... |Pearson BTEC Level 5 HND Diploma in Business | | | |Qualification | |Assessor name |Gopinath Vedula | | |Unit 6: Business Decision Making | | | |Unit Number and title | |Student name |VeselinaLicheva | | | |Criteria Reference |To achieve the criteria the evidence must show that the student is able to: |Achieved? | | | |(tick) | |LO 1 | | | |1.1 |create a plan for the collection of primary and secondary data for a given business problem |X | |1.2 ...
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...Business Decisions Risk I think can be measured. Uncertainty there is not a guaranteed outcome. I believe the business portion of a company does mold it's strategy to be competitive based more on risk. They need to be concerned with payroll, stock, production, location, distribution and anything else that effects price and appeal. They know this risk by market research. If this was a small business, then it would act as the corporate level and also be concerned with uncertainty. The corporate level of a large corporation would deal with diversity, design and implement the mission and polices to be handed down to the business of it's corporation. These are risk but they are know by development of the business plans. The corporate level (also know as the top level) could also be concerned with the competition in order to give direction to the the businesses under the corporation. If a company is located in a certain region that has "X" as the competitor, and another business that sells the same thing but has "Y" as a competitor, corporation could devise a marketing plan for the business to compete against their specific competitors. For instance if Coke's biggest competitor in the US was Pepsi and in Japan it was Jolt, the corporation could devise a marketing plan in order to address the business branch competitors. The top level determines what business we will be in. The middle and lower develop plans to support the top level. What are these called? The business on the...
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...Business Decision Making Final Deborah Barnett QNT/275 09/28/2015 Tracy Sipma Business Decision Making Final The company that our team decided to use was the Honeywell Company, which is an aerospace division for global aftermarket services. This division repairs jet engines and other parts and processes around 1000 orders per week. The problem that we have found with this company is that it has what is called a “Hold Shelf”. This is where orders, products and information is stored or removed from the process. It causes a problem in the inventory and can be very costly. It also causes problems in variation. When these items get placed on the hold shelf then they are considered to be out of the inventory. In order to try and solve the problem we need to consider why these things are happening and what needs to be done to prevent it from happening again. First, we need to find out who is responsible for putting the orders on hold and not putting them back into the inventory. Then we need to find out the reason they are being put on hold. When items get cancelled someone should be responsible for seeing that it gets put back into the inventory instead of put on a shelf and left out of the inventory. Someone else could be looking to order that particular item and if it is not in inventory and sitting on a shelf then the company would be losing money. The sales would increase and the cost would decrease. Last week the data was broke down and we looked at the amount of time...
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...between wrong decisions and bad decisions? Yes there is a difference between a wrong decision and a bad decision; a wrong decision can be surmised as an uneducated guess when you are not privy to the facts of a situation. For instance, guessing what’s behind a closed door. A bad decision is when a person makes a decision with total disregard for all the facts that would guide their choice toward the right outcome. 2. Why do good managers sometimes make wrong decisions? Bad decisions? Good managers will make wrong decisions when they do not have all the facts. Not all managers will have all the information necessary to make the correct decisions especially if the information flow is ineffective in that organization. Communication is a vital part of making the right decisions. Take for example a captain leading his troops in battle; if he is unable to communicate with them; he will be ineffective in giving orders to his men who are scattered across the battle field. Complacency is also another reason for making a wrong decision by not assessing all the options. As most situations are not unique, managers should take reasonable precaution and choose the option that provides the best outcome. If a wrong decision is made, managers should not hesitate to reverse a wrong decision and correct it before it proves more costly. Good managers sometimes make bad decision if they assume that past experiences will suite all current and or future situations. Bad decisions are also born...
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...Making Business Decisions Decision Making Exercise 1 Introduction In this case study, the writer will discuss a personal dilemma encountered when deciding which prepaid mobile plan to purchase and introduce a decision making tool from online site Grid Analysis-Decision-Making Skills Training from MindTools.com (2011) called Grid Analysis. In addition, the report will analyse the advantages and disadvantages of the tool and make some suggestions to improve the quality of the results. Personal or business decision The personal dilemma in this situation is the multiple options of prepaid mobile plans available within the SingTel Optus Proprietary Limited in Australia. These plans are published on the Prepaid Mobile (2013) company pamphlet and they are Prepaid Social, $2Days, Crew Cap and Long Expiry Cap. It is evident from the pamphlet that these plans are equally attractive and above mentioned decision making tool was employed to facilitate the decision process in order choose a best option. Application of decision-making tool In the above mentioned decision tool table, the options are listed in the row labels and the relevant factors in the column headings. Initially each factor with their appropriate options is given a mark from 0%(Poor) to 100%(Good). Secondly, a relative weighting grade is applied to these marks, starting from 0.0(low importance) to 10.0(high importance) by multiplying marks with weighting grades. Finally a total score is calculated by aggregating values...
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...Report on Business Decision Making ( Prity) INTRODUCTION Because of the globalization everyone can do business wherever find profitable place or location, for technological development it become easier and accessible to do business one corner from another corner of the world. Although there is lots or benefits for technological advancement, for operating every business in every place there are some problem also. So for effective business organization should plan for their project. For market research, Abacus Research and Analytics (ARA) a research institute, this institute is going to do a research on consumer behaviors and attitudes towards Food Discount in Retailing by Wm Morrison in Greater London for providing the customer better services. This research will help the organization to take correct and concrete decision for the improvement of customer service for customer satisfaction. Amicus company ltd., Royal company ltd., and . Every company has some problem to operate business although these companies located in good places. These companies want to acquire customer satisfaction by improving customer services. So for better improvement in customer services, Abacus Research and Analytics (ARA) is doing a research for taking correct decision. Abacus Research and Analytics (ARA) collect their information from primary and secondary sources which are authentic as well as accurate, and necessary tools which are relevant to this research used to analysis and calculating data...
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...Assignment front sheet Qualification Pearson BTEC Level 5 HND Diploma Business Student name Unit number and title Unit 6: Business Decision Making Assessor name James Kwok Date issued Completion date Submitted on 5th January 2015 16th February 2015 Assignment title BDM: To start-up a upstairs coffee cafe in the city(2 of 2) Learning Outcome Learning outcome Be able to produce information in appropriate formats for decision making in an organisational context Assessment Criteria 3.1 3.2 3.3 3.4 LO3 In this assessment you will have the opportunity to present evidence that shows you are able to: Produce graphs using spreadsheets and draw valid conclusions based on the information derived Create trend lines in spreadsheet graphs to assist in forecasting for specified business information Prepare a business presentation using suitable software and techniques to disseminate information effectively Produce a formal business report Use appropriate information processing tools Prepare a project plan for an activity and determine the critical path Use financial tools for decision making Task Evidence no. (Page no) 3 3 3 3 4 4 4 LO4 Be able to use softwaregenerated information to make decisions in an organisation 4.1 4.2 4.3 Learner declaration I certify that the work submitted for this assignment is my own and research sources are fully acknowledged. Student signature: Date: In addition to the above PASS criteria, this assignment...
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...Tasneem Shabbir 014101 Unit 6 Business Decision Making Project Report Table of Contents Information Processing Tools 3 Strategic, tactical and operational information 3 Examples of strategic, tactical and operational information relevant to a Banking sector 3 MIS and its relevance in an organization 4 Project plan for an activity and determine the critical path 5 Financial tools for decision making 5 Project Planning Steps 5 Bibliography 6 Information Processing Tools Strategic, tactical and operational information Strategic planning refers to the process through which an organization defines its strategy, allocate its resource and lead the direction that the company will follow to achieve its goals. Strategic Planning is the formal planning for the future and help the company to define: what we do? For whom we do it? How do we successes? Tactical Planning refers to the process of taking the strategic plan and divided into specific activities, short term actions and plans to achieve the planned objectives. Operational Planning refers to the action plan for the day-to-day functioning of an organization. It defines the short term methods to achieve the strategic objectives set while strategic planning is done. In other words, operation planning allows the company to determine how to do it. Examples of strategic, tactical and operational information relevant to a Banking sector Currently, organizations are in the race for enhancing their capability...
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...categories are business environment, strategy, and organizational architecture. Business environment of Andersen includes technology that was used effectively; structure of its markets, regulations which helped Andersen to grow along with its reputation. The second category is strategy which includes Andersen’s primary goals, choice of business, and services. Finally, the last category is organizational architecture which explains how authority is distributed among Andersen’s employees, and how rewards determined. BUSINESS ENVIRONMENT TECHNOLOGY | MARKETS | REGULATIONS | Company started using computers for bookkeeping.Company developed the largest technology practice. | Arthur Andersen was well respected, reputable auditing company for many customers.Early 1950s Andersen entered in computer consulting business. | The federal law in 1930’s which required companies to provide their financial statements to an independent auditor each year helped Andersen’s grow. | STRATEGY Quality audits were valued more than higher short-run firm profits.“Four cornerstones” of good service, quality audits, well managed staff and profits.Auditors were rewarded and promoted for making sound audit decisions. Mid-level partner was making average $160,000 in today’s currency.In 1990s AA formulated a new strategy that focused on generating new business and cutting costs. It included how partners should empathize with clients. | ORANIZATIONAL ARCHITECTURE AA’s both business (auditing and consulting)...
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...Higher Diploma in Business Management BUSINESS DECISION MAKING Unit 6: Outcome 1: Outcome 2: Outcome 3: Outcome 4: Business Decision Making Be able to use a variety of sources for the collection of data, both primary and secondary Understand a range of techniques to analyse data effectively for business purposes Be able to produce information in appropriate formats for decision making in an organisational context Be able to use software generated information to make decisions in an organisation Your assignment consists of two tasks for you to complete. Task 1 will include two parts. Part 1 is scenario based and asks you to prepare a professional report based on your market findings. In Part 2 of the Task 1 you will need to discuss various Management Information Systems (MIS). Task 2 will be based on three time-constrained activities (TCAs). TASK 1, Part 1 – Individual business report Submission date: 21 May 2015 Scenario: Grocery Ltd In business, good decision making requires effective use of information. A Sales Director of Grocery Ltd, the recently established mass retail business in Dubai, seeks information on the grocery market in Dubai in order to make several important business decisions. He appointed you as his consultant to analyse relevant market data/ information and deliver a professional report based on your findings. Grocery Ltd operate several grocery stores in Dubai; all stores were established four years ago. During the past...
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...another knowledgeable CFO to replace him. Another issue brought up in the case is upper management not being unanimous in the approval of this merger. To have any chance for success in this merger, all the upper management has to agree on it because the employees will pick up on any hesitation and it could send the whole process awry. PART II: Using a minimum of 200 words each answer the following questions. (50 Points) 1. Why might Paragon Tool want to pursue acquisition of MonitorRobotics? What are the associated risks? Paragon would want to acquire Monitor to expand its current business capabilities as well as acquire new assets both in human capital and in machinery. The risks could include the chance of failure of the merge, in which case Paragon Tools would be worse off and have to downsize to save its self. Which means people losing jobs, and the company possibly losing business too. 1. Are there other options for growth that Paragon Tool should consider?...
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...Decisions, Decisions As a purchasing agent for Zircon Delivery Services, I am faced with many challenges in my job. One of these challenges includes choosing a potential supplier, out of ten candidates, for upgrading one of Zircon’s computing facilities. Recently, a sales rep for Computer-Whiz approached me with the opportunity to take my family on a trip to the Bahamas. The sales rep indicated that the offer would solely be a way of building a relationship. However, nothing in life is free. Although the sales rep said the trip would be a way of building a relationship, I think the sales rep would expect me to choose his company. I would not only feel guilty, but also unethical taking the vacation knowing that I would not choose Computer-Whiz, as they are not the best option for Zircon. The best solution I believe is to not accept the offer and to objectively choose the supplier that has the best technology for the lowest price. By choosing the supplier with the best technology for the lowest price, it would set up our company up for long-term success. If you choose a company that is cheaper, but does not have the best technology at this point, you are going to have to upgrade the technology sooner rather than later, thus costing the company more in the long run. While choosing the company with the best technology, you will not have to upgrade the computing facility for a longer period of time. I would also not want to risk my boss knowing that I took an offer. He...
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...QNT 275 Business Decision Making Project Final Project Throughout the last five weeks, Learning Team B has researched and gathered descriptive statistics pieces of equipment for Darrin Compton’s future small bakery or café. Darrin Compton is starting a bakery/café. Darrin relayed that news to Learning Team B. Learning Team B decided it would be a good class long project to research and discuss. Each member was assigned a specific type of kitchen equipment for Darrin’s new bakery. The equipment list is as follows: Convection Oven, 10 Gallon Tilting Kettle, 20 quart mixer, 60 quart mixer, a walk-in refrigerator, and a walk-in freezer. From that point, the team worked individually; only consulting with the team and Darrin after we had developed a good piece of research for a specific piece of equipment. Once all of the equipment was sufficiently researched and vetted, the team compiled all of the information in discussion board posts. Equipment for Research: 1) Double Stack Convection Oven 2) Groen 10 gallon Tilting Kettle 3) 20 qt. Mixer 4) 60 qt. Mixer 5) Walk-in Refrigerator 6) Walk-in Freezer Above is the equipment the team researched and developed a solid idea of what was a good price, warranty, shipping estimates, and quality. Some data you can infer from reading reviews and ratings on the various researched websites. How fast do the suppliers ship the equipment? Are the pieces of equipment ready to be shipped? Will the equipment be in...
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...East end Computing & Business College Assignment Title: Unit-6: Business Decision Making Submitted To Submitted By Name: Id: Date of Submission: Table of Contents Introduction 4 Assignment One 4 Q1. A plan for the collection of primary and secondary data for the above scenario 4 Q2. Present the survey methodology and sampling frame used 5 Q3. Design a questionnaire to know the opinion of students and staff on the matter 5 Q4. Create information for decision making by summarizing data using representative values 7 Q5. Analyze the results to draw valid conclusions in the above scenario 9 Q6. Produce graphs using spreadsheets and draw valid conclusions based on the information derived from the survey 10 Q7. Create trend lines in spreadsheet graphs to assist in forecasting so that the college management can forecast what they need to spend in the future 12 Q8. Prepare a business presentation using Microsoft PowerPoint and give a presentation to disseminate information effectively on your findings 12 Q9. Produce a formal business report 12 Assignment Two 13 Q1.a) A frequency table with a class interval of 5 13 Q1.b) Calculation of mean, variance and standard deviation 14 Q1.c) Score corresponds to 50% percentile 17 Q1.d) Calculation of the location of third quartile 17 Q2. Calculation of the Karl Pearson’s co-efficient of correlation between monthly income (in hundreds of pounds) and monthly telephone bills (in pounds) 18 Assignment...
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...Introduction Ethical behavior is generally expected to be conducted within a business by its managers and employees. When business ethics is spoken by business people of it usually means one of three things (1) avoid breaking the criminal law in one’s work-related activity; (2) avoid action that may result in civil law suits against the company; (3) avoid actions that are bad for the company image (Erwin 2011). . Ethical issues in business will occur but can be solved and avoided in many cases that can help a company continue to be successful. Using an ethical decision making process will guide companies and its employees in the right direction to success and respect within the communities they serve. Most people involved in business whether functioning as a small business owner, employee, or chief executive officer of a multination company eventually face ethical or moral dilemmas in the workplace. Such dilemmas are usually complex, for they force the person making the decision to weigh the benefits that various business decisions impart on individuals including him or herself and groups with the negative repercussion that those same decisions usually have on other individuals or groups. What is Ethics? Business ethics is a subject that can be difficult to define. Any discussion of business ethics is a subjective one, for everyone brings different concepts of ethical behavior to the table. These moral standards are shaped by all sorts of things, from home environment to...
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