statistics have
been used. Measures like correlation, quartile and range have been used for quantitative analysis.
Sampling
Sampling is performed to identify the representative sample from which the primary data
can be collected. For this study, data will be collected by applying the combination of purposive
and convenience sampling (Freedman, Pisani and Purves, 2007). These are appropriate because
they help in selecting the sample on the basis of the requirements and judgment.
Population and Sample size
A sample size of 50 respondents have been kept for this research. It is appropriate
because the research is of descriptive nature.
1.2 Survey Methodology
Survey methodology defines the framework under which the research is to be carried out.
Under survey methodology, questionnaire approach will be used. A set of questionnaire will be
distributed among the customers of Sainsbury. This will help in understanding their perception
towards company’s goods and services (Jaisankar, 2009). It will consist of open ended and close
ended questions. The approach will help in collecting a large volume of data from the mass
population.
Sampling is an activity which is designed to identify the representative sample of
population from which the desired information is to be collected. The data collection task
becomes simpler and easier because of sampling. There are two types of sampling methods
which includes probability and non- probability techniques (Newbold and et. al., 2009). For this
research, respondents will be selected through random sampling outside the stores of Sainsbury.
It is appropriate for the study because it selects the sample by avoiding personal biasness.
There are some ethical issues which are to be considered while course of research. The
goals and objectives of study will be properly communicated to the participants before starting
the survey process (Hedgebeth, 2007). Their identity will not be disclosed without their prior

approval. The entire secondary data will be collected from valid and authentic sources. Complete
information will be kept in a private and confidential manner.
1.3 Questionnaire
Questionnaire for Sainsbury
The purpose of this questionnaire is to know your opinion about company’s products and services
Name:
Address:
Email address :
Contact number:
Age
 14 – 22years
 22– 28years
 28 – 35 years
 35 years and above
Gender
 Male
 Female
From how many years you have been purchasing the products from Sainsbury?
 Less than 1year
 1 to 5years
 5 to 10 years
 More than 10 years
Are you satisfied with the products and services of Sainsbury?
 Strongly dissatisfied
 Dissatisfied
 Satisfied
 Strongly satisfied

Which of the factors influence you the most while buying products from Sainsbury?
 Price
 Quality
 Packaging
 Discount
 Promotion
 Staff behaviour
 Location of stores
How do you rate the behaviour of staff at Sainsbury?
 Poor
 Bad
 Average
 Good
 Excellent
Do you agree that Sainsbury’s products and services are better than other retailers?
 Strongly agree
 Agree
 Neutral
 Strongly Agree
 Strongly Disagree
Do you agree that prices of Sainsbury’s products matches with your level of income?
 Strongly agree
 Agree
 Neutral
 Strongly Agree
 Strongly Disagree
Do you think improvements are needed in the services of Sainsbury?
 Yes
 No

Please provide suggestions for the improvements in products and services.
_____________________________________________________________________________________
___________________________________________________________
Task 2
2.1 Create Information for the decision making
Sainsbury's
YEAR
S SALES (£m)
OPERATING
PROFIT (£m)
1988 5001.5 314.1
1989 5915.1 386.2
1990 7257 470.1
1991 8200.5 585
1992 9202.3 667.7
1993 10269.7 785
1994 11223.8 426.3
1995 12065.4 838.3
1996 13499 756
1997 14312 658
1998 15496 790
1999 17587 836
2000 17414 528
2001 18441 533
2002 18206 625
2003 18144 674
2004 18239 656

2005 15202 -151
2006 16061 229
2007 17151 520
2008 17837 530
2009 18911 673
2010 19964 710
2011 21102 851
2012 22294 874
Tesco
YEAR
S SALES (£m)
OPERATING
PROFIT (£m)
1997 14984 774
1998 17779 817
1999 18546 934
2000 20358 1030
2001 22773 1166
2002 25654 1322
2003 28280 1484
2004 33557 1735
2005 33866 1952
2006 39454 2280
2007 42641 2648
2008 47298 2791
2009 53898 3169
2010 56910 3457
2011 60455 3917
2012 64539 3985

Descriptive statistics for Sainsbury Sales & profits
Table 1: Descriptive statistics for Sainsbury Sales
Sales
Mean 14759.81
Standard Error 973.2369
Median 16061
Mode #N/A
Standard
Deviation
4866.185
Sample Variance 23679753
Kurtosis -0.69538
Skewness -0.58956
Range 17292.5
Minimum 5001.5
Maximum 22294
Sum 368995.3
Count 25

Table 2: Descriptive statistics for Sainsbury’s operating profits
Descriptive statistics for Tesco Sales & profits
Table 3: Descriptive statistics for Tesco Sales
Sales
Mean 36312
Standard Error 4096.398
Median 33711.5
Mode #N/A
Operating profits
Mean 590.588
Standard Error 46.0969
Median 656
Mode #N/A
Standard Deviation 230.4845
Sample Variance 53123.1
Kurtosis 3.236692
Skewness -1.47161
Range 1025
Minimum -151
Maximum 874
Sum 14764.7
Count 25

Standard
Deviation
16385.59
Sample Variance 2.68E+08
Kurtosis -1.21182
Skewness 0.387411
Range 49555
Minimum 14984
Maximum 64539
Sum 580992
Count 16
Table 4: Descriptive statistics for Tesco operating profit
Operating profit
Mean 2091.313
Standard Error 278.1557
Median 1843.5
Mode #N/A
Standard
Deviation
1112.623
Sample Variance 1237930
Kurtosis -1.16795
Skewness 0.474418
Range 3211
Minimum 774
Maximum 3985
Sum 33461
Count 16

2.2 Analyze the results
 Mean – It is regarded as the mathematical average of entire population. The average
mean value of sales for Tesco is 36312 and for Sainsbury, it is 14759.81. The average
mean value of operating profits for Tesco is 2091 and for Sainsbury, it is 590. It can be
interpreted that Tesco is having high average sales and operating profits as compared to
Sainsbury (Sucky, Aksoy and Ozturk, 2012).
 Mode – It is defined as the value which appears most of the time in data series. There is
no mode value in the given data series
 Median – It is regarded as the mid value of the data. From the above descriptive statistics
it can be interpreted that median value for Tesco’s sales and operating profit is 33711 and
1843 (Wallnöfer and Hacklin, 2012). The median value for Sainsbury’s sales and
operating profit is 16061 and 656.
 Standard deviation – It is a tool used to quantify the amount of variation or dispersion of
a set of data values. It reflects how spreads out the values are. Value of standard deviation
for Tesco’s sales is 16385 and operating profit is 1112. On the other side, value of
standard deviation for Sainsbury’s sales is 4866 and operating profits is 230. It can be
interpreted that sales and operating profits of Sainsbury are more spread out as compared
to Tesco (Newbold, and et. al. 2009).
2.3 Measures of Dispersion
 Range - It is the difference between lowest value and the highest value. On comparison, it
can be interpreted that Tesco is having high range value than Sainsbury (Measures of
Central Tendency and Dispersion, 2013).
 Sample variance – It is termed as square root of the variance and shows the distribution
of the data series. The sample variance of Sainsbury in the context of sales is higher than
Tesco. Sample Variance for Sainsbury is terms of operating profits are lesser than Tesco.
2.4 Quartiles, percentiles and Correlation
Table 5: Computation of quartile and percentile of Sainsbury
Sainsbury
Quartiles Percentiles Sales (£m) Operating profit (£m)
Q1 25th 11223.8 520

Q2 50th 16061 656
Q3 75th 18206 756
Table 6: Table 4: Computation of quartile and percentile of Tesco
Tesco
Quartiles Percentiles Sales (£m) Operating profit (£m)
Q1 25th 22169.25 1132
Q2 50th 33557 1735
Q3 75th 46133.75 2755.25
Quartile – It is one of the statistical tools applied by the researcher for the purpose of
segmenting the entire set of data into four equal parts (Beynon-Davies, 2009). The quartile value
of sales for Tesco are Q1 = £22169.25, Q2 = £33711.5 and Q3 = £48948. The quartile value of
sales for Sainsbury are Q1 = £11,223.8, Q2 = £16,061 and Q3 = 18206. From this analysis it can
be interpreted that quartile sales of Tesco are higher than Sainsbury.
The quartile values of operating profits for operating profits for Tesco are Q1 = £1132,
Q2 = 1843 and Q3 = £2885.5. The quartile values of operating profits for operating profits for
Sainsbury are Q1=£520, Q2= £656 and Q3=£756. From these figures it can be interpreted that
quartile operating profits of Tesco are higher as compared to Sainsbury.
Correlation Coefficient
Table 7: Correlation Coefficient for Sales- Sainsbury
Sainsbury
Operating profit
(£m)
Sales (£m)
SALES (£m) 1
OPERATING PROFIT (£m) 0.316051898 1
Table 8: Correlation Coefficient for Sales- Tesco
Tesco

Sales (£m) Operating profit (£m)
SALES (£m) 1
OPERATING PROFIT
(£m)
0.996651904 1
Correlation is a statistical tool used to determine the cause and effect relationship
between two variables. The degree of relationship can be positive, negative or zero and it lies
between – 1 to +1. From the above calculation it can be interpreted that there is moderate degree
of correlation between sales and operating profits of Sainsbury. So there is less influence of sales
on the profits of the company (Correlation Coefficient, 2013). In case of Tesco, there is very
high degree of correlation between sales and operating profits. Hence it shows that there is high
influence of sales on the profits. It clearly indicates that financial position of Tesco is much
stronger than Sainsbury.
Task 3
3.1 Graphs through spreadsheets
The financial figures of both the organizations can be represented in form of different
types of graphs.
Sainsbury:
1988
1991
1994
1997
2000
2003
2006
2009
2012
-5000
0
5000
10000
15000
20000
25000
Line graph for sales and Operating
profit of Sainsbury
SALES (£m)
OPERATING PROFIT (£m)
Sales and operatin porfit £m
From the above line graph it can be interpreted that sales of the company gained
momentum after the year 2004. However there was a sudden fall in 2006 but again the sales got

increased at considerable rate. On the other side, company has maintained stagnant rate of profits
throughout all these years at very low rate. There was no rise and fall in operating profits pattern.
1985 1990 1995 2000 2005 2010 2015
-10000
0
10000
20000
30000
Scatter graph for Sales and Operating
profit of Sainsbury
SALES (£m)
OPERATING PROFIT (£m)
Years
Sales and operating porfit
From the above scatter graph it can be noticed that sales of the company has shown many
fluctuations but operating profits are running on a stagnant rate. On an average it can be said that
Sainsbury is doing considerable well into its business.
Table 9: Frequency distribution of sales - Sainsbury
Sales of Sainsbury
Bin Range Frequency
5001.5-7501.5 3
7501.5-10001.5 2
10001.5-12501.5 3
12501.5-15001.5 2
15001.5-17501.5 5
17501.5-20001.5 8
20001.5-22501.5 2

5001.5-
7501.5 7501.5-
10001.5 10001.5-
12501.5 12501.5-
15001.5 15001.5-
17501.5 17501.5-
20001.5 20001.5-
22501.5
0
1
2
3
4
5
6
7
8
9
Histogram for sales of Sainsbury
Total
bin Range
sales frequency
From the above histogram it can be noticed that average sales of the company is between
17501-20001 million because this bin has the highest frequency. On the other side, frequency of
the highest bin of sales is comparatively low.
Table 10: Frequency distribution of operating profit Sainsbury
Operating profit of Sainsbury
Bin Range Frequency
-151-49 1
49-249 1
249-449 3
449-649 7
649-849 11
849-1049 2
Grand Total 25

-151-49 49-249 249-449 449-649 649-849 849-1049
0
2
4
6
8
10
12
Histogram for Operating profit of
Sainsbury
Total
Binrange
OP frequency
The above histogram shows that average profit of the company is between 649-849
million. It can be interpreted that Sainsbury earns average profits under the bin range of 649-849
million.
Tesco
1997
1999
2001
2003
2005
2007
2009
2011
0
10000
20000
30000
40000
50000
60000
70000
Line graph for Sales and Operating profit
of Tesco
Sales
Operating porfit
Sales and operatin porfit £m

1996 1998 2000 2002 2004 2006 2008 2010 2012 2014
0
10000
20000
30000
40000
50000
60000
70000
Scatter graph for Sales and Operating profit of
Tesco
Sales
Operating profit
Years
Sales and
Operating porfit
From the above graphs it can be interpreted that sales of Tesco are showing an impressive
trend within the business. Every year the sales have increased significantly and the operating
profits are showing consistent trend.
Table 11: Frequency distribution table for sales Tesco
Sales of Tesco
Bin Range Frequency
10000-19999 3
20000-29999 4
30000-39999 3
40000-49999 2
50000-59999 2
60000-69999 2

10000-
19999 20000-
29999 30000-
39999 40000-
49999 50000-
59999 60000-
69999
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
Histogram for sales of Tesco
Total
Bin Range
Sales frequency
The above histogram shows that company has achieved highest sales in the bin range of
20000-29999 million. It shows that financial position of Tesco is very strong as compared to
Tesco.
Table 12: Frequency distribution table for operating profit
Operating profit of Tesco
Bin Range Frequency
<801 1
801-1800 7
1801-2800 4
2801-3800 2
3801-4800 2

<801 801-1800 1801-2800 2801-3800 3801-4800
0
1
2
3
4
5
6
7
8
Histogram for Operating profit of Tesco
Total
Bin range
OP frequency
The above histogram shows that company is attaining highest operating profit in the bin
range of 801 – 1800. It is a very impressive financial reflected by Tesco as compared to
Sainsbury.
3.2 Trend line through spread sheet
Sainsbury

1985 1990 1995 2000 2005 2010 2015
-5000
0
5000
10000
15000
20000
25000
f(x) = 3.80823076923077 x − 7025.87353846154
R² = 0.0147875145900044
f(x) = 612.856384615385 x − 1210952.95723077
R² = 0.859156667793352
Trend Lines of Sainsbury for year ended 2013
SALES (£m)
Linear (SALES (£m))
Linear (SALES (£m))
OPERATING PROFIT (£m)
Linear (OPERATING PROFIT
(£m))
Linear (OPERATING PROFIT
(£m))
Year
sales and operating Profit
The above graph shows an increasing trend for Sainsbury sales. However company needs
to work on improving its selling strategies so that operating profits can become higher.
Tesco
1996
1998
2000
2002
2004
2006
2008
2010
2012
2014
0
10000
20000
30000
40000
50000
60000
70000
f(x) = 229.527941176471 x − 457997.445588235
R² = 0.964634415910262
f(x) = 3400.61470588235 x − 6780220.17794118
R² = 0.976288847696649
Trend Lines of Tesco for year ended 2013
SALES (£m)
Linear (SALES (£m))
Linear (SALES (£m))
OPERATING PROFIT (£m)
Linear (OPERATING PROFIT (£m))
Year
Sales and Operating Profit
The above graph shows that Tesco is in better financial position as compared to
Sainsbury. It is having higher sales and operating profits.

3.4 Formal Business Report
Introduction
The purpose of this research report was to find out the answers for following research questions:
 What is the level of satisfaction amongst Sainsbury’s customers?
 What has been the relationship between operating profit and sales for Sainsbury over the
last 25 years?
Methodology
Following methodology was adopted for this research work:
 Questionnaire technique was used for the purpose of collection of primary data from
Sainsbury customers
 Secondary data was collected from books, journal, internet and from financial statements
of both the organizations
 Statistical tools such as Descriptive statistics, correlations coefficient, quartiles &
percentiles and measures of dispersion were used
 Graphs, trend lines, etc were produced from spreadsheets
Findings
 The results of the primary research discovered that satisfaction related to products and
services among Sainsbury’s customers is low.
 The secondary research concluded that Tesco is having a better and stable financial
position as compared to Sainsbury.
 It is expected that Sainsbury will perform better in the coming future
Conclusion
It can be concluded that Sainsbury needs improvements in its products and services.
There is a need to achieve differentiation in the products from the competitors.
Task 4
4.1 Use of appropriate information processing tools
Information can be processed by using DBMS system. This software is used for the
recording of commercial data in appropriate manner. It helps in maintaining data sheets in
systematic manner. The data is very easy to retrieve and convenient to use. Further it can be
transferred from one department to another department in effective manner.

Management Information System can also be used for managing communication with
internal and external stakeholders. It makes the communication good and promotes sound
decision making within the business.
4.2 Preparation of project Plan
Table 13: Activities of Network Diagram
Job/Task Time Needed Constraints
A: Interview the minister resigning 15 minutes Starts at 4.30pm
B: Film Downing street 20 minutes None
C: Get reactions from regions 25 minutes Cannot starts until A and
B are completed
D: Review possible replacements 40 minutes Cannot start until B is
completed
E: Review the minister’s career 25 minutes Cannot start until A is
completed
F: Prepare film for archives 20 minutes Cannot start until C and E
are completed
G: Edit 20 minutes Cannot start until A, B, C,
D, E and F are completed
Table 14: Time Schedule
Activity Early Start Early Finish Late Start Late Finish Slack
A 0 15 5 20 5
B 0 20 0 20 0
C 20 45 20 45 0
D 20 60 45 85 25
E 15 40 20 45 5
F 45 65 45 65 0
G 65 85 65 85 0
Project 85

G
F
E
D
C
B
A
0 10 20 30 40 50 60 70 80 90
Gantt Chart
Series1 Critical Activity Noncritical Activity Slack
Time
Figure 2: Gantt chart
4.3 Use of financial tools
Project A
In £
Project B
In £
Initial Investment 50000 50000
1 35000 20000
2 30000 20000
3 25000 24000
4 20000 36000
Figure 1 Network Diagram

Net present value
Table 15: NPV for project A
Year Cash inflows
(£)
P.V. factor @
10%
Present Value
at 10%
P.V.
factor@
60%
Present Value at
60%
Year 1 35,000 0.909 31,815 0.625 21875
Year 2 30,000 0.826 24,780 0.39 11700
Year 3 25,000 0.751 18,775 0.244 6100
Year 4 20,000 0.683 13,660 0.152 3040
Resale value of
project
10,000 0.683 6,830 0.152 1520
Total Present
value
95,860 44,235
Less: Initial
investment
(50,000) (50,000)
Net Present
value
45,860 (5765)
Table 16: NPV for project B
Year Cash inflows
(£)
P.V. factor @
10%
Present Value
at 10%
P.V.
factor@
60%
Present
Value at
60%
Year 1 20,000 0.909 18,180 0.625 12500
Year 2 20,000 0.826 16,520 0.39 7800

Year 3 24,000 0.751 18,024 0.244 5856
Year 4 36,000 0.683 24,588 0.152 5472
Resale value of
project
10,000 .683 6,830 0.152 1520
Total Present
value
84,142 33,148
Less: Initial
investment
(50,000) (50,000)
Net Present
value
34,142 (16852)
Internal Rate of Return
IRR=LR+ (PV o-C) / (PV0-PV1)*(HR-LR)
Particular Project A Project B
LR = Lower cost of capital 10% 10%
HR = Higher cost of capital 60% 60%
C = Initial investment 50,000 50,000
PV0 = Present Value of cash
inflow with Lower cost of
capital i.e. 10%
95,860 84,142
PV1 = Present Value of cash
inflow with Higher cost of
capital i.e. 60%
44,235 33,148
Project A
IRR=10+ 95,860−50,000
95,860−44,235∗(60−10) = 54.42%
Project B

IRR=10+ 84142−50000
84142−33148∗(60−10) = 43.47%
IRR calculation through Excel
Table 17: IRR calculation of project A and B
Year Cash Flow of Project A Cash Flow of Project B
Initial Investment -50000 -50000
1 35000 20000
2 30000 20000
3 25000 24000
4 20000 36000
Residual Value 10000 10000
IRR 49% 33%
Recommendation
 10% cost of capital – Under this situation, company should make investment in project A
because it is having better net present value than project B. Hence project A can be
productive and profitable for the business (Snowden and Boone, 2007).
 60% cost of capital – Under this situation, company should make not make any
investment in both the projects. This is because both the projects are having negative
NPV.
Conclusion
From the above study it can be concluded that business information is to be processed in
correct manner so that sound decisions can be made. Statistical tools like Descriptive statistics,
correlations coefficient, quartiles & percentiles etc can be used for interpreting results.

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