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Business Decision Making

In: Business and Management

Submitted By bachirsarre
Words 4134
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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 for taking right decision easily.

Executive Summery

In initial stage of a business decision makers or marketer should think about the situation and observe the business environment (macro and micro both) very carefully in which they are going to operate business. As customer is the king of the business so company should give much more importance on customer satisfactions. Company does survey to explore the customer choices and want to improve the customer services by reaching feedback. “ No risks non gains” There is always risk in business so organizations do research or survey or make project plan to know whether the project is profitable or not.

Table of Contents

| no |Content |Page |
|00 |Executive Summary |01 |
|00 |Introduction |01 |
|01. |Be able to use a variety of sources for the collection of data, both primary and secondary. |02-06 |
| |1.1. Create a plan for the collection of primary and secondary data for given business problem. | |
| |1.3. Design a questionnaire for given business problem. | |
|02. |Understand a range of techniques to analyses data effectively for business purpose. |06-09 |
| |2.1 Create information for decision making by summarizing data using representative values. | |
| |2.2 Analyze the result to draw valid conclusion in a business context. | |
|03. |Be able to produce information in appropriate for decision making in an organizational context. |09-13 |
| |3.1 Produce graph using spreadsheet and draw valid conclusions based on the information derived. | |
| |3.3 Produce a formal business report. | |
|04. |Be able to use software-generated information to make decision in an organization. |13-17 |
| |P4.2 Present briefly the Gant Chart and Pert Chart. What are the differences | |
| |4.3 Use financial tools for decision making. | |
| |Conclusions and references. | |

P1.1 Creating a plan for the collection of primary and secondary data of consumer behavior and attitudes towards food discount retailing in Greater London.

For research or statistical research data is the raw materials of the information should be collected which are relevant to the selected topic. Actually there are four types of data (eHOW.htm) 1. Nominal Data Analysis 2. Ordinal Data Analysis 3. Interval Data Analysis 4. Ratio Data Analysis

For taking any decision in business problem there are two types of data according to the sources of data collection. ❖ Primary data ❖ Secondary data

Primary Dara-are collected by basic investigation or direct observation from the main source. There two types of observation- participant observation and structured observation (Mark Saunders-2012). Primary data are the original data that have never or ever been used for any statistical test or analysis.
Plan for collecting primary data we have used observation process and questionnaires for this given problem.
Observation: Observation is very needy aspect for the richness of research data.
Participant Observation: It is qualitative and derives from the work of social anthropology in the early twentieth century. It emphases on discovering the meanings that people attach to their actions.
Structured observation: It is quantitative and more concerned with the frequency with the actions.
Systematic observation: Recording, description, analysis and interpretation of people’s (consumer) behavior.

Questionnaire: It is a general term to include all techniques of data collection persons are asked to respond included both structured interviews (in depth interview; Jancowicz 2005) and telephone or online questionnaires. In this process through questionnaire three types of data variables are collected from the customer related to this business organization.
Opinion- how respondent or customer feel about the organization’s products or services. Behavior- what customer think and do in the past, do now and will do in the future in about the organization’s product and services.
Attribute- It contains the data about what customer possesses what their characteristics rather then does.

Which information are accurate, authentic as well as appropriate are used in calculating data for making business decision easier (Schlosser,2001) by Abacus Research and Analytics (ARA).

P1.3 Design a questionnaire for a survey into consumer behaviour and attitudes.
The design of questionnaire differs according to how it is administered and, in particular, the amount you have with the respondent. Questionnaire as a general term to include all techniques in which each person is asked to respond to the same set of question in a predetermine order (deVaus 2002) . Questionnaire should be precise, relevant to the business decision making problem and avoided unnecessary quires so that we can get accurate answer from the customer and it will be helpful to the company for taking correct decision. As Wm Morrison Supermarkets Plc wants to improve their customer services quality and find out customer’s behavior for this task questionnaire design is a crucial part to solve regarding problems and we should specifies the information needed and objective of the survey.
We have designed questionnaires based on Wm Morrison Supermarkets Plc’s employee’s quires, researcher’s opinion and comment are given below.. 1. Is the Wm Morrison Supermarkets providing quality services to their customer? 2. Are the customers satisfied with Wm Morrison Supermarkets’s present services and product quality? 3. If you are not satisfied with present service the what’s should change to improve the services according to you? 4. Is the company fulfilling their corporate social responsibilities? 5. Is the company providing more importance on your choices? 6. Is Wm Morrison Supermarkets carrying a satisfactory value in the competitive market? 7. Do you think that the marketing procedures are good of Wm Morrison Supermarkets? 8. Are you satisfied with the current pricing condition of this organization? 9. Do you agree with the company’s good publicity? 10. How do you feel about the company’s providing services? 11. What are the defects in marketing planning of Wm Morrison Supermarkets as you think? 12. Do you think that it’s a perfect Supermarket to provide your desired product and quality services in Greater London?

TASK 2

Understand a range of techniques to analyze data effectively for business purposes
2.1 Create information for decision making by summarizing data using representative values
From this given business problems, some key problems has been identified and also some guideline prepared from this research for taking correct decision by the company. Specific findings as follows……….

❖ Wm Morrison Supermarkets has specific frame with the current competitive market about the customer services and their behavior towards products and services. ❖ The company has callousness to provide after sale services. ❖ Present marketing strategy is not so satisfactory for Wm Morrison Supermarkets to sustain in the competitive marker. ❖ Normal people think that company is not conscious about the good relation with the customers and company don’t provide more importance on customer choices. ❖ For satisfying customer company should care about these problems and improve their marketing strategies to influence customer.

Company should follow these instructions for better customer services and quality product to attract customer’s attention. Decision making is impossible without information so we have collected information from questionnaire.

|Sample Size |Project name |Location |Service |New product |Price |Environment |
| | |preference |improvement |expectation | | |
| | |Correct (%) |expectation (%) |(%) | | |
|10,000 | Wm Morrison |80% |70% |75% |High |Moderate |
| |Supermarkets | | | | | |

2.3 Analyse data using measures of dispersion to inform a given business scenario (standard deviations)

Variation is the amount of dispersion in the data. Actually the variation among the values in a population or sample is the measures of dispersion and for measuring the dispersion ( A k Ajad, 1998) ) the range, mean deviation, standard deviation, variance are used. So dispersion means the values distance from the mean value .

Range: The range is the difference between the largest and smallest observation in the set of data. Suppose highest value is 12 and lowest value is 1 then range
Range= (20-5)
Mean Deviation: Mean deviation (MD) =(Σ〖−′〗)/
The sample standard deviation is the square root of sum of the squires differences around the arithmetic mean divided by the sample size minus one.
Standard deviation, S= √Σ(−′)/−

|Project name |Range |Mean deviation |Standard deviation |
|Wm Morrison Supermarkets |12-1 |5.30 |3.75 |

Mean absolute deviation tells about the standard value of the divergences among the absolute value and the values of particular individual which is come from the data array. Actually there is dispersion method from which can be measured accurate result for the given business problem but its somehow helpful to take decision.

2.4 Explain how quartiles, percentiles and the correlation coefficient are used to draw useful conclusion.

Backhaus and Doon, (2007)In quartiles, the observations divided into four groups. First quartile- 1 25% of the given observation Q1= (1+n)/4 2 Second quartile is Q2 3 Third quartile is the Median that means 50% of the given observations Q3= 3(1+n)/4 4.Fourth Quartile is Q4

Quartiles are descriptive measures. For example use an order array for the three annualized returns for the low risk funds, the quartiles are computed as bellows
Order array-0,2,3,4,5,6,7,8,9,11,13,15,16,17. Q1= (1+14)/4=3.75 Q3=3(1+14)/4=11.25
As median is the 50 percentile ( 50% larger and 50% smaller from the observations)

Percentiles help us to identify the location that can be got by Lp( Location of percentile). Percentiles is the method of dividing the entire data and statistics which is set into 99 different divisions. The consumers presents more percentage to the statistics value.

Location of Percentile (LP)= (n+1)p/100

Co-efficient of Correlation- It’s a numerical descriptive measure for measuring the strength of the relationship between two variables, its values range is +1 to -1.There is relation between two values that means if one is change then another is changed that is called correlation of coefficient. There is a linear relationship between two variables.

The formula is
Y= a+ bX; here X is independent variables and Y is the dependent variables, if x change y will also change.

P3 Be able to produce information in appropriate formats for decision making in the organizational context

P3.1- Produce graphs using spreadsheets and draw valid conclusions based on the information derived from the business Scenario Here we have used spreadsheets and drawn valid and reliable conclusion based on this collected information for making decision in marketing to satisfy the customer. Here we have shown some statistical survey results from some of the selected questionnaires as below…

1.Is the Wm Morrison Supermarkets providing quality services to their customer

|Strongly agreed |Agreed |No Comment |Disagreed |Strongly disagreed |
|25% |24% |15% |13% |17% |

From this analysis we can say that Wm Morrison Supermarkets is pretty renowned supermarkets in Greater London. Because majority of the participants in this survey are positive minded, 49% is in favor in this company. And 30% is disagreed so organization should be conscious, variation in the pattern of their proving services and product quality.

2. Are the customers satisfied with Wm Morrison Supermarkets’s present services and product quality?

|Strongly agreed |Agreed |No Comment |Disagreed |Strongly disagreed |
|20% |14% |11% |35% |20% |

The analysis is threatening for the company as major retailers forced to change strategy (Kantar Worldpanel UK, 2014). Here majority (55%) of the customer disagreed with the current services strategy.

3. Is the company fulfilling their corporate social responsibilities?

|Strongly agreed |Agreed |No Comment |Disagreed |Strongly disagreed |
|20% |24% |21% |20% |15% |

From this analysis, Wm Morrisons is fulfilling their corporate social responsibilities 44% as customers are agreed. As this company is the 4th largest supermarket in UK so it has many responsibilities to society.

4. Do you think that the marketing procedures are good of Wm Morrison Supermarkets?

|Strongly agreed |Agreed |No Comment |Disagreed |Strongly disagreed |
|30% |15% |10% |29% |16% |

Here in the above discussion, 45% public are just telling that the company has superior insist in the competitive market. The company has to expand their marketing methods to cultivate up their insistence in the competitive market,

From the questionnaire we got information and after calculating we got specific information that is shown in spreadsheet. Actually Spreadsheet is a computerized system that has column and row where data are kept and graph is produced from that

|Project Spreadsheet |
|A |B |C |D |E |
|1 |Company name |Fixed cost |CFA |BEP |ROI |
|2 | WmMorrisons |$112000 |$ 30000 |$ 15000 |$ 20000 |
|3 | , Js Sainsbury’s, Lidl |$95000 |$ 38000 |$ 14500 |$26000 |
| |Ltd | | | | |
|4 |Aldi |$14000 |$ 26000 |$13000 |$19000 |

P3.2- Create trend lines in spreadsheet graphs to assist in forecasting sales revenue for Wm Morrisons, Js Sainsbury’s, Lidl Ltd, and Aldi given in the business scenario.
The trend basically determines the future condition of the company, what will actually happen in future. It’s the way of predicting the future sales considering the past data as well as some other variables which may impact in sales revenue. The sales revenue of Wm Morrisons is 25% higher from the previous years and the trend is upward as well as the sales revenue trend is higher for LidL Ltd and Aldi. The past data analysis show the future sales trend is getting increasing and we can hope that these company will generate more revenue in the next years but gradually Js Sainsbury’s sales revenue may decrease 10-15% and Aldi is 8-10%.
P3.3 - Prepare a business presentation using suitable software and techniques to disseminate information effectively

Sometimes collected information may be effective but if can not present the information properly or present the message to the audiences then your all efforts will be failed. Without information it is impossible to take any decision specially business decision because risks are everywhere in business. The world is depend on computer system now so everyone have to be informed about computer power point in which the business scenario as well as the information collected for the survey can be presented. Except power point there are also some flexible software such as the lotus freelance graphic, adobe persuasion, corel presentation easy and smarter than others. Organization should disseminate this information through the customers and stakeholders because they are the most important part of the company. (kotler and Armstrong, 2012). Disseminating of in formation is crucial part for survey so presentation is the essential helper to disseminate information.

P3.4 – Produce a formal business report for Wm Morrison Plc the threat of discounted food retailers and how it can on.

The collected information need to analysis and by using statistical tools the accurate information should find out. The main motive of the survey or research is to find out the customer choices for improvements of the customer services as well as to know the customer feedback for taking up-to-date decisions for customer’s satisfaction. There are some ways or step to prepare a formal business report. Generally short reports are problem solving report. A Business Report is an orderly and objective communication of factual information that serves a business purposes. (Raymond V. Lesikar, 2008)

• Problem Definition of the report
Decision making problem for customer services of Wm Morrison Plc.

• Determining the report purpose
The main motive of the survey or research is to find out the customer choices for improvements of the customer services.

• Determining the factors
The factor of the problems hypothesis tests and bases for comparison with others rival supermarkets for customer services.

• Gathering the information needed The next step is to conduct the research needed. Personal investigation is appropriate for this problem solving and researchers have collected data through personal interview and others process.

• Interpreting the findings
In this step researcher have interpreted the given business problems.

• Organizing the report information
In this step researcher prepare an outline for improving customer services.

• Writing the report

In this step reporters have written the report that are consistence with the given business problem such as that are mainly focused, objective consistent in time viewpoint, smoothly connected and interesting. • Editing the final draft
In this step researcher edited the report according to the problem findings, wherever needed.

• Action Recommended
Researcher have restated the best possible solution to the given business problem about customer services improvement by improving the marketing process as soon as possible.

Be able to use software-generated information to make decisions in an organization

P4.1 – Use appropriate information processing tools

Success in life often depends on the choices we make. So business success mostly depends on using appropriate information processing tools. It normally refers to the information technology industry which involves in Information processing or data processing including audios and videos, graphics and texts. There are discussed below the tools used by the researchers in the given business problem. (By Edward Perry, eHow Contributor, last updated September 01, 2014)

Database

• A database is a basic tool used to process information and to manage and store data efficiently. A database management system is software popularly used to store product inventory and customer information. The companies have many dissimilar classes on which data is amassed according to the customer’s name and rank.

Server

• Servers are computer systems in networks. Different computers within a network can share the files on a server. A PC can act as a server, and it can be an IBM mainframe. "Server" may refer to the PC.

Search Engine

• A search engine retrieves information from a collection of data like in a library catalog. Today, the term more popularly refers to information processing tool that retrieves queried data from the Internet's databases.

Accounting Information Systems

• Accounting information systems is a subset of a management information system. AIS play a vital role in internal management decision making by providing precise financial accounts and appropriate statistical reports.

Enterprise Systems • Enterprise systems use common identifiers such as ANU and affiliate ID in their applications to integrate data stored in any enterprise system with those stored in other enterprise systems.

Geographic Information Systems • Geographic information systems are systems of hardware and software that store, manage, analyze and retrieve geographic information.

And other Business Process Mapping, Process Server, Process Serving Software, Computer Software Tools, Process Management System, Business Process Mapping, Process Server, Process Serving Software etc. are also important now a days.

P4.2 - Prepare a plan for the activity and determine the critical path for Wm Morrison plc using the information given below.

Before starting a business or preparing a project for launching any manufactured goods or anything else company should specify the scope, objective, mission, vision of the project at first and also company should be known to Strengths, Weakness, Opportunity and Threats. If a company know their Strengths and Weakness then they can take decision make project plan accurately. The key weakness and hazard is the managerial service providing division and marketing plan is not good sufficient but the key strength of the company is they carry public magnetism and public’s sentimental accessory to the company at present of Wm Morrison Supermarkets. There are some specific directions as follows for project planning…

1. Define the project scope, objective, mission and vision

2. Creating work breakdown structure to control specific items

3. Preparing project schedule

4. Analyzing risks

5. Maintaining the logical order

Research by Abacus Research and Analytics (ARA) follows this direction in analyzing marketing decision making for providing better services to the customers of Wm Morrison Supermarkets.

The project plan for Wm Morrison Supermarkets divided into four quarters according to time duration from January to December as follows..
1st quarter (January to March), 2nd quarter (April to June), 3rd quarter (July to September), and 4th quarter (October to December)

4.3 Use financial tools for decision making.

Different types financials tools are using in business decision making. Here are some important and most usable financials tools used in decision making. As all of the projects is located in good place and all business can attract the valuable customer Such as below …

Partial Budgeting

Partial budgeting tool specifically focuses on the implications of the intended change in a business operation by comparing the benefits and costs resulting from implementing the alternative with respect to the current practice. Actually partial budgeting is a financial tool used to assess the costs and benefits associated with a specific change in an individual enterprise within the business operation.
Financial statement

No business organization obtains the status of a renowned business association without financial statement. So Wm Morrison Supermarkets also uses the financial statement for sustaining and preserving the structure in their company as financial report is a statement that traces all the confirmations and financial data of a company of an exacting accounting year.

Cash Flow Analysis

Cash flow analysis is most impotent which estimate the net cash flow by calculating the cash out flow and inflow.

Investment analysis

The business can consider the speculation statement to study how much they could be able to make profit, how better the company has been able to utilize the capital and how much it has assisted the company (Idilmat, 2014).

Break-even Analysis

Break-even analysis which estimates the sales volume that means how much sales can recover the cost.

Ratio analysis

There are many more ratios such as liquidity ratio, rapid ratio, capital grosses rate, rate of speculation turnover, rate of reduction and many others. It is the method by which a company can dissect the every particular element of the business.

Tools to Improve the Quality of the company’s Decision Making
The three tools will focus on are:

Cost/Benefit Analysis (CBA): Weighing costs vs. benefits, and calculating payback
Return on Investment (ROI): is it worth the investment?
Total Cost of Ownership (TCO) – what is the total cost of ownership over time?

Conclusions:

For every successful decision making in business, organizations should give more importance on research for making accurate prediction and taking correct business decision. The Abacus Research and Analytics (ARA) has done research properly by using appropriate tools, technique and strategy. Though As the customer is the king or heart of the business so without thinking about the customer’s choices or tests we should not take marketing decision. To be successful in business customer is the first priority. Wm Morrison Supermarkets will be more effective business if they aware about the customer demand and choice and they can also improve customer service to attract the customers as the location is good and possibility is high in Greater London. The customer is the heart of a business. All business should add some extra values for their customers for consumer’s satisfactions.

.

Reference:
1. Business Statistics; A first course, 3rd Edition (2003)- By David M Levin, Timothy C.Krehbiel, Mark L. Berenson

2. Research Method for Business Students-5th Edition (2009)- By Mark Saunders, Philip Lewis, Andrian Thrnhill.

3. Easy Statistics- 1st Edition ( 1998)- By A K Ajad.

4. Business Communication-“making connections in a digital world” 11th Edition,(2011) –By Raymond V. Lesikar, Marie E. Flatley, Kathryn Rentz.

5.Teale, John, David-Management Decision Making: Towards an Integrative Approach Financial Times/ Prentice Hall; 1 edition (31 Oct 2002)

6. Bell, J (2005) Doing Your Research Project, 4th Edition, Buckingham, Open University press.
7. Cooper, D. R. and Schindler, P.S. (2008): Theory, Methods and Techniques. London: Sage.

8.McDonald, M. and Wilson, H. 2011. Marketing Plans: How to Prepare Them, How to Use Them. West Sussex: John Wiley & Sons Ltd.

9. Fink, A (2003a) How to Ask Survey Questions, 2nd Edition, Thousand Oaks, CA: Sage

10. Cooper D.R and Schindler, P.S..(2008) Business Research Methods ,10th Edition, London ,McGraw-Hill

Website: file:///C:/Users/User/Downloads/Tools%20Used%20to%20Process%20Information%20_%20eHow.htm By Edward Perry, eHow Contributor, last updated September 01, 2014

Studymode.com,
Optimalconnection.com,
Writemypapers.org, Unesco.org
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