Georgiana 4 business decision making

Georgiana 4 Business Decision Making

Introduction Financial crisis takes a large toll not only on the people’s wallets, but also on the behaviour and attitude of consumer on spending and saving. So, in order to cope up with the economic conditions like inflation, recession, etc. the people of UK made many changes in their lifestyle that badly effect on the market conditions. To boost up the market condition, the financial institutions only are not enough. There should be effective decision makers in every organization, who can bring change in the consumer behaviour and attitude towards financial activities such as spending, etc. So, this assignment aims to provide some knowledge regarding the importance of decision making towards conducting research. This also guide in gathering information, uses of different financial and statistical tools, etc. that helps in success of the business even in the poor economic conditions.

It is very necessary to gather information from the external environment to get the idea about the market conditions. This can be done by using two types of sources .They are primary sources and secondary sources. But to gather the resources there should be one effective plan made by the organization regarding research process.

The research process is based on two types of data. These are as follows.

Quantitative data: The data that can be measured, counted and qualified is called quantitative data. For eg: height, weights, no of customers, no of phone calls, etc (Roberts, 2014).

Georgiana 4 Business Decision Making Qualitative data: The data that can’t be measured in physical units such as opinions, attitude, feelings, etc. of the customers are called qualitative data (Roberts, 2014).

1.1 Plan to collect primaty and secondary data Primary data: The data that is collected for the first time with the direct effort of the researcher is known as primary data. The collection of primary data requires much time, effort and money. The primary data are always gathered from some raw source of information.

The collection of primary data provides a clear understanding of the present situation.

The primary data can be collected as quantitative data and qualitative data (Iwh.on.ca, 2014).

Secondary Data: The data that is collected from some other sources is known as secondary data. The secondary data collection procedure requires much less time and effort. However, the secondary data is not of less importance. The secondary data helps to make the primary data more accurate and precise. This data can be acquired both from internal as well as the external sources. The internal sources include sales records, customer feedback, and cost record. The external sources include the newspaper, journal, books and magazines (Learning, 2014).