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Process Of Decision Making

   

Added on  2020-01-21

19 Pages4308 Words101 Views
BUSINESS DECISIONMAKING

Table of ContentsINTRODUCTION......................................................................................................................1TASK 1......................................................................................................................................1AC 1.1 Collection of primary and secondary data............................................................1AC 1.2 Survey methodology and sampling frame for data collection..............................1AC 1.3 Designing a questionnaire....................................................................................2TASK 2......................................................................................................................................4AC 2.1 Cumulative frequency of the table.......................................................................4AC 2.1, 2.3 Lower quartile, upper quartile, mean, mode and median..............................4AC 2.3 Value of semi inter-quartile range........................................................................5AC 2.4, 2.2 Analysis of the results...................................................................................6AC 2.3 Calculation of standard deviation and range........................................................7TASK 3......................................................................................................................................8AC 3.1 Graphical representation.......................................................................................8AC 3.2 Creating trend line for forecasting......................................................................10AC 3.3 Preparation of business presentation..................................................................12AC 3.4 Formal business report.......................................................................................12TASK 4....................................................................................................................................12AC 4.1 Appropriate information processing tool...........................................................12AC 4.2 Prepare a project plan for an activity to determine critical path........................13TASK 5 ...................................................................................................................................14AC 4.3 Using financial tool for decision-making...........................................................14CONCLUSION........................................................................................................................16REFERENCES.........................................................................................................................17

INTRODUCTIONDecision-making process plays a vital role in the organization success. Every businessorganization has to take variety of decisions in the organization such as for making businessexpansion and introducing new product in the market. The process refers to collectingnecessary information and uses them as a decision-making tool. There are two sourcesavailable to the organization for collecting data that are primary and secondary sources.However, various statistical as well as financial tools are applied to make data analysis. Thegiven project reports will discuss the need of decision-making process in the context ofWorld Wide Tobacco (WWT). The report will helps us to make market analysis for theproduct E-ciggerate. TASK 1AC 1.1 Collection of primary and secondary dataPrimary data: This kind of data are collected by investigator themselves for collectingsome specific information. It can be collected by survey methodology, interview andobservation method. The method helps to satisfy specific requirements of researcher. Boththe quantitative and qualitative data can be collected by such method (Davies and Hughes,2014). As per the scenario, primary data will be collected for WWT through using surveymethodology and sampling technique.Secondary data: This kind of data already has been collected by the other individualsfor their own purpose. The benefit of collecting secondary data is it is less expensive andtakes lower the time period as the information is readily available to them. It can be collectedby previous researcher studies, available statistical data, government reports, web searchesand historical business data (Pettigrew, 2014). It mainly helps to collect quantitative type ofinformation. In context to the given business scenario, secondary data sources has beencollected by published sources of Imperial tobacco group. AC 1.2 Survey methodology and sampling frame for data collectionSurvey methodology: It is the most important technique that provides reliable andprominent information to the researcher. According to the scenario, Marketing Supreme Plchas to set their target market for conducting survey. In this report, questionnaire method willbe used for gathering information that will help to satisfy the researcher specific requirements(Fowler, 2013). In this regard, Marketing Supreme Plc has to design a questionnaire thatprovides information regarding to different demographic factors such as range of ages,genders and purchasing power of the consumers. Moreover, the method helps to determine1 | P a g e

consumer’s consumption and buying patterns and their preferences (Solomon and et. al.,2014). The benefit of the method is that it provides accurate information and filled by therespondents hence, helps to eliminate any bias. Furthermore, web questionnaire can bedesigned and can be filled through sending e-mail helps to collect information at a widerspace. Another benefit of the method is that it takes very less time to fill up. Sampling frame: Along with the survey methodology, sampling frame can also beused. Studying the universe or all the population seems to be very difficult task for thebusiness. Therefore, the method says that universe can be studied by identifying theinformation related to a representative sample. The sampling frame tells that MarketingSupreme Plc has to decide an appropriate size of sample and it should be representative towhole universe. Sample can be selected by various methods such as random sampling andnon random sampling techniques. Under the random sampling techniques, all the units of thepopulation have an equal chance or probability of inclusion in sample (Molenberghs, n.d.).However, under the non random sampling technique, sample can be constructed using anybasis hence, it is relatively convenient for the researcher. According to the scenario, sampleof 60 customers has been taken by random sampling method. All the consumers are using E-cigarettes product to a great extent. The reason for using the method is that sampling errorcan be determined hence provides more reliable and authentic information to the business. AC 1.3 designing a questionnaireName:________________Age: __________________Gender_____________________E-mail id____________________Contact no.____________________1. Which kind of tobacco products you often used to prefer?Cigerattes and cigarSmokeless tobacco productsNicotine products (Patch, gum, inhaler)E-CigaretteAny other (Please specify)___________2. What is your monthly salary?Less than 10000£10000£ to 20000£2 | P a g e

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