Good Decisions and Information in Business

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Introduction
In business, making good decisions requires the effective use of information. Business Decision Making provides the opportunity of learning a variety of sources and develops techniques in four aspects of information: data gathering, data storage, tools available to create useful information and presenting. Moreover, using appropriate IT software and spreadsheets for data analysis and the preparation of information provides the advantages of using information systems which is currently used at all levels in every organization.
ABC Estate Agent, which is a small estate agent focusing exclusively on sale of residential properties based in Ilford. The firm has 8 staff members and an office manager, who is also the owner of the business. Out of the 8 staff members, 4 of them work in sales team, 2 in liaison team and another 2 staff members make up of property acquisition team. The ABC Estate Agent experienced high staff turnover as the staff were not satisfied with the level of remuneration and bonus paid to them.
1.1 Prepare and implement a plan for the collection of primary and secondary data.
According to Kotler and et al (2008),“Marketing research is the systematic design, collection, analyze and reporting of data relevant to a specific marketing situation facing on organization.”
Primary Data
Primary data is specific information that is collected directly by the person who analyze the data and information also doing research. Primary data are collected for the first time. This data has not been published before collection. According to Avasarikar et al (2007) “It is the data collected for as purpose or for a particular objectives. It is customized according the requirements of the researcher. It exclusively focuses on...

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...artment
0
£349,999
2
1
Terrace House
1
£370,000
2
1
Terrace House
1
£375,000
2
1
Terrace House
1
£395,000
3
2
Terrace House
1
£444,950
3
1
Semi-detached
1
£450,000
3
1
Semi-detached
1
£499,950
3
2
Semi-detached
1
£469,950
3
1
Semi-detached
1
REQUIRED:
Property type
Average price- Mean
Average price- Mode
Average price- Median
2 bedroom flat
235,970
NO MODE
215,000
3 bedroom flat
260,475
NO MODE
264,975
2 bedroom terrace house
364,999
NO MODE
370,000
3 bedroom terrace house
395,000
NO MODE
395,000
3 bedroom semi-detached house
466,212
NO MODE
474,975
BUSINESS DECISION MAKING NELSON COLLEGE 10/12/2013
ELENA RAMONA BOTEZ Page 7
A.C.2.2. Analyse the above results to draw valid conclusions as to how much should be budgeted to buy a 4 bedroom terrace house with 4 toilets.
For 2 bed flat I have found out the average mean using the formula and dates from the above scenario:

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