Unit 6 Data Collection in Business Decision Making Assignment

Unit 6 Data Collection in Business Decision Making Assignment

Introduction

Unit 6 data collection in business decision making assignment relates to the collection of data, its interpretation, evaluation and analysis to find out the student perception about United Kingdom College of Business and Computing (UKCBC). This aims at making decision about the business of the college by finding out the threats and opportunities and ways to deal with the threats. For this purpose the details which relate to the survey conducted into the matter of student perception about the college have been included in this assignment. The main objective of this assignment is to present the information which may be useful for the management of the college in making decision about the changes that need to be implemented in the college.  data collection  in business decision making assignment report discusses all the tools and techniques that are helpful in making decisions for the business. (Weygandt, 2015)

Task 1

1.1 Present the survey methodology and sampling frame used for the survey into student experience and perception about UKCBC.

Survey methodology: Survey refers to as the process of selecting a sample of population and presenting them a series of questions with the objective to gather information. The persons to whom questions are presented are those who are considered to be able to provide the desired information. Survey methodology means the technique which is used to gather the information from these sample persons so as to analyse their behaviour, attitude and beliefs about the subject matter. It includes detailed study of population and their responses through different methods. The survey methodology for collection of primary and secondary data will include methods and techniques such as questionnaires, interviews and direct observations made by outside observers which will observe the behaviour and attitude of the target population. The questionnaire will be constructed for gathering all the relevant information and will be sent to the sample of target population through mails or in hard copy personally making sure that it is filled and submitted by them. The questions will be asked from sample population either on telephone calls or in person and the responses from them will be documented for the analysis and evaluation. (Enrique, 2011)

Sampling Frame:

The sampling frame represents the list of target population from which the sample can be drawn. It includes the determination of number of sample persons to be chosen and the basis on which the selection of sample will be made. A larger sample size results in more accurate information but at the same time the time and costs involved increases. The sampling frame selected for the survey about the college from the target population which includes national and international students, past and present students and academic and administrative staff will be done through stratified sampling method so that the members from above mentioned each group of target population can be included in the sample. For this purpose persons belonging to each group up to 50% from each group or category will be selected for the sampling frame from which sample of 25% from each group will be taken. (Garcia, 2014)

1.2 Design a questionnaire for collecting data into survey into student experience and perception about UKCBC.

Questionnaire: A questionnaire represents set or group of many questions which are constructed by the surveyor in order to gather the information from the sample population that will be helpful for the surveyor in analysis of the subject matter of the survey and accomplish the objectives of the survey conducted. A good questionnaire has an important role to play in the success of the survey. The questionnaire designed for the survey of student perception about UKCBC in order to collect data which can be analysed to solve the business problem of UKCBC is as follows:

Please answer the following questions which form the part of survey conducted by the student union of UKCBC for gathering information related to the student perception about the college by marking a tick on the best suitable answer in your opinion:

1. How are you associated with UKCBC?

1. International student

1. Past student
2. Present student

1. Home student

1. Past student
2. Present student

1. Academic staff
2. Administrative staff
3. Any other

2. Since how many years you are connected with UKCBC?

1. 0-1 year
2. 1-3 years
3. 3-5 years
4. 5-7 years
5. 7 years or more

3. What is your opinion about the support and guidance given to international students by the college through its academic and administration staff?

1. Good
2. Very good
3. Average
4. Bad
5. Very bad

4. What do you think about the warm and friendly learning environment that exists in the college for the students?

1. Satisfied
2. Highly satisfied
3. Dissatisfied
4. Highly dissatisfied
5. Neutral

5. “The tutors and academic staff at UKCBC are well trained and knowledgeable to impart proper education and training to students and the infrastructure of college is capable to provide technical knowledge to students.” Do you agree?

1. Agree
2. Highly agree
3. Disagree
4. Highly disagree
5. Neutral

6. Will you recommend other students to take admission in the college for advanced and technical learning and courses?

1. Yes
2. No
3. Probably
4. Definitely

7. What rating will you give to UKCBC on the scale of 5 from the point of view of a student of the college?

1. 1
2. 2
3. 3
4. 4
5. 5

8. Would you like to give any suggestions for UKCBC? Please specify.

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Task 2

2.1 Create information for decision making by summarizing data gathered from the survey in task 1.3 by creating a frequency table and then calculate representative values (arithmetic mean, median and mode) from your data.

The data has been collected about the student perception for UKCBC from the survey conducted through the questionnaire that has been constructed for this purpose. The responses were received from the sample population as against the questions asked from them. The responses can be summarised using the frequency distribution tables. The responses included the responses from different group of population as follows:

• International students – 25% of which 70% were present students and 20% were past students.
• Home students – 60% of which 85% were present students and 15% were past students.
• Academic staff – 10%
• Administrative staff – 5%

The responses received about the time of association of the sample population with the college can be summarised as follows:

0-1 years = 10%

1-3 years = 25%

3-5 years = 40%

5-7 years = 15%

7 years or more = 10%

The responses received about the ratings given to the college by the sample population is summarised in the following frequency distribution table:

Arithmetic mean: It refers to as the average of the values or frequency distribution. It is calculated by adding the values and dividing the sum by the number of values. The mean of the above frequency distribution can be calculated as follows:

Arithmetic mean = ?X/n

= (10+15+35+25+15)/5

                                    = 20

Thus the mean of the data which relates to the responses for the ratings of UKCBC is 20. This means that the average number of responses received for the rating on the scale of 5 is 20%.

Median: It is the measure of central tendency which represents the value of the middle observation out of the total observations. For calculating mean the data is arranged in the ascending order and the middle value is identified which is the median of the observation. The median of the above mentioned frequency distribution which relate to the ratings about the college can be calculated as follows:

Median = n+1/2 the value when n is an odd number

            = 5+1/2th value

            = 3^rd value

            = 35 %

Thus the median of the responses for the ratings is 35% which means that out of the total responses the most middle value is 35 %.

Mode: It is the measure of central tendency which is used to identify the most popular observation, i.e., the observation having the highest frequency. For calculating the mode of a frequency distribution the observation with highest value will be taken. The mode of the ratings is calculated as follows:

Mode = Highest frequency density

            = 35%

The mode of the responses of ratings by sample population about the college is 35% which represent the rating 3. This means that the maximum sample population believes that the rating that should be given to the college from the point of view of student is 3. (Francis, 2016)

2.2 Analyse the results of task 1.3 to draw valid conclusions about the survey.

The results of the calculations of representative values made above which relate to the results of the analysis of the data collected and summarised from the responses received out of the survey conducted show that the mean of the data is 20%, its median is 35% and its mode is 35%. This means that the average number of responses received from the sample population is 20% for the ratings given by them to the college. The middle value of the data is 35% which means that on arranging the data in ascending order the value 35% will be in the most middle position. The mode of 35% representing the rating of 3 states that the maximum population i.e., 35% out of the total sample population has given a rating of 3 to UKCBC on the scale of 5. In this way these representative values can be helpful in making the decisions about the business problem of UKCBC as each of them represent some or the other conclusion. From the analysis of these representative values conclusion can be drawn that that most of the students have a positive perception about the college as the maximum population has given 3 rating which is more than average. Thus the college stands on a good position. (Majumdar, 2014)

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

• Measures of dispersion: The measures of dispersion refer to as the tools and techniques which are used to measure the diversion or variation of the data and its representative values from the actual. It is helpful for making the decisions of business as it helps the decision maker to quantify the variation of data and gain confidence about the data and the calculations and analysis made. The measure of dispersion that will be used to calculate the variation of the responses received from sample population about the ratings of the college from the actual ratings is standard deviation.
• Standard Deviation: It represents the risk of variation of data. The quantification of the variation of the data which relates to a set or series of data distribution can be made by calculating the standard deviation off the data from its mean. The standard deviation of the given data related to the frequency distribution of the responses received for the ratings assigned to college by the sample population can be calculated as follows:

Standard Deviation = √ ∑(X-Mean)² / n

                                    = √400/5

                                    = 8.94

The standard deviation of 8.94 represents that the mean of the data calculated above as 20 can deviate on the either side by 8.94. This means that the mean may range between 11.06 to 28.94. The mean in actual can be any value between 11.06 to 28.94 if it deviates from 20 within the standard deviation of 8.94. Thus the risk of variation of the data from its mean is 8.94. The Management of UKCBC shall consider the impact of this variation or risk of variation while making decision about the changes to be made in the business strategies and policies based on the data that has been collected by the student union from the survey. (Ghattas, 2014)

2.4 Explain how quartiles, percentiles and the correlation coefficient are used to draw useful conclusions in a business context.

• Quartiles: The quartiles represent the measure of dispersion which are used to calculate the operational efficiency of the data related to the business problem. It is used by business to identify that what category of sample population falls within which quartile so as to identify the position of the values of the data distribution. It is calculated by dividing the frequency distribution into four equal parts each representing 1/4^th of population. The lower quartile representing 25% is calculatedby identifying n+1/4^th observation and the upper quartile represents 75% of the population which is calculated using 3(n+1)/4^th observation. In this way quartiles are helpful in making decisions of business on the basis of representation of the data within the quartile range.
• Percentiles: The percentiles are calculated by dividing the population into 100 equal parts each part being 1/99^th of the total population. The percentiles will be used in making decisions by identifying the representation of data in the population in terms of 100 parts. The responses received from the survey that relates to the ratings of UKCBC will be used by the  business management  in making decision about the level of ratings in terms of whole population as the part of the ratings assigned. Thus percentiles are useful in making business decisions as they are used for measuring the dispersion on comparative basis.
• Correlation co-efficient: It is the measure of dispersion which is used for qualitative analysis. It is used to identify the relationship between two variables. The coefficient of correlation is used to measure the intensity that exist between two variables. It is used in making business decisions as it helps in determining the relationship between two factors that affect the business. The change in one variable with the corresponding change in another variable and thedirection of change can be measured using this. The management of UKCBC can identify the change in student perception due to change in factors affecting it using correlation coefficient. (Zabukovec, 2015)

Task 3

P3.1- Produce graphs using spreadsheets and draw valid conclusions based on the data analysed in Task 2.2.

Column Chart:

The following graph represents the percentage of population that belongs to different category of population:

The above graph represent that the responses were received from the international and home students of UKCBC which were part of college both at present and in past whereas the responses were received from academic and administrative staff which are presently associated with the college. Also it shows the percentage of population which represents the different categories. (Scott, 2013)

Pie chart:

The responses received about the time of association of the different categories of population can be represented by the following graph:

The above pie chart represents the percentage of responses of the population which has been associated with the college since various years.

Bar Graph

The ratings given by the population to UKCBC on the scale of 5 can be represented by the following graph:

The above graph represents the percentage of population that has given different ratings to the college on the scale of 5. It can be observed from the graph that the maximum population has given rating 3 to the college which means that the ratings given to the college by the sample population as evaluated from the responses is more than average. Thus the student perception about college is good. (Forquer, 2012)

P3.2- Using the information below (or gather past data on your chosen business problem) create trend lines in a spreadsheet using scatter graphs to assist in forecasting student population for 2017 and 2018 based on extrapolation of previous year’s data.

The above line graph including the trend line is useful for the management of UCBC to forecast the student population for next two years. The regression equation of the above graph shows 0.982 which means that the forecast is likely to be accurate. The forecasted student population for the year 2017 and 2018 based on the extrapolation of previous year’s data for UKCBC is as follows:

P3.3 - Prepare a power point presentation to be presented to UKCBC Board of Directors on your key findings.

P3.4 – Produce a formal business report to UKCBC Board of Directors about your findings and recommendations.

To

The Board of Directors

UKCBC

Subject:To provide information about the threats to the college and the ways to deal with the threats.

The purpose of this report is to provide information about the analysis and evaluation of data collected from the survey into the student perception about UKCBC so as to support the management in making business decisions about the college on the basis of identification of threats to the college and the ways to deal with the threats. The limitation of this report is that it is completely based on the survey that has been conducted including the population of all the five campuses of the college. The qualitative and quantitative aspects affecting the student perception have been analysed and discussed in this report.

The ratings given by the sample population to the college is 3 which represents that most of the population believes that the college is good. However the responses receivedabout the learning and friendly environment at the college and the facilities offered by the college to its students and the knowledge level of its academic staff state that there are certain threats to the college. There are threats related to decline in student admissions and lack of technological development in the college.

The college management shall develop methods to improve the quality of technical knowledge provided at the college by the academic staff so as to reduce the impact of potential threats to the college. Apart from this the courses offered shall be increased along with the facilities and guidance provided to international students for which most of the population was dissatisfied. Thus it can be concluded that by making business decisions about incorporating changes in the existing system the college management will be able to deal with the threats efficiently.

Regards

Student Union

(Business Report, 2010)

Read About:- aspect of contract Negligence

Task 4

4.1 Using the new ‘SITS: Vision’ tool explain how it will support information processing at operational, tactical and strategic levels for UKCBC giving examples.

The new SITS vision tool will be helpful for the management of UKCBC in the improvement of processing of information at operational, tactical and strategic level as it has the capability to provide various tools which will support the financial system,  human resource  system, estates management, library access and virtual learning. As a result of improvement in these processes the whole information processing system of the college will be improved which help the students will access all the relevant information which is sought by them. For example online library access system will help the student easily download and read the books which they need. The digital operational system will help the new students get the information about the courses offered by the college and the fee structure.(Jalal, 2013)

4.2 Using the activity table given above for the project determine the critical path for the project.

The network diagram for determining the critical path is as follows:

Critical Path is the path which represents the shortest duration or time taken by the project for its completion. The critical path of the given project is 1-3-5-6-7 = 10+20+20+10+10 = 70 days. It means that the installation and testing of the new software tool will take 70 days. (East, 2015)

4.3 From the information provided above, assess the viability of the project using suitable financial tools Net Present Value (NPV) and Internal Rate of Return (IRR) at 3% and 5% discount factor.

Net Present value and IRR at 3%

NPV = 26,298

IRR

1% + [(132330 - 150000) / (132330 - 123702)] (3-1)

1% (17670 / 8628) x 2

1% + (4.10)

(3.10%)

Net Present value and IRR at 5%

NPV = 32611

IRR

1% + [(132330 - 150000) / (132330 - 117389)] (5-1)

1% + (17670 / 14941) x (4)

1% + (4.73%)

(3.73%)

The Net present value of the project is positive which means that the project is capable to generate cash inflows more than the cash outflows which are made as initial investment. Thus the project shall be accepted by the college. The IRR of the project is also more than its cost of capital. Higher IRR indicates that the project is better therefore the project shall be accepted by the college. (Kisilowski, 2014)

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Conclusion

From the above assignment it can be concluded that the student perception about UKCBC is positive. The data collected from the survey and evaluated and analysed using the financial tools and measures of dispersion and calculations of reprehensive values can be helpful for the management of the college in identifying the threats and opportunities of the business and make good business decisions made on the basis of analysed data of the survey.

References

Business report. (2010).  Business Strategy  Review, 21(2), 12. doi:10.1111/j.1467-8616.2010.00656.x
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Enrique Benjamín Franklin Fincowsky 2011, "Business making decisions", Contabilidad y Negocios :Revista del DepartamentoAcadémico de CienciasAdministrativas, vol. 6, no. 11, pp. 113-120.
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