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Business Decision Making - Assignment Example

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The way in which data is collected depends on collection using primary and secondary methods. Collection through primary methods will be desirable in this aspect since it will be tailored on…
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Business Decision Making
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Download file to see previous pages This involves internal and external assessment. The next process involves setting goals and selecting opportunities. The process involve getting specific to the intended purpose of the data collection process. The next process in planning is the approach and data to be used. This utilizes size of data to be collected. The next process will be collecting the required data.
The sampling frame desirable for the study is that which will involve identification and measure of every single item in the population of interest. The sampling frame will include identification of every single element and include any in the sample. The method of sampling used in the process will be systematic random sampling. The method is chosen as it will be able to cover all aspects in the chosen population.
This is the value that occupies the middle position when all data obtained are arranged in ascending order or descending order. The main disadvantage in the use of median is that it is not affected by very big or small values. The disadvantage of the method is that it takes a long time to compute when dealing with large sets of data (Fitzgerald, 2002). It does not also use all data available in a sample.
Mode is the data occurring most frequently in the data. The advantage of the method is that it is the only measure that can be used for data measure in the normal scale. The disadvantage of the method is that is not used in statistical analysis as it is not algebraic defined.
Mean is the average number of a data set. The data method has the advantage of using all the data to find the answer. The advantage of using the method is that very large or small numbers are able to distort the answer obtained.
Management information is important in organizations as it is used in all the stages of an organization, planning, directing and controlling organizations. In strategic management stage, management information systems are used in ...Download file to see next pagesRead More
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