BUSINESS DECISION MAKING

Business Decision Making

Business Decision Making

Task 1

1.1

In order to conduct a research study effectively, on the Company X the researcher is available with two types of data collection methods. These two types include primary and secondary research methodologies, respectively. The primary data is the one which the researcher collects for the very first time. There are different instruments used to collect the primary data such as questionnaire, survey and interviews. On the other hand, the data which has been already published once is called secondary data. The secondary research approach uses data collected from various secondary sources, such as business records and other databases of the company.

1.2

Research in the field of management sciences has suggested that questionnaires and surveys are well established techniques for assessing a particular project's risk factors. The general analysis of survey tools indicates that they are most beneficial and are easy to develop as well. The survey method uses specifically developed questionnaires to look into the concerned aspects. The amendable nature of these questionnaires makes it even more advantageous as a questionnaire can be changed as per the requirements to incorporate all areas of concern.

Owing to the ease of data collection that this method offers, a considerable amount of data can be collected in less amount of time. Along with their ease of administration, they also allow simple scoring which makes it easier to draw conclusions, as compared to other methods of assessment. Moreover, this method of assessing potential risks is cost effective and can be administered to individuals who cannot participate directly. Such individual's feedback can be included by accessing them through other medium, such as, internet, telephone or even through mail.

The large sample size and the inclusion of people belonging to a diverse variety of backgrounds ensures that the conclusions drawn can be generalized to a larger proportion of the population with no or minimal chances of error. Also, by addressing numerous questions in the questionnaire, a data that is extensive and flexible in nature can be gathered with reduced geographical dependence.

1.3

The process of risk assessment refers to the method of analysis aimed to clarify the nature and size of potential risks for a particular organization. Once the possible impact of all risks has been identified it is essential to assess them so as to design and implement the best strategies to overcome the harm that they can cause.

In this regard, a risk survey is designed to evaluate the potential risk factors that may be prevalent at a particular site and can be reduced with the development and implementation of appropriate control strategies. The Company X used this method to collect large amounts of information regarding their organizational setup and the progress of their ongoing or to-be implemented technical projects. The survey they utilized has been mentioned below;

Task 2

2.1

Measures of Central Tendency

Range = Max - Min = 493 - 209 = 284

Mean = 334.72

Median = 322.5

Mode = 430

Measures of dispersion

Range = Max - Min = ...