Business Decision Making

BUSINESS DECISION MAKING

Table of Contents
INTRODUCTION.......................................................................................................................................3
TASK 1.......................................................................................................................................................3
1.1 Create plan for data collection of primary and secondary data..........................................................3
1.2 Present survey methodology and sampling frame in carry out research.............................................3
1.3 Design Questionnaire........................................................................................................................3
TASK 2.......................................................................................................................................................5
2.1 Summarize the results........................................................................................................................5
2.2 Analyze the results.............................................................................................................................6
2.3 Range, IQR and standard deviation...................................................................................................7
2.4 Explain quartiles, percentiles and correlation....................................................................................8
TASK 3.......................................................................................................................................................9
3.1 producing different graphs.................................................................................................................9
3.2 Create trend line..............................................................................................................................14
3.3 Business presentation.......................................................................................................................16
3.4 Business report................................................................................................................................24
TASK 4.....................................................................................................................................................25
4.1 Information processing tools...........................................................................................................25
4.2 Prepare project plan.........................................................................................................................26
4.3Using financial decision making tools..............................................................................................28
CONCLUSION.........................................................................................................................................30
REFERENCES..........................................................................................................................................31

INTRODUCTION
Business has gained higher importance as the changes in the external market has
enhanced their capabilities. Kitchen Ltd has been selected for this project report which deals in
providing kitchen equipment services. This report will stresses on conducting market research in
order to explore market opportunities. Statistical measures are followed to test the accuracy of
the data and also graphical methods to present the data inn visual manner.
TASK 1
1.1 Create plan for data collection of primary and secondary data
Primary data- Researchers are appointed in order to gather information related to the tastes and
preferences of different customers. The local customers of kitchen equipments are approached in
order to make right decisions in developing their own services.
Secondary data- Online sources are accessed in order to search out the blogs and surveys on the
same matter to take certain help in convening the research (Rajasekaran, 2016). Third party will
be approached in order to take their opinion about the price of the products and the quality of
material they get in return.
The market research will be organized in which questionnaires will be supplied among all
the existing customers of the Kitchen Ltd who are taking services of the firm. The regular
customers approached who are the loyal customers by taking their suggestions in improving the
working status and products currently offered by an entity which would help in designing the
innovative products according the demands of all the customers.
1.2 Present survey methodology and sampling frame in carry out research
Conducting a good survey required proper sampling technique to be adopted in order to
accomplish their desired goals and the objectives in a given time span. Stratified sampling
technique will be used in which different groups and categories of customers are picked in order
to take their opinion on the existing aim of the research.
100 customers will be asked which will be the total sample size of the current research in order
to get positive or satisfying results.
1.3 Design Questionnaire
Questionnaire
Name-
Gender
 Male
 Female
 Transgender

How old are you?
 20-35 years old
 35-45 year old
 45-60 years old
 Above 60 years old
What is your monthly income?
 £15K-£20K
 £20K-£25K
 £25K-£30K
 £30K-£35K
What is your family size out of the given below options?
 Nuclear Family
 Joint Family
What is the size of your bathroom?
 10 Amp
 20 Amp
 30 Amp
 40 Amp
Which color bathroom to wish to choose?
 Red
 White
 Yellow
 Blue
 Orange
Please specify any other color you like________________
Which of the following material you wish to select for your bathroom?
 Marble
 Lenin
 Glass
 Wood
 Synthetic
Which factors influence your decision while buying materials for your bathroom?
 Quality of material
 Finishing of the materials used
 Attractive look
 Price of material used in the bathrooms
Where do you usually buy materials for your bathroom?
____________________________________________________
Are you satisfied with the seller who provides material in building your own Bathroom?
 Yes
 No
Tell me the reasons of dissatisfaction buying material from our current seller?
What is your requirements iin building bathroom or design of the bathroom?
___________________________________________
How often you purchase bathroom items?
 Once a year

 Every 2 years
 2-4 years
 More than 5 years
Do you purchase any product from Kitchen design ltd?
 Yes
 No
Which method do you prefer while purchasing bathroom items for building your favorite
bathroom?
 Online
 Retail store
Please give your suggestions in improving the services offered by Kitchen design
Ltd________________________________
TASK 2
2.1 Summarize the results
Months
Count
ry (000
£)f
Minimali
st (000
£)X Fx
January 90 430 38700
February 80 360 28800
March 130 350 45500
April 170 350 59500
May 240 320 76800
June 280 330 92400
July 290 310 89900
August 310 300 93000
Septemb
er 300 300 90000
October 180 370 66600
Novemb
er 140 400 56000
Decemb
er 90 420 37800
N 2300
77500
0
Country
Mean 191.666

7
Standard Error
25.4901
4
Median 175
Mode 90
Standard
Deviation
88.3004
5
Sample
Variance 7796.97
Kurtosis
-
1.74034
Skewness
0.12725
5
Range 230
Minimum 80
Maximum 310
Sum 2300
Count 12
Minimalist
Mean 353.33
Standard Error 12.92
Median 350
Mode 350
Standard
Deviation 44.78
Sample
Variance
2006.0
6
Kurtosis -0.88
Skewness 0.50
Range 130
Minimum 300
Maximum 430
Sum 4240
Count 12
2.2 Analyze the results
Mean- Major Technique used in the central tendency by an individual in analyzing the trend of
buying patterns is Arithmetic mean. This is also recognized with another which is average that
divides the sum of data by number of observation in order to predict a trend to design products in
order to meet various goals and the objectives of the business enterprise. An entity has assessed

two sales lines in order to decide which sales line will be continue or divest the existing business.
The mean of minimalist is higher as compared to the sales lines of Country which shows that on
an average the firm will earn normal sales of 353.33 thousand sales in a year.
Median- This is another important measure of central tendency which divides the whole set of
data into two equal parts (Chen, 2017). The middle position will be determine by an enterprise
which depicts that minimum sales will be achieved by the firm as this provides assurance to the
business related to the earning of higher sales as based on this position the firm will increase
their production. Again minimalist lead the sales line of country as it has generated middle
position of sales of 350 which is better than its competitors but this is lesser than the mean which
needs to be improved with the passage of time.
Mode- The most frequent and repetitive values occur in the overall data set depicts the mode as
this determines the consistency of earning same value of sales by an entity. The mode of country
is 90 and mode of Minimalist is 350 but minimalist median and mode is similar which shows
that higher number of customers purchases the products of this line as t produces the same sales
target in particular years.
2.3 Range, IQR and standard deviation
Range of Country
Range 230
Minimu
m 80
Maximu
m 310
Sum 2300
Count 12
Range= maximum value and lowest value
=310-80= 230
Range of Minimalist
Range 130
Minimu
m 300
Maximu
m 430
Sum 4240
Count 12
Range= Highest value- Lowest value

=430-300=130
Internal quartile range= Q3-Q1
Quartile Country Minimalist
Q3 282.5 377.5
Q1 120 317.5
IQR(Q3-Q2) 162.5 60
Interpretations
This value of range shows the relationship among two variables used for overall analysis
in order to enhance the existing capability of the business entity in relation to its external
competitors. The range of Minimalist is lower as compared to the range of country which shows
that this differences has arises due to size of production. The lesser increment in sales is due to
lesser production and vice versa. The efficiency of the country sales line its better as compared to
the products currently sold by the Minimalist.
Standard deviation Of Country
Standard
Deviation
88.3004
5
Sample
Variance 7796.97
Standard deviation Of Minimalist
Standard
Deviation
44.7890
7
Sample
Variance
2006.06
1
Interpretation
Standard deviation is measure of dispersion which shows the variations takes places in
the variable analyzed by the researcher. Higher the positive changes higher will be the efficiency
among the resources currently supplied by the firm to its customers. In the current situation,
standard deviation of minimalist is less as compared to the Country which is higher that shows
the increment to be occur in the existing values of the sales of the business concern.
2.4 Explain quartiles, percentiles and correlation
Quartiles Country Minimalist
Q1 120 317.5
Q2 175 350
Q3 282.5 377.5
Q4 310 430