Business decision making in different ways

Business finding devising in different agencys1.0 IntroductionThis forge is not entirely done for the sake of submitting as we ar asked to muchover in ilk manner to foregather intimacy by a lot of means in deuce practical and theoretical ways. Text books and study guides r egress outnot give complete association to any student. And I believe that the assignments atomic issue forth 18 given for students to gain additional practical knowledge from the wide world around. In the study of wrinkle decision do us mainly focus on the knowledge of different methods of selective knowledge analyses and how it is utilizable for business contest and then the launching of info in an appropriate way to authorize decisions and predictions. Its purpose is to micturate better finding of different business issues and the ways to tackle them. This project report is under the wide browse of business decision making of an organization. We devour discussed re placeative measure s and measures of dispersions and the difference between them and how they argon manipulationd to escort reading in a useful manner. After that we use graphs to present the data in order to make them slow then exploitation the graphs I draw some last for business purposes. Fin each(prenominal)(a)y we pay back given some solutions for a companion which is encountering problems in telecommunications and neckcloth control. I look at discussed the public utility company of intranet in the process of inventory control to pound from poor inventory man senescement. Also I have provided some solutions by comparing deuce proposals using DCF and IRR techniques and clearly mention which proposal the company should adopt in order to enhance its inventory control efficacy effectively. This report helped me to apply the theoretical knowledge into real world examples and gauge the advantages and disadvantages and make business decisions.2.1Collecting and maintaining the aesculapian data and Medical Records.In fresh clinics and hospitals, and in to a greater extent public health departments, data in each of these categories rouse be found in the records of individuals who have received operate there, exclusively not e very the data atomic mo 18 in the corresponding file. Administrative and economic data are ordinarily in develop files from clinical data both are cerebrateed by personal rateing selective training. Behavioural information, such(prenominal) as the concomitant that an individual did not range h oldish prescribed medication or fails to keep appointments can be extracted by linking facts in a clinical record with the records of medications dispensed and/or appointments kept. Records in hospitals and clinics are nighly computing machine- affect and stored, so it is technic aloney feasible to extract and crumple the relevant information, for instance, occupation, diagnosis, and method of payment for the do that was provided, or b ehavioural information. such(prenominal) analyses are often conducted for r come forthine or for research purposes, although there are some ethical constraints to protect the privacy and preserve the confidentiality of individuals. ancient sources- Primary data sources are where YOU yourself have collected the data and it is not psyche elses. For example a questionnaire created by you and handed out to the specific people, is a primary source. You can then use them to prove a plastered hypothesis and pardon a situation.Statistics, Surveys, Opinion polls, Scientific data, TranscriptsRecords of organizations and government agencies utility(prenominal) data- junior-grade data are indispensable for roughly organizational research. Secondary data refer to information gathered by someone other than the researcher conducting the current study.BooksPeriodicals government publications of economic indicators, Census data, Statistical abstracts, info bases, The media, annual reports of c ompanies, Case studies Other archival records.2.2 information parade methodological analysis and QuestionnaireRecords of give births and DeathsVital records (certifications of births and deaths) are similarly computer-stored and can be analyzed in many ways. Collection of data for birth and death presents relies on the fact that recording of both births and deaths is a legal obligationand individuals have goodish reasons, including financial incentives such as collection of insurance benefits, for completing all the formal procedures for certification of these decisive events. The paper records that individuals require for various purposes are collected and collated in regional and national offices, such as the U.S. content Center for wellness Statistics, and published in monthly bulletins and annual reports. Birth certificates record details such as full name, birthdate, names and ages of parents, birthplace, and birthweight. These items of information can be utilize to cons truct a unique duration of numbers and alphabet letters to identify each individual with a high degree of precision. Death certificates contain a great allocate of valuable information name at birth as well up as at death, age, sex, place of birth as well as death, and cause of death. The personal identifying information can be used to link the death certificate to other health records. The reliability of death certificate data varies according to the cause and place Deaths in hospitals have usually been preceded by a sufficient opportunity for investigations to yield a sure diagnosis, besides deaths at home whitethorn be associated with illnesses that have not been investigated, so they may have tho patchy and incomplete old medical records or the family doctors working diagnosis, which may be no to a greater extent than an educated guess. Deaths in other places, such as on the driveway or at work, are usually investigated by a coroner or medical examiner, so the information is reasonably reliable. Other vital records, for example, marriages and divorces and dissolution of marriages, have less direct utility for health purposes but do shed some light on aspects of social health.Health SurveysUnlike births and deaths, health surveys are experienced by only a sample of the people but if it is a statistically representative sample, inferences virtually(predicate) findings can be generalized with some confidence. Survey data may be collected by asking questions either in an spoken interview or over the telephone, or by giving the respondents a written questionnaire and collecting their answers. The survey data are collated, checked, edited for representency, processed and analyzed generally by means of a package computer program. A very wide variety of data can be collected this way, covering details such as past medical events, personal habits, family history, occupation, income, social status, family and other support ne devilrks, and so on. In the U .S. matter Health and Nutrition Surveys, physical examinations, such as blood constrict measurement, and laboratory tests, such as blood chemistry and counts, are carried out on a subsample.Records of medical examinations on school children, military recruits, or applicants for employment in many industries are potencely another useful source of data, but these records tend to be scattered over many different sites and it is logistically difficult to collect and collate them centrally.Health Research dataThe depth, range, and scope of data collected in health is diverse and complex, so it cannot be call uped in detail here. Research on fields as diverse as biochemistry, psychology, genetics, and sports physiology have usefully illuminated aspects of population health, but the problem of central collection and collation and of making valid generalizations reduces the usefulness of most data from health-related research for the purpose of delineating aspects of national health.Un obtrusive Data Sources and Methods of CollectionUnobtrusive methods and indirect methods can be a well-fixed source of information from which it is sometimes possible to make important inferences about the health of the population or samples thereof. Economic statistics such as gross gross sales of tobacco and alcohol endanger national con touchstone of moneyption patterns counting queen butts in school playgrounds under collected conditions is an unobtrusive way to get a very savage measure of cigarette consumption by school children. Calls to the police to coiffuretle domestic disturbances provide a rough measure of the prevalence of family violence. Traffic crashes involving police reports and/or insurance claims reveal much about aspects of risk-taking behavior, for example, the dangerous practice of using cell phones enchantment driving. These are among many examples of unobtrusive data sources, offered merely to illustrate the potential value of this approach.The ques tionnaire contains something in each of the following categories Personal identifying data name, age (birth date), sex, and so on. Socio-demographic data sex, age, occupation, place of residence. Clinical data medical history, investigations, diagnoses, treatment regimens. Administrative data referrals, sites of care. Economic data insurance coverage, method of payment. behavioral data adherence to the recommended regimen (or otherwise).3.0 Data AnalysisRepresentative Values.These are in addition called as measures of repair or measures of central tendency. They indicate the canter or most typical value of a data mystify lies. This includes three important measures mean, normal and way of life. Mean and median can be only applied for quantitative data, but mode can be used with either quantitative or qualitative data.MeanThis is the most commonly used measure which is the average of a data posit. This is the sum of the observations divided by the number of observations.Adva ntages of mean-objective tardily to calculate Easy to check Calculated from all the data.Disadvantages- touch by-outlying set May be some blank space from most values.MedianMedian of a data set is the number that divides the bottom 50% of the data from the top 50%.Advantages- Easy to realise Give a value that actually occurred not being affected by outlying values.Disadvantages- Does not consider all the data do-nothing be used only with cardinal data. Not slowly to use in other analyses.ModeMode of a data set is the number that occur frequently ( more(prenominal) than one) Advantages- Being an actual value Not affected by outlying valueDisadvantages- Can be more than one mode or none Does not consider all the data Cannot be used in further analyses.Comparison of mean, median and mode For this garage, its representative values are as follows,Mean- 335Median- 323Mode- 430As we can see mean and median does not vary drastically, but mode on the other hand varies.Here the propri etor has to select which impairment he has to charge among all these.Mode is very high and it doesnt consider all the values, so if the owner charge 430 it will be pricy and the customers may switch to competitors. Therefore, owner should not choose mode.Now the selection is between mean and median. Both of them look reasonable and close to most of the cost in October. Median is usually preferred when the data set have more extreme observations. Unless it is likely to select mean because it considers all the data.From the overview of the cost in October it doesnt have extreme values at all. So the mean value wouldnt have affected much.Therefore it is advisable that the owner chooses the mean value of 335Measures of DispersionRepresentative measures only indicate the location of a set of data and two data sets can have same mean, median and mode. In that case we cannot make any decision using representative values. To describe the difference we use a descriptive measure that indica tes the amount of variation which is known as measures of dispersion or measures of spread.This includes the following measurements Range-Range is simply the difference between the highest value and the lowest value. It is easy to calculate and derive, but it only consider the largest and smallest value and ignore all the other values and it is highly affected by extreme values. Quartile range- Quartile range is the difference between 3rd quartile and 1st quartile. It is also easy to calculate, but it does not consider all the values in a data set so it is not a good indicator. Variance and bill Deviation- Variance measures how far the observations are from the mean. This is more important statistics because it considers all the observations and is used for further analysis. Standard deviation is the square root of chance variable. Both variance and standard deviation provide useful information for decision making and making comparisons. From the calculation range is 284 and quar tile range is 170, but because of the defects of them we cannot use them to subtract further decisions. Variance is 8426.9 and standard deviation is 91.79. From the figures we can see observations are highly deviated from the mean. Variance and Standard deviations are used to compare two data sets. So the owner of this garage can compare these two figures with a similar garage or the cost of November and make decisions such as select the price which has smaller variance and standard deviation.Quartiles and percentiles also like representative measure. They indicate the percentage of value infra a certain value i.e. 3rd quartile indicate 75% of the observations are below a certain amount and 25% of observations are preceding(prenominal).Quartiles and percentile values of the garageQuartiles- 1248.5 2322.5 3418.5Percentiles- 75%418.5 50%322.5 60%349.4From the above figures we can see only 25% of the values are above 418 so we shouldnt charge a price above than that if we do so we w ill lose many of their customers. 25% of the observations are above 248.5 so we have to select a price between 248 and 418. forward we have found out the mean which is 335. This is between 2nd quartile and 60% of percentile. So from the use of quartile and percentile we can select 335 as the service price. Thus quartile and percentile help us in decision making.correlation coefficient coefficient measures the strength of the linear relationship between two variables. It is denoted by r. Value of r always lie between -1 and +1. If r is circumferent to +1, two variables have strong positivistic relationship. Correlation and coefficient also helps to make business decisions.4.0 Presentation of InformationTables are good at presenting a lot of information, but it can still be difficult to identify the underlying patterns. Therefore the uses of maps and graphs play an important part in data presentation in an effective way. Graphical method includes scatter graph, interdict charts, line charts, pie charts and histograms.Pie chartsThey are simple diagrams that give a summary of matte data. Each slice of a circle represents one course of study. Pie charts are very simple and can make an impact but they show only very small amounts of data. When there is more data it becomes complicated and confusing. only if using pie charts we can make comparisons. Here we can see the amount of missionary work Trevor plc paid is outgrowth because family 2008 has big proportion in the circle then 2007,2006 and 2005.so we can expect the amount will be higher than 2008 for the next year.Bar ChartsLike pie charts, touchstone charts show the number of observations in different categories. Each category is represented by screen bar and the length of the bar is proportionate to the number of observations. Contrast to pie chart, more amounts of data can be plotted in bar charts. It is easy to make comparisons in different periods with different observations. Here sales of BMW and Mercedes are increasing continuously but sales of other cars fluctuating. Also we can see over all turn over also increasing year by year.Line ChartThis is also another way of data presenting. Here we use line rather than using bar or circles. It is easy to draw line chart and easy to project the underlying burn and make predictions. Area chart also like line chart but it shows the whole amount and shows each category as area. By using area chart we can understand the trend and also make comparisons. Line chart of Trevor plc indicates except Lexus, sales of other cars are increasing. But Mercedes show a dramatic change magnitude from 2006 to 2008. During the period between 2005 and 2006 car sales tend to be steady. From the out come of this line chart Trevor plc mainly focus on BMW and Mercedes to increase its turn over in the forth coming years. Area chart also indicates the same result that line chart shows. Scatter diagram and the trend lineScatter diagram drawn using two variables. Here we draw commission against year. Commission is plot in the y axis and year in the x axis. Scatter diagram explain the relationship between two variables whether they are positively or negatively correlated and whether they are strong or weak. Commission has a positive relationship with year for Trevor plc and the relationship is strong because most of the observation lies walking(prenominal) to straight line. We have calculated the correlation coefficient between commission and year and it comes 0.9744 this indicates strong positive relationship.Trend lines used to understand the underlying trend and make useful forecasting. The trend line of Trevor plc shows upward trend among commission and year. We can predict the commission would be approximately 18000 in 2009 and it would be 18500-19000 in year 2009.6.0 IntranetTo The Board of DirectorsFrom Management ConsultantDate 20.12.2009 playing field Intranet and its evaluationIntranet is a private network that is conta ined within an enterprisingness. 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 branches of the same organisation.Advantages Easy access to internal and external information Improves communication Increases collaboration and coordination Supports associate with customers and partners Can capture and share knowledge Productivity can be increased Margins of errors will be reduced High flexibility It provides with apropos and accurate information It allows communication within the branches of the organisation.Disadvantages Installation can concern can be expensive. This may reduce face to face meetings with clients or business partners.7.0 Management Information SystemManagement information dodging (MIS) is a system that a llows 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 goal of the MIS organization is to deliver information systems to the various levels of managers strategical, Tactical and Operational levels.Types of Information vary according to the levels of management.Strategic management will need information for long term homework and corporate strategy. This will be less structured.Tactical Management need to take short term decisions to focus on improving profitability and performance.Operational management needs information on mean solar day to day operations of the organisation.11.0 ConclusionFinally, I would like to conclude my report on Business Decision making. Firstly, I star ted with various method of data collection the analysis of the data gathered and prepared a sample questionnaire establish on the example used. Then the presentation of data through tables have been discussed and continued with the information for decision making. Afterwards, I moved to evaluate the advantages and disadvantages of Intranet and its usefulness in controlling inventory. I also discussed about various inventory control methods used by organisations. Finally, I drew a conclusion on the investment decision scenario given.This report made me clearly understand all the subject areas I learnt in the lectures and I found it useful.