Good Decisions and Information in Business

1167 Words3 Pages
bulb-icon

Recommended: Importance of decision making in our life

Introduction
In business, making good decisions requires the effective use of information. Business Decision Making provides the opportunity of learning a variety of sources and develops techniques in four aspects of information: data gathering, data storage, tools available to create useful information and presenting. Moreover, using appropriate IT software and spreadsheets for data analysis and the preparation of information provides the advantages of using information systems which is currently used at all levels in every organization.
ABC Estate Agent, which is a small estate agent focusing exclusively on sale of residential properties based in Ilford. The firm has 8 staff members and an office manager, who is also the owner of the business. Out of the 8 staff members, 4 of them work in sales team, 2 in liaison team and another 2 staff members make up of property acquisition team. The ABC Estate Agent experienced high staff turnover as the staff were not satisfied with the level of remuneration and bonus paid to them.
1.1 Prepare and implement a plan for the collection of primary and secondary data.
According to Kotler and et al (2008),“Marketing research is the systematic design, collection, analyze and reporting of data relevant to a specific marketing situation facing on organization.”
Primary Data
Primary data is specific information that is collected directly by the person who analyze the data and information also doing research. Primary data are collected for the first time. This data has not been published before collection. According to Avasarikar et al (2007) “It is the data collected for as purpose or for a particular objectives. It is customized according the requirements of the researcher. It exclusively focuses on...

... middle of paper ...

...artment
0
£349,999
2
1
Terrace House
1
£370,000
2
1
Terrace House
1
£375,000
2
1
Terrace House
1
£395,000
3
2
Terrace House
1
£444,950
3
1
Semi-detached
1
£450,000
3
1
Semi-detached
1
£499,950
3
2
Semi-detached
1
£469,950
3
1
Semi-detached
1
REQUIRED:
Property type
Average price- Mean
Average price- Mode
Average price- Median
2 bedroom flat
235,970
NO MODE
215,000
3 bedroom flat
260,475
NO MODE
264,975
2 bedroom terrace house
364,999
NO MODE
370,000
3 bedroom terrace house
395,000
NO MODE
395,000
3 bedroom semi-detached house
466,212
NO MODE
474,975
BUSINESS DECISION MAKING NELSON COLLEGE 10/12/2013
ELENA RAMONA BOTEZ Page 7
A.C.2.2. Analyse the above results to draw valid conclusions as to how much should be budgeted to buy a 4 bedroom terrace house with 4 toilets.
For 2 bed flat I have found out the average mean using the formula and dates from the above scenario:

Show More
Related

  • Insurance in the US Industry Market Research

    1102 Words  | 3 Pages

    Marketing research is the systematic design, collection, analysis, and reporting of data and its findings relevant to the specific marketing situation that a company faces (Kotler, 2012). By researching the motorcycle rider, Allstate is able to identify who they are and what they experience. In 2008, Allstate conducted a “Who’s Behind the Helmet” survey. They defined their qualifications as a motorcycle owner who is 18 years of age or older with an income of $50,000 or more. (Floyd, 2008). The 500 person sample size produced insightful and interesting details for Allstate. Jeff...

    Read More

  • Life In New York Tenement Houses

    1681 Words  | 4 Pages

    There are three distinct classes of houses in the tenement-houses; the cheapest is the attic home. Three rooms is next and is usually for very poor people. The vast majority of respectable working people live in four rooms. Each of these classes reflects the needs and resources of the renters in that the attic home, for example, is generally one small room and is usually rented out by a lonely elderly person with not much money. Three rooms generally consist of a kitchen and two dark bedrooms and are usually rented out to very poor people who have a family. Four rooms generally consist of a kitchen, two dark bedrooms, and a parlor and are usually rented out by respectable, hard working families.

    Read More

  • Qlt1 Task 1

    268 Words  | 1 Pages

    Marketing research has become a very important part of small businesses and large corporations gaining information about their customers and how they feel about their products and services. According to Philip Kotler, "Marketing research is systematic problem analysis, model building and fact-finding for the purpose of improved decision-king and control in the marketing of goods and services (Kotler & Keller, 2012)”. The initial step in the marketing process is to identify the problem the company is having and then decide the way the marketing team would like to conduct the research. The marketing team will devise a plan on how to gather the information and set a budget for the research project. In the planning of how they will conduct the

    Read More

  • Glengarry Neighbourhood Case Study

    365 Words  | 1 Pages

    1. The Glengarry Neighbourhoods for the pHQ2011 on the histogram overall exterior housing quality percentages in 2011states the maximum percentage on the X-axis is 100 percent and the minimum percent on the X-axis is -100%. The maximum number on the Y-axis is 199 houses (-10% -0% class) and the minimum number on the y-axis is 2 houses (-90% to -80% class). As the class width along the X-axis is 50 percent divided into 5 bars. Therefore that will give us a 10 percent class width.

    Read More

  • The Influence Of Vernacular Architecture In Latin America

    1359 Words  | 3 Pages

    There is a four room style home, which is quite compact, a back of the lot home which runs widthwise , and another similar to the back of the lot home but it run lengthwise. The initial homeplan is reminiscent of the compact central corridor model, which is the most popularly implemented plan historically. The other two types are derived from service buildings generally used during colonial times for residences, and they have very simple construction detailing. Through recent surveys conducted throughout many regions, the simple and compact four room house has been shown to be significantly more popular than any other type. The preferred utilization of the four rooms includes a kitchen, living room, bathroom, and a double bed room. These houses also generally remove the central hallway which was inspired and erected during the colonial days. Many houses hold the same similar setup with small variances. The area of the rooms generally are greater than that of public works projects, and possible options on the local market, and these room sizes generally vary depending on the function. That being said the averages come around to being 14m² for the living room, 12m² for the bedrooms, 13m² for the kitchens, and 4m² for the bathrooms. The house average for many of the favelas goes to around 65m². Now clearly this can vary greatly per household, but provides a general idea of what a favela is sized up to be and what can be

    Read More

  • Decision Support Systems in Organizational Decision Making

    822 Words  | 2 Pages

    Decision making refers to the process of finding and selecting options according to the priorities and values of the person making the decision. Since there are many choices involved, it is important to identify as many options as possible so as to pick the option that best fits a company’s target, goals, values and vision. Due to the integral role of decision making in company growth and financial progress, many firms such as Amazon.com and EBay are pumping in huge investments in business intelligence systems, which are made up of certain technological tools and technological applications that are created for the purpose of facilitating improved decision making process in business. In this paper, I take a critical look at Decision Support Systems and how they affect organizational Decision making.

    Read More

  • Business Intelligence

    340 Words  | 1 Pages

    Currently, businesses want to use the information effectively for competitive advantage to make better decisions that improve and optimize business processes, predict the market dynamics accurately, optimize forecasts to adequately maintain resources to name a few reasons.

    Read More

  • Theoretical Literature Review: The Definition Of Poverty

    1040 Words  | 3 Pages

    P0=Np/N where P0 is proportion of house hold that counted as poor, Np is number of poor house hold and N is sample size.

    Read More

  • Marketing In Global Marketing

    1565 Words  | 4 Pages

    The main aim of this discussion is to discuss the main aspects that are very important in planning and implementing the activities of marketing in the global context. Once all the issues have been addressed, the organisation then needs to plan out the global marketing strategy. Marketing research is the core area of marketing, as the entire marketing strategies depends on how well the organization has conducted the research of the market. Mar...

    Read More

  • Marketing In Digital Marketing

    985 Words  | 2 Pages

    Marketing Analysis is “the study and evaluation of market trends. The goal is to determine what products a company should produce and how to sell them. Business strategies and tactics

    Read More

  • Decision Making Essay

    875 Words  | 2 Pages

    The process of making choices amongst the available alternatives/information to get a desired objective is defined as Decision Making. Designing a proper organization and being organized management team, the personnel have to be an efficient and effective decision maker. Not all the decisions made are always ‘correct’, as it totally depends on the nature of the information that the decision maker has. Thought it might be accurate information at times, but then still it is never sure of getting the correct decision as other factors like nature, third party etc come under consideration.

    Read More

  • Marketing Research Literature Review

    1253 Words  | 3 Pages

    Briefly it is a systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company, allows management to make the changes necessary for better results through adopting a proactive approach. Therefore, if a company wants to know what type of products or services would be profitable it should make a market research. Furthermore, a comprehensive research will enable the company to know about the product imperfections (if there are) and to know if it has been able to satisfy customers’ needs. It attempts to provide accurate information that reflects a true state of affairs. Due to market research the company can formulate a viable marketing plan and estimate the success of its existing plan. There are two main sources of marketing research information:

    Read More

  • The Impact of Information Technology on Individuals, Society and Organizations

    1188 Words  | 3 Pages

    Curtis G. & D. Cobham (2002: 4th edition) Business Information Systems: Analysis, Design and Practice. Essex: Pearson Education Limited

    Read More

  • Operations Management Reflection

    2516 Words  | 6 Pages

    Some decisions prove to be vital and any miscalculation that may be involved may prove dire for the individual or the organization. In identifying the criterion to use while evaluating different decisions, many factors pertaining the structure should be considered. The pros and cons of every decision made should be evaluated to ensure that the option chosen has the most positive effect on the individual and the organization. Some of the activities that may require keen decision making include project development, finance and operations. With the knowledge attained it will be easier to cope with tough decisions that may come up in my career. Decision making models may be generated to give an in depth view to the problem and also provide critical analysis ability. It is also vital noting that for those in managerial positions, they face a bigger task in decision making. A good understanding of the business function and structure will provide an in depth knowhow to those that have studied the

    Read More

  • The Importance of Marketing Research

    1013 Words  | 3 Pages

    The American Marketing Association defines marketing research as “The systematic gathering, recording, and analyzing of data with respect to a particular market, where market refers to a specific customer group in a specific geographic area.”(McDaniel & Gates, 2006, p 6)

    Read More

More about Good Decisions and Information in Business

Open Document