logo

Business Decision Making Environment

The assignment requires the submission of an individual written report and brief presentation on Business Decision Making. The assignment is part of the Pearson BTEC Level 5 HND in Business program at ICON COLLEGE OF TECHNOLOGY AND MANAGEMENT. The due date for submission is between 28 December 2015 and 9 January 2016.

20 Pages4574 Words173 Views
   

Added on  2019-12-03

Business Decision Making Environment

The assignment requires the submission of an individual written report and brief presentation on Business Decision Making. The assignment is part of the Pearson BTEC Level 5 HND in Business program at ICON COLLEGE OF TECHNOLOGY AND MANAGEMENT. The due date for submission is between 28 December 2015 and 9 January 2016.

   Added on 2019-12-03

ShareRelated Documents
BUSINESS DECISIONMAKING
Business Decision Making Environment_1
TABLE OF CONTENTINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31.1Plan for doing primary research........................................................................................31.2Sampling techniques..........................................................................................................41.3Questionnaire for research.................................................................................................4TASK 2............................................................................................................................................62.1 Information for decision making............................................................................................6Table 1Calculation of mean, median and mode...........................................................................62.2 Analysis of data using statistical tools...................................................................................62.3 Calculation of standard deviation..........................................................................................72.4 Calculation of quartile, percentile and correlation.................................................................7TASK 3............................................................................................................................................93.1 Graphs on data collected from primary research...................................................................93.2 Trend line.............................................................................................................................133.3 Covered in PPT....................................................................................................................133.4 Formal business report.........................................................................................................13TASK4...........................................................................................................................................144.1 Information processing tools................................................................................................144.2 Project evaluation techniques...............................................................................................154,3 Use of financial tools for decision making..........................................................................17CONCLUSION..............................................................................................................................18RFEFRENCES..............................................................................................................................20
Business Decision Making Environment_2
INTRODUCTIONIn today business environment it is very difficult to take decisions. In such a situationanalysis of facts gives a specific direction to the manager in relation to decisions making. Inrespect to this, statistical tools are widely used by the managers. In this report an attempt is madeto apply statistical tools on the firm cash flows. Along with these results of statistical tools likemean, median, mode, quartile and correlation are also interpreted in the report. Projects play avital role in growth of an organization. Without these projects it is not possible to survive in ahighly competitive market. There are many techniques of project appraisal like payback period,ARR, IRR and NPV and all these four techniques are widely used in the business firms. In thisreport an attempt is made to create broad understanding about application of these tools on thefirm cash flows. After calculation results are also interpreted in the report. It is necessary tocomplete project on time. In this regard PERT and CPM technique is used by the firms. In thisreport network diagram is prepared and interpreted in detail. In this way entire project iscompleted by the researcher.TASK 1Plan for doing primary researchPrimary research refers to collection of data that is not collected by any one. Whereas,secondary data is a data that is already collected by someone. Primary data can be collected byconducting surveys. On other hand, secondary data can be collected through books, journals,newspapers etc. So data collection method is different in both primary and secondary sources ofdata collection. In research it is necessary to collect both primary and secondary data (Dan, ,2006). By collecting and analyzing secondary data researcher comes to know about pastscenario. If researcher wants to know about consumer behavior of the people regarding juice.Then he will collect secondary data and by analyzing that data he will come to know aboutconsumer behavior of the people in previous days. On the basis of input researcher will draft aquestionnaire. Hence, secondary data play a supportive role in collection of primary data(Thomas and Harden, 2008). In order to collect data respondents will be taken from London.Sample size for research will be 50 people. In respect to this entire city will be divided in toseveral parts. Hence, entire sample size will be divided in to these areas. In this way data will becollected from several areas and data collected will be reliable in nature. So this plan will befollowed in order to collect data for primary research.
Business Decision Making Environment_3
Sampling techniquesIn order to collect sample size is determined but in order to collect data in proper manner aresearcher needs to determine the way in which sample will be taken from the population. In thisregard sampling techniques are used by the researcher. Some of the commonly used samplingtechniques are given below.Simple random sampling – Under this technique samples are randomly collectedfrom population. If this technique is applied in research then all samples in Londonwill be taken randomly from its entire population (Lieth and Whittaker, 2012).Cluster sampling- In this technique entire population is divided in to several parts.From these parts unit of sample is taken. This method of sampling is quite popularamong researchers because in this method wide geographic area is covered and datais collected from different people. Hence, data collected by applying stratifiedsampling technique has high reliability. For research this sampling technique will beused.Convenience sampling- In this sampling technique samples are taken according toconvenience from population. However, this technique is rarely used by theresearchers. This is because main target of every researcher is to collect reliable data.So they do not look after their convenience (Whittemore and Knafl, 2005). Due tothis reason there is less chance of using this sampling technique.Stratified sampling- In such kind of technique population is break in to several partsand strata are formed. Strata are a group of people sharing common attributes. Thistechnique is widely used by the researchers in order to cover people with differentattributes in research.Questionnaire for researchNameAgeMarital statusMarriedUnmarriedWidowDo you consume juice?
Business Decision Making Environment_4

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Business Decision Making: Statistical Tools and Techniques
|19
|4505
|391

Business decision making table of contents introduction 4 TASK 14
|19
|3736
|361

Unit 6 Business Decision Making Tools : Assignment
|20
|4335
|88

Statistical Tools Report - Morrison
|24
|4790
|51

Business Analysis of Morrisons Assignment
|21
|4373
|525

Business Decision Making in Kfc Assignment
|20
|4807
|2939