This is a solution of Business Decision Making Assignment in which we discuss Developing business
Business Decision Making Assignment
|Learning Outcome|| |
In this assessment you will have the opportunity to present evidence that shows you are able to:
Be able to use a variety of sources for the collection of data, both primary and secondary.
Create a plan for the collection of primary and secondary data for a given business problem.
Present the survey methodology and sampling frame used.
Design a questionnaire for a given business strategy.
Understand a range of techniques to analyse data effectively for business purposes
Create information for decision making by summarising data using representative values
Analyse the results to draw valid conclusions in a business context
Analyse data using measures of dispersion to inform a given business scenario
Explain how quartiles, percentiles and the correlation coefficient are used to draw useful conclusions in a business context
Be able to produce information in appropriate formats for decision making in an organisational context
Produce graphs using spreadsheets and draw valid conclusions based on the information derived.
Create trend lines in spreadsheet graphs to assist in forecasting for specified business information.
Prepare a business presentation using suitable software and techniques to disseminate information effectively.
Produce a formal business report.
Be able to use software- generated information to make decisions in an organisation.
Use appropriate information processing tools.
Prepare a project plan for an activity and determine the critical path.
Use financial tools for decision-making.
Purpose of this assignment
The aim of this unit is to give learners the opportunity to develop techniques for data gathering and storage, an understanding of the tools available to create and present useful information, in order to make business decisions.
In business, good decision making requires the effective use of information. This unit gives learners the opportunity to examine a variety of sources and develop techniques in relation to four aspects of information: data gathering, data storage, and the tools available to create and present useful information.ICT is used in business to carry out much of this work and an appreciation and use of appropriate ICT software is central to completion of this unit. Specifically, learners will use spreadsheets and other software for data analysis and the preparation of information. The use of spreadsheets to manipulate numbers, and understanding how to apply the results, are seen as more important than the mathematical derivation of formulae used.Learners will gain an appreciation of information systems currently used at all levels in an organisation as aids to decision making.
Assume you are the Manager of a small food production company costumer service based in Alperton who wants to expand the business. The CEO of your company (your line manager) is very excited about your plan.
(You may also choose a company/organisation of your own; please discuss and agree your choice with your tutor.)
You have identified the canteen of the London School of Science and Technology (LSST) as an ideal location for your expansion. It has a large number of busy and hungry students and college staff who want something quick to eat during their lunch break.
You have approached the Management Board of LSST who has kindly agreed to listen to your suggestions for expansion, based on valid marketing Planning.
You now have three weeks to prepare for this meeting, which can be a life-changing opportunity for your company.
Task 1 – This tasks offers you an opportunity to achieve LO1: 1.1, 1.2, 1.3, 3.4 and M2
You are required to complete the following tasks:
Q.1 Design a market survey questionnaire to gain more insights (e.g. on product preference, place, price and promotion, etc.). (LO1.3)
Q.2 In approximately 200 words, discuss the survey methodology you decide to adopt and the sampling method you will use. (LO 1.2)
Q.3 & Q.4
Plan and implement the survey. Using your designed questionnaire in Q.1:
· Interview around 10 randomly selected potential customers in the LSST canteen.
· Write a report in approximately 200 words to your line manager, highlighting the reasons why you think the LSST Canteen is appropriate for expanding your business. This report should contain a plan highlighting how you intend to collect primary and secondary data. (LO1.1 & LO3.4)
Completion date: October
To achieve M2: Using the data you have collected from your survey in Q3, explain, in approximately 200 words, how you will calculate the coefficient of skewness. Explain if this concept can be used to improve the performance of a business? Justify your answer.
Formative Assessment 1:
Within Week 3: Your tutor will discuss your survey findings with you on an individual basis in class. Ensure that you have completed your interviews by that time.
Task 2 – This tasks offers you an opportunity to achieve LO2: 2.1, 2.2, 2.3, 2.4 and M1
Your line manager from the small food production company wants to know more about the monthly expenditure by the customer, that is, college staff and students in the LSST canteen. He has asked you to conduct more surveys, and you grouped the results as follows:
You are required to calculate the following:
Q.1 Mean, Median and Mode, and advise your line manager of the significance of these calculations. (LO2.1 & LO2.2)
Q.2 Range and Standard Deviation. (LO 2.3)
Q.3 Inter-quartile range, and explain the use of quartiles and percentiles in the context of your small food production company. (LO 2.4)
Completion date: November
M1: In approximately 200 words, explain what do you understand by the term correlation co-efficient and explain how a business can apply this concept to improve its performance.
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Formative Assessment 2:
By the end of Week 6: You should now be able to calculate the Lower Quartile and the Upper Quartile ranges of grouped data. Your tutor will be setting you questions within week 6 on these which you will need to complete and submit.
Task 3 – This tasks offers you an opportunity to achieve LO3: 3.1, 3.2, 3.3 and D1
Your line manager is really proud of your progress with the LSST project.
Fortunately, a business angel has also noticed your work and is keen to understand what your company has to offer before making an investment.
Your boss has provided the following data and has asked you to make them presentable for the meeting with the business angel.
You are required to complete the following:
Q.1 Produce a Column/Bar graph showing Sales, Cost and Profit using Microsoft Excel. (LO3.1)
Q.2 Produce sales and profit line graphs showing trend lines which can be used for projecting both the sales and profit. Show the regression equation separately on the graph. (LO3.2)
Q.3 Prepare a presentation using Microsoft PowerPoint. Apply part of your answers from Q.1and Q2 in task 3, drawing valid conclusions and recommendations. (LO3.3)
Completion date: November
In approximately 300 words, critically evaluate the use of Time Series Analysis as a tool for forecasting.
Formative Assessment 3:
By the end of week 8: You should be able to differentiate between additive models and multiplicative models in Time series Analysis. Your tutor will be setting a question on this in class which you will need to complete and submit.
Task 4 – This tasks offers you an opportunity to achieve LO4: 4.1, 4.2, 4.3, M3, D2 and D3
Q. 1 In approximately 300 words, discuss the information processing systems that can be used to aid decision-making at the operational, tactical and strategic levels.(LO4.1)
Q. 2 Your boss is planning to construct a new kitchen and predicts the following activities will take place:
You are required to:
Prepare a network diagram for the activities using Microsoft Project or Open Project, clearly showing the critical path. In addition, calculate the Project Duration. (LO4.2)
Completion date: 12th December
From the data available in Q 2, prepare a Gantt Chart and state the benefits of using this Gantt Chart as a Project Management Tool.
In approximately 200 words, critically evaluate the use of network analysis as a tool for planning and scheduling.
Q. 3 Your small food production company needs to choose between two mutually exclusive projects.
The Finance Director suggested that the project with the higher NPV should be chosen whereas the Managing Director suggested that the one with the higher ARR should be undertaken.
Both projects have the same initial investment and length of life. The company anticipates a Discounting Factor of 10% and future cash flows of the projects are as follows:
You are required to calculate the Payback period, ARR and NPV of each project. Recommend which project you would undertake (if any) and state why you would recommend this option. (LO4.3)
Completion date: 12th December
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