Business Decision Making Introduction 3 TASK.13
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Added on 2020-02-12
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BUSINESS DECISION MAKING INTRODUCTION 3 TASK.13 1.1Create a plan:3 1.2 Survey methodology and sampling frame:7 1.3 Design a questionnaire: 8 TASK.29 2.1 Make information by summarising the raw data9 2.2 Analyse the range of results: 10 2.3 Measures of dispersion10 2.4 Determine how quartiles, percentile and correlation coefficient is utilised to assist the decision making: 10 Quartiles10 TASK 311 3.1 produce graphs and charts: 11 3.2 Trend line for the business:
Business Decision Making Introduction 3 TASK.13
Added on 2020-02-12
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Table of ContentsINTRODUCTION...........................................................................................................................3TASK.1............................................................................................................................................31.1Create a plan:.....................................................................................................................31.2 Survey methodology and sampling frame:.......................................................................71.3 Design a questionnaire:....................................................................................................8TASK.2............................................................................................................................................92.1 Make information by summarising the raw data .............................................................92.2 Analyse the range of results:..........................................................................................102.3 Measures of dispersion...................................................................................................102.4 Determine how quartiles, percentile and correlation coefficient is utilised to assist thedecision making:...................................................................................................................10Quartiles...............................................................................................................................10TASK 3..........................................................................................................................................113.1 produce graphs and charts:.............................................................................................113.2 Trend line for the business:............................................................................................123.3 COVERED IN PPT:.......................................................................................................133.4 Formal report:.................................................................................................................13TASK 4 .........................................................................................................................................154.1 Use appropriate information processing tools & Preparation of project plan anddetermination of critical path:..............................................................................................154.2 Critical path analysis......................................................................................................15..............................................................................................................................................164.3 Use financial tools for decision making.........................................................................17CONCLUSION:.............................................................................................................................18REFERENCES..............................................................................................................................19
INTRODUCTIONIn this era, it is more important task to have effective decision making in the organisation. Now,there are so many management tools through which firm could make the efficient businessdecisions in order to attain the firm's long term goals and objectives, this will also assist the firmto attain the competitive advantages over the competitors. For efficient and effective decisionmaking, there is a need to have the data. The data could be of primary and secondary, and this isdependent on the importance of the information. If the information is highly important, thenthere is need to have the primary data so that the firm could make an effective decisions. But, ifin case, company needs to make strategy which is not crucial fro the firm, then it need to maketheir decisions as per the secondary data(Tzeng and Huang, 2011)). TASK.11.1Create a plan:For any business decision making we have to design a unique plan that will identify thefuture of the company. The primary part of the idea of statistical surveying is to give anorganization or a business association with an inside and out perspective of the clients or buyersso that the firm could effectively fulfil the needs of consumers in a better way. The procedure ofstatistical surveying is necessary to have the capacity to compete with different players in asimilar industry and support to assess things like market size, rivalry and market needs. There are various techniques which can help to create good plan for the business that willmodify the research process a definite shape and it will identify its various resources that shouldbe focused to achieved their objectives. In such a situation, organizations can't simply depend ontheir gut feelings to run things, and this is the reason statistical surveying is required.However, there are basically four market surveying techniques i.e. Primary, Secondary MarketResearch, qualitative and quantitative research. These have been defined in details:Primary market research. This research survey is a sort of statistical surveying which isfinished by the business or organization itself with the target of social event data which couldfurther be utilized to enhance the items, administrations, and capacities. Primary marketsurveying is otherwise called field research as this is the research done from scratch, withoututilizing any data that is as of now made accessible through different sources. One canaccumulate essential information or data through qualitative research techniques and also
quantitative research tools. Primary market research survey is the most well-known kind of astatistical surveying methods and is additionally the most important type. It is a technique whichanswer all the specific issues through which firm Can get the specific information fro thestrategies. Secondary market research: Instead of primary market method, secondary surveying isan exploration procedure that does not plan to accumulate data by doing the primary research butrather depends on officially accessible data from various sources. Secondary researchmethodology concentrates on information or data that was gathered by other individuals and isaccessible for either free or paid use for others(Tzeng and Huang, 2011). This surveyingconsiders various hotspots for accumulation of data including government information, officeinformation, daily papers, magazines, the web, and so on. This is one of the best methods tocollect the information in less time and then implement them for better decision making in thefirm. Qualitative research: Qualitative statistical surveying is a sort of an examinationtechnique which for the most part considers the sentiments of a client to the extent a business'items and administrations are concerned. This kind of research assist the organisation to knowthe client perception about the client perception. Quantitative research: This research is done on the basis of the numerical data andsimultaneously research over them to draw a valid conclusions. Quantitative statistical survey isa sort of statistical surveying work that depends on certain actualities and statistical data insteadof the emotions of the clients or purchasers(Shouzhen and et. al., 2014.). This kind of researchcan demonstrate helpful both as far as primary statistical surveying and secondary marketresearch. A portion of the regular cases of quantitative research incorporate exit reviews, polls,field survey on work and the shopping bag overview. Truth be told, another case of quantitativeresearch incorporates inquiring about of the already existing money related reports, explorepapers. This sort of research turns out with an extensive variety of measurements and discoversthe extent of the market. There are so many stages which are necessary for collection of data. Some of them arement5ioned below:Pre-Data Collection Steps 1.Characterize the objectives and targets of the information gathering
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