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Business Decision Making of Travel and Tourism Industry : Report

   

Added on  2020-01-23

17 Pages4043 Words100 Views
BUSINESS DECISION MAKING
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................4TASK 1............................................................................................................................................41.1 Plan for collection of data......................................................................................................41.2 Survey methodology and sampling frame for the research...................................................41.3 Questionnaire for present study.............................................................................................5TASK 2............................................................................................................................................62.1 Information for decision making...........................................................................................62.2 Analysis of descriptive statistics............................................................................................72.3 Measures of dispersion..........................................................................................................82.4 Quartile, percentile and correlation coefficient.....................................................................8TASK 3............................................................................................................................................93.1 Analysis of graphs and charts................................................................................................93.2 Trend line.............................................................................................................................103.3 Covered in PPT....................................................................................................................113.4 Formal business report.........................................................................................................11TASK 4..........................................................................................................................................124.1 Information processing tools...............................................................................................124.2 Network diagram.................................................................................................................134.3 Project evaluation................................................................................................................15CONCLUSION..............................................................................................................................16REFERENCES..............................................................................................................................17Table 1 Calculation of mean, median and mode.............................................................................6Table 2 Percentage change in sales.................................................................................................8Table 3Calculation of standard deviation........................................................................................8Table 4 Computation of quartile and correlation.............................................................................8Table 5Calcualtion of IRR...........................................................................................................................15Figure 1People response on the price of tourist package of the Thomas cook..............................10
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Figure 2People comments on question that is asked about adequacy of services provided by theThomas cook..................................................................................................................................11Figure 3Trend analysis chart.........................................................................................................12Figure 4 GANTT chart..................................................................................................................15Figure 5Network diagram..............................................................................................................15
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INTRODUCTIONThomas cook is the one of the largest company that is operating in the travel and tourismindustry. In the present study, different statistical tools like standard deviation and correlation areapplied on the cash flows and interpretation of same are made. In the middle part of the report,formal business report is prepared and recommendations are made. At end of the report, networkdiagram is prepared and project evaluation methods are applied on cash flows. TASK 11.1 Plan for collection of dataThere are two sort of business decisions that are taken by the managers in their day to daybusiness practice. These decisions are usually classified in two categories namely short and longterm business decisions. Sometimes business firms face a problems which remain in existencefor the long time period. Hence, it become very important to solve that problem at initial stage.In order to do this usually business firms conduct research under which two sort of data aregathered by the relevant person (Gaile and Willmott, 2013). These two type of data are primaryand secondary. Both are gathered by the researchers in order to ensure that better solution of thebusiness problem will be identified and solved. In the present research also primary andsecondary data will be collected. Currently, Thomas cook is facing loss in its business and it isvery important for it to understand the customer preference and buyer behavior. In this regardvarious literatures will be reviewed as part of secondary research in order to develop broadunderstanding about the market. Trends keeps on changing consistently with passage of the timeperiod. Hence, it is very important to identify things that are currently going on in the market(Gal, Stewart and Hanne, 2013). Thus, primary data will also be collected by distributingquestionnaire among the respondents. In order to conduct present research sample of 60respondents will be taken by the researcher from the population of the London. In this wayresearch will be conducted.1.2 Survey methodology and sampling frame for the research As part of survey methodology questionnaire will be distributed among the 60 respondentsthat resides in the London. Exploratory research design will be used in the present studysampling frames that can be used in the present study are explained below.
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