Financial and Statistical Tools Report

Added on - 15 Jan 2020

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Business Decision Making
Table of ContentsINTRODUCTION...............................................................................................................................3TASK 1.................................................................................................................................................31.1....................................................................................................................................................31.2....................................................................................................................................................31.3....................................................................................................................................................51.4....................................................................................................................................................6TASK 2.................................................................................................................................................72.1....................................................................................................................................................72.2....................................................................................................................................................82.3....................................................................................................................................................9TASK 3................................................................................................................................................93.1....................................................................................................................................................93.2...................................................................................................................................................113.3..................................................................................................................................................13TASK 4...............................................................................................................................................134.1..................................................................................................................................................134.2..................................................................................................................................................134.3..................................................................................................................................................154.4..................................................................................................................................................17CONCLUSION.................................................................................................................................17REFERENCES..................................................................................................................................19
INTRODUCTIONIn the present time, it is the responsibility of manager to take decision by reviewing theperformance of the firm on a periodical basis. Moreover, monitoring helps manager in assessing thedeviations which take place in organizational performance. In this, by collecting data and evaluatingit on the basis of statistical tools business entity can determine the suitable solution of the issueidentified. The present report is based on the case scenario of Ann's college which is facing problemin relation to the poor student numbers and declining sales revenue. In this, the present report willdescribe the manner through which university can investigate the issue through the means ofprimary and secondary data. Besides this, it will also shed light on the ways in which financial andstatistical tools help in decision making.TASK 11.1St. Ann's college is one of the main constituents of the University of Oxford in England. Oninitial level it started as women college and now it offers educational facility to both male andfemale. It has achieved the status of larger colleges in Oxford and offering educational services to450 undergraduate and 200 graduate students. Progressive outlook, architecture and well-established library is one of the main strengths of such college. With the aim to expand the servicesAnn's college has employed the acquisition strategy. Annual review of 2013-14 entails that collegeendowment was£37 million in such period. Cited case situation entails that numbers of the studentdecreased to the large extent. Due to this, sales revenue of the college decreased to the significantlevel which in turn hampers the overall performance of the institution.1.2Primary DataTo understand any issue or concern related to organisation primary data is preferred overSecondary data in situation where sample size is manageable and reachable. Primary data collectionfocusses on retrieving the data directly from the subject or individuals concerned (Sutherland andHolstead, 2014). Ann's college should interview the existing students and those trying to seek
admission into the college to get the feedback and reviews of students and incorporating reasonablesuggestions into the functioning and administration of college. Researchers should closely observethe patterns and examine the behaviour of students pursuing into the college for betterunderstanding the issues. Action research is applied exclusively and mainly into education sector forcontinuous improvement of the process and methods involved and improvise the approach involvedearlier (Popovič and et.al., 2012). Organisation should also critically examine the case study if anyabout a similar kind of situation faced earlier in same industry background which will provide aclear picture to entity to overcome the current business problem.Questionnaire would act as an excellent method for gathering information from 20 studentsaround which should contain set of printed questions with multiple choices and should be free fromambiguity and personal bias of students to test and examine the opinion and preferences of studentsof college (Craft, 2013). Studying the culture of students and college and their interaction as perEthnography would lead to successful research to derive meaningful information for existingbusiness problem. Longitudinal data should be preferred and collected from previous studentsqualified from ANN's college to derive their suggestions and feedback regarding quality ofeducation and services provided by organisation and comparing the results with services providednow.Secondary DataSecondary data is the data which have already been collected by some other user and isreadily available to an organisation for further usage relying on the terms and conditions underwhich such data and information was collected and interpreted (Zolfani and et.al., 2013). Ann'scollege should firstly and for mostly refer the earlier researches conducted by them if any to derivemost relevant information related to current business problem however in absence of any suchprevious research, official statistics published by UK government or any other public authoritiesshould be relied upon. Statistics and figures published by top newspapers regarding youth andstudents interested in courses offered by Ann's College should be viewed in newspapers such as TheSun, Daily Mail, Metro, The Times etc. (Isik, Jones and Sidorova, 2013). Retrieval of Historicaldata and information may be preferred to understand the situation of decreasing revenues and
downfall in number of students as well. Government reports published on periodical basis should beused as a tool by researchers to examine the drawbacks and streamlining the current situation andWeb based information should be used to convert the present threat into opportunity and grab themaximum attention of students seeking career counselling and promoting courses offered by ANN'scollege.1.3QuestionnaireDemographic informationName ............Age ............Gender ..........Type of course in which do you enrolGraduate ()Undergraduate ()1. Do you regular attend the classes?Yes ()No ()2. Do you agree that each and every concept is presented by the lecturers in a clear as well asprecise manner?Agree ()Strongly agree ()Neutral ()Disagree ()Strongly disagree ()3. Are you satisfied with the supporting notes or study material provided by the tutors?Satisfied ()Highly satisfied ()Neutral ()
Dissatisfied ()Highly dissatisfied ()4. Do you agree that knowledge level and skills of the tutors of Ann's college is highly wide?Agree ()Strongly agree ()Neutral ()Disagree ()Strongly disagree ()5. Is environment of the college highly effectual and supportive?Yes ()No ()6. Do you agree that library of the college has huge collection of the books and other articles whichare presented by the different authors?Yes ()No ()Neutral ()7. From the following factors which one helps you in performing best in the examination?Supporting material or notes delivered by tutorOnline lectures ()Library ()Own study ()All of the above ()8. Any recommendation which do you want to give for further improvements...........................................................................................................................1.4Sampling methods can be classified into two types Probabilistic and non probabilistic .InProbabilistic sampling every individuals forming part of sample is having chance of being selected
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