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Business Decision Making Introduction 4

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BUSINESS DECISION MAKING INTRODUCTION 4 1.1 Collection of primary and secondary data 4 1.2 Survey methodology and sampling used in research 5 1.3 Designing of questionnaire 6 TASK 27 2.1 Summarizing 12 month sales of two main lines of Kitchen Designs 7 8 2.2 Analyzing the results of mean, mode and median 8 2.3 Assessing measures of dispersion 9 2.4 Computation of quartile, percentile and correlation co-efficient first 11 TASK 313 3.1 Graphical presentations 13 3.2 Trend line for forecasting future20 3.3 Business presentation 24 3.4

Business Decision Making Introduction 4

   Added on 2020-01-23

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BUSINESS DECISION MAKING
Business Decision Making Introduction 4_1
INTRODUCTION...........................................................................................................................41.1 Collection of primary and secondary data ............................................................................41.2 Survey methodology and sampling used in research.............................................................51.3 Designing of questionnaire ...................................................................................................6TASK 2............................................................................................................................................72.1 Summarizing 12 month sales of two main lines of Kitchen Designs....................................7......................................................................................................................................................82.2 Analyzing the results of mean, mode and median ................................................................82.3 Assessing measures of dispersion..........................................................................................92.4 Computation of quartile, percentile and correlation co-efficient ........................................11TASK 3..........................................................................................................................................133.1 Graphical presentations .......................................................................................................133.2 Trend line for forecasting future .........................................................................................203.3 Business presentation...........................................................................................................243.4 Formal business report ........................................................................................................41TASK 4..........................................................................................................................................424.1 Information processing tool to manage inventory...............................................................424.2 Preparation of project plan stating critical path ..................................................................43........................................................................................................................................................444.3 Examining the viability of the project through capital budgeting.......................................45CONCLUSION ............................................................................................................................47REFERENCES..............................................................................................................................48
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INTRODUCTIONIn the corporate sector, the role and responsibilities of the managers got increased overthe years as they devise plans, strategies & decisions and align all these with the set corporatetargets. Moreover, with the changing market conditions, managers also make internal as well asexternal analysis and modify plans accordingly to raise long-term profitability and assuresustainable growth. Kitchen Design Ltd is a well-known contemporary kitchen installationdistributor organization that sells wide range of products & services such as utensils, cabinets &others. Now, in order to widen its goods portfolio, company is planning to explore opportunitiesby introducing bathroom design & equipment. Thus, the present assignment focuses ondemonstrating the knowledge of data collection & storage techniques. Along with this, skills &tools required to analyse useful business information will be presented for making excellentbusiness decisions. TASK 11.1 Collection of primary and secondary data Stage 1Data is considered as collection of information is mainly gathered from different sources inorder to analyse the subject. By having gathering of information the issues can be understand inappropriate manner.Primary data: This collection is mainly considered as data collected at first time. It meansthrough questionnaire, interview, etc the information can be gathered in desired manner. Quantitative: It is a data which present numerical presentation of information in order tounderstand the fact and figures. Qualitative: Unlike the above, this data set refers to the collection of that informationthat cannot be transformed into numerical and statistical form.From the survey via question, quantitative set of data can be gathered about consumer’seconomic position so as to evaluate their payment ability, which assists Kitchen Design Ltd inpricing decisions. However, on the other side, qualitative performance can be analyze by
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gathering information through survey to assess consumer satisfaction level, quality of goods andservice delivery, consumer complaint handling system and others.Stage 2Secondary data: It is referred as information which is collected through previous studiesand data collection. Sources like books, journals and other study materials can be used for datacollection. Internal data, as name implies, this data are available inside the organization and consistsof annual accounts, cost sheets, business reports, final accounts and so on.External data, in opposed to above, this are available outside the organization likeindustrial reports, journal articles, website information, corporate publications and others. Here, with the stated scenario, Kitchen Design Ltd can collects internal information fromthe annual records, sales and profitability records, financial statement and so on and examinetheir operational efficiency and performance as well. However, externally, it can utilizecompetitors reports, historical published articles and website information as well for taking betterdecisions. Primary data refers to those which are gathered by scholar for the first time with the aimto address research issue or purpose. Such database is highly effectual which in turn offers clearand specific information in accordance with the problem which is going to be investigated.There are several methods that can be undertaken by scholar for the collection of primary datanamely interview, survey, observation, focus group etc (Prada-Ramallal, Takkouche andFigueiras, 2016). Secondary data implies for the one which has already been gathered andpublished by other scholars. Books, journals and scholarly articles are the main secondarysources that can be undertaken by scholar for the collection of secondary data (VanNieuwenhuysen and et.al, 2016).Stage 3Data collection is a process of gathering sufficient and enough amount of informationfrom various sources which aims at selecting the most suitable action from various course ofalternatives. Observation, interviews, questionnaire, focus groups, experiment etc. are themethods available to the analysts for the data collection process.On the basis of cited case situation, Kitchen Design Ltd offers unique goods, utensils andcabinets to the customers. Now, with the aim to enhance productivity and profitability business
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unit is planning to offer bathroom equipment or products to the customers. The rationale behindthis, with the rise in disposable income, now living standard of people increased with the veryhigh pace. Hence, in this context, business entity has chance to capitalize such opportunities andthereby fulfil organizational aims and objectives (Alexakos and et.al., 2016). In this regard,researcher has gathered data from both primary and secondary sources to assess customer’spreferences and attitude towards bathroom equipment in the following way:Stage 4With the stated scenario, survey through a questionnaire has been used for datacollection, in which, a web questionnaire has been prepared stating number of open-ended andclose-ended questions to obtain significant amount of data set. Primary data collection: All these methods are highly effectual which in turn enables firm togather suitable primary data. In this, to get information about customer’s needs, wants andexpectation about bathroom equipment survey will be conducted by scholar. Hence, researcherwill prepare questionnaire by including both close and opened questions in relation to product,price, place as well as promotion. Thereafter, scholar will send such questionnaire to the 30customers of Kitchen Design Ltd. In this way, by following such process scholar will collectprimary data. Secondary data collection: Hence, to gather information about the trend of bathroomequipment and customer behaviour towards it secondary data has been gathered by scholarthrough the means of scholarly articles and government report. Such sources enable researcher toassess the kind of bathroom equipment that are available in the market. Besides this, data alsohas been gathered by the scholar from books to generate information about customer purchasingbehaviour and attitude. By using such information scholar would become able to present fairsolution of issue to the significant level. Stage 5Population comprises all the individuals or members of the target group, unlike this;sample is a selection of a group of individuals from the population which represents the wholepopulation and from whom data or necessary information will be obtained. In other words,Subset of the population which having same characteristics is known as sample .There arenumber of techniques that are mentioned here as under:Probabilistic sampling:Simple random sampling: In this, every individual unit has an equal probability of
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selection in the sample called simple random sampling. Systematic sampling:In this, sample is selected from the random starting point & at adecided fixed periodical interval which is called sampling interval. Cluster sampling: Under this method, whole population is segregated into various sub-parts which are called clusters, thereafter; a simple random sampling is applied to select arepresentative sample from the universe. Stratified sampling: It refers to a technique which divides the entire population intovarious groups, termed as strata, afterwards, probability sampling is applied to select units fromeach nd every strata. en.wikipedia.orgNon-probabilistic sampling:Quota sampling: In this method, for the selection of representative sample, samplingunits are selected from a specific sub-group. For example, choosing a sample of 50 femalesunder the age group of 25-55 is a kind of quota sampling. Convenience sampling: As name implies, this method prefers selection of only thoseunits which are easier to be surveyed for the researcher. For instance, survey of only those peoplewho visit the retail shops of Kitchen design Ltd. Judgement sampling: In this, sample is selected on the basis of experts and specialistsopinion; hence, selection may be biased due to subjective aspect. For primary data collection the sampling will be of 10 employees in order to advance the outcome effectiveness.Random sampling method is being used in order to have effective collection of data. Stage 6Using questionnaire the primary data will be collected. It is considered as a kind of survey which allows to meet key goals and objectives. In the present study, to get information about customer’s preference simple randomsampling technique has been used by scholar. Stage 730 customers of Kitchen Design Ltd has been selected by scholar. In this way, by conducting study on such people scholar can assess the kind of bathroom equipment which is preferred by the customers.Overall cost of project at the initial level will be highBy having application of diverse methods the business firm can have sustainable development and effective data collection.Stage 8It is necessary for the researcher to maintain proper security of the data. In this regards,
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Kitchen Equipments will store data at a secure location. it will be stored in computerizedsoftware so as to protect it from the external uses by password protection. At the same time, Dataprotection Legislations also will be followed considering the safety and security issues. Stage 92 Existing employees of the Kitchen design ltd will conduct a survey of the 30 selectedcustomer group. It will take around two month to complete the data collection procedure and thebudgeted cost for the survey questionnaire is estimated to 200GBP/per month. 1.2 Survey methodology and sampling used in researchSurvey methodology: It entails the overall framework or strategy which will be employedby researcher to conduct investigation. It is the tool which in turn provides high level ofassistance to the researcher in gathering data more effectively and efficiently (Pritchard, Mouraand e Silva, 2016). In order to gather primary data online survey will be conducted by scholar on30 existing on Kitchen Design Ltd. It is the most effectual method of conducting which in turnprovides high level of assistance to the researcher in gather data within the suitable time frame.In this regard, researcher will primarily acquire the mail id of customers and thereby send onlinequestionnaire to them. Hence, by following all such steps researcher will gather primary data andthereby presents the extent to which people have interest in relation to purchasing of innovativebathroom equipment. Sampling Frame: Subset of the population which having same characteristics is knownas sample. Further, sample selection is one of the main aspects of survey which in turn helpsresearcher in conducting investigation in the best possible way (Alyahya and Rowe, 2016).Moreover, due to having limited time researcher is not in position to conduct investigation onwhole population. Further, limited financial resources are other main aspects that have directimpact on investigation and its outcome. In this way, sample helps in determining faster resultsby saving both time and money. In this regard, by making use of probabilistic and non-probabilistic techniques researcher can determine suitable sample size. Probabilistic techniquesimply for the one in which each customer of Kitchen Design Ltd gets equal chance to beingselected as sample such as simple random, systematic, stratified and cluster. On the other side,non-probabilistic may be defined as one in which researcher selects sample by considering theresearch aims and objectives namely quota, convenience and judgment etc. In the present study,
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to get information about customer’s preference simple random sampling technique has been usedby scholar. Hence, by employing such technique 30 customers of Kitchen Design Ltd has beenselected by scholar. In this way, by conducting study on such people scholar can assess the kindof bathroom equipment which is preferred by the customers. 1.3 Designing of questionnaire Demographic information 1.What gender are you?Male / Female2.Age band 21-30 31-40 41-50 50 or over3.Income band 10-20k 20-30k 30-40k 40k or over4.Do you prefer to make purchase of bathroom equipment’s from ‘Kitchen Design Ltd’?Yes ()No () 5.Are you satisfied from the quality of kitchen equipment’s which are offered by the firm?Satisfied ()Highly satisfied ()Neutral ()Dissatisfied ()Highly dissatisfied ()6.Do you agree that products of kitchen design Ltd offers high value for money?Agree ()Strongly agree ()Disagree ()Strongly disagree ()Neither agree nor disagree ()7.From the following factor which one has high level of impact on your decision whilemaking purchase of bathroom equipment’s?Quality ()
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