Business Decision Making

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Table of Contents

Pages
Introduction 3

Task (1) 3-6
* Variety of sources for the collection of data

Task (2)7-11
* Analysing data for business purposes

Task (3)11-14
* Information in appropriate formats for decision making

Task (4)14-18
* Using software-generated information for making decisions

Conclusion 18

References 18

Introduction
In business, making good decisions requires the effective use of information. Business Decision Making provides the opportunity of learning a variety of sources and develops techniques in four aspects of information: data gathering, data storage, tools available to create useful information and presenting. Moreover, using appropriate IT software and spreadsheets for data analysis and the preparation of information provides the advantages of using information systems which is currently used at all levels in every organisation.

TASK (1)
Scenario-1
(a)
There are three main types of data collection. They are: census, sample survey, and administrative by-product. Among them, the data used in sample survey can be either primary or secondary data. Primary data can be obtained directly for special purpose by obtaining through observation, experimentation, questionnaires, qualitative techniques, etc. Secondary data can be collected through some other sources such as Internet research, Government data and so on. According to the information requirements, using questionnaires would be the suitable method for collecting the data through primary sources because it is not time consuming and cost effective.

(b) Sample Survey Questionnaires
For any business or organizations, it is important to find out the level of their customers’ satisfaction in order to improve their products or customer services. This is a sample survey questionnaire of a company,

* How long have you been using our products?
Less than 1year:| 3-5 years:|
1-3 years:| More than 5years:|

* Please use this key to rate your answer:
1. Excellent
2. Good
3. Average
4. Poor
5. Very poor

* Your satisfaction with
a) The quality of our products.................
b) The delivery system.................
c) The packaging.................
d) The price.................

* What is the best aspect of our products?
.........................................................................................................

* What is the worst aspect of our products?
.......................................................................................................... * Please give suggestions that would help improve your satisfaction with our products. ........................................................................................................... The chosen questionnaire design is suitable for the mentioned company because; i. The questions are necessary for the company

ii. It is understandable
iii. It elicits required data
iv. Questions are related to the respondent
v. The willingness of the respondent

(c) To calculate the mean servicing cost
f fx
1 – 1001 50.5 50.5
101 – 2005150.5 752.5
201 – 3006250.51503.0

301 – 40021350.57360.5
401 – 50014450.56307.0
501 – 6003550.51651.5

∑fx = 17625
n = 50
Mean servicing cost = ∑fx/n
= 17625/50
= 352.5

(d) We can also use Median and Mode formula to represent the above data. Median
f CF
1 – 1001 1
101 – 2005 6
201 – 3006 12
301 – 40021 33
401 – 50014 47
501 – 6003 50
Median, n/2 = 50/2 = 25

Median = LM + CM (n/2 – FM-1): fM
= 301 + 100(25-12)/ 21
= 301 + 1300/21
=...
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