HND Business Business Decision Making D/601/0578 Level 5

Task 1

A) Formulating Plan for Collecting Data

The collection of data is required to achieve so that information can be obtained in the best possible manner. This is needed in order to carry out various perspectives of people so that information can be gathered and conclusions may be drawn in effective way. The data will be gathered from the students of UK CBC to get desired results regarding the technological innovation and evolution of multichannel shopping impacting on malls and high street shops in UK. For accomplishing this task, primary and secondary data will be collected by researcher so that better and concrete conclusion can be drawn with regards to objective of survey. The primary data means that it is collected for the first time and not previously taken by any scholar to conduct research. In relation to this, data will be gathered from students from all campuses by circulating online questionnaires and duly asked them to fill the same and provide their opinions within stipulated time frame. In conducting research, 20 students will be taken as a sample and simple random sampling will be used (Yuniningsih, Widodo and Wajdi, 2017).

On the other hand, secondary data means that which is already gathered previously by researcher and is again being used by different researcher for conducting research and draw results in the best possible manner. With regards to this, it is also known as second-hand data as the same had been already collected and used for another research as well. This data will be collected from various publication, journals, articles, books and as such, information can be gathered in effective way. Thus, this plan will help to get desired results within the shortest possible time frame and research will be completed with much ease (Phelps and Wood, 2018).

B) Survey methodology and sampling frame

Survey methodology-

The survey methodology is the method to collect data in the best possible manner. This will help UK CBC to analyse the impact of technological innovation on the malls and high street shops with much ease. In relation to this, online questionnaires will be used to collect information in effective manner from students. It is useful and fast method to gather information and draw conclusion from the same. This will be achieved by taking respective mail ids of the students from the administration department of campuses and as such, information will be collected by issuing questionnaires on their mail ids. Thus, quick results can be obtained in effective manner (Zavadskas, Antucheviciene, Turskis and Adeli, 2016).

Sampling frame-

The sampling frame is required so that information can be gathered within stipulated time and no extra costs are incurred by the researcher. Moreover, simple random sampling method will be used as it is one of the easiest technique to generate information with much ease by just taking sample of population which is representative of whole universe and as such, this method saves time of researcher to collect information in the best possible manner. In relation to this, 20 students will be taken as a sample and result will be extracted. It is one of the common method to collect data in effective manner which is not time-consuming as well and effective conclusions can be drawn with much ease (Zeng, Chen and Li, 2016).

C) Designing questionnaire

Task 2

A) Summarising the data collected from survey

The descriptive statistics such as mean, median and mode are effective way of analsying data in the best possible manner. Mean is the average of data set in the study, while median is mid value of the same data. On the other hand, mode implies that value which frequently occurs in the data set.  

 

B) Analysing results of the survey

Theme 1 – Sales are injected because of technological innovation

The above statistical techniques are quite effective to interpret data in the best possible manner. It can be carried out that value of mean is 1.2 which means that respondents believe that more quantum of sales may be effectively garnered by implementing innovative techniques and  as such, customers' purchases goods quite effectually. The shopping habits of the consumers changes because of impact by technology. On the other hand, median is 1 which shows that half population believes that innovative techniques induces shopping habits and as such, sales are maximized. While, mode is 1 as well which implies technology benefits firm in increasing profits (Tao and Hahn, 2016).

Theme 2 – Change in shopping habits of customers

The statistical results drawn shows that consumers in Queensgate Shopping Centre have neutral experiences regarding change in shopping habits because of technological innovation by the mall. It can be analysed from the value of mean obtained is 1.5 which shows that customers' experiences are overall neutral with regards to innovative techniques applied by mall. Moreover, it implies that students have positive and negative views as well. On the other hand, median value is 1 which means that respondents are strongly agreed that technology induces them to change shopping habits (Thirumalai and Senthilkumar, 2017). While, value of mode calculated is 1 which also shows that consumer habits change quite effectually.

C) Measures of dispersion

The measures of dispersion are quite effective technique in assessing relationship between two variables with much ease. It is useful for analysing impact of innovative techniques by Queensgate Shopping Centre and respondents' view can be effectively interpreted with the help of measures of dispersion. It can be analysed that standard deviation calculated for theme 1 is 0.41 and for theme 2 is 1.1. This shows that in the future mean value will deviate by 0.41. While,  second theme provides standard deviation of 1.1 which implies that change in shopping habits are more than sales level of mall as it can be assessed by views of respondents.

D) Usage of quartiles, percentiles and the correlation coefficient

Calculation of percentile

Calculation of quartile

 Calculation of correlation coefficient

The above calculations are done regarding quartile, percentile and correlation coefficient. The quartile is effective technique as it equally divides the data in three parts and results can be interpreted in the best possible manner. Quartile is calculated for two themes in effective way. On the other hand, percentile is useful statistical method to compute and assess value in percentage form. It is calculated by taking percentage such as 25, 50 and 75 to effectively interpret collected data with much ease (Tseng, Chiu and Liang, 2017). Apart from this, correlation coefficient is computed as well which shows whether there are relations between two variables under study or not. In simpler words, how much correlation exist between such variables. Furthermore, correlation is of two types such as positive and negative correlation.

As the name suggests, if correlation which is at near to 1 prevails, then it is said to be positive and perfect correlation between variables. While, negative correlation exists when value falls less than zero. Moreover, negative correlation implies that if no correlation prevails and if one variable increases, decrease will found in another variable. In the present case study help, correlation coefficient calculated is 0.35 which is low and it can be concluded that these are independent variables and as a result, no correlation exists between them. Statistical tools are quite effective in analysing data and draw conclusions.

Task 3

A) Producing graphs to draw conclusions

B) Creating trend lines for minimum three years

C) Poster presentation

Enclosed in poster

D) Formal report for publication

Task 4

A) Different systems serve the various levels of management

There are various management information processing tools that aids to the management of company and as such, better and enhanced decisions can be made. The tools are described below-

1. Transaction processing systems (TPS)-

The TPS is effective processing tool which is helpful in collecting and gathering information of consumers by the business in the best possible manner. This is required in order to collect customers' data in effectual manner. Customer database can be maintained with the help of this tool. Apart from data collection, the same can be modified and retrieved with much ease. Queensgate Shopping Centre can maintain database of its customers and as such, information can be used for taking better and enhanced decisions. Moreover, if the management is keen to initiate control upon expenses and as such, business can effectively control upon expenses because of such tool (Longhurst, Gough, Clayton and Ball, 2017).

2. Management information systems (MIS)-

MIS is another useful system of information processing as it is used for gathering of information in effectual way. MIS uses computer and intelligent devices and gadgets to carry out   data. This will be helpful for Queensgate Shopping Centre as it will be able to collect information in effective way so that operational tasks can be handled in the best possible way. Overall performance can be enhanced with the help of maintaining information and as such, enhanced decisions may be taken. Hence, firm will be benefited by using MIS and good profits will be achieved by the company quite effectually.

3. Decision support systems (DSS)-

The DSS information processing tool help to resolve complex problems which cannot be resolved by any other problem-solving tool. Middle level of management can take structured decision so that problem can be resolved. In relation to this, Queensgate Shopping Centre can easily feed data in such system and carry out better solutions in effective manner. Moreover, this will help company to resolve complex issues and decision can be made (Neal, 2018).

B) Constructing network diagram and critical path

The various paths are as follows-

1+ 4 + 5 +7 + 9 + 10 = Activities

8 + 6 + 4 + 4 + 8 + 1 = 31 weeks is critical path which will be taken to complete project

C) Capital investment appraisal techniques to take decision

 

The investment appraisal techniques such as NPV, IRR are important to carry out whether investment should be made in particular project or not (Net present value. 2017 ). It can be interpreted that NPV is 7702 which is good and business will achieve good returns in the future. On the other hand, IRR is 34.77 % which shows that rate of internal return by project will be accomplished. Thus, it can be said that business should invest in project as IRR and NPV both are higher.

Conclusion

Hereby it can be concluded that decision-making in business plays crucial role so that overall performance may be enhanced. The statistical techniques such as mean, median and mode are useful for analysing whole data set in effectual manner. On the other hand, business is benefited by implementing investment appraisal techniques in order to take decision relating to invest in the new project or not. Thus, it can be implied that technological innovations help firm to achieve more sales.

References

• Longhurst, J., Gough, G., Clayton, W. and Ball, T., 2017. Incorporating the sustainable development goals into institutional business decision making UWE Bristol.
• Neal, J., 2018. Decision-making. In The Role of Advisory Committees in Biomedical Education and Workforce Development: Emerging Research and Opportunities (pp. 44-67). IGI Global.
• Phelps, N. A. and Wood, A. M., 2018. The business of location: site selection consultants and the mobilisation of knowledge in the location decision. Journal of Economic Geography.
• Tao, Q. S. and Hahn, K., 2016. Self-Construals, Types of Social Media Usage, and Consumer Decision-Making Styles--A Study of Young Asian Americans.
• Thirumalai, C. and Senthilkumar, M., 2017, February. An Assessment Framework of Intuitionistic Fuzzy Network for C2B Decision Making. In Electronics and Communication Systems (ICECS), 2017 4th International Conference on (pp. 164-167). IEEE.