Business Decision Essay

3085 words - 13 pages

[Type the document title]

Gneral Sam

Table of Contents

Business Decision Making Purpose and aim of this assessment will give the author opportunity to examine a variety of data sources. For any of the given scenarios, he will collect data from different sources by using variety of methods, and will use spreadsheets and other software for data analysis and the preparation of information in an effective manner. Conclusions on the basis of data analysis are required to clarify the importance and use of different data analysis techniques.
1.1 A plan for the collection of primary and secondary data (P1)
In order to find out level of satisfaction of the ...view middle of the document...

Sampling is the process of data collection by preparing the sub set of peoples from a population to estimate nature of the total population. According to Saunders et al (2009), sampling is the process of collecting data from a slighter group more willingly than from a large population. Saunders et al (2009) observed that sampling techniques can de dividing into two parts such as probabilistic techniques and non-probabilistic techniques. If every components of the population has the probability to be selected then it is called probabilistic technique of sampling. Then again if some components of the populations have no chance to be selected then it is called non-probabilistic technique of sampling as well as in this case the probability cannot be measured properly. According to Saunders et al (2009), non-probability samples are selected on the basis of subjective judgment. Therefore probabilistic sampling technique is more effective for data collection. There different probabilistic sampling technique such as simple random sampling, systemic random sampling and many others. In simple random sampling all has equal chance to get selected. In the systemic sampling the selection comes according to the serial. Here the simple random sampling method will be used to identify the sample customers.
1.3 Design of a questionnaire for a given business problem (P3)
To collect the data regarding the level of customers’ satisfaction at Sainsbury’s following questionnaire is developed.
Survey questionnaire
The survey questionnaire is shown in the appendix.
2.1 Creation of information for decision making by summarising data using representative values (P4)
The representative values includes mean, median and mode, it can be calculated by using the measure of location.
In mathematics and statistics, the term arithmetic mean is preferred over simply mean because it helps to differentiate between other means such as geometric and harmonic mean. Statistical mean is the most common term for calculating the mean of a statistical distribution.
Mean = x/n
Here x = amount of operating profit or sales
n = number of years
So, using Microsoft excel sheet I have found that mean operating profit of Sainsbury’s is £625.45m and mean sales is £14652.25m.

The median is the middle value in the list of numbers. To find the median, your numbers have to be listed in numerical order, so you may have to rewrite your list first. Spiegel & Stephens (2007) observed that It is the midpoint of the values after the values have been sorted Here using the Microsoft excel sheet the median operating profit of Sainsbury’s is £669.5m and median sales is £16166m.
The mode is the value that appears most often in a set of data. The mode of a discrete probability distribution is the value x at which its probability mass function takes its maximum value. It is the observation or data which has occurred maximum times. So, using Microsoft excel sheet I have...

Other Essays Like Business Decision

The Structure of Business Decision Essay

916 words - 4 pages For Office Use: Grade WrittenAnalysis and Communication Individual Assignment No 1 Case Analysis Report On ‘The Structure of a Business Decision’ Submitted by Name : EXECUTIVE SUMMARY Mr. Nakamura recently takes over charges of his family business of lacquer ware. His brand “Chrysanthemum” is the top selling brand of only Japan. He wants to expand his business across the globe. But Japanese government does not

Information Systems And Management: Decision Making In Business Organizations

2140 words - 9 pages business by adapting a strategic decision support system (DSS) that exploits recent advances in the Information technology.This paper makes an attempt to formulate various strategies for BFF Ltd aimed at enhancing the organisational efficiency and performance. The paper first dwells on the concept of Business organisation in context of BFF Ltd and moves on management decision-making process across the organisations in general and in BFF ltd in

Statistics in Business Decision

772 words - 4 pages Ethical management issues in Healthcare More than any other industry, issues that deal with patients and their welfare are of utmost importance in the healthcare industry. This is because, people in this industry deal with such situations and circumstances, every day, which have a direct bearing on another person's life. That is why, it is mandatory for all healthcare organizations to have an ethics committee, a written code of ethics, policies

1. What Kinds of Applications Are Described Here? What Business Functions Do They Support? How Do They Improve Operational Efficiency and Decision Making? I Believe the Kind of Applications That Was...

1374 words - 6 pages information. Therefore, all these applications help to improve operational efficiency and decision making. They help decision making faster and more correct, and it is convenient for the company to do some operations quickly. Companies can save time and money through using these applications. Q2: The mobile digital devices help companies solve business problems like doctors use of iPhone to receive e-mails and to be called anytime no matter

What Role Do Hrm Practices Play in Business Decision to Expand Internationally

1045 words - 5 pages Introduction Central bank is one of a financial institution, they control monetary policy of country and also has several mandates are involve issue national currency, control credit supply, ensure financial system stability and preserve the currency value. Central bank can act as government of banker and lender to other banks (Central Bank Guide, 2015). 5 different central banks Name | Japan | United Kingdom | Australia | New Zealand

Decision Making

748 words - 3 pages been defined, the next step is to create alternatives solutions. A common problem with generating alternatives is the tendency to evaluate the alternatives as they are created. This tendency may lead to selecting the first acceptable, though frequently not optimal, solution. A good alternatives solution takes into account both short and long-term issues which is very helpful for business leader in the decision-making process. 3. Evaluate

Decision Heuristics

1526 words - 7 pages Decision Heuristics Matt L. Bass Argosy University Online Dr. Paul Sam January 4, 2013 Abstract Managers and leaders make many business decisions on a daily basis and there are many factors that factors into how these decisions are made. From a psychological reference, heuristics are defined as a mental shortcut that describes the behavioral mechanics on how individuals solve problems and make quick and efficient

Decision Making

3959 words - 16 pages professional conduct document also urges nurses to provide care which is patient centred and where these patients are the primary decision makers. Nurse practitioners must take into consideration the individuals personal set of circumstances when making decisions about particular treatments. For example a self-employed labourer will not get paid if he does not work, and may refuse a certain treatment if it would be detrimental to his business

Ethical Decision

1303 words - 6 pages Hotel Chains, because this accounts for 50% of his territory sales. Joe was already under fire last year when he was desperate too and had to give Bill Bateman, a CEO of Peninsula Hotel Chains bottom low prices, which almost got Joe Smith fired. This year it is even tougher since THREADS4U are offering 10% price cut of last year’s prices just to win Peninsula Hotel Chains business back. The decision, action plan and dynamics of what should Joe do

Investment Decision

1021 words - 5 pages discounted payback Compare and contrast NPV and IRR and emphasize the superiority of NPV rule 12/24/2012 Prof.Dr. Anuj Verma 3 Nature of Investment Decisions The investment decisions of a firm are generally known as the capital budgeting, or capital expenditure decisions. The firm’s investment decisions would generally include expansion, acquisition, modernisation and replacement of the long-term assets. Sale of a division or business

Compasation Decision

939 words - 4 pages required to: 1. Enter Cathy’s appraisal rating (she is last on the list); 2. Within your budget dollars, make your salary decisions based on performance for your team taking into consideration their Salary Grade and the Pay Ranges identified for the Salary Grades (fill in the Salary Decision Column); 3. Within your budget dollars award bonus money (fill in the Bonus Dollars Column); 4. In the green line areas, provide your

Related Papers

Business Decision Making Essay

3772 words - 16 pages 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

Business Decision Making Essay

551 words - 3 pages at Chisha, where GDCC locates. Before this project initiation, he needs more detailed information about Chisha for his decision making, such as the consumption level, the rent price, the labor cost, etc. Now, you are required to provide him such information. You need to collect data through surveying, and then analyze the data. Finally, you need to submit a formal business report for this decision-making project. Task 1: Make a plan for the

Business Decision Making Essay

694 words - 3 pages Business Decision Making Final Deborah Barnett QNT/275 09/28/2015 Tracy Sipma Business Decision Making Final The company that our team decided to use was the Honeywell Company, which is an aerospace division for global aftermarket services. This division repairs jet engines and other parts and processes around 1000 orders per week. The problem that we have found with this company is that it has what is called a “Hold Shelf”. This is

.Business Decision Making Essay

1263 words - 6 pages Business Decision Making Pepsi In 1931 things at the Pepsi-Cola company were bad. The President of Pepsi Charles Guth attempted to sell Pepsi to Coca-Cola but Coke thought that the company was in too bad a position to buy. Pepsi and Coke both sold their drinks in 6 ounce bottles Guth bought a large supply of 12 oz bottles which were recycled Pepsi started pricing the 12 ounce bottles at 10 cents, twice the price of the 6 ounce