Business Decision Making
The business decisions are taken by management with the use of the gathered information. In order to gather information research has to be performed. Research is processed with the help of the survey and for data collection questionnaire is utilised. There are various aspects also get utilised such as tools and techniques of calculating average such as mean, median and mode. For better and influencing decision making management make use of percentile as well as correlation. To present the data in front of management information get represented in the form of graphs as various tables and different graphs are utilised such as pie chart, bar graph and many more. Graphical representation helps in making easy understanding over the information rendered. In order to make profitability evaluation there are various investment appraisal techniques of capital budgeting get utilised.
a) Planning is an important aspect of business. Based on the company you have chosen, you will create a plan to outline how you will collect secondary and primary data based on a defined business issue or problem.(AC 1.1)
Planning: It is the effective process of making plans in order to execute or attain something.
Problem statement: The “Pepsi Co.” management is facing various issues and not satisfied with the overall performance as they are continuously failing in meeting their set operational objectives. Pepsi Co is the largest soft drink chain and manufacturer of various kinds of soft drink for their customers. Management noted down that they are facing downfall in their sales and there is effective decrement is observed in their customer retention ratio. In order to gather data they conduct the research with the base of decrease in sales(Weygandt, et. al., 2015).
Primary data collection:
In order to collect the primary data they need to follow the below plan:
Firstly, management need to target the market or relevant population who are consuming their products.
Secondly, they need to select the mode of data collection such as survey or interviews or observation method or experiment. For example survey is selected for the purpose of data collection.
Thirdly, they need to get ready with the proper and required documents such as in case of survey they require questionnaire and for interview purpose they require some set of questions.(Weygandt, et. al., 2015)
Fourthly, set the time period for the data collection with the use of the survey program.
Fifthly, conduct the survey over their targeted population and collect the information with the use of the questionnaire.