Business Decision Making in Different Ways Essay Example
Business Decision Making in Different Ways Essay Example

Business Decision Making in Different Ways Essay Example

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  • Pages: 11 (2965 words)
  • Published: August 23, 2017
  • Type: Case Study
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The goal of this project is to not only fulfill a requirement, but also gain knowledge through practical and theoretical methods. Textbooks and study guides alone do not provide students with comprehensive knowledge.

And I believe that the assignments are given for pupils to gain practical knowledge from the wider world. In the study of business decision making, our main focus is on understanding different methods of information analysis and how it aids in business competition, as well as presenting data in a suitable manner for decision making and forecasting. The purpose is to enhance our understanding of various business issues and strategies to address them. This task report falls within the broader field of organizational business decision making.

In our discussion, we covered representative steps and steps of scatterings, highlighting their differences and how they are applied to interpret information effectively. Additionally, we utilized graphs to visual


ly present the information facilitating ease of understanding. Through these graphs, I drew some conclusions for business purposes. Additionally, we provided solutions for a company facing challenges in the telecommunications and inventory control sectors. Specifically, we explored the usefulness of intranets in improving inventory management practices.

Additionally, I have utilized DCF and IRR techniques to compare and evaluate two proposals for improving the company's stock list control capacity. This assessment has allowed me to determine the most effective proposal by applying theoretical knowledge to real-world scenarios, enabling well-informed business decisions.

The Collection and Maintenance of Medical Information and Records

In modern clinics, hospitals, and public health departments, various types of information exist in individuals' records who have received services. However, these records do not always contain all relevant information in one file. Administrativ

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and economic data are typically stored separately from clinical data but linked through personal identification. By linking facts within clinical records with medication dispensation records and appointment logs, behavioral information can be extracted. For example, it is possible to determine whether an individual failed to acquire prescribed medication or missed appointments. Hospitals and clinics mainly use computer systems for processing and storing records, making it technically feasible to extract and analyze significant information such as business details, diagnoses, payment methods for services rendered, or behavioral patterns.

Many analyses are often performed for modus operandi or research purposes, with ethical restraints in place to ensure the privacy and confidentiality of individuals.

Primary sources

Primary data sources refer to information collected by the individual themselves. An example of a primary source is a questionnaire created and distributed by the individual. These sources can be used to support a specific hypothesis and explain a situation.

  • Statistics,
  • Surveys,
  • Opinion polls,
  • Scientific data,
  • Transcripts, and
  • Records of organizations and government agencies.

Secondary data

Secondary data is crucial for most organizational research.

Secondary information refers to data obtained from sources other than the researcher conducting the current study, such as books, periodicals, government publications on economic indicators, census data, statistical abstracts, databases, media sources, annual reports of companies, case studies and other archival records.

Data collection methodology and Questionnaire
Records of Births and Deaths

Critical records (certificates of births and deaths) are also electronically stored and can be analyzed in various ways. The gathering of data for birth and death certificates is based on the legal requirement to document these events. Individuals have strong motivations to complete all necessary procedures for certification due to financial incentives like insurance benefits. Paper documents needed for different purposes are

collected and organized in regional and national offices (e.g., the U.S. National Center for Health Statistics), then published in monthly bulletins and annual reports. Birth certificates include information such as full name, birth date, names and ages of parents, place of birth,and birth weight.

The data in death certificates can be used to generate a unique alphanumeric code that accurately identifies each individual. Key information found in these documents includes the person's birth name and time of death, age, gender, place of birth and death, as well as cause of death. This personal data can be utilized to connect the death certificate with other medical records. The reliability of the information on these certificates varies depending on where and how the individual died. Deaths that occur in hospitals typically undergo more comprehensive investigation, resulting in a more dependable diagnosis. However, deaths at home may involve illnesses that have not been thoroughly examined, leading to limited or incomplete medical records or an expert opinion from the family doctor which could only be an educated assumption.

Deaths that occur in other locations, such as on the street or at work, are typically investigated by a medical examiner or medical tester. Hence, information about these deaths is generally considered reliable. Moreover, there are other significant records like marriages, divorces, and the dissolution of marriages. Although these records may not directly impact health, they offer insights into specific aspects of societal well-being.

Health Surveys

Health surveys differ from births and deaths as they are conducted with a sample of the population. However, if this sample is statistically representative, conclusions about the findings can be generalized with some confidence. Health survey data can be

collected through oral interviews, telephone inquiries, or written questionnaires. The collected data is then compiled and checked for consistency before being processed and analyzed using computer software. This methodology enables gathering a wide range of information including details such as past medical events, personal habits, family history, occupation income social status family support networks and more.

The U.S. National Health and Nutrition Surveys conduct physical examinations, such as blood pressure measurement, and laboratory tests, such as blood chemistry and counts, on a subsample. Useful data can also be found in medical examination records on school children, military recruits, or job applicants in various industries. However, these records are typically scattered across different sites, making it logistically challenging to gather and consolidate them centrally.

Health Research Data

The diversity and complexity of data collected in health research is vast. Fields like biochemistry, psychology, genetics, and sports physiology have provided insights into population health. Nevertheless, the difficulty of central aggregation and analysis poses a challenge alongside the need for valid generalizations. As a result of these issues, most health-related research data has limited utility in defining national health aspects.

Unobtrusive Data Beginnings and Methods of Collection Unobtrusive methods and indirect methods can provide valuable information about the health of populations or samples thereof. Economic statistics such as tobacco and alcohol sales reveal national consumption patterns. Counting cigarette butts in school playgrounds can provide an estimate of cigarette consumption by school children. Calls to the police to resolve domestic disturbances can give an idea of the prevalence of family violence. Traffic accidents, as reported by the police or insurance claims, can reveal risky behaviors such as using cell phones while driving.

The provided

examples showcase the potential value of this attack in uncovering concealed information. The questionnaire encompasses various categories, including personal identifying data (such as name, age, and sex), socio-demographic data (like occupation and place of residence), clinical data (including medical history and treatment details), administrative data (such as referrals and care locations), economic data (covering insurance coverage and payment methods), and behavioral data (regarding adherence to recommended regimen).

Data Analysis

Representative Values

These values serve as indicators of the central tendency or most typical value within a dataset. They consist of three crucial measures: mean, median, and mode. While mean and median are applicable only to quantitative data, mode can be used for both quantitative and qualitative data. This measure is widely utilized as it represents the average value within a dataset.

This text discusses the advantages and disadvantages of mean, median, and mode. The advantages of mean include its ease of calculation, understanding, and consideration of all information. However, it can only be used with central data. On the other hand, the disadvantages of mean are that it does not consider all information and cannot be used in further analyses.

The advantages of median are its simplicity to understand, representation of an actual value that occurred, and resistance to outlier values. Nevertheless, there can be more than one or no mode for median. It also fails to consider all information and cannot be utilized in subsequent analyses.

Regarding the mode, its advantages lie in representing a real value without being influenced by outliers. However, similar to median, there may be multiple or no modes present. Additionally, it does not take into account all available information nor can it be utilized for

further analysis.

Comparing the mean (335), median (323), and mode (430) for this specific garage: We observe minimal variation between the mean and median values but significant variation in the mode value.The owner must make a decision on the price to charge from these options. If the chosen price is too high, it won't include all the values. Therefore, if the proprietor charges 430, it will be expensive and could cause clients to switch to competitors. Thus, the proprietor should avoid this approach.

The decision now lies in choosing between the mean or median. Both options seem reasonable and yield similar results for most expenses in October. The median is usually favored when there are outliers present, but considering all available information also allows for selecting the mean. Upon reviewing the cost overview for October, no extreme values are found. As a result, using the average value would not have a significant impact.

It is recommended that the proprietor selects a mean value of 335.

Measures of Dispersion

Representative measures only indicate the location of a dataset, and two datasets can have the same mean, average, and mode values. Therefore, representative values cannot be used for decision-making. To clarify this distinction, we use descriptive measures known as measures of dispersion or spread to show the extent of variation.

The following measurements are included:

  1. Range - The range is the difference between the highest value and the lowest value. It is easily calculable and understandable, but it only considers the largest and smallest value, disregarding all other values. It is highly influenced by extreme values.
  2. Quartile range

- The quartile range is the difference between the third quartile and the first quartile. It is also easy to calculate, but it does not consider all the values in a data set; therefore, it is not a good indicator.

  • Variance and Standard Deviation - Variance measures how far the observations are from the mean. This statistic is more important as it considers all observations and allows for further analysis. Standard deviation represents the square root of variance. Both variance and standard deviation provide useful information for decision making and comparisons.
  • From computation, the range equals ?284 while the quartile range equals ?170. However, due to their limitations, we cannot utilize them for deriving further decisions.

    The discrepancy is 8426.9 while the standard divergence is 91.79, indicating a significant deviation from the mean. Variance and standard divergence are utilized for comparing two sets of information. Consequently, the garage owner can compare these figures with those of a similar garage or compare them to November's costs. This enables informed decisions based on selecting monetary values with smaller discrepancies and standard divergences. Quartiles and percentiles also provide useful measures by indicating the percentage of values below a certain threshold.

    The 3rd quartile indicates that 75% of the observations are below a certain sum and 25% of the observations are above. The correlation coefficient, denoted by "r", measures the strength of the additive relationship between two variables. The value of "r" always falls between -1 and +1. If "r" is closer to +1, it indicates a strong positive relationship between the two variables. Additionally, correlation and coefficient assist in making determinations.

    Based on this

    information, we can conclude that only 25% of the values exceed ?418. Therefore, pricing should not exceed this amount in order to avoid losing many clients.

    25 % of the observations are above $248.5 so we have to choose a monetary value between $248 and $418. Earlier we have found out the mean which is $335. This is between 2nd quartile and 60 % of percentile. So from the usage of quartile and percentile we can choose $335 as the service monetary value. Thus quartile and percentile help us in determination devising.

    Presentation of Information

    Tables are effective in displaying a large amount of information, but it can still be challenging to identify underlying patterns.

    Therefore, the utilization of charts and graphs plays an important role in effectively presenting data. The graphic methods used include scatter graphs, bar charts, line charts, pie charts, and histograms. Pie charts are simple diagrams that provide a summary of categorical data. Each section of the circle represents a different category. Although pie charts are simple and can have an impact, they only show small amounts of data. When there is more data, it can become complicated and confusing.

    By utilizing pie charts, we can compare data. In the pie chart below, it is evident that the sum of money paid by committee Trevor plc is increasing. This is because the proportion for the year 2008 is larger than for the years 2007, 2006, and 2005. Therefore, we can anticipate that the sum for the following year will be higher than that of 2008.

    Bar Charts

    Similar to pie charts, bar charts also show the number of observations in

    different categories. However, each category is represented by a separate bar in a bar chart, and the length of each bar is proportionate to the number of observations. Unlike pie charts, bar charts can accommodate more data points. This makes it easier to compare different periods with different observations.

    Gross revenues of BMW and Mercedes have been consistently increasing, while the gross revenues of other car brands fluctuate. Overall, there is a clear upward trend year by year.
    Line Chart: This is also another method of presenting data. Instead of using bars or circles, we use lines. Line charts are easy to create and understand the underlying trend, allowing for predictions. Area charts are similar to line charts, but they show the total amount and represent each category as an area.

    Using a country chart allows us to analyze trends and make comparisons. The line chart for Trevor plc shows that, apart from Lexus, the sales of other cars are increasing. However, Mercedes experiences a significant increase from 2006 to 2008. Between 2005 and 2006, auto sales tend to remain stable.

    From the output data of this line chart, Trevor plc primarily focuses on BMW and Mercedes to enhance its dominance in the upcoming years. The area chart also demonstrates the same result as the line chart.

    Scatter Diagram and the trend line

    A scatter diagram is created using two variables, depicting committee against year.

    Commission is plotted on the “y” axis and year on the “x” axis in a scatter diagram. This diagram illustrates the correlation between two variables and determines whether the relationship is positive or negative and strong or weak. In

    the case of Trevor plc, commission has a positive and strong relationship with year, as most of the observations lie close to the line connecting them. The correlation coefficient between commission and year has been calculated as 0.9744, indicating a strong positive relationship. Trend lines are utilized to identify underlying trends and make useful predictions.

    The trend line of Trevor plc is showing an upward trend among the committee and year. We can predict that the committee will be around ?18000 in 2009 and it will be ?18500-?19000 in the year 2009.


    • To: The Board of Directors
    • From: Management Adviser
    • Date: 20.12.2009
    • Subject: Intranet and its evaluation

    Intranet is a private web that is contained within an enterprise. It may consist of many interlinked local area networks. Typically, an intranet includes connections through one or more gateway computers to the outside Internet.

    The main purpose of an intranet is to share company information and computing resources among employees and also to share information within the divisions of the same organization.


    • Easy access to internal and external information
    • Improves communication
    • Increases collaboration and coordination
    • Supports links with clients and partners
    • Can capture and share knowledge
    • Productivity can be increased
    • Margins of errors will be reduced
    • High flexibility
    • Provides timely and accurate information
    • Allows communication within the divisions of the organization.


    • Installation and maintenance can be expensive.
    • This may reduce face to face meetings with clients or business partners.

    Management Information System Management information system (MIS) is a system that allows managers to make decisions for the successful operation of businesses. Management information systems consist of computer resources, people, and procedures used in

    the modern business enterprise. MIS also refers to the organization that develops and maintains most or all of the computer systems in the enterprise so that managers can make decisions.

    The purpose of the MIS organization is to provide information systems to different levels of managers: Strategic, Tactical, and Operational levels. The types of information may differ based on management levels. Strategic management requires information for long-term planning and corporate strategy, which may be less structured. Tactical management focuses on improving profitability and performance by making short-term decisions.

    Operational direction requires information on the administration's 24/7 operations.


    In conclusion, I have examined the process of making business decisions. Initially, I employed various methods to gather data and analyzed the information collected. I then created a sample questionnaire based on the given example. Next, I discussed the presentation of data using tables and concluded with using the information for decision-making purposes.

    Afterwards, I proceeded to assess the pros and cons of Intranet and its effectiveness in managing inventory. I also discussed various inventory management techniques employed by organizations. Ultimately, I reached a conclusion regarding the investment decision scenario at hand. This report enabled me to gain a clear understanding of all the subjects covered in the lectures, and I found it to be helpful.

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