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Business Decision Making

Autor:   •  December 22, 2017  •  3,195 Words (13 Pages)  •  223 Views

Page 1 of 13

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Creating plan for the collection of Secondary data

It is basically a organized source of data collection. From many journals, magazines, newspaper, case studies, research papers etc we can collect our data. TFL can also use this source for historical data collection (Freund, 1967).

P2 Present the survey methodology and sampling frame used for the collection of data in P1 (AC 1.2)

Survey methodology

In a survey methodology we should first chose a sample out of population. Then we will apply various data collection techniques. As TFL has numerous passengers it is impossible to collect data from all. So firstly we will choose a sample. There are some approaches also i.e. written forms, interviews etc. (Harper, 1991).

Then TFL should decide the modes of data collection. In this way TFL will collect the desired data. One important thing is that the response from passengers should be in a decent way and nonresponsive answers should be reduced.

Sampling Frame

Sampling frame means the exact source of data collection. For TFL the sampling frame would be the persons or passengers who used to travel with this travelling agency’s train and faced with the stated problem (Hernandez and Proth, 1982).

P3 Design a questionnaire for the business problem as identified in P1 (AC: 1.3)

In simple words questionnaire is a list of meaningful questions that is presented for answers. This will help the decision maker of TFL to sort out the exact problem and its extent (Balakrishnan and Stecyk, 1997).

1. Name ………………………………………………….

2. Age? …………………………………………………

3. Gender? ………………………………………………

4. Occupation?…………………………………………………

5. Do you frequently travel By (TFL)?

A. Yes B. No

6. How many times you travel on TFL ? ………………………………………………..

7. Is the services provided by TFL are satisfactory?

A. Yes B. No

8. How do you purchase your ticket?

A. Directly from ticket counter. B. Through online travel agency

9. How many times you have to wait for the train? …………………………………..

10. Which of the following words would you use to describe our services?

A. Reliable B. High Quality C. Useful D. Unique E. Overpriced F. Low quality

11. What is your future expectation from us?…………

Part B

To know the opinion of customer and market the manager of Transportation for London TLC survey on 40 and after considering the opinion of 40 people will take the effective decision for improving the company current position and transportation system.

2

5

5

2

15

5

8

10

2

10

15

15

11

10

45

45

9

10

13

15

40

40

35

22

22

22

43

26

26

33

33

9

9

19

11

24

9

15

15

17

Source: NCL (2015)

The above information is given to prepare the frequency table with a class interval of six so based on this data solution has been made the next pages

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P4 Create information for decision making by summarizing data using representative values (AC: 2.1)

Solution

Opinion

Frequency

2 – 8

6

8 – 14

12

14 – 20

8

20 – 26

4

26 – 32

2

32 – 38

3

38 – 44

3

44 -50

2

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