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Table of Contents
Task No. Task
Data Collection Plan
Summarising and Analysing Information
Analysing the result for research conclusion
Calculation of mean and median
Calculation of upper and lower quartile sales
Making predictions through trend lines
Preparation of network for completion of two possible projects
Financial tools for decision making
Formal business report
Introduction Business decision making is the technique of selection of a belief or a course of action among several alternative possibilities (Hedgebeth, 2007). Any company plans to create esteem for its holders, clients and different partners. It have to choose a way to consolidate profitable assets – commonly structures and hardware, evidences, individuals and learning – in a specific route, to the point that the estimation of the yield surpasses the expenses of the data. Hence, Business Decision Making can be defined as the process of making best and suitable decision, by analysing available information. In the present research study three different tasks will be discussed, which deal with the practical aspects of business decision making. In the first task, full market research will be done for local company that desire to know that how young people view their products. The second task will comprise various kinds of graphs and statistical tools through which business performance can be evaluated easily. In the next task financial and project management tools will be explained, that can be helpful for making effective decisions (Jankowicz, 2005).
Task 1 On the basis of given scenario, a local company desire to investigate that how young people of London view Smartphones. Hence, it can be stated that company desire to know the perceptions and behaviours of the young generation, regarding Smartphones. In order to carry out research the entity must collect information from target audience and then gathered data must be analysed by using effective tools of analysis in order to find out valid conclusions and findings of the research. The research will include data collection plan, sampling methodology, questionnaire, data analysis, finding and conclusions (Williams, 2001).
Data collection plan Data collection is the procedure of gathering and measuring information on variables of interest in an established systematic fashion that enables one to answer stated research questions, test hypotheses and evaluate outcomes. Generally, there are two kinds of data collection techniques such as primary and secondary. Secondary data are indispensable for most organizational research. It refers to data collected by someone other than the researcher conducting the current study. Books, government publications, census data, case studies etc. are the key example of secondary data collection (Weygandt and et. al., 2009). On the other side primary data sources are where researcher himself or herself has gathered the data and it is not someone else's. Thus, the primary data is original information and generally this is biased less. Secondary