Business Decision Making Assignment - TUI Group
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Added on 2020-01-28
Business Decision Making Assignment - TUI Group
Added on 2020-01-28
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BUSINESS DECISION-MAKING
Table of ContentsINTRODUCTION...........................................................................................................................3TASK. 1...........................................................................................................................................31.1 Design a plan for gathering of primary and secondary data in a TUI group:................31.2 Present the survey techniques and sampling frame:.........................................................41.3 Design a questionnaire:....................................................................................................4TASK.2............................................................................................................................................52.1 Create information by summarising the raw data ............................................................52.2 Analyse the range of results:............................................................................................62.3 Analyse the measure of dispersion:..................................................................................72.4 Quartiles, percentile and correlation coefficient is utilised to assist the decision making:7TASK.3............................................................................................................................................83.1 Graphs and chart:..............................................................................................................83.2 Trend line of TUI group in 2017 and 2018 of sales:........................................................93.3 Business presentation: ...................................................................................................103.4 Formal business report:..................................................................................................10TASK.4..........................................................................................................................................114.1 Appropriate information processing tools & making project plan and identification ofcritical path:..........................................................................................................................114.3 Financial tools such as investment appraisal and cost-volume profit analysis to assess the..............................................................................................................................................13best options:..........................................................................................................................13CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................16
INTRODUCTIONIn every business organisation, decision making plays a very crucial role in themanagement of an organisation. Now, there are so many qualified professionals who contributestheir knowledge for the betterment of an organisation. They make their decisions on their ownbehalf in order to attain the association's long term goals and objectives(Brynjolfsson, Hitt, andKim,2011.). Now, every organisation is mainly focused for betterment of their business, and thisis only achieved by way of effective and efficient decision making. Company's business decisionare mainly dependent to top level executives and they tare the ultimate persons who areresponsible for the impacts of decision making and also they take credits if something goodshappens. However, without decision making, company are not able to make their strategies in anmost and effective manner(Net Present Value- NPV.2017). TASK. 11.1 Design a plan for gathering of primary and secondary data in a TUI group:Data are importance for the creation of better strategies for the firm. There are two mainkinds of data are there, i.e. primary and another one is secondary(Vercellis, 2011). However,qualitative and quantitative data are also there, but, they works on the data which have alreadybeen gathered. Quantitative data means the data where information accumulated from studies,polls, repetitive questionnaire, etc these quantitative data are completely connected to numbersand their main aim is to attain the outcomes through numericals. While on the other hands,qualitative data are the data which have been entered in details(Craft, 2013). For anyorganisation, both of the data are important for the production of better and most profitableoutcomes. Primary data is to be gathered by way of doing interviews, surveys, face to faceinteractions and any other mode through which the organisation could directly approach to therespondents and able to attain the useful informations that could be entitled for the developmentof the association. But, In the cited scenario, it is very crucial to get the client feedbacksnowadays as these assist the firm's managers to make a perfect plan for the productmodifications. The TUI Group is able to use their internet website, internet business link as aresource to gather information by covering a short questionnaires. Secondary data are the datawhich can be gathered from any of the sources which already exists(Fernando and Chowdhury,2010). Like- books and journals, internet database, and any other mode through which company
could collect the data in an easiest format. Primary data is not an easy task for gathering the databut, on the other hands, secondary data is so easy way fro gathering the data and this could be thecheapest way to gather the information.1.2 Present the survey techniques and sampling frame:Survey technique is the technique which helps in gathering the information in anorganisation. There are numerous way through which the data can be gathered. In the givensituations, it is critical to accumulate data essentially as per repetitive basis. Data are gathered asper their necessities, their preferring and dis-likings, esteem increments, information about theitem, thoughts to enhance the development and so forth(Frey, Schulz-Hardt and Stahlberg,2013). The survey questionnaire contains open and close handed questions. Research survey canbe directed fundamentally in two ways, interviews and polls. Surveys can be done via qualitativeevaluation or as a quantitative plan system. For example probability investigating hasstraightforward arbitrary examining tools, group testing, stratified inspecting strategy anddeliberate inspecting technique. Where non likelihood examining has snowball test strategy,portion inspecting and judgemental example technique. Under this condition, it is proper toimplement surveys including both open and close ended inquiries. On the other hand, nonprobability assessment method could be implemented as the inspecting outline(Tzeng andHuang, 2011).1.3 Design a questionnaire:1.Do you satisfied with the services offered by the company ? YesNo Can't say2.Do you regularly take services form the company ? Yes No Can't sayTravel Medical Protection 3.Is travel remedial assurance publicized? Yes No
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