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You are required to submit a Business Analysis assignment.
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Executive summary
In today’s world of digital communication in the business environment, business analysis plays an important role which is mainly a practice of enabling the changes in an organization through in-depth study and the decisions taken by the owners of the company. There are set of task and activities which have to be performed for analyzing a performance of the company. In this present paper, four aspects are discussed. Firstly, the survey in an organization to know the reaction of the employees towards the introduction of flexible working hours in an organization. The effect of flexible hours through applying different sampling techniques. The survey arises at Bourne Leisure with the convenient sampling technique.
Secondly, the comparison of primary and secondary data on the basis of concept, models, advantages, disadvantages, with an appropriate organizational environment. Thirdly, the concept of mean, mode and standard deviation with an example of five years records to measure the mean of discrete and group data, calculation of mode for both types of data: discrete and group data, and the calculation of standard deviation of group data.
The fourth and the last topic discussed in the paper includes decision making on the basis of decision-making theory. The rational theory is being discussed and its model, procedure with an appropriate example of organizational decision making for the problem of not increasing in the sales volume and the decision matrix.
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1. In this question, we will conduct a survey to measure the response of flexible working hours in an organization by conducting a survey within an organization for introducing at the work place.
Survey is defined as the study in detailed which is conducted on a closed group. It is basically used to examine the situation and on the basis of which conclusion has been made. There are different kinds of surveys is being conducted to analyze the different situations. They are broadly divided into two categories namely: surveys according to instrumentation and surveys according to the span of time involved. The surveys according to instrumentation include the questionnaire, interviews, etc. to know the reaction towards the particular thing and it is conducted when the sample size is large. On the other hand, surveys according to the span of time include cross-sectional and longitudinal surveys.
The flexible working hours may arise at Bourne Leisure as a result of negation between an employer and employees when the time arrangement is beneficial for the employer as well as employees. The working flexibility is mainly used to maintain the job satisfaction and quality of life among the employees in an organization. The sample is conducting among all 11,724 employees in an organization. The working arrangement mainly describes the when, where, and how the work gets done by the employees. It alternates the traditional "9to5" working hours.
a) The population is mainly defined as the total number of people on which surveys has been conducted. Following are the principles on the basis of which effective workplace practices has been conducting:
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The arrangement of working schedule should meet the goals and objectives of the organization as well as departments goals. It includes the overtime cost, problems related to safety and security.
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It should support the working style and history of employees.
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The task related to the job must be adaptable for flexible arrangements.
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A written proposal and agreement should be made for the acceptance of working in a flexible shifts arrangements.
b) Sampling techniques: The Convenient sampling technique is used to conduct a survey. It is mainly defined as the technique which is a non-probabilistic technique of sampling. It is mainly done according to the convenience of the surveyor. In convenience sampling the data which is closely available and easily reachable that will be taken. It is also known by different names such as Accidental sampling, grab sampling, available and opportunity sampling.
The non-probability theory of sampling is used in this survey. In the probabilistic theory of sample, the probability of getting any particular thing is calculated, but the now- probability theory of sampling does not support this characteristic. It does not include the sample from a general population. The non-probabilistic theory is based on "theoretical saturation" and the generalization on the analytical basis. It does not support statistical generalization. This technique mainly supports in-depth research which is mainly useful for analyzing the complex social occurrences.
The concept of convenience sampling, according to the Mangal, (2002) lies in estimating the population parameters from sample statistics. The concept of convenience sampling is mainly is mainly used to analyze the situations on the basis of the available data which is available easily. The concept of taking convenient sampling is mainly the effect of flexible working hours in an organization. According to the survey, the reports of working hours and the absentees report both are supervised and analyzed of approximately 110 employees on the basis of which the reaction would be judged. The total numbers of absentees with respect to flexible working hours before and after would be judged and analyze to know the reaction of employees. If the average rate of absentees is decreased with the concept of flexible working hours and employees are meeting their departmental and organizational goals and objectives then the survey is successful in determining the reaction, and it should be implemented.
Super population Models is mainly used to conduct the sample of convenience. The convenience sampling is mainly conducted to analyze the random samples which are easily available from the large population. The assumption which is not supported is known as super-population model. The assumptions have consequences, and it has been made after all the considerations. A sample error is best viewed as de minimis error estimate. The sampling error is defined as the uncertainty in the events. One of the examples of the convenient sample is using student volunteers.
2. The methods of collecting data are mainly done is mainly done through two methods which are broadly through primary data and secondary data. The data collection is used to analyze, measure, evaluate, compare and discuss the outputs for which collection of data is being done.
Primary data is defined as the data which is collected through surveys, personal interviews, questionnaire, with the particular objective of performing a task. It is a direct approach to collecting the data. It is also known as firsthand information because it is the information which is taken directly by the person who is doing the research or a survey.
Advantages of primary data
Following are the advantages of primary data:
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Addressing of targeted issues and the data is original and relevant to the particular study which increases the degree of accuracy.
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Better data interpretation because the data is realistic in nature.
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Spending of information in an efficient manner
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Affability in data because the data collected from the national as well as international boundaries through emails and posts.
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Efficient and effective Control
Disadvantages of primary data
Following are the disadvantages of primary data:
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Issues related to proprietorship and the importance of research also goes down with the increase in people, time, and efforts.
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Addressing of specific issues related to research. It includes problems such as designing of surveys.
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The data collection is Costly because if interviews are conducted in more than limited coverage, then more researchers are required.
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Imprecise feedbacks because some respondents give fake feedback.
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Time-consuming and efforts required for collecting the data and analyzed the data within a particular time frame with defeating the purpose of a research.
Secondary data is defined as the data which is taken from another source like journals, the internet, books, and previous publications. It is the data which is already available, and work has already done on this particular topic. The secondary is used to make conclusions, analysis, and comparison on the basis of available information.
Advantages of secondary data
Following are the advantages of secondary data:
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It provides access to world's best scholars.
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The primary advantage is that it is low in cost and fast to access.
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Easily explain research question and it provides a research framework which helps the research to easily do research on the particular topic.
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Answer research questions easily.
Disadvantages of secondary data
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It is a Qualitative research
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No need of researchers specification
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Inaccurate information because relying on the collection by the third party is not acceptable in the research.
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It also raises the issues related to authentication and copyright.
Comparison of primary and secondary data:
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Concept: The concept of primary data is defined as the data which is the firsthand information. It is the concept of collecting original information through conduction research by taking various personal interview, filling questionnaire by respondents, conducting survey by an investigator, whereas the concept of secondary research is opposite of primary research because in secondary research the data is already available and the information taken by the investigator is second-hand information from the previous research. The secondary data is collected through internet, newspaper, journals, and magazines.
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Models: The model of primary data includes broadly two segments: qualitative data and quantitative data. In quantitative data further two segments are included: surveys and experiments and in quantitative data the methods include focus groups, case studies, observation whereas in secondary data the resources are broadly two: internal and external resources. The external sources include magazines, books, journals, the internet and internal source includes company’s sales record, cost information report, customer feedback.
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Relevant theories: The relevant theory related to the primary is tentative theory, and secondary data is classic grounded theory.
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Methods of collecting data: The primary data can be collected through personal interviews, surveys, experiments by the person who is conducting a data collection whereas the secondary data is already available data which is done by another person previously.
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Example: The information collected by the student for preparing a research proposal is a primary data, and the information which is used to analyze the death ratio through census statistics is a secondary data.
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The mean is defined as the statistics, which is used to calculate the central tendency for probabilistic distribution and random variable. It is also known as the measure of central tendency. The formula for calculating the mean is the sum of observation divided by the number of observations. There are two types of variable: Discrete variable and continuous variable. The discrete variable is defined as the variable which cannot be divided internally whereas continues variable is the variable which can be distributed into small units.
There are four types of the mean: Arithmetic mean, Geometric mean and harmonic mean, weighted mean.
The arithmetic mean is defined as the mean which is calculated by the simplest way of calculating the sum of observations divided by a number of observations. The harmonic mean is defined as the mean which is the reciprocal of arithmetic mean, and the geometric mean is an appropriate measure when there is a change in the value. It is the value of arithmetic mean which is taken on a log scale. The weighted mean is used to calculate the value when the wi is given with xi.
Following are the examples which show the calculation of arithmetic mean:
1. The score of the tournament in 5 years are 7, 8,5,6,4. Calculate the mean of the score?
Thus, the mean is 6
2. Following table show the accidents taken place in 5 years and their frequency. Calculate the mean of discrete variables?
Thus, the mean is 95
Following is the example which shows the calculation of Geometric mean:
Calculate the Geometric mean of 4, 5,6,7,8
Thus, the geometric mean is 5.827
Following is the example which shows the calculation of Harmonic mean:
Calculate the harmonic mean of 4, 5,6,7,8
Thus, the harmonic mean is 5.65.
Following is the example which shows the calculation of Weighted mean:
The decision for purchasing a camera is based on the qualities of a camera which is on the basis of their rating system: image quality: 30%, battery life: 20%, zoom range 30%, weight 10%, and brightness 10%. Sony camera gets 8 for image quality, 6 for battery life and 7 for zoom range, 3 for weight , and 3 for brightness and Canon camera gets 9 for image quality, 4 for battery life and 6 for zoom range, 2 for weight and 3 for brightness. Suggest which camera is best?
Thus, Sony is suggested as the best camera.
Mode
The mode is defined as the values which repeat in the higher number. The mode is calculated for both types of data: discrete and group data with different formulas. To find out the mode firstly, data should be organized in an ascending and descending order then the formula is applied to it.
Following is the example for calculating mode:
Calculate mode of the following discrete data.
Thus, the mode is 2.
Calculate mode of the following group data.
Thus, the mode is 62.25.
Standard deviation
Standard deviation is defined as the value which is used to determine how the numbers are spread out. The symbol of sigma is σ. It is used to measure the variation of dispersion of the data. The low standard deviation reflects that the points of data are closed from the mean, whereas the value of standard deviation tells that the values of data are far away from the mean. The types of data include random variables, probability distribution, and the statistical population which is the square root of a variance. The standard deviation is used measure the confidence in statistical conclusions. The sigma from Greek alphabet is given by Karl Pearson. The properties of standard deviation include: the standard deviation is independent of the change in origin but not of scale. The minimum value of square root is mean standard deviation. It is suitable for the mathematical treatments. The sum of standard deviation of the first n natural numbers is SD=√(n^2-1)/12
Following are the steps for calculating the standard deviation: Firstly the arithmetic mean of the data is calculated then the deviation of the arithmetic mean is computed, thirdly square of the deviation is calculated. After that, the sum of the square of deviation is taken, then divided the sum by a number of observations which is denoted by n. Then, the positive square root is taken which is known as standard deviation. It is calculated for discrete data and for the frequency data.
Following is the example for calculating the standard deviation:
Find the standard deviation of the following data.
Thus, the standard deviation is 94.96
4. The decision making
is very important and critical aspect of any organization. The right and relevant data are very important for making the decision. The statement is totally correct because the decision should be made on the basis of relevant data.
Rational model
The decision theory is defined as the theory which is used to make the decision on the basis of relevant data. It supports the decision, and decision support system is implemented in any organization. The decision making is supported by various models such as The rational model which supports the decision which is taken by the rational manager. The rational decision making includes following steps: Intelligence, designing, making a choice and reviewing the decision. The rational decision maker includes numerical values to each of the alternatives at the stage of choices. There is some assumption which is considered while using the rational model:
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To analyze all the possible alternative
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Critically analyze the consequence of all the relevant alternatives
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To create a well-organized set of preference for the results
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The capability of comparing all the alternatives and making right decisions on the basis of available data.
Theory
Normative theory is defined as the theory which describes a way of taking the decisions. It is a very simple theory which includes how the decisions should be made on the basis of relevant principles and how the decision should be made in order to become a rational decision maker. The word "Normative" have a limited scope it only applies to the decision-making. It considered the normative issues even after fixing the goals and objective of an organization. The normative issues include almost all the question relating to the uncertainty and the lack of information, issues relating to the coordination of decisions with the span of time. The rational decision making is the most common decision-making theory which is used to make decisions. It includes the analysis of advantages and disadvantages of taking the decision. The model involves the inclusion of information into a graph and charts. The decision model includes the scoring method which is used to making the optimal decision. The rational decision-making theory includes intuitive model and combining model.
Decision-making model
Concept for decision-making model includes the following procedure which includes five steps:
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Identification of a problem: This step includes the identification of a problem for which decision is being taken.
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Collecting relevant information: The next step after identifying the problem is to collection all the relevant information on the basis of which information is being taken.
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Creation of all the possible solutions: After collecting all the relevant information, the next step is to create all the possible solution.
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Assessing of each and every solution: After creating all the possible solutions, the next step is to evaluate all the solution on the certain perimeters.
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Choosing of a strategy: After evaluating all the possible solutions, the strategy which is most suitable then should be adopted.
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Implementation of a decision: After selecting the category, the last step is to implement the decision strategy.
Decision matrix
The decision matrix is used to evaluate the routine of choices in decision theory. The decision matrix is explained in a tabulated form on the basis of nature.
Example of rational decision making in an organization:
The first step is to define the problem which includes identifying the problem due to which sales is not increasing. It includes the questions: who will be affected, how the changes affect customers and its quality of a product. Then the second step is to collect the information: through primary and secondary data. The third step is to create all the possible solution. The fourth step is to assess all the possible solution to find out the best decision. On the basis of assessment, the best and suitable strategy is chosen, and the last step is implementing the decision.
References
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Taskforce, F. F. W. H. (2009). Flexible Working: working for families, working for business.
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Holman, T. B., & Epperson, A. (1984). Family and leisure: A review of the literature with research recommendations. Journal of Leisure Research,16(4), 277.
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Bourne, K. A., & Forman, P. J. (2014). Living in a Culture of Overwork An Ethnographic Study of Flexibility. Journal of Management Inquiry, 23(1), 68-79.
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Fisher, R. A., & Tippett, L. H. C. (1928, April). Limiting forms of the frequency distribution of the largest or smallest member of a sample. InMathematical Proceedings of the Cambridge Philosophical Society (Vol. 24, No. 02, pp. 180-190). Cambridge University Press.
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Gupta, A. K. (1952). Estimation of the mean and standard deviation of a normal population from a censored sample. Biometrika, 39(3/4), 260-273.
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Raiffa, H. (1974). Applied statistical decision theory.
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French, S. (1986). Decision theory: an introduction to the mathematics of rationality. Halsted Press.
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Berger, J. O. (2013). Statistical decision theory and Bayesian analysis. Springer Science & Business Media.
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