Research is very important for every business to know the past performance and current trend of the market. On the basis of this company predict the future trend of business as well. The present project of business decision making is based on the Mark & Spencer company which operates in retail sector worldwide and general merchandise. The report describes that how the business performance can be measure through the statistical tools such as mean, median, mode, standard deviation and correlation. Here the revenue is considers of company to do research. The reports show the graphical representation of analysis. It shows the critical path method as well as financial tools by which company make the business decisions.
1.1 Creating a plan for data collection
Data collection is a process for collecting and measuring the information of any segment. Data are collected from two major sources that are primary sources and secondary sources. Data collection is one of the most important component of the business which collects all the information of past and current. It helps to the business in gathering the informations. The researchers are doing research for collecting the past informations and to know the current trends of market (Heintz, Belaud and Gerbaud, 2014).
1.2 Survey methodology and sampling techniques
For survey in the present report, sample of 50 people will be taken for research. Questionnaire will be distributed among these 50 people to collect informations. There are various sampling techniques for survey which are given as below:
Stratified Sampling Method: It is one of a method of sampling techniques in which sample is taken from population on the basis of the demographic factor. In this the people are grouping in order to gender, age, marital status, occupation, income, education etc.
Cluster Sampling Method: Another method of sampling is cluster sampling method where the researcher take sample from population on the basis of geographic areas.
Simple Random Sampling Method: Simple random sampling method is well known and very simple method for survey or research. In this method sample is taken randomly among the population (Morita and et.al., 2014).
Convenience Sampling Method: Last method of sampling is convenience sampling method where investigator take sample from population according to its convenience.
Mean: Mean is a statistical tool which gives the average value of overall data. Mean is very important tool for analysing business performance in terms of profit (Govindan and et.al., 2015). In this the current value is compared by the average value.
Median: Median is another one of the important tool of descriptive statistics. In median the entire divides into two parts for analysis. The median tool is to be used in that situation where data is too much huge, not possible to identify various trends and there is no possibility to divide data into two parts.
Mode: Apart from above both analytical tools, mode is also one of the most important analytical tool which used to analysis (Akpalu, Alnaa and Aglobitse, 2012). This is most widely used method in statistics.
4.1 Information processing tools
Management and decision support system: This is the system that is used by the managers in which a huge set of values are processed and output is generated which is used to make business decisions (Stanková, 2012). It can be said that both information systems have significance for the business firm.
Excel: It is a system that is used to perform complex calculations and building models related to LPP and sensitivity analysis etc. This tool is widely used by firms irrespective of their size.
Transaction processing system: It is a system in which cost-related facts and figures are saved. Reports are generated in this information system which is used to make cost curtail related decisions
4.2 Network diagram
Project management is considered the most important aspect for business in order to implement any kind of business in a short time span and deliver a good quality of services to a large number of buyers.
Furthermore, most of the management ensure to impart training for personnel so they can effectively manage the allotted task. This proves to be effective to create competitive edge of the business in the marketplace.
I) Critical path of the project- Moreover, activities covers in critical path of the present project are; 1+2+3+6+7+8+9=100. It is showing that project was to be completed in 120 days however application of critical path make it more easier to save overall time.
II) The planned duration of project in weeks- The planned duration of project will be 17 weeks and some additional time. However, this time reduce to a great extent because critical path method would reduce total 20 days from entire project.
III) Non-critical tasks and float on each
Float for each non-critical and critical activities are covered in the following table. It assists management to take decision accordingly.
4.3 Investment appraisal tools
Investment appraisal techniques play an important role in the selection of the right project. In order to select an appropriate project for a business company follows the different techniques such as net present value method and the internal rate of return.
1. Net present value method
It is the most effective method to assess the value of project, Under this, total present value of project is calculated by considered discounting factor and accordingly value of project is derived. It is considered as the most effective method because present value of money is considered and investment decision is taken.
2. Internal rate of return method
This is another method to assess the value of project on the basis of rate of return (Alpert and et.al., 2012). According to the following information, it has been found that project.