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Unit 6 Business Decision Making Assignment Copy 1
Organization is coupled with numerous set of activities which is pursued in order to accomplish stipulated set of goals and objective. Throughout the time with the increasing ramification and changing business environment it has become mandatory for the organization to take effective business decision making. Business decision making is comprised of activities which is used to elect the one best possible outcome out of the available option. In addition to this in this report a complete adamantine study is going to be prepared which will divulge how primary and secondary data is collected, network diagram and critical path to make the complete action plan.
1.1 Create a plan in the form of a table for the collection of primary and secondary data to help Brit College achieve its goals?
Step-1 Research objective- Brit college is celebrating 10th anniversary and in order to enhance effeteness of its business it has adopted strategy to increase the number of students in determined approach. Being a Marketing consulting business there is complete adamantine study have been prepared over how Brit college how make increment in the number of students and how primary and secondary data could be collected in order to make best effective planning procedure.
Step-2 Plan has been created in order to make primary and secondary data collection for the Brit college to achieve its goals (Valaskova,et. Al., 2015).
Creation of plan make primary and secondary data collection for the Brit college to achieve its goals
Student’s choice of action
A complete study would be prepared over student’s inclination and what type of course and study they want to pursue in colleges.
Types of data
There are following types of data would be collected
Number of potential applicants
Student choices in particular courses
Number of student in EU that have lived for minimum three years
Already available data
National statics regarding the universities and colleges in EU
Data on potential students.
Type of data to be generated
Primary data- collected from primary sources regarding student in context with their age, expenditure on study, inclination toward the type of course.
Secondary data- Number of student in EU, number of universities and further more.
Instrument to collect the required data
There are various methodologies which could be used by Brit college such as questionnaire,
feedback forms, college annual report, sample survey and seminars.
1.2 Present the survey methodology and sampling frame used
Survey methodology- This methodology is used to gather the required information of the student and statistics of student from the associated data collection survey technique such as questionnaire, sample survey and feedback forms. This methodology is used to collect the required data such as number of student in EU, their inclination and number of Universities and colleges in EU at large. In today’s world with the ramification of changes there are various survey methodologies which could be used by Brit college for gathering required data (Rich, 2014).
- Sample survey-Sampling methods are classified in two parts probability and non-probability. In probability methods each members of student has a known non- zero probability of being selected. There are following sample survey which could be used by Brit college in its business events managementin order to draw an effective conclusion.
- Simple random sampling-It is the random data collection process in which randomly data is collected from the given table.
- Systematics sample-It can be acquired by dividing N number of students into gathering of K student. K=N/n then user randomly could select one person from the each groups.
- Stratified locusassignments.it can be acquired by dividing students into sub groups as per same set standards than a simple random will be chosen in order to draw an effective conclusion.
- Cluster sample-This sample is used to evaluate the some number of student in determined approach and then make effective choice of action for the identifying the core of student’s choices in study at large.
- Stratified sample-This sample survey is most effective and provide bifurcation of collect data from the student such as age, gender and income, expenditure.
In this survey methodology Brit college has taken into account several sample survey but the most effective sample survey which is observed is simple random sampling survey. This survey method has been very much supportive in gathering required information as it becomes very cumbersome to collect large quantity of data. Simple random survey has taken only 20 employees and 5 hours to conduct the survey and sampling the frame.
Effectiveness of simple random sampling survey-under this survey randomly 20 to 30 students are elected from the large number of groups and various questions are asked in determined approach. in addition to this simple random sampling is very cost effective as only 20 people of Brit college is engaged for the collection of data and merely 5 hours are used to make complete simple random sampling in effective manner.
1.3 Design a questionnaire for a survey
Questionnaire-It is coupled with the set of relevant questions which is required to complete the adamantine study over the Brit business marketing planning.Questionnaire is comprised of student’s behaviour, inclination toward student’s choice of action and furthers more.There are various questions are given below in order to identify various factors of student Cheng, 2014).
1. What is your age?
2. What is your marital status?
3. What is your Employment Status?
- Non- Employed
4. What is your previous qualification?
- Level 3 diploma
- No Prior qualification
- Non English degree
5. What is your nationality?
- EU 3 year’s residency in U.K.
- EU less than 3 years
- Outside U.K.
6. Why do you study in U.K.?
- Top up degree
- Career progression
- Improving English
- Start down business
7. Do you know someone studying at Brit college?
8. What time would you prefer studying in Brit college?
- Day time
- Night time
- Evening time
9. What do you expect from the Brit college in its study program?
10. How far is do you live from the campus of Brit college?
- Less than 2 miles
- Unto 5 miles
- More than 10 miles
2.1 Construct a graph showing the relationship between satisfaction (X) and achievement grades (Y).
Representative value-These are mean, mode, median quartile, percentile and standard deviation which are used to make effective conclusion out of the collected data in determined approach.
Central tendency-It is the factual measures that precisely depicts the core of data collected and portray the dissemination of student’s data. It is the most appropriate data which is used that is the best set data for the complete group of data gathered (Robinson & Castle Bell, 2014).
Achievement of goals(y)
Mode-It is the highest frequency repeated data which is used to divulges that satisfaction and achievement of goals response of the student at large. With the computed data it is observed that mode of Achievement of goals(y) is 40 and there will be no data computation possible regarding the satisfaction in terms of mode computation.
Achievement of goals(y)
Median- It is the middle value of the data collected. Median is calculated by putting the number in orders and then chose the middle number between them. If there is 2 numbers in the middle then half way between them will be assumed to be the median. In this median of satisfaction of goals of the students would be 29.5 and achievement of goals of student is 34.5.
Achievement of goals(y)
Mean- Average often stands for mean. This is the value which provides the average value out of the data collected. This could be computed by dividing total of number by number of data. The average satisfaction of the student is 31.6 and achievement of goals is 33.9.
Achievement of goals(y)
With the help of computation made in excel it is observed that average satisfaction what student is getting from their study is around 31.6 therefore Brit college needs to make development of its existing education services by using newly sophisticated study programs in determined approach so that it could provide more than identified satisfaction at least. In addition to this there should be more than 33 students who should accomplish their goals after studying in Brit college.
2.2 Analyze the results from 2.1 to draw valid conclusions concerning the relationship between student satisfaction and achievement, in not more than two paragraphs?
With the available data it is observed that there is average 31.6 average satisfactions is given to student therefore Brit college needs to keep its study program that much effective so that student studying would get more than 32.6 satisfaction. In addition to this student should are getting average Achievement of goals 33.9 that would also be maintained by Brit college in its entire study program. The most frequent repeated Achievement of goals is 40 however; it is hard to set level of target for achievement for eth Brit college. Therefore mean could be used to take best representation for accomplishment of set goals and objective.
Brit college needs to make so many changes in its existing study program so that more students could be attracted in determined approach. In addition to this satisfaction and Achievement of goals of should be taken into consideration and need to be kept higher than the average mean computation made.
2.3 Analyze the data in Table 1 using measures of dispersion (standard deviation and variance) to inform a given business scenario
Measure of dispersion-In statics, dispersion is used to make critical analysis of the collected data in order to draw an effective conclusion in determined approach. Commonexample of measure of dispersion is standard of deviation, range, variance and further more.
Variance-it is the central role in statistic which is the expectation of squared deviation of a random variable from its mean. It is used to calculate the standard deviation of the business. Standard deviation is used to calculate the associated risk with the given subject matter so that best effective course of action could be identified by the Brit college.
Achievement of goals(y)
Standard deviation-Brit college could use this information to identify how spread out numbers is in the collected data. It is the square root of variance. In addition to expressing the variability of the student satisfaction and achievement of goals it is used to measure confidence in statistical conclusion for example margin of error and polling data is estimated by computing standard of deviation. Brit college has identified that in satisfaction of student there is 8.08 SD exist and Achievement of goals is comprised of risk of 9.66 variations in determined approach.There for it is observed that Brit college needs to evaluate its collected data in significant approach so that best suitable course of action could be developed to mitigate the risk involved (Djokovic, 2013).
Coefficient of variation-It describe the variability of mean computed by Brit college it can be used in place of standard of deviation for identifying the risk of the business strategy.
Quartile-It is the method of dispersion in which given data is divided into 4 parts which represent 25 % of the value
Data is divided into 4 parts which represent 25 % of the value
Value for which 50 % data is lower and 50 % data is higher
Collected 75 % data is less than
Achievement of goals(y)
2.4 Explain how quartiles, percentiles and the correlation coefficient are used to draw useful conclusions in business context?
Correlation analysis is used to measure whether two variables are related to each other or not. In the situation if two variables are dependent to each other then they have positive correlation with each other’s. Itis observed that higher satisfaction is co related with higher achievement of goals (Lei, 2010).Range is the difference between highest and lowest value. In case of Brit college both factors is depicting 15 and 31 in case of satisfaction and achievement of goals respectively.Percentile- It is used to divulge the statistics indicating the value below which given both factors in percentage will fall. 25 % percentile will be called first quartile and 50 % quartile 2 and 75% will be used as quartile 3.
Quartile, percentile and correlation are used to as imperative statistical tools which are used to develop the performance of Brit college in determined approach.Quartile-1 is of the satisfaction is 27.25 which provides that Brit college using 25 % students are showcasing 27.25 means. In addition to this achievement of goal are 29.75 in quartile1.
Quartile -3 is accompanied with the 75 % student responses in both the factors. In case of student satisfaction it is observed that Brit college is having 38 satisfactions and in case of achievement of goals 75 % student are depicting 40.Brit college use this information in its business context as it provides a clear idea about the cost associated with collection of data. In addition to this success or failure of set objective could also be measured in context with percentage.
3.1 Using the information provided in Table 1, produce graphs (Line and bar charts) using spreadsheets for the two given variables (X, Y) and draw valid conclusions
Graphs-It is the convenient way to portray the required information in front of users for the better understanding. Brit college use this graphs in order to make effective analysis after making primary and secondary data collection on the student choice of actions.
Pie charts-It is the type of graph in which a circle is divided into sectors or slice to illustrate numerical portion (Bazeley, 2015).
Bar graph-It is the chart that presents or divulges group data with rectangular bars and lengths in given proportion of statistics. The bars can be plotted vertically or horizontally
Line graph-It compares two variables in determined approach. This graph is used to make interrelation between satisfaction and achievement of goals in determined approach.
Conclusion-With the help of line graph Brit college can evaluate how satisfaction and achievement of goals is interrelated and what types of Improvement College should make in its existing student courses. In addition to this in order to grab more student Brit college could easily evaluate student choice of action and what they expect form the colleges for the betterment of their career.
3.2 Create trend lines in the graphs to assist in forecasting students’ achievement grades (Scatter (XY) graphs and linear trend lines
Trend lines- This line depicts the general pattern or direction of time serious data which is used to evaluate all the past, present and future trends of the student achievement grades in determined approach. It is used to evaluate the Brit college study program effectiveness for the time being in force (Ramírez & Rodríguez, 2014).
Forecast has been made over the achievement of goals of the student
3.3 Power point presentation
3.4 Business report
To: The Chief executive officer of Brit college
From: Marketing management company
Subject: Action to be taken by Brit college for the betterment of study program.
In this report a complete study has been prepared over the student reposes and their satisfaction with the study program of EU. In addition to this there are various methods are identified which should be used by Brit college in order to increase the effectiveness of study program.
Brit college has been providing several education programs for the students. In order to make increment in the number of students and attract more student college needs to make adopt newly study program and other factors such as
- Study program expenditure
- Satisfaction with the pursuing courses
- Newly identified job oriented courses
- Student choices of actions
With the increasing ramification of environmental factors it is understood that Brit college have been facing several problems given as below
- Use of upgraded technology in the selected study program
- Lack of Practical knowledge spreading
- Not big campus of college as compare to other colleges
- Lack of professional lecturers
Brit college needs to make high amount of expenditure in its research and development department for the betterment of student experiences. Study courses and other program should be used to make effective use of teaching ethos and imparting information to students. In addition to this company should also make arrangement of job placement so that more students could be attracted in determined approach.
Now in the end it is observed that Brit college have to make changes in its existing study program so that more students could be attracted in determined approach.
4.1 Information processing tools to explain how it is used to support decision making processes in Brit College?
In order to make effective use of information tools Brit college needs to classify information processing tools in all the levels of the business.
- Operation level-It is related with adopting newly upgraded technical system in operational activities such as maintain student registers, entry and exits issues, and marking criteria (Rich, 2014).
- Strategically level-In this level management department will engrave new technology or new information system in management activities or busies decision making.
- Tactical level-This is related with using IT system in value chain activities of the Brit college. Therefore all the lecturer of Brit college will use upgraded technology in their teaching program.
There are following information system which could be used by the Brit college such as Management information system, transaction processing system, decision support system and further more.
- Management information system-This is computerized intergraded supported system which is used by Brit college to make accurate business decision in order to make effective study program for student. Ideally it helps in development of wide range of integrated business developed software which will be very much helpful to make analysis collected information.
- Transaction processing system-It is the electronic system that helps Brit college to register day to day routine transaction.
- Decision support system-It is computerized digital support system that assist Brit college to make effective business decision making after analyzing all the internal and external factors in determined approach.
- Executive information system-This is chip encoded system which will help Brit college to evaluate all the internal and external factors in determined approach. In addition to this EIS helps in establishment of newly developed technical circle in the working chain activities.
4.2 Prepare a project plan to undertake this task and determine the critical path?
Network diagram- It is the visual representation of associated network to accomplish the set of project plans and activities. There are various network diagram such as CISCO diagram, quickly draw network and topology diagram (Rich, 2014).
Critical path- This path is provide the longest time duration of the planned activities in order to accomplish set of goals and objectives in determined approach for the selected project
Critical path for Brit college would be A+B+C+E+H+J= 36.
4.3 Uses of financial tool for decision making.
Financial tools are the most effective methods which are used to evaluate available project viabilities in determined approach. It helps in evaluating all the business decision in determined approach.
NPV- It denotes the net present value by calculating the different between present value of cash inflow and present value of cash outflow (Simmons, et. Al., . 2011).
IRR- It is the required rate of return that Brit college wants to earn from its investment in its new project.
ARR- It is the average rate of return which does not take into account the time value of money component.
Payback period- It divulges the time involved in recovery of the investment made throughout the time.
Present value factor
Brit college is having negative NPV that depicts that Brit college should not adopt this newly MIS system as this will results into loss at very high amount.
In this report a complete study has been made over the Brit college business program. However, college needs to make effectives changes in its business project or business program in determined approach so that more students could be attracted. Now in the end it would be observed that Brit college needs to adopt new technologies and new teaching ethos in determined approach for the betterment of the business.
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