Business Decision Making Report: Data Analysis for Tour Firm

This report analyzes the application of business decision-making principles within a tour company context. It begins with an introduction to the complexities of business and the need for research to inform decisions, particularly in launching a new tour product. The report details data collection methods, primarily using questionnaires distributed to local communities, and outlines the survey methodology and sampling techniques employed. It presents the design of the research questionnaire and summarizes the collected data, applying measures of central tendency (mean, median, mode) and dispersion (interquartile range, standard deviation) to interpret customer preferences. The report further analyzes data using quartiles, percentiles, and correlation coefficients, followed by graphical representations using pie charts, bar charts, and line charts to visualize sales and customer demographics. Finally, the report touches upon project management and financial tools used to make informed business decisions for the tour firm. The report demonstrates how data analysis supports strategic choices in the tourism industry.

BUSINESS DECISION
MAKING
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INTRODUCTION
In every kinds of business organizations there are various types of complexities and
problems come into consideration and hamper the firm. for this condition there are research
needed for identifying reasons and causes of occurring such problems and make appropriate
decisions. In the current project a tour company is going to launch a new tour product and for
which research is carry out to take views of the local community. The overall current report is
divided in four parts where first part is about the data collection as well as survey methodology.
Second part of the project shows different kinds of statistical tools which are used for taking
effectual business decisions. Furthermore, the third and fourth task of the project shows
graphical representation of data as well as project management and financial tools respectively
for taking the decisions in tour firm.
TASK 1
1.1 Identification of collecting research data from different sources
For carry out particular research in order to resolve business problems there are data and
information plays an integral role. Because without availability of the appropriate data the
company cannot analyse problem and make decisions. There are mainly two kinds of data which
are such as primary and secondary and derived using its respective tools (Taylor, Bogdan and
DeVault, 2015). In the current report primary sources are used because it is based on the primary
information and data where questionnaire and survey method is consisted. The questionnaire is
prepared and distributed between the local community and assessed that regarding tour product
what they thinks and requires. By this tour producer easily know that which kind of destinations
and products it needs to made and up to which costs and prices.
At the present situation the data are collected with the help of primary source which is
like questionnaire for gathering reliable information. In the primary data collection various
number of sources are available which are such as questionnaire, survey, interview, group
discussions etc. On the other side to collect data of secondary type there are available sources are
like publications, newspapers, articles, annual report of the company etc. To collect and derive of
sales value the scholar use annual report of the tour company. In the report sales and revenue of
different destinations is given and by taking help of that charts are made. In this, questionnaire
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which are prepared are to be given to 90 number of local community and then feedback as well
as suggestions are to be taken from such respondents.
1.2 Presenting the survey methodology and sampling technique
The method by which overall survey is to be conducted and data are derived is known as
survey methodology. In the current scenario for derive data questionnaire are distributed with the
help of internet under which mainly two sources are used like as social networks and email.
Further, feedbacks are also taken from the respondents using same methodology (Kerr and et.al.,
2014). Apart from this for take the sample data simple random sampling technique is used where
scholar derive sample randomly. In this case sample of 90 local community is taken and reason
for doing survey on local community is that the tour producer going to launch destinations for
the people.
1.3 Designing research questionnaire
Questionnaire
Name _______________
Gender _____________
Que. 1. Age group of your under which you belongs ?
 20-35 years
 35-50 years
 50-65 years
 65 years and more
Que. 2: Up to which extent you agree that, tour products as well as services which are provided
to you fulfill your satisfaction and requirements ?
 Higher extent
 high extent
 Neutral
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 Low level
 Lower extent
Que. 3: How frequent you used to purchase tour packages of various number of destinations
within every one year ?
 Once in a month
 Twice in a year
 Once in a year
 Thrice in a year
 Very rarely
Que. 4: Do you agree that, in the future years you will definitely buy tour product for
destination A which is Morocco ?
 Highly disagree
 Disagree
 Neutral
 Agree
 Highly agree
Que. 7: Up to which extent of the amount of tour product you will be ready to purchase for
destination A which is Morocco for every member ?
 £500 but less than 525
 £525 but less than 550
 £550 but less than 575
 £575 but less than 600
 £600 but less than 625
Que. 6: Do you agree that, in the future years you will definitely buy tour product for
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destination B which is Turkey ?
 Highly disagree
 Disagree
 Neutral
 Agree
 Highly agree
Que. 7: Up to which extent of the amount of tour product you will be ready to purchase for
destination B which is Turkey for every member ?
 £500 but less than 525
 £525 but less than 550
 £550 but less than 575
 £575 but less than 600
 £600 but less than 625
Que. 8: Do you agree that, in the future years you will definitely buy tour product for
destination C which is Cuba ?
 Strongly disagree
 Disagree
 Neutral
 Agree
 Strongly agree
Que. 9: Up to which extent of the amount of tour product you will be ready to purchase for
destination C which is Cuba for every member ?
 £700 but less than 725
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 £725 but less than 750
 £750 but less than 775
 £775 but less than 800
 £800 but less than 825
Que. 10: Do you agree that, in the future years you will definitely buy tour product for
destination D which is Dubai ?
 Highly disagree
 Disagree
 Neutral
 Agree
 Highly agree
Que. 11: Up to which extent of the amount of tour product you will be ready to purchase for
destination D which is Dubai for every member ?
 £800 but less than 825
 £825 but less than 850
 £850 but less than 875
 £875 but less than 900
TASK 2
2.1 Summarization of the collected data
In the current case for carry out research on the tour firm there are data is collected by the
respondents using questionnaire method (Palinkas and et.al., 2015). On the basis of every
question data gathered and on it different measures of central tendency are applied. Further, such
calculation is given as below:
Age groups Frequency
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Under 20 4
20 but under 30 10
30 but under 40 15
40 but under 50 18
50 but under 60 22
60 but under 70 14
70 or over 7
Mean- According to the mean tool the scholar able to determine average value of the data set
which is gathered and summarized in proper structure form.
Median- As per other statistical tool such as median, it helps and supports to segregate that
overall information and data in two parts along with equally. On the basis of this company able
to make that kind of decision which help to become more sound in the industry in form of
financial (Stewart and et.al., 2013).
Mode- At this tool the data is to be presented which is the most frequent and occur often within
the whole available data. By considering this the management can know that which data comes
into consideration again and again in the firm.
2.2 Analysing and interpreting the measures of central tendency
Arithmetic mean- It can be found from the mean value that there are more most of the
customers between total 90 agree and select fourth option in the overall questions. By these
determined data it can be said that customers are agree for purchasing as well as buying the tour
products or packages in the future and upcoming years.
Median- From the median values of the above table it can be analysed that the customers are
attract towards the fourth option where they are agree in order to buy the products of tour
company in the further years (Kinalis and et.al., 2014). Apart from this, all the customers are
ready as well as able to book all the tour products at the highest cost and prices.
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Mode-By this value calculation it has been ascertained that there are most of the customers are
frequent on the fifth option (Popovich, 2014). Due to this all the consumers are select the fifth
option often which clearly indicate that tour firm will be able to generate more amount and sales
after launching new tour products.
2.3 Analyzing of data with the help of measure of dispersion
Inter quartile range
Age groups Frequency f (%) Cum f(%)
0 0 0 0
Under 20 4 4.4% 4.4%
20 but under 30 10 11.1% 15.6%
30 but under 40 15 16.7% 32.2%
40 but under 50 18 20.0% 52.2%
50 but under 60 22 24.4% 76.7%
60 but under 70 14 15.6% 92.2%
70 or over 7 7.8% 100.0%
90
Median 49
Q1 36
Q3 60
Semi-Interquartile Range
(SIR) 12
Standard deviation
Age groups Frequency X (Class fx fxx
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mid point)
Under 20 4 15 60 900
20 but under 30 10 25 250 6250
30 but under 40 15 35 525 18375
40 but under 50 18 45 810 36450
50 but under 60 22 55 1210 66550
60 but under 70 14 65 910 59150
70 or over 7 75 525 39375
Mean 47.7
Variance 250.7
Standard deviation 15.8
Interpretation
By visualizing the above tables of computation it can be found that at the middle quartile
or inter quartile range value in whole questions is such as zero (Zsambok and Klein, 2014). Apart
from this on the basis of standard deviation it can be interpreted that it is far from the mean and
average value which is better for it. By such value the tour operator will be benefited after
launching its new products and services. From the current calculation it can be interpreted that on
an average there is 47.7 or 48 years old customers use the services of tour company. In such age
group there is 18 number of tourists go for tour which deviate from the standard value up to the
higher value which is like 15.8.
2.4 Computation and analysis of quartile, percentile and correlation
Quartiles
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Correlation of Coefficient
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Interpretation
Tool of measure of dispersion such as quartile as well as percentile support to the
investigator and researcher in order to break the overall data set in equal four divisions (Popovič
and et.al., 2012). It can be said that each level of quartile like as upper, lower and middle the
value comes one. In the present case correlation value comes at 0.35 which clearly provides
information that there is positive relationship but not that much strong. It shows that if in the one
variable 100% changes arises then in another variable 35% changes will be there.
TASK 3
3.1 Graphical representation of the data set using several graphs and charts
Pie chart
For the financial year 2014
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