Business Decission Makaing

Topics: Sampling, Net present value, Percentile Pages: 26 (3151 words) Published: November 23, 2014


Business Decision Making

Introduction

Decision making is one of the very important tasks that we all have to do in every now and then. And when it is in terms of business then it makes a lot of sense incorporated with a lot of values as well as importance. Whether an organization succeed or fail this all depends on the effective decision making. Valid information & expertise plays a vital role to make good decisions. If decision is great we get good outcomes and the result is actually vice versa if fail to make good decisions. So it is quite evident that before making a decision regarding any issue we must analyze the problems and side effects and then approach for the decision making with the best alternatives as well. So in Short we can conclude that decision making is really very important for a business organization to make profit as well as to be successful in an industry.

PART A

P1.
a plan for the collection of primary and secondary data for a given business problem

From Mr. Graeme we can get to know that the passenger volume for the route 23 is not sufficient & has been proved as a losing concern. So as a result initially he decided to stop the bus service in that very route.

As a partner & business consultant of a company called Capital Consultant it is my earnest duty to provide my opinion regarding stopping the bus service in route no 23 with proper evidences 7 logics to Mr. Graeme,the business development director of “Travel for London” To analyze the problem it is really very important to collect the primary & Secondary data regarding the issue. We can collect the data in the holiday by door to door survey when everyone is at home. And on other day we can have their ideas and preferences by using some tool like mails, through web portal & blind boxes.

How we can collect the primary data:
By making a questionnaire
By making a survey on the transportation pattern of the particular vicinity dwellers. Can work on a sufficient number of sample.
Can analyze the results.

How we can collect the secondary data:
We can serve on the web pages
Can go to the local transportation office & know the preferences of the people. Can go through some previous reports regarding similar issues.

P 2: The survey methodology and sampling frame used for the collection of data in P1

Methodology to collect the primary data:
Observation is a really vital tool to collect the primary data. When an investigator invests he never talks what he does is he just observe, observe & observe closely to create his/her own perception. Sampling technique should also be used as well. But before That we must set the sample size we want to work with. It can be 500/600 or anything convenient regarding the problems. We can go door to door & ask the members o the family questions about their preferences about the transportation or what the most frequently use. We can also seek for their valuable opinions as well.

We can also arrange some blind boxes seeking for the opinions of the people in some of the very important points of the city. We can arrange a questionnaire
Can open a common mail where people can drop mails
Telephone interviews.

These are some very common ways to collect the primary data. But each of these ways has some advantages and disadvantages as well.

For Door to Door Interview:
Advantages:
Can collect data directly from the source.
Open end questionnaire is used so people can answer the question freely. Disadvantages:
Very much time consuming.
Sometimes it is hard to reach people & to convince then to sit for an interview.

Telephonic Interview:

Advantages:

Low cost incurred.
Less time consuming.
Disadvantages:
Hard to find the contact number of all the people.
Sometimes people do not show interest to talk over the phone.

Questioning:
Advantages:
Less costly.
Disadvantages:
Sometimes some questions are not answered.
Time consuming.
Sometimes hard to...
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