Business decision making Essay Example | Topics and Well Written Essays - 1000 words

Business decision making - assay ExampleThe study will also put into consideration the sales value of the organization and factors impact sales by use of graphs. In addition, measure of performance of the organization will be of a lot concern and various methods will be used. Some of those methods include mean, mode, median, standard deviation, Variance, correlation coefficient, rage and force out present value methods.1.1) Primary data usually gives firsthand information about the target market. When coming up with a syllabus for the following should be considered question method, contact methods, sampling plan and research techniques and instruments. These methods of collecting data differ from those of vicarious methods. In primary research a clear plan of contacting people who will participate will be decided on. This may include the use of surround interviews online surveys and other mediums to find out customer preferences from prospect customers. The sampling plan wi ll involve winning 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 reclaimable 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, particular 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 Secondary data may be outdated thus may give wrong projections, may contain errors, may not be easily accessible and aptitude be of low quality (Mooi, and Sarstedt, 2011).1.2) The sampling frame refers to the target group which researchers dismiss use to halt 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 i nto two main categories which includes