Business Decision Making

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Executive summary

Nowadays the Business field of London is moving around one thing, this is high competition and improved quality to the customers. The transportation agency Transport For London
(TFL) has observed its capacity shortage problem in response to increased passengers. In the whole paper the discussion was around the problem of TFL. In Part A there is thorough discussion of data collection procedures, survey methodology and designing a questionnaire. In Part B there are some application of statistical techniques such as, mean, variance, standard deviation, correlation of coefficient, etc. In Part C there is some application of office function to create graphical representation of data such as, bar chart, histogram, and trend line etc. In the last part some financial calculation and managerial techniques have been used. The application of capital budgeting tools and network diagram has made the analysis more effective.

Finally, with the use of lots of statistical and financial tools the TFL and the financial manager Mr. Alfred have been able to make the decisions.

Table of Contents

Executive summary        

Introduction        

1.0        Part A        

P1         Create a plan for the collection of primary and secondary data for a given business problem        

P2        Present the survey methodology and sampling frame used for the collection of data in P1        

P3         Design a questionnaire for the business problem as identified in P1 (AC: 1.3)        

Part B        

P4        Create information for decision making by summarizing data using representative values (AC: 2.1)        

P5 _         Analyze the representative value results in the table above and to draw valid conclusions   (AC2.2)        

P6        Using the tools for measure of dispersion, calculate following with the information given in Table I and Analyse the results. (AC2.3)        

P7        Explain how quartile, percentile, and the correlation coefficient are used to draw useful conclusion in the given business context. (AC: 2.4)        

Part C        

P8         Produce bar charts and histogram using spreadsheets and draw valid conclusions based on the information presented in the table in Part B   (AC:3.1)        

Solution        

P9         Create trend lines in spreadsheet graphs using the table in Part B to assist in forecasting for specified business (AC: 3.2)        

P10   Prepare a business presentation for any organization of your choice using suitable software and techniques to disseminate information effectively. (AC: 3.3)        

P11         Produce a formal business report for an organization you are representing (AC: 3.4)        

P12         Learners to use appropriate information processing tool (AC: 4.1)        

Part D        

P13: Learners are to prepare a project plan for an activity and determine the critical path (AC: 4.2)        

P14:  Use financial tools for decision making (AC: 4.3)        

Conclusion        

References        

Introduction

This is almost impossible to find out a business that does not face cyclical variation due to internal or external constraints which leads to various types of business problems. Like this the Transport for London (TFL) has no difference. This transportation agency is facing the problem of crowd gathering and schedule problem which gradually hinders the progress of the agency. So the plan for sort out the problem is being started with data collection. By applying statistical tools the dispersion has been determined. For more clear view the graphical presentation also made. The result of the analysis would be used in the next new business plan of TFL. Another managerial investment decision criterion has been discussed in the analysis.

The implication of this tools and techniques has a great importance to make decisions. Managers take the help from these tools to solve various business dilemmas. With the managers’ forecast quality and successful use of these tools managers removes these types of business dilemma.

1.0        Part A

P1         Create a plan for the collection of primary and secondary data for a given business problem (AC:1.1)

TFL is suffering with the problem of resource constraint problem that are not equipped enough to meet the challenge of overloading passengers. So to find out an effective solution for this problem we must collect data from reliable sources.

To solve an organization related problem we must gather constructive information or data those can be collected in to ways. These are: 1) Primary data and  2) Secondary data (Yule and Kendall, 1950).

Creating plan for collection of Primary data

Primary data means objective data collection by the surveyors. It means the data will not be prepared or available. In this case our core task will be collecting the data from available sources in a customized way. So, TFL can use questionnaire or field work for primary data collection (Freedman, Pisani and Purves, 1978).