Business Analysis 1: Significance of Data Collection Report

This report, focusing on Business Analysis 1, examines the significance of data collection methods and the differences between primary and secondary data. It delves into the importance of identifying a research population and the role of sampling techniques in obtaining accurate data. The report defines population and sampling, highlighting their impact on research outcomes. It also explores the advantages and disadvantages of primary and secondary data, including cost, time, and data authenticity. The analysis includes examples to illustrate the practical application of these concepts within a business context, providing a comprehensive overview of data collection and analysis for effective business decision-making.

Business analysis
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Table of Contents
Question 1........................................................................................................................................3
Explain significance of following................................................................................................3
QUESTION 2..................................................................................................................................5
The main differences between primary and secondary data........................................................5
The advantages and disadvantages of primary and secondary data............................................6
Question 3........................................................................................................................................8
Quantitative measure and obtained values..................................................................................8
Question 4........................................................................................................................................9
An effective management information system acts as an important part of the process.............9
REFERENCES..............................................................................................................................13
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INTRODUCTION
A research population is defined as collection of individuals who are having similar
characterizes. thus, in population there are people who are not having common or similar traits
which can be gathered. Usually, there are two types of population which is used in research. they
are target and accessible. Present report will lay emphasis in explaining the significance of
following. It will provide details related to the advantages and dis-advantages of secondary and
primary data.
Question 1
Explain significance of following
In order to conduct research and collect data it is necessary to identify population. this is
because data is gathered from population and it enables in obtaining precise outcomes in
specified way. However, in research context the meaning of population is different. It is not
general public which needs to be taken into it. furthermore, in this research it means large
collection of data from specific people (Beaudry, Galizia, and Portier, 2020). so, in order to
obtain precise and accurate data there is need to find out population so that useful data is
obtained from them and then interpreted to obtain outcomes. besides that, apar from it, sample
are identified from population. they are the target population on basis of which data is collected.
the sample reflects that on what characteristics people are selected. So they both play vital role in
it which is defined as below :
Population- So, in target entire group of individuals are selected by scholar in collection of data.
they all are having varied characteristics. but on contrary in accessible population, it is subset of
target one. this can be gathered by researcher to obtain relevant outcomes. in this samples are
collected on basis of nature and type of study.
Alongside, when population is identified then it makes things simple and gather data.
besides, when population is identified it gives insight on what characteristics does people belong
to. therefore, if population is defined then it is easier to gather samples from it. but if population
is not defined then relevant sample are not gathered. thus, with help of effective and target
population data is collected (Castillo-Vergara, Alvarez-Marin, and Placencio-Hidalgo, 2018).
for instance- if research is done on social health of people in community in particular region.
then here, population will be the people of community. it is because they consist of similar
features and characteristics and belong of same community. from that it will provide relevant
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data and info from them. other than this, statistics and data obtained will be based on some
parameters. also, researcher can specific that on what parameters population is determined.
However, entire outcomes of study are based on population. so, it is from population that data is
gathered. moreover, there are some factors as well on which population is selected. It is based on
purpose of population. thus, it is useful in collection of data. when population is identified then
scholar find out its characteristics. thus, it can be included in research as well.
Sampling techniques- It is analysed that there is significant role of sampling in study. this is
because sample are gathered from population and on basis of that data is collected. basically,
sampling means selection of people who are having similar traits or characteristics. this can be in
terms of age, gender, geography and many other factors. There are different types of sampling
technique which is available and used by scholar. in this the most common are probability and
non probability (Hausberg, and Korreck, 2020). therefore, it is necessary to find out sample
from population so that precise and accurate data is gathered. However, there is other
significance of sampling in it that is explained as
Save time- it is not possible for scholar to contact to entire population and then select data. this is
because it is a complicated and long process. thus, scholar will have to take regular follow up.
hence, with help of random sampling it becomes easy for researcher to obtain non random
sample and this saves time.
Save money- this is another importance of sampling in study. here, it is difficult for scholar to go
to all people and then collect data. it will require a lot of money in it. hence, by identifying
sample it becomes easy for scholar to gather data from population. thus, it saves money as well.
Collect rich data- this is the main significance of study in which with help of sample it is easy for
scholar to collect precise and accurate data and info. besides that, it is stated that sometimes
purpose of research is to gather data from few people rather than doing a survey. So, it becomes
easy for researcher to gather data by asking more questions to participant rather than going out to
entire population and asking it (Komarova, and et.al., 2019).
Furthermore, it is stated that sampling allows scholar to find out people with similar traits
so that rich data is collected. for example- if study is based on collecting data from managers of
organization than researcher will not have to study entire population. but they will only focus on
selection of sample of manager so that only questions are asked to them and then data is
gathered. In addition, it is found that many times it is not feasible to study a whole group. For
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example, social work researchers might be interested in studying the problems of the mentally ill,
or some other large group of people. It would be difficult rather impossible to study all members
of these groups. That is the reason the researcher selects a sample mentally ill people and collects
data for his study. Apart from it, when select a group of elements for the purpose of study of a
particular phenomenon, it refers to that group of elements as a sample. The aggregate of all the
elements that conform to some defined set of definitions is called population. Thus, it defines a
population consisting of all people. it similarly defines populations consisting of all the mentally
challenged children in the city, and many others (Kumar, and et.al., 2020). Consequently, the
first important attribute of a sample is that every individual in the population from which it is
drawn must have a known non-zero chance of being included in it; a natural suggestion is that
these chances should be equal.
QUESTION 2
The main differences between primary and secondary data
Primary data Secondary data
It is the data which has bene collected by the
researcher from the first hand sources. This
data is unpublished and raw in nature. It is the
fresh data. It is being collected from the project
in mind and also directly from the sources
which are primary in nature. This type of data
is reliable and authentic. There are various
methods which can be used to collect the raw
data (Beaudry, Galizi and Portier, 2020). In
this they can make use of questionnaire, focus
group, observations, interviews. This type of
data is being collected by the researcher for the
specific purpose. This data type assists the
researcher in gaining the end results so that
their goals and objectives can be achieved.
This type of data can also be collected in so
many ways. The primary data collection
This type of data is already published. It is the
finished data which can be collected by
researchers easily and also on timely basis. In
this the data can be collected with the help
various articles published. The information can
also be gathered with the help of books and
journals, websites, internet searches, remote
sensing. This type of data is already being
collected by the scholars and can be used
further by researchers in any other course
material. information collected through
censuses or government departments like
housing, social security, electoral statistics, tax
records is also known as the secondary data
collection method. This type of data collection
method also saves time of the researchers and
in case of quantitative data type it can provide
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method is really expensive and time consuming
but the data which has been collected can be
authentic and reliable in nature. This term is
being used in contrast with secondary method
of data collection. In this the researchers are
being engaged in collecting the data with the
help of surveys, interview and questionnaire.
This can support the researchers in getting the
end results. In the primary data collection
method, the researcher is able to collect high
quality and standardised data that can make the
research more useful and purposive. In this the
data can also be collected by making use of the
telephonic interview. The researchers can be
engaged in asking questions to participants by
using telephonic interview. They can also be
engaged in collecting the data through the
survey. In this the survey material can be sent
to the participants by making use of the email.
better and accurate results. The secondary
method of data collection is basically being
used when the sample study is really large and
in that case primary method of collection
cannot be used so researcher can be engaged in
making use of this secondary method of data
collection. It has also been analysed that when
conducting the secondary research, the scholar
can also be involved in collecting the already
published data by using historical data bases. It
is really easy to extract the data from these data
bases (Rolfe and et.al., 2016). The researcher
needs to be engaged in analysing the various
sources from where they can gain the
secondary information. It has also been
analysed that evaluated that sometimes the data
gathered from the secondary sources cannot
provide the accurate information. This can act
as a weakness for this type of data collection
method which needs to be monitored by the
researcher. The secondary method of data
collection can also help the researcher in
achieving the end results. It has also been
analysed that the secondary method can be
used for qualitative and also for quantitative
data type.
The advantages and disadvantages of primary and secondary data
It has bene analysed that there are two types of data collection method which is primary
and secondary. Both of them have some advantages and disadvantages. It includes the following:
Advantages and disadvantages of primary data
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Advantages: The advantages of primary data are that there are specific in nature and
authentic in comparison to secondary data. They are also very specific in nature. This data can be
collected directly from the source so the information that has been collected is really authentic
and reliable (Kumar and et.al., 2020). It has also been analysed that it is really important to make
use of the primary data as raw and fresh information is really required in any type of information
which has been collected by the researcher. This type of information is really specific in nature
and researcher will get the answers of research questions which has been required. In this type
the data has been collected from the authentic sources. It assists the researchers in gaining the
end results and also they can get answer of research questions.
Disadvantages: It has been analysed from the research that in comparison to secondary
data, the primary method of data collection can be really expensive in nature. The researcher can
require high amount of cost when they have been involved in making use of primary method of
data collection. It has also been analysed that these data may not be feasible in nature. The cost
can be increased when researchers can make use of primary method of data collection. A lot of
time can be required for collecting the information from the secondary sources.
Advantages and disadvantages of secondary data
Advantages: Secondary data is really easy to collect and also the results from the
previous research can be used. It is less time consuming and cost efficient method. This type of
data collection method can also be used for the large data sources. One of the most important
benefits of secondary method that the background work which is been needed for reviewing the
case based on literature review has already been done (Jang and Lee, 2016). It has also been
analysed that secondary data is been involved in providing the baseline for the research which is
primary in nature. It assists in making sure that the data is been collected on timely basis. It helps
the researchers in achieving the end results. The other advantages of secondary method are that it
is really easy to access already published information. Researchers can also make use of the
already published data for getting the answers of the research questions. This can assist them in
achieving the end results. There can be some difficulty in conducting the primary research.
Disadvantages: There are various weaknesses of the secondary method for data collection. The
one of the major disadvantage is that there are chances that the already published data do not
answer the specific research questions. This dis-advantage can reduce the quality of research
which has bene done by the scholar. There are also chances that while collecting the data from
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secondary sources like books and journals there can be in-complete information which has been
published (Komarova and et.al., 2019). This can make the collection of data less reliable. It has
also been analysed that in secondary sources there are chances that high quality of information is
not been available related to subject matter. Thus, it can reduce the quality of research which has
been done by the scholars. There are chances that information which is available on websites and
books are not needful or can also be incomplete.
Question 3
Quantitative measure and obtained values
It is essential for Debenhams to calculate and find out profit of two years so that it is find
whether there is profit or loss. this is done with help of quantitative data and analysis. alongside,
it will enable in calculating mean, mode, median for specific time period. then, accordingly
strategies are developed. Thus, it is defined as below: (Sroka, and Szántó, 2018)
Mean- A mean is average value of data which is obtained by adding of all data and then dividing
it with numbers. it makes it easy to find out mean of data.
Mode- It is the value which have come many times in data. this means the repeated value of data
with highest in it. however, if there is no number repeated in it then there is no mode.
Median- the medium is middle value of data which is obtained by writing number from lowest to
highest in order.
Years
Sales (£m) Gross profit (£m)
Operating profit
(£m) Net profit (£m)
2017 2335 264.8 71.3 48.8
2018 2277 15.1 481.3 -461
Mean 2306 139.95 276.3 -206.1
Median 2306 139.95 276.3 -206.1
Mode 0 0 0 0
Interpretation – from above table it is identified that the gross profit of Debenhams in 2017 was
264.8 million and in 2018 was 15.1 million. it shows that there is high decline in profit. besides
that, in 2107 the operating profit was 71.3 million and in 2018 it was 481.3 million. so, there is
increase in this. Moreover, net profit of company in 2017 was 48.8 million which became
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negative in 2018 that is -461 million. thus, net profit was negative in 2018 with decrease in sales.
furthermore, it is analysed that mean of sales is 2306 along with median. it is because only two
years data is gathered in it. in addition to it, mean of gross profit is same that is 139.95 and of
operating profit is 276.3. also, it is interpreted that mean of net profit is -206.1. likewise, median
of all profits is same. therefore, Debenhams needs to develop strong strategies in order to
enhance profit. besides, they need to do effective marketing as well and focus on retaining of
customers. this will enable in generating sales. furthermore, company needs to focus on how to
increase revenue so that net profit becomes positive and then it can be increased.
Question 4
An effective management information system acts as an important part of the process
It has been analysed that an effective management information system is one of the most
important part in business organization to take sound decisions. A management information
system (MIS) is a computer system consisting of hardware and software that serves as the
backbone of an organization's operations. In this the system is been used by the business
organization for gathering, analysing and storing of data. The information is being kept safe in
this software. Most of the business firm is been involved in making use of MIS so that better
decisions can be taken. It will support the organizations in achieving their set target which is
really necessary for the growth of business as well as company. The data which can be stored in
management information system can be related to finance, marketing, real estates or any other
type. This information’s kept in this are only accessible by the managers so that a better decision
can be made and it will also help the business and organizations in boosting their sales as well as
revenue (Grant, 2016). The management information system software is really important in firm
as it assists in collecting the data from the external as well as internal sources. It can assist
company in getting protection to the various threats. This system can also be used by business
for making timely decisions in relation to the planning and controlling the day to day business
activities on the basis of information which has been collected by them. This aspect assists the
firm in enhancing their efficiency as well as performance level. It will be really essential for the
business to maintain the day to day activities in order to achieve the competitive advantage. The
information which has been kept by the MIS can also be useful in analysing the needs and
demands of the employees, clients and various stakeholders which are been involved in the
project. This will help the business in enhancing their level of performance, productivity and
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efficiency level. It will help them in gaining profitability and also the sales will be boost because
of this. The main purpose of the management information system is to take the decision in
advance so that they are not been affected by any type of changes and threats. This can assist in
the growth of business.
In this the business can make use of the relational model of management information
system. This data base system consists of A tuple or row contains all the data of a single instance
of the table such as a person named Doug. This model can be used by the organization in order to
arrange the data collected and gathered specifically. It will help the business in easily extracting
the information or the data from this system. It would be really beneficial for the firm to make
use of this model so that the better decisions can be taken with the help of this. This system can
assist in gaining competitive advantage. The business who are not been engaged in making use
of the management information system should install it. This will assist the firm in growing and
also achieving their set targets and objectives. It will also help the business in enhancing their
performance level as well as productivity. It will also assist the business firm in gaining
competitive edge which is really necessary for their growth. The management information
system when used by the company has lots of advantages and benefits. It has been analysed that
this system can assist the business organization in enhancing the managerial efficiency. This
system also enhances the quality of decision making. This information system when use in the
organization can also asset the firm in enhancing the quality of communication which is really
necessary for the growth of firm. The interaction abilities of employer and employee increases
because of this system. The employer is being able to analyse the needs and demands of workers
with the help of data which has been collected. This aspect assists the firm in enhancing their
efficiency as well as performance level. It will be really essential for the business to maintain the
day to day activities in order to achieve the competitive advantage. The management information
system also provides business a platform that they can analyse the threat which can be faced by
them and also the alternatives can be find out from overcoming the threats. This will assist firm
in enhancing their decision making abilities and it will also be beneficial for them in their
growth.
In present times, it is necessary for business to make effective decisions. this helps them
to survive in market for long term and compete with others. Also, goals and objectives are
attained in effective way (Jang, and Lee, 2016 ). However, in this MIS is highly useful. It is an
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info system in which all data and info regarding business, strategies, market, products and many
other things. so, it provides relevant data and info which can be analysed and interpreted. then,
on basis of that decision are taken. alongside, use of MIS will enable in tracking of effectiveness.
with that report can be generated and the outcomes are measured. this gives insight on what
needs improvement and why. moreover, it allows in giving data on overall performance of
projections. The use of MIS helps in effective decision making as entire process of taking
decision is fastened. thus, it facilitates in decision making in efficient way. MIS enables in
exchange and share of data in effective way. the info is shard with all department and managers.
It is evaluated that use of MIS has brough significant change in decision making. Now, overall
process has become easy which has led to providing stats along with numeric data. hence, it
allowed in giving insight on what decision will be suitable. thus, there is rise in experience of
managers as well. they are able to analyse decisions in effective way (King, and Brooks, 2016).
this is because when there occurs a complex situation then it to make a decision it requires in
depth analysis. so, in order to do so MIS is used. it allows in improving decision making with
help of new data and info. in this way. besides that, the existence of MIS is needed to improve
and enhance decision making on the issues affecting human and material resources. In it, internal
and external factors are considered which allows in evaluating them in proper way. The
importance of MIS in decision making lies in its ability to help managers become proactive
versus reactive decision makers. Without proper data, there may occurs critical situation in the
company and then this can led to ineffective managing of things, which can result in managers to
go into survival mode and make reactive decisions (Rolfe, and et.al., 2016 ). This assist the firm
in growing and also achieving their set targets and objectives. It help the business in enhancing
their performance level as well as productivity. It support the business firm in gaining
competitive edge which is really necessary for their growth.
CONCLUSION
From the above study it has been summarised that MIS is important part of decision making
process. MIS is indispensable in the area of decision-making as it can monitor by itself the
instability in a system, verify a course of action and take action to keep the system in control.
Also, suggested that non-programmed decisions are relevant as they provide support by
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supplying information to the search, the analysis, the evaluation and the choice and
implementation process of decision making
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