Unit 6 Business Decision Making Assignment Copy

Unit 6 Business Decision Making Assignment Copy

Unit 6 Business Decision Making Assignment Copy

Program

Diploma in Business

Unit Number and Title

Unit 6 Business Decision Making 

QFC Level

Level 5

Introduction

This report is a business decision making report of BRIT college where this college wants to increase the number of students so a research is to be made to know the preferences of the students in the college as well as in order to increase the number of students college needs to increase the number of classrooms in the college so decision in regard to choosing the project will also help in better decision making.

Task 1

1.1 Research plan

  • Collection of data: Collection of data plays a major role in research as the whole research project is based upon knowing the preferences of the people of society so for this primary and secondary data is needed to be collected for better decision making in the business. In this research for attracting students to BRIT college data is to be collected through following ways.
  • Primary data: When the data for a particular research is collected for the first time it is known as primary data. It is also called first hand data as data is collected for the first time by the researcher for a particular research. Sources for primary data can be surveys, sampling, questionnaires etc (Curstedt, 2013).
  • Secondary data: When already used data is again used for a particular research it is known as secondary data. This data is not collected by the researcher first time instead the researcher uses the data which is already available for a particular research. Sources for secondary data can be journals, newspapers, magazines, articles etc.

Plan for collection of data to help BRIT college to achieve its goals

Collection of primary data

The data that is to be collected for this research is the preference of business students in UK and overseas in regard to development programmes.

 

Collection of secondary data

Secondary data is to be collected for this research is to gather more information about the BRIT college and other courses which this college offers as well as other facilities of the BRIT college.

 

Tools for collection of primary data

Primary data will be collected through questionnaires to know the preferences of students.

 

Tools for collection of secondary data

Internet, other publications in market in regard to the college.

Time involved in collection primary data

Primary data collection will take approx 20 days.

Time involved in collection of secondary data

Secondary data collection will take approx 10 days (Stanek, et.al, 2016).

Time period for this research

The research need to be completed within one month.

 

Methods of sampling frame

Random sampling and stratified sampling are to be used for this research.

 

1.2 Survey methodology and sampling technique.

  • Survey methodology: When surveys are used for a particular research it is called survey methodology. In this method targeted students are set and data is collected from them as a sample and then analysis is done from that collected data. These sampling methods are of two types.
  • Non probability sampling: In this technique locusassignments.are selected on the basis of their non probability or can be said that the locusassignments.collected in this method are based on the judgement of the researcher.
  • Probability sampling: in this technique of sampling locusassignments.are chosen on the basis of their probability. This method of sampling is based on random sampling that shows that every sample as the chance to get selected. This method is further divided into four categories.
  • Simple random sampling: In this sampling every item has a chance of being selected as a sample.
  • Systematic sampling: In this sampling individuals are divided into groups and then locusassignments.are collected (Kaufmann, 2016).
  • Stratified sampling: In this sampling population is divided into subgroups and then any subgroup is randomly selected.
  • Cluster sampling: In this sampling population is divided into clusters and then any cluster is randomly selected.I will choose random sampling method for this research as random sampling method provides an equal chances to every unit or every person in the whole population so according to me this method is a fair method which can be used for this research.

For this research I will distribute a questionnaire among approx 20-30 people randomly as a sample to know their preferences about BRIT college (Kinsella, J. 2011).

1.3 Questionnaire

Questionnaire prepared for this research is as follows.

What is your age?

  • 20-25 years
  • 25-30 years
  • Above 30 years

What is your gender?

  • Male
  • Female

what is your status?

  • Married
  • Unmarried

Are you working?

  • Full-time
  • Part-time
  • No

What is your previous qualification?

  • Diploma 
  • PhD
  • No prior qualification

what is your nationality?  

  • British
  • EU 3 years residency in UK
  • EU less than 3 years
  • Outside UK/EU

Why you want to study Business Decision Making?

  • It is a top up degree
  • It will bring a progress to my career
  • I want to improve my English
  • I want to start my own business

Do you someone who is already studying at BRIT college

  • Yes
  • No

what is your mode of study?

  • Day time
  • Evening time

What is the distance between your residence and college?

  • Less than 2 miles
  • Up to 5 miles
  • More than 5 miles

Task 2

2.1 Calculation of mean, mode and median

Graph showing the relationship between satisfaction and achievement 

X

Y

40

47

28

22

30

36

29

32

27

40

39

33

25

29

18

16

35

40

45

44

Mean mode median 1

Mean: Mean is a measure of central tendency which is calculated through adding all the numbers in a series and then dividing it with the sum of total numbers. It is also known as arithmetic mean (Sinova, et.al, 2014).

Calculation of mean

Satisfaction (x)

Achievement (f)

∑fx

40

47

1880

28

22

616

30

36

1080

29

32

928

27

40

1080

39

33

1287

25

29

725

18

16

288

35

40

1400

45

44

1980

 

339

11264

     

Mean=

33.22713864


 

Mean = ∑fx/∑f

=11264/339

=33.22

Result: As per the above table 33.22 is the mean which shows the average number of achievement

Median: Median is calculated with a view to identify the mid value of a series

Calculation of median

Satisfaction (x)

Achievement (f)

cf

40

47

47

28

22

69

30

36

105

29

32

137

27

40

177

39

33

210

25

29

239

18

16

255

35

40

295

45

44

339

Median

34.5

 

Result: The median which represents the mid value of the achievement is 34.5.

Mode: it is also a measure of central tendency which represents the highest value in the series (Cardinal, 2015).

Calculation of mode

 Satisfaction (x)

Achievement (f)

40

47

28

22

30

36

29

32

27

40

39

33

25

29

18

16

35

40

45

44

Highest frequency in the above table is 47 so the mode for this table 40.

Result: Highest number of achievement is 47

2.2 Analysis of the results

The above calculated results shows the relationship between the satisfaction of the students and their achievement which represent their scores and the graph was prepared keeping in view an idea of 50 students of the college so that it makes it easy for us to  calculate the mean mode and median for the results of 50 students.
The above calculated mean shows that 33.2 are the average marks of 50 students this shows that average students among 50 scores this marks. The median shows the middle value of the grades of the students that is 34.5 and the mode shows the highest frequency of the marks which the students are scoring and the result shows that 40 is the most often marks which students are scoring.

2.3 Measures of dispersion

Standard deviation: Standard deviation is a value which shows the amount of variation of the data values. This shows the relationship among the data values (Manikandan, 2011).

Calculation of standard deviation

 

 Satisfaction (x)

Achievement (f)

40

47

28

22

30

36

29

32

27

40

39

33

25

29

18

16

35

40

45

44

Standard deviation

 8.085652588

Result: Standard deviation for the above table is 8.09

Variance: Standard deviation is basically the square root of variance so variance can be calculated as whole square of standard deviation (Ko?acz. & Grzegorzewski, 2016).

Calculation of variance

 

Satisfaction (x)

Achievement (f)

40

47

28

22

30

36

29

32

27

40

39

33

25

29

18

16

35

40

45

44

Variance

65.37777778

Result: Variance for the above table is 65.38

2.4 Calculation of quartile, percentile and correlation

Quartile: Quartile is also known as the type of quartile. It defines the ranked set of data values as the mid value of the series is median and represented as Q2, the mid value of minimum number and median is known as Q1 and the mid value of median and maximum value is known as Q3.

   

Calculation of quartile

 

 Satisfaction (x)

Achievement (f)

40

47

28

22

30

36

29

32

27

40

39

33

25

29

18

16

35

40

45

44

Q1=

 27.25

Percentile: Percentile is also known as centile which is used to indicate the value which is a given percentage of observations in a series (Abid, et.al, 2014).

Calculation of percentile

 

 Satisfaction (x

Achievement (f)

40

47

28

22

30

36

29

32

27

40

39

33

25

29

18

16

35

40

45

44

Percentile

 38

Correlation: Correlation shows the mutual relationships of data values in a series.

Calculation of correlation

 

 Satisfaction (x)

Achievement (f)

40

47

28

22

30

36

29

32

27

40

39

33

25

29

18

16

35

40

45

44

correlation coefficient

0.783249089

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Task 3

3.1 Graphs

Satisfaction (x)

Achievement (y)

40

47

28

22

30

36

29

32

27

40

39

33

25

29

18

16

35

40

45

44

Mean mode median 2

Line Graph:

Satisfaction (x)

Achievement (y)

40

47

28

22

30

36

29

32

27

40

39

33

25

29

18

16

35

40

45

44

Mean mode median 3

The result analysed from 50 students of 10 alumni regarding their satisfaction and achievement in BRIT college is represented in the form of charts above.

3.2 Trend line

In this research trend line is prepared with a view to identify the trend in the responses of the students in regard to their satisfaction and achievement in BRIT college (Maurya, et. al, 2014).

Satisfaction (x)

Achievement (y)

40

47

28

22

30

36

29

32

27

40

39

33

25

29

18

16

35

40

45

44

Mean mode median 4

3.3 Power point presentation

Power point presentation of Mean mode median 1

Power point presentation of Mean mode median 2

Power point presentation of Mean mode median 3

Power point presentation of Mean mode median 4

Power point presentation of Mean mode median 5

Power point presentation of Mean mode median 6

Power point presentation of Mean mode median 7

3.4 Formal business report

To,

The CEO of BRIT College,

Date: ..................

Subject: Increase of enrolment of students

Respected Sir,

I am a student of your college and I have conducted a research on knowing the preferences of the old students as well as preference of the other students so that number of students in our college can be increased.

For this research data was collected from 50 students of 10 alumni so that to know their experience regarding the college as well as their satisfaction level regarding the environment, studiers and all other factors which can affect a student. This research was conducted with a view to identify the level of satisfaction among the students in relation to their achievements in the college so that the research can be concluded that BRIT college is providing better services to their students so that maximum students can enrol themselves in the courses of this college (Schneider, 2012).

Certain factors which I considered during this research were that most of the people do not have knowledge reading the courses of college as the college wants to increase the number of students in business programme so it is very essential for the college that people must be knowing about the courses of the college another thing which I analysed that people are not aware of thesebusiness programme and there is lack of awareness among the people that they do not know the area and scope of this course, people are not aware regarding the career scope of this course and increased employment and increased for the people who have completed this course. One more thing which is very important that people take these business programs very lightly so it is essential for them to understand the importance of these courses and engage themselves in such career oriented courses also the past record of the college shows the good performance of the college.

There are certain factors that can affect the success of the college some of them are like lack of good teachers like there are less teachers available for this business management programmes so this can be a challenge for the college to appoint good teachers for the college so that those teachers can devote their knowledge to the students as well as they can provide quality services to the students this will help the students in better career development (Ferrigno, 2014).

BRIT college is such on a great path to provide quality services to the students of the college as well as college is showing its initiatives to increase the students in the business programmes so that more students must get enrol in this programs for this college needs to advertise a little bit so that the students must be knowing about the courses of the college as well as college needs to attend workshops for the students to tell them the future scope of this business programme so that maximum students must enrol themselves in this course.

Thank you

Yours Sincerely

...............................

Task 4

4.1 Support to decision making process

Decision making tools enables every organisation for better decision making as these tools allows them to analysis the situations accordingly so that they can evolve themselves in better decision making. There are various tools which are used by BRIT college to support decision making in the college which are as follows.

Transaction processing systems (TPS): Transaction processing system is information which is used for business transactions to increase the performance, consistency and reliability of data. This system helps the business for collection, modification and for retrieval of transaction data. This helps the business to use the information properly in better ways so that they can evolve better decision making in the college as these are used at the colleges at operational level that so that attendance sheets and tracking sheets are maintained. These systems helps in maintain record of attendance sheets of students as well as teachers so that college can track record of overall performance of the students as well as teachers of the college.

Management information systems (MIS): Management information system is helpful for the business at management level as this system helps the management to store information regard to management relating to HR database, Intranet, online marketing etc. In the college this management information system helps in storing the information and knowledge relating to the management so in the database so that all the activities of the people of management of the college can be kept at a single platform so that tracking can be done properly also this helps in identification of the performance of each and every person of management so these systems enables the college to better decision making based on the information stored in the software.

Executive information systems (EIS):  This information system is helpful at strategic level of management so that they can make better strategies for the college as well as they helps the strategic management to take better decisions on the basis of strategies made by them. These EIS are helpful to manage the information to hold meeting with the stakeholders, to attend conferences and to manage information relating to the senior managers in a secured manner so that the information can be managed in proper ways and is managed properly and there is no risk involved with the information. This system helps in storing the information of various levels of an organisation for a longer time so that information can be accessed anytime as well as they are preserved so that they can be used by the management at anytime they want to use for better decision making.

Hence all these tools are very helpful for the management as well as they enables the management for better decision making.

4.2 Preparation of project plan

Activity

Activity

Immediate predecessor

Time

A

Foundation

--

4 days

B

Framing

Foundation (A)

10 days

C

Plumbing

Framing (B)

9 days

D

Electrical

Framing (B)

6 days

E

Wall Board

Plumbing and electrical ( C and D)

8 days

F

Siding

Framing (B)

16 days

H

Paint Interior

Wall board (E)

5 days

I

Paint Exterior

Siding (F)

9 days

J

Fixtures

Paint Exterior (I)

6 days

Preparation of project plan

Critical path: Critical path is the longest path which is taken to achieve the project so the critical path for this project is as follows.

Critical path A+B+F+I+J=

Critical path 4+10+16+9+6= 45 days

So the critical path for this project is 45 days.

4.3 Financial viability of the project

BRIT college is undertaking a project to build additional classrooms for the increased students as the increase number of students must be needing the classrooms where they can study so BRIT college needs to build more classrooms so that they can create enough space in the college for the new students to study and for this a project has been opted by the college for in regard to build additional classrooms so before adopting the project the viability of the projects will be checked on the basis of calculating NPV and IRR of the project and then recommendation will be made to describe that whether BRIT college should accept the project or reject the project so checking the financial viability of the project is as follows.

Year

Project Cash flow (£)

Investment 

-550,000

2016

90,000

2017

110,000

2018

180,000

2019

205,000

2020

250,000

 

 

NPV

$16,345.39

IRR

13%

 

 

Result: BRIT College should go for the project as the NPV of the project is positive and this shows that the project is viable for the BRIT college also the IRR is greater than cost of capital of the so the conclusion is that BRIT college should go for this project of increasing the number of classrooms.

References

Abid, M., Abbas, N., Nazir, H.Z., Nawaz, T. & Sherwani, R.A.K. 2016, "Improved Ratio Estimators for the Population Mean Using Non-Conventional Measures of Dispersion", Pakistan Journal of Statistics and Operation Research, vol. 12, no. 2, pp. 353-367.
Cardinal, L.J. 2015, "Central tendency and variability in biological systems", Journal of community hospital internal medicine perspectives, vol. 5, no. 3, pp. 27930.
Curstedt, T. 2013, "Synthetic surfactant: primary data", Early Human Development, vol. 89, pp. S111-S112.
Ferrigno, P. 2014, "Current research report", Australian Journal of Acupuncture and Chinese Medicine, vol. 9, no. 1, pp. 32-33.
Kaufmann, E.N. 2016, "Survey this", MRS Bulletin, vol. 41, no. 3, pp. 263-264.
Kinsella, J. 2011, "Survey", Overland, , no. 202, pp. 78.
Ko?acz, A. & Grzegorzewski, P. 2016, "Measures of dispersion for multidimensional data", European Journal of Operational Research, vol. 251, no. 3, pp. 930-937.
Manikandan, S. 2011, "Measures of dispersion", Journal of pharmacology & pharmacotherapeutics, vol. 2, no. 4, pp. 315-316.
Maurya, M.R., Paritosh, P.K., Rengaswamy, R. & Venkatasubramanian, V. 2010, "A framework for on-line trend extraction and fault diagnosis", Engineering Applications of Artificial Intelligence, vol. 23, no. 6, pp. 950-960.