Business Decision Making (Term Paper Sample)

Business Decision Making
Name
Course
Tutor
University
Date
Table of Contents
 TOC \o "1-3" \h \z \u Introduction………………………………………………………………………………....3
1.1 A plan for the collection of primary and secondary data................................................3
1.2Present the survey methodology and sampling frame used for the research ..................5
1.3Design a questionnaire for a given business problem ..................................................7
Task2......................................................................................................................................8
2.1Representativevalues.........................................................................................................9
2.2Analyse the results (from 2.1) to draw valid and useful conclusions ...........................10
2.3Analyse data using measures of dispersion, and use to inform.....................................11
2.4Explain how quartiles, percentiles and the correlation coefficient are used to draw useful conclusions...........................................................................................................................13
Task 3.................................................................................................................................14
3.1 Data Presentation using pie chart, bar graph and Histogram…………….....................15
3.2Trend lines in spreadsheet graphs to assist in forecasting..............................................16
3.3Business presentation using suitable software...............................................................17
3.4 Produce a formal business report………………..........................................................18
Task 4...................................................................................................................................19
4.1 use appropriate information processing tools for research...........................................20
4.2 prepare a project plan using Gantt chart for the organization strategy and determine the critical path adopted to implement the plan.......................................................................21
4.3 use financial tools for decision making……………………........................................22
Conclusion...........................................................................................................................23
Bibliography........................................................................................................................24

Introduction
Heinz is an international company which operate in a business environment with many competitors. It was started when there has been a prominent business organization which produces and sells substitute commodities in the global market. This research is responsible for examining the aspects of global restructuring plan of this company as announced in 1997 (Bocij et al, 2003). This research therefore required to determine ways or strategies which Heinz can use to reorganize itself in the European market so that it can develop a pan European structure on the basis of eight global groups. This company was started as a simple company and this company started producing different products in 1869. These products included horseradish, pickles, sauerkraut and vinegar (Chaffey & Wood, 2005). These products were being distributed into the market by horse-drawn wagons to grocers.
1.1Create a plan for the collection of primary and secondary data for a given business problem
In this market research we plan to use both primary and secondary methods of data collection. Primary method will be used to collect data from different sources and it was done to answer specific questions (Bocij et al, 2003). We plan to use interviews, questionnaires and observations. We also plan to use secondary methods where we expect to use information which had been researched recently. This kind of information will be got from published report surveys, from the internet, books and the company journals. We plan to use both internal and external data such sales transactions, stock and human resource records. We also plan to collect information from outside the organization and are will be based on PEST and other industrial factors such as competition (Saunders and Thornhill, 2002). This information will be collected from published documents such as customer’s minutes of meetings. The market research of this company is carried out to determine the reasons for the reduction of sales revenues and to find the solution to these problems. The market research for this company will be done on the market segment basis consisting of young customers whose opinion was being sought concerning cars and other changes in other means of transport (Chaffey & Wood, 2005). This will be done using questionnaires which enable customers to give their feedback to the company. These can also e done through personal interviews where the researchers are to collect information from door to door. This will ensure that in-depth information is received why young people are not likely to buy cars but like other means of transport. It is also appropriate for this company to use experiment so that they can understand the reaction of customers towards the products by the use of sampling methods such as random sampling.
M1.Identify and apply strategies to find appropriate solutions
The strategies which can be used to find appropriate solutions include collection of relevant and reliable data, obtaining customer’s feedback, collecting data from both primary and secondary sources and to use relevant methods of data collection. These strategies will ensure that this company collect reliable data which can be analyzed to get correct solutions to the problems of the company. It will ensure that the company put correct measures which helps it meets the needs of different customers.
1.2 Present the survey methodology and sampling frame used
A sample is small populations which represent the entire population while sampling is a scientific way of determining reliable representative of a homogenous population. Sampling frame is a way of identifying information from a group of population and it is done to provide a clear aims of the information and to reduce error margin. There are a number of benefits which are derived from using sampling. They include cost reduction, time saving and reduce bulkiness of data. In this market survey, there are two types of sampling frame which can be used (Bocij et al, 2003). They include probability and non probability sampling. This company use probability sampling where it randomly selects customers for oral interviews. This is able to give every customer a chance of selection. 1.3 Design a questionnaire for a given business problem
Questionnaire is a way of collecting primary data using both closed and open ended questions. It can either be done through interviews and may be filled in by customers (Cameron .and Price, 2009). The questionnaire which we expect to use will be self administered where it is sent to the respondent via email. It is then filled by the customer and sent back to the company.
Dear customer,
We are looking forward to deliver quality services and products to our customers than their requirement. We have developed this questionnaire so that you can provide your information on how you understand our products. Please take your time and answer the below questions. We hope and wish to improve the quality of our products in future.
We wish you well,
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Manager,
Heinz
Name.....................................................
Age….....................................................
Gender: - ………………..........................
Male Female
1. Are you delighted to use the products of Heinz Yes No
When YES, Please explain……………………………………………………..
2. Have you understood about the new stores we have opened? Yes No
3. Please answer these from 1 - 5 (1-Unsatisfied, 2-Good, 3-Very Good, 4-Satisfied, 5
Exceed expectation)
4. What is the quality of our products?
123455. What is the level satisfaction of our products?
123456. What is the quality of our services?
123457. What is your observation about our product price?
123458. Is our prices reasonable? Yes No
When Yes support it……………………………….
9. Can you advice someone to use our products? Yes No
We really thank you for providing important information to us which we will use to improve the quality of our products so that there is high satisfaction.
M2. Design and apply appropriate techniques for creating the questionnaire and collect data from a good sample size
The best design for the questionnaire is by developing simple and standard questions which can easily be answered by all kinds of respondents. It must also have both closed and opened ended questions to allow respondents to provide all the answers they think can help the company get correct and reliable data. The sample size must be large enough so that so that the company can use a reasonable number of responden...