Business Decision Making Sample

Expert Written Dissertation Sample on Business Decisions

INTRODUCTION

Decision making is an important function for the success of any business as it helps or directs firm towards the specific path (Zsambok and Klein, 2014). In addition to this, manager of an enterprise has to take number of decisions which will assist with regard to attain the goals and objectives of corporation in an effectual way. The given report is based upon the case scenario in which marketing research report is prepared for the Marketing Supreme Plc.

In this report, cited firm will collect data about E-Cigarette for its client which is named as World Wide Tobacco (WWT). Here, the study will give detailed explanation regarding the number of sources which are being used by the cited firm manager in order to gather information about the market. Furthermore, the report will also showcase different types of techniques which cited firm will use in order to analyse its collected data effectively.

TASK 1

1.1 Creating a plan for collecting the data

With an aim to collect data for WWT, assistance has been taken by the marketing Supreme Plc manager from number of primary and secondary techniques. Detailed explanation about the same is depicted below:

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1.2 Survey methodology and sampling frame

Survey methodology: depicts about the process of studying collected data for the given study. Here, survey will be conducted by the Marketing Supreme PLC manager in which information about the tastes and preferences of respective buyers will be gathered regarding the products. Here, in order to conduct survey, questionnaire has been prepared which consists variety of close ended questions. By framing such type of questions, exact information regarding the given product will be collected (Hahs-Vaughn and Lomax, 2013).

Sampling frame

It seems difficult for the researcher to conduct its study upon the whole population of respective market. Owing to this reason need of collecting sample for the study is being arisen in front of scholar. Thus, with an aim to collect sample for the study, researcher has chosen random sampling method. Selected method is effective as it gives equal opportunity to each member in population for being selected in the sample. With the use of this method, sample of 60 customers has been selected for WWT product.

Data validity

In order to ensure the validity of collected data, efforts will be taken by manager of organization to gather data from reliable and authenticate sources. Moreover, researcher will keep assembling data in safe and secure place for the purpose to comply with the ethical aspect.

1.3 Questionnaire for the study

Name:

Age:

Gender:

Contact No.

Email Id:

1. Which type of tobacco product you buy so often?

  • Cigar and cigarettes
  • Chewing gum (Smokeless product)
  • Other (Please specify)

2. How frequently do you use tobacco product?

  • Daily
  • Weekly
  • Once in month
  • Twice in month

3. Please specify your monthly income?

  • Less than 20000£
  • 20000£ to 40000£
  • More than 40000£

4. How much do you spend on tobacco products?

  • Less than 100£
  • 100£ to 200£
  • More than 200£

5. From where do you purchase cigarettes?

  • Local shop
  • Supermarket
  • Others

6. Do you believe that E-Cigarette is effective and satisfies your requirement?

  • Yes
  • No

7. Are you satisfied with the prices charged upon E-Cigarette

  • Yes
  • No

8. Do you consume it in future also?

  • Yes
  • No

TASK 2

Following tables are prepared with an aim to assess the age ranges which firm will target for the new generation mobile phone.

2.1 Drawing the cumulative frequency graph

Age group

Mid Value

(Lower limit + Upper limit/ 2)

Population (F)

Cumulative frequency (CF)

Under 10

5

9

9

10-20

15

8

17

20-30

25

7

24

30-40

35

7

31

40-50

45

7

38

50-60

55

7

45

60-70

65

5

50

70-80

75

3

53

80-100

90

1

54

   

54

 

Table 1: Cumulative frequency graph

2.1 and 2.3 Determining lower quartile, upper quartile, mean, median and mode

Age group

Mid Value (X)

Population (F)

Cumulative frequency

FX (F value multiply with X value)

0-10

5

9

9

45

10-20

15

8

17

120

20-30

25

7

24

175

30-40

35

7

31

245

40-50

45

7

38

315

50-60

55

7

45

385

60-70

65

5

50

325

70-80

75

3

53

225

80-100

90

1

54

90

   

54

 

1925

Table 2: Cumulative frequency graph with total mean

Mean: It is the average of range of values and calculated by dividing sum total of all values with the number of values. With respect to the given scenario, mean value assessed is of 35.64. This is calculated in the following manner:
1925/54 =35.64

Median: It denotes the mid value of range of value. It will be calculated with the help of given formula:
Lower limit + [(N/2)-Cumulative frequency/F]*class interval
30 + [(54/2) – 24/7]*10
= 30 + (27-24)/7*10
= 30 + 30/7 = 34.28

Mode: It is the type of value which frequently occurs in the specified data series.

Lower limit + mode
= 0 + [(9-0)/ (2*9-0-8)]*10
= 0 + (9/11)*10 = 8.18

Lower quartile (Q1): It is being considered as the measure of dispersion of series and depicts 25% of value in the specified series. With regard to the given case, lower quartile is as follow:
Q1 = Lower limit + [(N/4 – C)/F] * I
= 10 + [(54/4 – 9)/8] * 10
= 15.625

Upper quartile (Q3): In comparison to Q1, this depicts 75% of the data series. It is calculated as below:
Q3 = Lower limit + [3*N/4 – C)/F] *I
= 50 + [(3*54/4 – 38)/7*10
= 50 + [(40.5 – 38)/7] * 10
= 50 + 25/7
= 53.57

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2.3 Assessing the value of semi inter quartile range

Semi-interquartile range occurs when difference of upper and lower quartile values are divided by 2. This method is used with an aim to assess the variability between the quartile.
(Upper quartile – lower quartile/2)
= (53.57 – 15.625)/2
= 18.9725

2.4 and 2.2 Drawing conclusion from the quartile, percentile and correlation coefficient value

Here, quartile and percentile are statistical tools which are used with an aim to assess the growth rate of data. Former depicts 25% of the data series. However, the quartile is of four types and each represents specific percentage of data series. It consists of Q1, Q2, Q3 and Q4. However, latter is the value which depicts percentage position in the range of data. For example, 25 and 75 percentiles indicate such value which comes under the series of 75 and 25 percentage. In addition to this, Q3, 50th percentile and median are seen as the equal pace. This means they entail 50% of the given value. With regard to the given scenario, following quartile and percentile is depicted:

Q1 and 25th percentile =15.625
Q4 and 75th percentile = 53.57

Correlation and coefficient are other methods which entails the relationship existing between two variables (Upton and et.al., 2015). In accordance, this technique is used with an aim to check inter dependency between two variable. Here, positive correlation means that increase and decrease in the one variable will lead to cause same kind of impact upon other. However, negative correlation is just opposite to positive one. For example, increment in the sales of firm will lead to cause negative impact upon the other aspect of enterprise. But, presence of zero correlation indicates that the data are not related with each other. Thus, Imperial tobacco group can use this method with an aim to assess the interrelationship between two variables.

2.3 Calculating range and standard deviation

Age group

Mid Value

Population (F)

Mid value^2

M.V.^2*f

0-10

5

9

25

225

10-20

15

8

225

1800

20-30

25

7

625

4375

30-40

35

7

1225

8575

40-50

45

7

2025

14175

50-60

55

7

3025

21175

60-70

65

5

4225

21125

70-80

75

3

5625

16875

80-90

90

1

8100

8100

   

54

25100

96425

Table 3: Table for standard deviation and range

Standard deviation is the technique which is used to assess that dispersion existing between the set of data or value. With specific reference to the given case, it is depicted below:
Standard deviation = standard-deviation
= square root of (96425/54) – (35.64^2)
= Square root of (1785.65 – 1270.65)
= Sq. root of 515
= 22.69

Range occur when the greatest value in the series is divided with the lowest one. It is enumerated below:
Highest class interval – lowest class interval
= 100 – 0
= 100

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TASK 3

3.1 Producing graph

There are numbers of ways identified wherein manager of firm can use graphs with an aim to represent its sales, revenue and other data in an effective manner. In accordance with the given context, last ten years sales and profit figure for Imperial tobacco group is represented below:

Year

Sales

Profits

2005

3050

250

2006

3100

280

2007

3400

350

2008

4000

390

2009

4400

450

2010

5000

500

2011

5300

525

2012

5400

570

2013

5550

600

2014

5600

650

Table 4: Estimated sales and profits figure

TASK 4

4.1 Making the decision with the help of financial tools

The are number of investment appraisal techniques identified which could be used by Play Game Plc in order to make decision of investment in one specific project. The detailed explanation about the same is depicted in below:


IRR (Internal rate of return): It is rate at which NPV value of all cash flow from the project equals zero (Ferrell and Fraedrich, 2014).

Year

Cash flow

Cumulative cash flow

Discounted value @ 14%

Discounted cash flow

0

-40000

-40000

1

-40000

1

16000

-24000

0.8771929825

14035.0877192982

2

16000

-8000

0.7694675285

12311.4804555248

3

16000

8000

0.6749715162

10799.5442592323

4

12000

20000

0.5920802774

7104.9633284423

 

IRR = 9.70%

   

NPV = 4251.07

Table 5: NPV, IRR and Payback for Fitz

Payback period = 2Year + (8000/16000*12)
= 2 year 6 months

Year

Cash flow

Cumulative cash flow

Discounted value @ 14%

Discounted cash flow

0

-50000

-50000

1

-50000

1

17000

-33000

0.8771929825

14912.2807017544

2

17000

-16000

0.7694675285

13080.9479839951

3

17000

1000

0.6749715162

11474.5157754343

4

17000

18000

0.5920802774

10065.3647152932

 

IRR = 13.54%

   

NPV = -466.89

Table 6: NPV, IRR and Payback for Naushaba

Payback period = 2Year + (16000/17000*12)
= 2 Year 11 months

Recommendation: From the above calculation it is recommended that among two given project managers of The Game Plc should Fitz process. This is because, the NPV value identified for the given project is positive. In addition to this, by selecting the given project cited firm can recover the cost of its investment within 2 year 6 months tenure which is less than other option.

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CONCLUSION

It can be concluded from the above report that with an aim to perform significant improvement in the sales and profits manager of corporation will have to make different type of decisions. Thus, for the purpose to make appropriate decision, manager of firm will take help from number of tools and techniques. Thus, it gains the benefit in the form of profits and sales.

REFERENCES

Books and journals

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