Business Desicion Making

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Assignment front sheet | Learner name | ------------------------------------------------- Assessor name | Aye Chan Myat Phyo | Daw Nwe Nwe Yee | Date issued | Completion date | Submitted on | 16.07.14 | 26.08.14 | 26.08.14 | Qualification | Unit number and title | Edexcel BTEC Level 4 HNC Diploma in Business | Unit-10 Business Decision MakingD/601/0578 | A | | Assignment title | Business Decision Making | In this assessment you will have opportunities to provide evidence against the following criteria. Indicate the page numbers where the evidence can be found. | Criteria reference | To achieve the criteria the evidence must show that the student is able to: | Task no. | Evidence | 1.1 | Create a plan for…show more content…
Learner signature: Date: 26.08.14 | Task 1 1.1 A plan for the collection of primary and secondary data for a given business problem Primary Data "Primary data is the data observed or collected directly from first-hand experience." (Anon., 2014) This means that someone collected the data from the original source firsthand. The person collecting this data could be an organization, researcher, and authorized enumerator. This person acts as a witness so that primary data is considered only as reliable as the people he met. There are three methods that can obtain the primary data. (a) Observation Observation can be used as a mean of obtaining sample data where quantitative data is required. Also observation can be used to study consumer behavior. (b) Experimentation Experimentation is a range of techniques that are used for primary data. Experimentation includes ‘blind testing’ which may use for customer preference. Different types of marketing strategies are used at a higher level of experimentation. (c) Qualitative techniques Qualitative techniques can yield more valid results of primary data. Although this technique is relatively expensive method, it can useful in conducting unstructured individual or group. An advantage of using primary data is that the investigator knows where the data came from,
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