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Business decision making - Essay Example

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Decision makers use various techniques to analyze the available data in order to come up with the most appropriate solution to the organization problems. Some of the…
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Download file to see previous pages The study will also put into consideration the sales value of the organization and factors affecting sales by use of graphs. In addition, measure of performance of the organization will be of much concern and various methods will be used. Some of those methods include; mean, mode, median, standard deviation, Variance, correlation coefficient, rage and Net present value methods.
1.1) Primary data usually gives firsthand information about the target market. When coming up with a plan for the following should be considered; research method, contact methods, sampling plan and research techniques and instruments. These methods of collecting data differ from those of secondary methods. In primary research a clear plan of contacting people who will participate will be decided on. This may include the use of phone interviews online surveys and other mediums to find out customer preferences from prospect customers. The sampling plan will involve taking into consideration the size of the sample to be used. The research instruments will involve the use of questionnaires (Boswell, Boswell, and Cannon, 2014).
The use of secondary data will involve using data that has been already documented. These data may be useful because a comparison of similar organization in the industry may be used in forecasting sales (Kothari, 2005).
Collecting primary data has advantages over secondary data because they are fresh, precise and are related to the issue of concern. Secondary data may be outdated thus may give wrong projections, may contain errors, may not be easily accessible and might be of low quality (Mooi, and Sarstedt, 2011).
1.2) The sampling frame refers to the target group which researchers can use to make selections. It contains a comprehensive and updated list of the members of the population involved in the research. There are various methods which can be used for sampling. They can be classified into two main categories which includes ...Download file to see next pagesRead More
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