Business Decision Making Assiment

Topics: Project management, Arithmetic mean, Average Pages: 36 (8841 words) Published: May 18, 2013
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Programme : International Diploma in Business managementSubjectCode : MGE0102/ Business Decision makingAssignment Title : Using statistical techniques in the business| Summary of the learning Outcomes Covered:

1. Use a variety of sources for the collection of data, both primary and secondary 2. Apply a range of techniques to analyzed data for business purposes 3. Produce information in appropriate formats for decision making in organizational con text 4. Use software – generated information to make decisions at operational, tactical and strategic level in an organization ASSIGNMENT TYPE : Individual / group based assignmentDATE : 29th December 2011DUE DATE : 5thMarch 2012DATE SUBMITTED : 5thMarch 2012ASSESSOR :INTERNAL VERIFIER :|

While research and discussion are an essential part of an assignment, the deliberate copying someone else’s work or unacknowledged copying from printed or electronic sources is NOT permitted. You may be subject to disciplinary procedure if you do this. You should sign this sheet to show that you comply with these regulations.

Student’s Signature Date


I take this chance to thank Miss. M. PriyanthimalaWho helped me to improve and developed this particular project. She explained well about the project and sacrificed her most of the time to explain and also made sure that all the students understood. She was ready to help out in any time and gave her full support for this particular project. I finally would like to thank my parents, friends and others for helping to do this project. Thank you

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Task 1
T 1.1 Difference between a sample and a population

Population| Sample|
* Population is the area in which you are trying to get information from. * This meaning of population is also used in survey research, but this is only one of many possible definitions of population.  * Examples: Cedar Crest students; trees in North America; automobiles with four wheels; people who consume olive oil.

| * Sample is a section of your population that you are actually going to survey. It is important to have a sample that will represent your entire population in order to minimize biases. * Survey research is based on sampling, which involves getting information from only some members of the population. * Samples can be drawn in several different ways, such as probability samples, quota samples, purposive samples, and volunteer samples. * Examples assuming the populations stated above: 47 Cedar Crest students chosen randomly; 8463 trees randomly selected in North America; 20 sample autos from each make (e.g., GM, Ford, Toyota, Honda, etc.); 1% of the oil consuming population per country|

T 1.2 Describe the advantages of sampling

* Sampling saves money as it is much cheaper to collect the desired information from a small sample than from the whole population.

* Sampling saves a lot of time and energy as the needed data are collected and processed much faster than census information. And this is a very important consideration in all types of investigations or surveys.

* Sampling provides information that is almost as accurate as that obtained from a complete census; rather a properly designed and carefully executed sample survey will provide more accurate results. Moreover, owing to the reduced volume...
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