BUSINESS DECISION MAKING

Business Decision Making

Business Decision Making

Introduction Strategies cover defining the business purposes or aims, generating the overall plan and established a complete chain of command of tactics to incorporate and organized. In the given garden business, they sell plants and other items on customary demands. The organization have stereotyped business they need to advanced their business and making strong marketing strategies which explored the garden business. 1. Solution Proceed towards the mathematical and graphical presentation, it is better to clear the basic concepts of basic statistics.

Mean In statistics, the mean is as a sum of the overall population and then divided by the total number of observation. Mean is as a good approximation for forecasting consequent statistics points. The formula of the mean is as:

Through Excel, we can find mean by using the following command

=Average (starting cell, ending cell)

Median In statistics, median is as the middle value of overall observation. But first we have to arrange all the data in ascending order. Mostly observation, which provided for finding the median, is odd and even. For odd data case, arrange all the observation in an ascending order and the middle most value is the median value of the given data set. In an even case, first arrange all the data in an ascending order then add the middle two values and divide by 2 will give you the median value.

For odd data, the formula of median is n/2

For even data set the median formula is n1 + n2/2

In excel We can find the Median value by using the command,

=Median (starting cell: ending cell).

Mode The most repetitive value in the observation is as the Mode value. In excel, we can find mode value by using the command,

=Mode (Starting cell: Ending cell)

Percentile A percentile is as the value of the given variable under which a definite percent of overall observation fall. For example, the 25th percentile is the given value below which all the values less than 25 or equal to 25 is found (Sprint hall & Stephen, 1990).Data Analysis

Statistics

Age

N

Valid

20

Missing

0

Mean

43.40

Median

41.50

Mode

23a

Sum

868

Percentiles

25

34.00

50

41.50

75

56.00

a. Multiple modes exist. The smallest value is shown

Analysis

The table shows that 23 is the most repetitive value in the overall given population, mean value of overall population is 43.40 which shows the stability of the observation. The percentiles value evaluates the different analysis of overall percentage.

Age

Frequency

Percent

Valid Percent

Cumulative Percent

Valid

18

1

5.0

5.0

5.0

23

2

10.0

10.0

15.0

28

1

5.0

5.0

20.0

34

2

10.0

10.0

30.0

37

1

5.0

5.0

35.0

39

1

5.0

5.0

40.0

40

1

5.0

5.0

45.0

41

1

5.0

5.0

50.0

42

1

5.0

5.0

55.0

45

1

5.0

5.0

60.0

48

1

5.0

5.0

65.0

50

1

5.0

5.0

70.0

53

1

5.0

5.0

75.0

57

1

5.0

5.0

80.0

61

2

10.0

10.0

90.0

66

1

5.0

5.0

95.0

68

1

5.0

5.0

100.0

Total

20

100.0

100.0

Analysis

The graph shows that the shape is Symmetric.

Graphical Representation of Age Respondents

Analysis In this graph, the age of the respondent is not same. It is different and minimum age is 23 years while the maximum age is 61. The age of the respondent is fluctuating, and the trend line shows that, values are moving at the increasing position.

2. Index of Years

Years

Price

2008

100

2009

108

2010

115

2011

127

2012

139

Index Price-Index

Taking 2008 as a base value.

Simple aggregate Price index = ?p1/?p0 * 100

2008

100/100*100

2009

108/100*100

2010

115/100*100

2011

127/100*100

2012

139/100*100

Year

2008

2009

2010

2011

2012

Price-Index

100

108

115

127

139

For 2013

We can find the value of 2013 sales price by using the values

=139-127/127 * 100 +139

= 148.45

For 2014

We can find the value of 2014 sales price by using the values

= ...