Calculating Standard Deviation and Rational Decision Making


Added on  2019-09-24

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Executive summaryIn today’s world of digital communication in the business environment, business analysis playsan important role which is mainly a practice of enabling the changes in an organization throughin-depth study and the decisions taken by the owners of the company. There are set of task andactivities which have to be performed for analyzing a performance of the company. In thispresent paper, four aspects are discussed. Firstly, the survey in an organization to know thereaction of the employees towards the introduction of flexible working hours in an organization.The effect of flexible hours through applying different sampling techniques. The survey arises atBourne Leisure with the convenient sampling technique.Secondly, the comparison of primary and secondary data on the basis of concept, models,advantages, disadvantages, with an appropriate organizational environment. Thirdly, the conceptof mean, mode and standard deviation with an example of five years records to measure themean of discrete and group data, calculation of mode for both types of data: discrete and groupdata, and the calculation of standard deviation of group data.The fourth and the last topic discussed in the paper includes decision making on the basis ofdecision-making theory. The rational theory is being discussed and its model, procedure with anappropriate example of organizational decision making for the problem of not increasing in thesales volume and the decision matrix.
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1. In this question, we will conduct a survey to measure the response of flexible working hours inan organization through conducting a survey within an organization for introducing at the workplace. Survey is defined as the study in detailed which is conducted on a closed group. It is basicallyused to examine the situation and on the basis of which conclusion has been made. There aredifferent kinds of surveys is being conducted to analyze the different situations. They are broadlydivided into two categories namely: surveys according to instrumentation and surveys accordingto the span of time involved. The surveys according to instrumentation include the questionnaire,interviews, etc. to know the reaction towards the particular thing and it is conducted when thesample size is large. On the other hand, surveys according to the span of time include cross-sectional and longitudinal surveys. The flexible working hours may arise at Bourne Leisure as a result of negation between anemployer and employees when the time arrangement is beneficial for the employer as well asemployees. The working flexibility is mainly used to maintain the job satisfaction and quality oflife among the employees in an organization. The sample is conducting among all 11,724employees in an organization. The working arrangement mainly describes the when, where, andhow the work gets done by the employees. It alternates the traditional "9to5" working hours.a) The population is mainly defined as the total number of people on which surveys has beenconducted. Following are the principles on the basis of which effective workplace practices hasbeen conducting:
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I.The arrangement of working schedule should meet the goals and objectives of theorganization as well as departments goals. It includes the overtime cost, problems relatedto safety and security.II.It should support the working style and history of employees.III.The task related to the job must be adaptable for flexible arrangements.IV.A written proposal and agreement should be made for the acceptance of working in aflexible shifts arrangements.b) Sampling techniques: The Convenient sampling technique is used to conduct a survey. It ismainly defined as the technique which is a non-probabilistic technique of sampling. It is mainlydone according to the convenience of the surveyor. In convenience sampling the data which isclosely available and easily reachable that will be taken. It is also known by different names suchas Accidental sampling, grab sampling, available and opportunity sampling.The non-probability theory of sampling is used in this survey. In the probabilistic theory ofsample, the probability of getting any particular thing is calculated, but the now-probabilitytheory of sampling does not support this characteristic. It does not include the sample from ageneral population. The non-probabilistic theory is based on "theoretical saturation" and thegeneralization on the analytical basis. It does not support statistical generalization. Thistechnique mainly supports in-depth research which is mainly useful for analyzing the complexsocial occurrences.The concept of convenience sampling, according to the Mangal, (2002) lies in estimating thepopulation parameters from sample statistics. The concept of convenience sampling is mainly ismainly used to analyze the situations on the basis of the available data which is available easily.The concept of taking convenient sampling is mainly the effect of flexible working hours in an
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