Free Essay

Business Decision Making

In:

Submitted By ckerr12
Words 2898
Pages 12
Conor Kerr
[Email address]
Conor Kerr
[Email address]
Abstract
[Draw your reader in with an engaging abstract. It is typically a short summary of the document.
When you’re ready to add your content, just click here and start typing.]
Abstract
[Draw your reader in with an engaging abstract. It is typically a short summary of the document.
When you’re ready to add your content, just click here and start typing.]
Unit 6: Business decision Making Unit 6: Business decision Making

Contents LO1 2 Introduction 2 Scenario 2 Primary and Secondary Data 2 Primary Data 2 Secondary Data 3 Collection Method 3 Questionnaire 3 Conclusion 4 LO2 4 Task 1 4 2.1&2.2 5 2.3 6 2.4 6 LO3 8 Task 1 8 3.1&4.1 9 3.2 11 3.3 11 3.4 17 LO4 24 Task 2 24 4.2 24 Task 3 27 4.3 27 Sources of Data 29

LO1

Introduction
The following assignment will look at different methods and sources in the collection of data. The research will include both primary and secondary forms of data and a plan will be formed to successfully help address a chosen business problem. An appropriate methodology will be used in the collection of data including the outline of sampling framework. A questionnaire will be designed and used as the main method of gathering primary data.

Scenario
3 mobile is a large mobile phone provider within Ireland. The mobile phone industry is fiercely competitive and 3 Ireland faces big competition from the likes of Vodafone and Eircom. 3 wishes to better understand the general Irish consumer and their behaviours in order to better target and market their products and services. The hope is that with a better understanding of consumers including their needs, wants and behaviours, 3 can entice consumers with better contract packages than the competition.

Primary and Secondary Data
The research will include both primary and secondary data. Different methods and ways of gathering these types of data will be explored. The advantages and disadvantages of both will be looked at and considered and also the difference between quantitative and qualitative forms of data.

Primary Data
Primary data is first-hand information or information gathered by you that didn’t exist before hand. It is more reliable than secondary data and it will be the main method of collecting data for this plan. Primary data is often collected by surveys or questionnaires and this will be the chosen method for this assignment. A questionnaire will be created with specific questions that best achieve the aim of better understanding 3’s customers. The method that will be used in order to carry out these questionnaires is that of phone calls. While surveys done over the phone will indeed cost more than sending emails or letters to customers, it is felt that generally face-to-face or phone calls provide better interaction with customers. Carrying out calls to 3’s customers will of course take up time and resources that could be spent elsewhere but considering 3 obviously has all the mobile numbers of their customers it will lead to better interaction although it may come a smaller percentage. With email or post, while it is cheaper many customers will fail to fill out the questionnaires. Another advantage with calls is that the potential of a customer misunderstanding a question is greatly reduced as a question can be explained by the caller.

Secondary Data
Secondary data is essentially using someone else’s primary data. Research information that is already available can be insightful and even help guide your own primary research. It is generally a lot cheaper than primary data however it may not be as reliable. Sometimes it is not certain who exactly carried out the research and whether or not there was any bias. In the case of 3 research will be done to help better understand the behaviours of Irish mobile users and their behaviours. Any reports released over the last few years regarding Irish mobile users behaviours including statistics will be considered and may help guide the approach taken with our own primary research.
A report carried out by IABIreland in late 2013 found some interesting facts about irish mobile users and their smartphone habits. Surveys carried out with a sample size of over 400 people found a huge rise in the amount of people who own a smartphone and importantly that “41% use their mobile more for online than calls/text.” The fact that this survey is now almost two years old means that that figure has almost certainly risen in that time, especially when you take into account 4G speeds, bigger phones, higher resolution screens etc.
This survey is relevant because it indicates that online is very important for Irish mobile users, perhaps now even more so than calls and texts. When creating mobile plans for customers this maybe an important fact to consider in order to offer consumers the best mobile contracts available that suit their needs.

Collection Method
The collection method will largely be gathered through quantitative research. The research will be collected over a larger sample size than qualitative research would allow, therefore being more focused on obtaining numerical data, statistics and gaining insights into consumer behaviours, opinions, attitudes and trends. The data will be gathered by short telephone surveys. It will be important to not have the surveys take too long as it will irritate customers. A short questionnaire will be designed and used for callers to follow. The sample will be random selection and cover around 1000 3 customers.

Questionnaire
The questionnaire will be kept to a shorter length as to not irritate busy customers. The questions will be closed ended in order to keep questions simpler and to more easily obtain results, facts and statistics.

1. How many hours do you spend online on your mobile device per day?
<1 1-2 2-4 >5

2. How many hours to you spend talking on your phone per day?
<1 1-2 2-4 >5

3. What is your preferred method of text communication?
SMS or online messengers such as WhatsApp or Facebook

4. How often do you change your mobile device?
Every year whenever my contract ends every few years whenever my phone stops working

5. How important is 4G speeds to your mobile plan?
Not important somewhat important very important

6. How much extra per month would you be willing to pay for 4G?
Nothing €5 €10

With these types of closed ended questions The research will be able to gather clear statistics and facts about customers, their habits and behaviours, their preferences and what they are willing to pay for.

Conclusion
Overall we have looked at a business problem for the company 3. The research has discussed both primary and secondary data including the advantages and disadvantages and the collection method used for both. A plan was developed for the collection of both forms of data in order to help with chosen business problem.

LO2

Understand a range of techniques to analyse data effectively for business purposes (learning outcome 2)
Task 1
This tasks offers you an opportunity to achieve LO2: 2.1, 2.2, 2.3, 2.4

Cathy, the owner of a shop selling clothes, has decided to have an in-store promotion. She has collected some sales data which she is finding it difficult to analyse. So she has decided to hire you as her consultant to assist her in this area. In discussions with her, you find out that she has a larger profit margin when she sells items priced at more than £50.00 compared to items priced up to £50.00.

The data below shows the amount of money spent by 100 customers.

Amount Spent (£) | No. of customers (f) | Midpoint(x) | F(x) | 10-19 | 18 | 15 | 270 | 20-30 | 20 | 25 | 500 | 30-40 | 16 | 35 | 560 | 40-50 | 14 | 45 | 630 | 50-60 | 12 | 55 | 660 | 60-70 | 8 | 65 | 520 | 70-80 | 6 | 75 | 450 | 80-90 | 4 | 85 | 340 | 90-100 | 2 | 95 | 190 | Totals | 100 | | 4120 |

2.1&2.2
You are required to calculate the following and advise her on the promotion activity she carried out: i. Mean, Median and Mode. ( 2.1 & 2.2)

In order to calculate the mean we need to take the midpoint spent by each of the customers, multiple the midpoints by the number of customers and then divide by 100(the amount of customers).

Mean = €41.20

The median is the mean of the middle two numbers which is 50 & 51. They are in the group 30-40

Estimated Median = L + (n/2) − cfb × wfm

30 + (100/2) – 38 / 16 x 10

30 + 12/16 x 10

30 + ¾ x 10

= 37.5

So the median = €37.50

The modal group = 20-30

Estimated Mode = L + | fm − fm-1 | × w | | (fm − fm-1) + (fm − fm+1) | |

20 + 20-18/ (20-18) + (20-16) x10

20 + 2/6 x10

= 23.33

The mode = €23.33

2.3 ii. Range. (2.3)

The range for a grouped set of data is the highest upper class boundary – the lowest lower class boundary. =95-15

=80

The range = 80

2.4 iii. 25th Percentile (Lower Quartile) and 75th Percentile (Upper Quartile) and explain the use of Percentile. (2.4)

Percentiles are useful in order to separate into groups, data and look at values within ranges. For example if I am the 75th percentile in a class test result, that means that I achieved a higher grade than ¾ of the rest of the class.

Lower quartile =

Q1 = Lq1 + (n/4 – cf/ fq1) W

20+ ( 100/4 – 18/20) 10

20+ 7/20 x 10

=23.5

The lower quartile = €23.50

Upper quartile =

Q3 = LQ3 + ( 3N/4 – cf / fq3) W

50 + ( 75 – 68/12) 10

50+ 7/12 x 10

= 55.83

Upper quartile = €55.83

iv. Inter-quartile range. (2.4)

The inter quartile range = Q3- Q1

= 55.83 – 23.50

= 32.33

The inter quartile range = €32.33

Additional Information: Sales (units) | 20 | 40 | 50 | 55 | 60 | 70 | 80 | 90 | 100 | Discount (%) | 1 | 4 | 6 | 6 | 10 | 12 | 13 | 14 | 15 |

v. Explain correlation coefficient adding in the formula and discuss it advantages to a business. (2.4)

The correlation coefficient is used in a business sense in order to determine the relationship between two variables or data variables. It can used for example to determine whether there are enough products being produced in a certain time frame within a business and whether the results are satisfactory. It is calculated using the following formula.

The correlation coefficient can range from -1 to +1. -1 indicates perfect negative correlation while +1 indicates perfect positive correlation. 0 represents no correlation, essentially no relationship at all.

LO3

Task 1
This tasks offers you an opportunity to achieve LO3: 3.1, 3.2, 3.3, 3.4 and 4.1

The managing director of a company that sells clothes imported from Spain, Italy and France in the UK has hired you as a Sales Analyst. The managing director gives you the following data and asks you to prepare a report and present your findings to the Board of Directors in a presentation. However, before you can even make a presentation and write a report, you are to produce different types of graphs and charts that you can use in your presentation and report. The following is the data set the managing director has given you: Advertising and Sales data 2000-2013 | Year ending 31st March | Advertising Cost £'000s | Sales £'000s | Year ending 31st March | Advertising Cost £'000s | Sales £'000s | 2000 | 200 | 1200 | 2007 | 760 | 2800 | 2001 | 240 | 1400 | 2008 | 880 | 2900 | 2002 | 300 | 1500 | 2009 | 920 | 3100 | 2003 | 340 | 1800 | 2010 | 980 | 3450 | 2004 | 400 | 2200 | 2011 | 1020 | 3600 | 2005 | 480 | 2300 | 2012 | 1100 | 4100 | 2006 | 520 | 2600 | 2013 | 1170 | 4670 |

Net Income Generated by 5 Branches of the company in 2013 | | £'000s | London | 240 | Manchester | 180 | Edinburgh | 160 | Cardiff | 140 | Liverpool | 130 |

3.1&4.1
Produce line graphs for advertising and sales figures given from 2000 to 2013, pie and bar charts for net income generated by the five branches of the company and scatter graphs of advertising and sales figures using spreadsheets.(3.1 & 4.1)

The following pics were taken from excel and provide data results including line graphs, pie charts, bar charts and scatter graphs. These are screenshots and the excel sheets will accompany this assignment.

3.2
Create trend lines in the spreadsheet on scatter graphs (scatter plot previously plotted) to assist in forecasting sales figures for years 2014 – 2016. Get the linear equation of the line fitted on the scatter graph. (3.2 &4.1)

The image above created in excel provides a trend line helping forecast the future growth of the company. As can be seen with an increase in advertisement year after has led to a significant increase in sales.
Equation of a line = y = mx+b
Y= 246.63x - 490162

3.3
Prepare a business presentation using suitable software (power point) and techniques (graphic representations of data) to disseminate information effectively regarding the above scenario of the company. (3.3 )

3.4
Produce a formal business report for the Board of Directors meeting using the above scenario and the work that you have done in 3.1, 3.2 & 3.3. (3.4 )
The following business report was created using powerpoint.

LO4

Task 2

4.2

This tasks offers you an opportunity to achieve LO4: 4.2

The activities involved in a computer installation project are given below:

Description | Activity | Preceding Activity | (Days) | Physical preparation | A | - | 4 | Organisational planning | B | A | 3 | Personal selection | C | A | 15 | Equipment installation | D | B | 10 | Personnel training | E | D | 4 | Detailed system designing | F | E | 6 | File conversion | G | F | 9 | Establishment of standards | H | C | 2 | Program preparation | I | B | 10 | Program testing | J | D | 9 | Finishing Documentation | K | G,H,I,J | 12 | Follow Up | L | K | 20 |

Required: i. Prepare a network diagram for activities using Microsoft Project or Open Project. ii. Calculate the Project Duration. iii. Clearly mark the Critical Path. iv. Prepare a Gantt Chart and state the benefits of using it as a Project Management Tool. (4.2)

Using Project I was able to create a network diagram of activities seen above.

The image above shows the total duration for the activities. The total number of days that the activities amount to = 104 days.
This image shows the critical path including the critical activities of the diagram.

The red sections highlight the critical activities.

The benefits of a gantt chart
There are many benefits to using a gantt chart. Some of the main benefits is structure, clarity and planning. Using a gantt chart gives an organisation or user a clear view of the timeline in which to complete a project and its tasks. The tasks can easily be broken down, progression can be viewed and teams can clearly see what remains. Being able to view all these timelines, tasks and activities in extremely valuable. It helps keep projects structured and targets met. The visual method really helps track task progression. The charts help break projects down into more focused and manageable tasks which helps the overall project feel less overwhelming. One of the major advantages of gantt charts is time management. Better organisation of tasks greatly increases efficient time management.

Task 3

4.3

This tasks offers you an opportunity to achieve LO4: 4.3
A company is considering which of two mutually exclusive projects should be undertaken. Both projects have the same initial investment and length of life. The company anticipates a Discounting Factor of 10% and future cash flows of the projects are as follows:

Year | Project ACash flow | Project B Cash flow | Investment | -200,000 | -200,000 | 1 | 50,000 | 40,000 | 2 | 65,000 | 75,000 | 3 | 75,000 | 85,000 | 4 | 80,000 | 60,000 | 5 | 90,000 | 35,000 |

You are required to: I. Calculate the NPV and IRR of each project. II. Recommend which project you would undertake, if any. Provide reasons for your position.(4.3)
Note: Please use 20% as the second Discounting Factor while calculating IRR.

NPV = ∑ {Net Period Cash Flow/(1+R)^T} - Initial Investment
Project A NPV and IRR

Project B NPV and IRR

(4.3)
Without doubt Project A is the investment I would recommend. The statistics show that year after year it is generating more income. The NPV is much greater. In fact it’s over 50% greater. Also the IRR is also significantly higher with a rate of 21% compared to just 15% of Project 2.

Sources of Data http://iabireland.ie/wp-content/uploads/2013/11/REDC_Mobile_Future_Nov_2013.pdf http://www.snapsurveys.com/blog/what-is-the-difference-between-qualitative-research-and-quantitative-research/ http://www.statisticshowto.com/what-is-the-correlation-coefficient-formula/ https://www.mathsisfun.com/data/frequency-grouped-mean-median-mode.html http://www.brighthubpm.com/templates-forms/2434-top-ten-benefits-of-a-gantt-chart/ http://www.wikihow.com/Calculate-Npv-in-Excel https://www.mathsisfun.com/money/internal-rate-return.html http://www.experiglot.com/2006/08/07/how-to-calculate-net-present-value-npv/

Similar Documents

Premium Essay

Business Decision Making

...Tasneem Shabbir 014101 Unit 6 Business Decision Making Project Report Table of Contents Information Processing Tools 3 Strategic, tactical and operational information 3 Examples of strategic, tactical and operational information relevant to a Banking sector 3 MIS and its relevance in an organization 4 Project plan for an activity and determine the critical path 5 Financial tools for decision making 5 Project Planning Steps 5 Bibliography 6 Information Processing Tools Strategic, tactical and operational information Strategic planning refers to the process through which an organization defines its strategy, allocate its resource and lead the direction that the company will follow to achieve its goals. Strategic Planning is the formal planning for the future and help the company to define: what we do? For whom we do it? How do we successes? Tactical Planning refers to the process of taking the strategic plan and divided into specific activities, short term actions and plans to achieve the planned objectives. Operational Planning refers to the action plan for the day-to-day functioning of an organization. It defines the short term methods to achieve the strategic objectives set while strategic planning is done. In other words, operation planning allows the company to determine how to do it. Examples of strategic, tactical and operational information relevant to a Banking sector Currently, organizations are in the race for enhancing their capability...

Words: 1947 - Pages: 8

Premium Essay

Business Decision Making

...Assignment front sheet Qualification Pearson BTEC Level 5 HND Diploma Business Student name Unit number and title Unit 6: Business Decision Making Assessor name James Kwok Date issued Completion date Submitted on 5th January 2015 16th February 2015 Assignment title BDM: To start-up a upstairs coffee cafe in the city(2 of 2) Learning Outcome Learning outcome Be able to produce information in appropriate formats for decision making in an organisational context Assessment Criteria 3.1 3.2 3.3 3.4 LO3 In this assessment you will have the opportunity to present evidence that shows you are able to: Produce graphs using spreadsheets and draw valid conclusions based on the information derived Create trend lines in spreadsheet graphs to assist in forecasting for specified business information Prepare a business presentation using suitable software and techniques to disseminate information effectively Produce a formal business report Use appropriate information processing tools Prepare a project plan for an activity and determine the critical path Use financial tools for decision making Task Evidence no. (Page no) 3 3 3 3 4 4 4 LO4 Be able to use softwaregenerated information to make decisions in an organisation 4.1 4.2 4.3 Learner declaration I certify that the work submitted for this assignment is my own and research sources are fully acknowledged. Student signature: Date: In addition to the above PASS criteria, this assignment...

Words: 1570 - Pages: 7

Free Essay

Business Decision Making

...Report on Business Decision Making ( Prity) INTRODUCTION Because of the globalization everyone can do business wherever find profitable place or location, for technological development it become easier and accessible to do business one corner from another corner of the world. Although there is lots or benefits for technological advancement, for operating every business in every place there are some problem also. So for effective business organization should plan for their project. For market research, Abacus Research and Analytics (ARA) a research institute, this institute is going to do a research on consumer behaviors and attitudes towards Food Discount in Retailing by Wm Morrison in Greater London for providing the customer better services. This research will help the organization to take correct and concrete decision for the improvement of customer service for customer satisfaction. Amicus company ltd., Royal company ltd., and . Every company has some problem to operate business although these companies located in good places. These companies want to acquire customer satisfaction by improving customer services. So for better improvement in customer services, Abacus Research and Analytics (ARA) is doing a research for taking correct decision. Abacus Research and Analytics (ARA) collect their information from primary and secondary sources which are authentic as well as accurate, and necessary tools which are relevant to this research used to analysis and calculating data...

Words: 4134 - Pages: 17

Premium Essay

Business Decision Making

...Higher Diploma in Business Management BUSINESS DECISION MAKING Unit 6: Outcome 1: Outcome 2: Outcome 3: Outcome 4: Business Decision Making Be able to use a variety of sources for the collection of data, both primary and secondary Understand a range of techniques to analyse data effectively for business purposes Be able to produce information in appropriate formats for decision making in an organisational context Be able to use software generated information to make decisions in an organisation Your assignment consists of two tasks for you to complete. Task 1 will include two parts. Part 1 is scenario based and asks you to prepare a professional report based on your market findings. In Part 2 of the Task 1 you will need to discuss various Management Information Systems (MIS). Task 2 will be based on three time-constrained activities (TCAs). TASK 1, Part 1 – Individual business report Submission date: 21 May 2015 Scenario: Grocery Ltd In business, good decision making requires effective use of information. A Sales Director of Grocery Ltd, the recently established mass retail business in Dubai, seeks information on the grocery market in Dubai in order to make several important business decisions. He appointed you as his consultant to analyse relevant market data/ information and deliver a professional report based on your findings. Grocery Ltd operate several grocery stores in Dubai; all stores were established four years ago. During the past...

Words: 1394 - Pages: 6

Free Essay

Business Decision Making

...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 where orders, products and information is stored or removed from the process. It causes a problem in the inventory and can be very costly. It also causes problems in variation. When these items get placed on the hold shelf then they are considered to be out of the inventory. In order to try and solve the problem we need to consider why these things are happening and what needs to be done to prevent it from happening again. First, we need to find out who is responsible for putting the orders on hold and not putting them back into the inventory. Then we need to find out the reason they are being put on hold. When items get cancelled someone should be responsible for seeing that it gets put back into the inventory instead of put on a shelf and left out of the inventory. Someone else could be looking to order that particular item and if it is not in inventory and sitting on a shelf then the company would be losing money. The sales would increase and the cost would decrease. Last week the data was broke down and we looked at the amount of time...

Words: 679 - Pages: 3

Premium Essay

Making Business Decisions

...Making Business Decisions Decision Making Exercise 1 Introduction In this case study, the writer will discuss a personal dilemma encountered when deciding which prepaid mobile plan to purchase and introduce a decision making tool from online site Grid Analysis-Decision-Making Skills Training from MindTools.com (2011) called Grid Analysis. In addition, the report will analyse the advantages and disadvantages of the tool and make some suggestions to improve the quality of the results. Personal or business decision The personal dilemma in this situation is the multiple options of prepaid mobile plans available within the SingTel Optus Proprietary Limited in Australia. These plans are published on the Prepaid Mobile (2013) company pamphlet and they are Prepaid Social, $2Days, Crew Cap and Long Expiry Cap. It is evident from the pamphlet that these plans are equally attractive and above mentioned decision making tool was employed to facilitate the decision process in order choose a best option. Application of decision-making tool In the above mentioned decision tool table, the options are listed in the row labels and the relevant factors in the column headings. Initially each factor with their appropriate options is given a mark from 0%(Poor) to 100%(Good). Secondly, a relative weighting grade is applied to these marks, starting from 0.0(low importance) to 10.0(high importance) by multiplying marks with weighting grades. Finally a total score is calculated by aggregating values...

Words: 536 - Pages: 3

Free Essay

Business Decision Making Project

...QNT 275 Business Decision Making Project Final Project Throughout the last five weeks, Learning Team B has researched and gathered descriptive statistics pieces of equipment for Darrin Compton’s future small bakery or café. Darrin Compton is starting a bakery/café. Darrin relayed that news to Learning Team B. Learning Team B decided it would be a good class long project to research and discuss. Each member was assigned a specific type of kitchen equipment for Darrin’s new bakery. The equipment list is as follows: Convection Oven, 10 Gallon Tilting Kettle, 20 quart mixer, 60 quart mixer, a walk-in refrigerator, and a walk-in freezer. From that point, the team worked individually; only consulting with the team and Darrin after we had developed a good piece of research for a specific piece of equipment. Once all of the equipment was sufficiently researched and vetted, the team compiled all of the information in discussion board posts. Equipment for Research: 1) Double Stack Convection Oven 2) Groen 10 gallon Tilting Kettle   3) 20 qt. Mixer 4) 60 qt. Mixer 5) Walk-in Refrigerator 6) Walk-in Freezer Above is the equipment the team researched and developed a solid idea of what was a good price, warranty, shipping estimates, and quality. Some data you can infer from reading reviews and ratings on the various researched websites. How fast do the suppliers ship the equipment? Are the pieces of equipment ready to be shipped? Will the equipment be in...

Words: 1026 - Pages: 5

Premium Essay

Business Decision Making Process

...East end Computing & Business College Assignment Title: Unit-6: Business Decision Making Submitted To Submitted By Name: Id: Date of Submission: Table of Contents Introduction 4 Assignment One 4 Q1. A plan for the collection of primary and secondary data for the above scenario 4 Q2. Present the survey methodology and sampling frame used 5 Q3. Design a questionnaire to know the opinion of students and staff on the matter 5 Q4. Create information for decision making by summarizing data using representative values 7 Q5. Analyze the results to draw valid conclusions in the above scenario 9 Q6. Produce graphs using spreadsheets and draw valid conclusions based on the information derived from the survey 10 Q7. Create trend lines in spreadsheet graphs to assist in forecasting so that the college management can forecast what they need to spend in the future 12 Q8. Prepare a business presentation using Microsoft PowerPoint and give a presentation to disseminate information effectively on your findings 12 Q9. Produce a formal business report 12 Assignment Two 13 Q1.a) A frequency table with a class interval of 5 13 Q1.b) Calculation of mean, variance and standard deviation 14 Q1.c) Score corresponds to 50% percentile 17 Q1.d) Calculation of the location of third quartile 17 Q2. Calculation of the Karl Pearson’s co-efficient of correlation between monthly income (in hundreds of pounds) and monthly telephone bills (in pounds) 18 Assignment...

Words: 3515 - Pages: 15

Premium Essay

Research Process In Business Decision Making

...INTRODUCTION A research can be defined as a systematic way of gathering data, recording it and analyzing it further to guide business decision making. A research is mainly done to handle uncertain decisions and uncontrollable situations. A research always helps the managers in providing useful and timely information. The main purpose of any research is to provide accurate, timely, appropriate and relevant information to the top management for further decision making. A research is mainly done to discover new knowledge or interpretation and establish facts in a particular field. The research process involves various steps that helps the organization to investigate a problem or look for an opportunity facing the organization. The steps...

Words: 1002 - Pages: 5

Premium Essay

Model for Ethical Decision Making in Business

...J Bus Ethics (2011) 104:311–323 DOI 10.1007/s10551-011-0910-1 A Model for Ethical Decision Making in Business: Reasoning, Intuition, and Rational Moral Principles Jaana Woiceshyn Received: 11 February 2011 / Accepted: 16 May 2011 / Published online: 28 May 2011 Ó Springer Science+Business Media B.V. 2011 Abstract How do business leaders make ethical decisions? Given the significant and wide-spread impact of business people’s decisions on multiple constituents (e.g., customers, employees, shareholders, competitors, and suppliers), how they make decisions matters. Unethical decisions harm the decision makers themselves as well as others, whereas ethical decisions have the opposite effect. Based on data from a study on strategic decision making by 16 effective chief executive officers (and three not-soeffective ones as contrast), I propose a model for ethical decision making in business in which reasoning (conscious processing) and intuition (subconscious processing) interact through forming, recalling, and applying moral principles necessary for long-term success in business. Following the CEOs in the study, I employ a relatively new theory, rational egoism, as the substantive content of the model and argue it to be consistent with the requirements of longterm business success. Besides explaining the processes of forming and applying principles (integration by essentials and spiraling), I briefly describe rational egoism and illustrate the model with a contemporary moral...

Words: 10524 - Pages: 43

Premium Essay

Information and Knowledge for Business Decision Making

...Knowledge for business decision making. Knowledge is a very important factor inside and outside of the business world. You need it to get through all aspects in life quickly and efficiently. Without knowledge many things that someone or even a business will try to do may not be a good decision for themselves or their business. There are many benefits when knowledge is incorporated into daily decision making. You can solve problems better with knowledge than using a guess and check method. In a business stand point you can improve customer service, processes, product management, innovation, and intellectual capital. The interesting fact of the chapter was the discussion on the Knowledge Management Process. This process consists of creation, capture, codification, storage, retrieval, transfer, and application. All these categories are very vital when gaining knowledge in any aspect. When these steps are executed in the correct manner, there should be no problem with managing the knowledge you’ve gained. When gaining or creating knowledge, there are also steps you can take to do this accurately. You first need to socialize. Get to know people or things and interact with them to gain information. Externalize your opinions to get other input from peers or mentors. Then combine the input you have received with the social interactions. Finally, internalize it; take action upon what you’ve learned and put it to use. With all of this information and knowledge for decision making comes some...

Words: 305 - Pages: 2

Free Essay

Business Decision Making Ahmed R Full

...Qualification Level 5 Edexcel BTEC Higher National Diploma in Business (QCF) Unit 6 Business Decision Making – 15 credits Please submit assignment electronically to your Examination Officer at xxxx@LSBF.org.uk. You will receive a submission receipt which you should retain for your own records. Assignment 1 will give learners the opportunity to achieve: Learning Outcome 1 - Be able to use a variety of sources for the collection of data, both primary and secondary Learning Outcome 2 - Understand a range of techniques to analyse data effectively for business purposes Learning Outcome 3 - Be able to produce information in appropriate formats for decision making in an organisational context Learning Outcome 4 - Be able to use software-generated information to make decisions in an organisation. Criteria reference To achieve the criteria the evidence must show that the learner is able to: Task No Page numbers 1 a) create a plan for the collection of primary and secondary data for a given business problem. Interview, questionnaire. b) present the survey methodology and sampling frame used. c) design a questionnaire for a given business problem 2 a) create information for decision making by summarizing data using representative values. (table w/ info summarize) b) analyse the results to draw valid conclusions in a business context c) analyse data using measures of dispersion to inform a given business scenario (median, mode, standard deviation…) d) explain how quartiles...

Words: 3013 - Pages: 13

Premium Essay

Paragon Tool Business Decision Making

...another knowledgeable CFO to replace him. Another issue brought up in the case is upper management not being unanimous in the approval of this merger. To have any chance for success in this merger, all the upper management has to agree on it because the employees will pick up on any hesitation and it could send the whole process awry. PART II: Using a minimum of 200 words each answer the following questions. (50 Points) 1. Why might Paragon Tool want to pursue acquisition of MonitorRobotics? What are the associated risks? Paragon would want to acquire Monitor to expand its current business capabilities as well as acquire new assets both in human capital and in machinery. The risks could include the chance of failure of the merge, in which case Paragon Tools would be worse off and have to downsize to save its self. Which means people losing jobs, and the company possibly losing business too. 1. Are there other options for growth that Paragon Tool should consider?...

Words: 857 - Pages: 4

Premium Essay

Decision Support System Aims to Support Better Business Decision-Making in Telecom Sector of Pakistan

...DECISION SUPPORT SYSTEM AIMS TO SUPPORT BETTER BUSINESS DECISION-MAKING IN TELECOM SECTOR OF PAKISTAN Thesis Presented to the Faculty of INSTITUTE OF BUSINESS AND INFORMATION TECHNOLOGY In Fulfillment of the Requirements for the Degree of Master of Business and information technology By Muhammad Taimoor Khalid F09MB023 Contents DECLARATION 6 ACKNOWLEDGEMENTS 7 Executive Summary 8 INTRODUCTION 9 Decision Support System 10 Telecommunication Sector in Pakistan 13 PROBLEM DEVELOPMENT 14 Significance of the study 15 Study Objectives 15 Research Research Query#s 15 Relevant Variables 16 Dependent variables: 16 Independent variables: 16 Research Hypothesis 16 Hypothesis # 1 16 Hypothesis # 2 16 Hypothesis # 3 17 Hypothesis # 4 17 LITERATURE REVIEW 18 “ 21 “ 21 (Business psychology and organisational behaviour 21 “ 22 “ 22 RESEARCH METHODOLOGY 23 Introduction to chapter 24 Research Design: 24 Purpose of research 25 Data Processing and Analysis 25 Primary and Secondary data 25 Regression Equation 26 Comparative Analysis 28 Dss and Comapny 28 Respondent age 28 Respondent sex 29 Respondent Work Experience 29 Respondent Qualification 30 Research Query’s Analysis 31 Research Query# 1 31 Research Query# 2 31 Research Query# 3 31 Research Query# 4 32 Research...

Words: 8176 - Pages: 33

Premium Essay

Decision Making Style of Business Manager in Ho Chi Minh City

...VIETNAM NATIONAL UNIVERSITY – HCMC INTERNATIONAL UNIVERSITY SCHOOL OF BUSINESS DECISION MAKING STYLES OF BUSINESS MANAGERS IN HO CHI MINH CITY In Partial Fulfillment of the Requirements of the Degree of BACHELOR OF Business Administration Advisor: PHAN TRIEU ANH, Ph.D. Student’s name: DO TIEN THINH (BAIU08113) Ho Chi Minh City, Vietnam, 2012 i DECISION MAKING STYLES OF BUSINESS MANAGERS IN HO CHI MINH CITY APPROVED BY: Advisor Committee APPROVED BY: Phan Trieu Anh, PhD., Chair ……………………………… ……………………………….. ………………………………. THESIS COMMITTEE (whichever applies) ii ACKNOWLEDGMENTS First and foremost, I wish to register my great thanks to (Almighty) Jehovah, the true God who strengthen my soul and spirit, and save me from being lost. I would like to show my sincere thanks to my supervisor, Dr. Phan Trieu Anh for his brilliant support, and precise advices. I would like to express my deepest gratitude to my family who has supported me a lot. My sincere appreciation also goes to my professors and lecturers at School of Business Administration, International University for teaching and training me during these four years. It would be a huge mistake if not mentioning my sincere appreciate to Miss Nu Hanh and all my friends who support me a lot during the semester that I had been doing my thesis. Last but not least, I would like to give my thanks to members of CIU, a small group bible study, who encourage me a lot. iii TABLE OF CONTENTS ACKNOWLEDGEMENTS...

Words: 15684 - Pages: 63