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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.
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...