Contents

INTRODUCTION ......................................................................................................................................... 3
Question 1 ..................................................................................................................................................... 3
Population ................................................................................................................................................. 3
Significance of Population......................................................................................................................... 4
Sampling Techniques ................................................................................................................................ 5
Probability Sampling ............................................................................................................................. 5
Non-probability sampling techniques ................................................................................................... 6
IMPORTANCE OF SAMPLING TECHNIQUES............................................................................................... 7
Question 2 ..................................................................................................................................................... 9
Primary and secondary data compare and contrast................................................................................. 9
The main differences between primary and secondary data. .............................................................. 9
PRIMARY AND SECONDARY DATA ............................................................................................................ 9
PRIMARY DATA ......................................................................................................................................... 9
SECONDARY DATA..................................................................................................................................... 9
Contrast Between Primary and Secondary Data .................................................................................... 10
Similarities of Primary and Secondary Data............................................................................................ 11
The Advantages and Disadvantages of Primary and Secondary Data .................................................... 11
Advantages of Primary Data and Secondary Data .............................................................................. 11
Disadvantages of Primary and Secondary Data .................................................................................. 12
Question 3 ................................................................................................................................................... 14
MEAN, MODE AND STANDARD DEVIATION CALCULATION. ................................................................... 14
Mean ................................................................................................................................................... 14
Mode ................................................................................................................................................... 15
Standard Deviation ............................................................................................................................. 16
Question 4 ................................................................................................................................................... 19
Management Information Systema in Decision-making ........................................................................ 19
Subsets Of Management Information System .................................................................................... 20
How Management Information Systems Aids Decision Making......................................................... 20
Position of MIS in organisation's decision making.............................................................................. 21
Conclusion ............................................................................................................................................... 22
In order to determine the size and number of people, the concept of scale and quantity must be
combined with the concept of population and sample. Many times, the gathering of data comes before
the technology's advantages or disadvantages. Primary and secondary data are the two categories of
data. Directly obtained data are primary data and they are deemed reliable though costly and time-
consuming. Secondary data may be easier to get, but the findings may not be accurate. Basic statistical
measures such as mean, mode, and standard deviation are used to measure statistical significance. With
an efficient information management system, managers can make informed decisions in a timely and
cost-effective manner ................................................................................................................................. 22
References .................................................................................................................................................. 24
INTRODUCTION
Every organisation and institution thrives on the amount of information available concerning
their products, services, or policies. Sometimes, it is a decision they must reach that necessitates
research to know how decisions go down with the receivers of the proposed actions. Whether
from primary or secondary sources, organisations need to analyse data from this research and get
the desired information.
This assignment is birthed from such need as we seek to know how employees would respond to
a plan to extend working days and hours. For this purpose, a sample population would be
considered. Also, review of past works in this area would help us derive the best method execute
the studies.

Question 1
A survey response of colleagues to gauge their response to the possibility of introducing a
holiday pay scheme

Business research helps an enterprise determine which policies to implement and markets to
venture into, among others. There are usually five steps in this process, namely: problem
formation, research design, data collection, data analysis and data presentation (Muncy &
Muncy, 2020).

The second stage, i.e. research design, is where we concern ourselves with population and
sampling strategies. These components play a large role in studies and facts evaluation.
Understanding these ideas is crucial for researchers to attract correct conclusions, make informed
selections, and generalize their findings to large populations.

This part discusses the importance of population and sample methods as it helps to assess
employee perspectives when deciding the feasibility of implementing a plan which extends
working days and hours.

Population

Shukla (2020) defines population as "the entire institution or set of individuals, objects, or
occasions that percentage common characteristics and are of interest to the researcher." The
population's size and characteristics vary with research objectives. For example, a population
may include all students in a faculty, all employees in an organisation, or even all nations of the
globe.

There are three categories of the population available for qualitative inquiry. These include the
general population, target population and accessible population. These three relate to each other
as shown in the figure below:

General population

Target Population

Accessible
Population

Figure 1:

The general population is usually crude, so the research goals, contexts and assumptions can
dictate the content and concentration of the target and accessible population. Every researcher
wants to ensure that the population adequately represent the target group required for the
research. Hence, defining the population is crucial if the recommendations and conclusions
would be relevant to the exact group they seek to investigate (Willie, 2022). A target population
must have individuals meeting the designated criteria set of the study.

However, the most important precursor to sampling is the accessible population. They are the
people researched after taking out the unwilling target population. The accessible population is
represented as N in statistical equations.

Significance of Population
  It is the parameter used to measure population characteristics (e.g. mean or standard
deviation).
 If the study is conducted on a large population without unique errors due to human
imperfections in the responses, the findings are true and precise. But on the other hand,
this is obviously not always possible in all cases.
 When an element is specified as a population parameter, the numeric or measurable
element is known as a set system.

Sampling Techniques

A sample is a portion of the population of an equivalent proportion. The method of selecting

these samples from the population is known as sampling. It is crucial to get sampling right to
derive valid data.

Since it's impractical or not possible to gather data from an entire population, researchers depend
upon sampling strategies to pick a subset of individuals or factors from the population to take a
look at.

Sampling includes selecting a smaller institution, referred to as a sample, that is representative of

the bigger populace. The goal is to achieve statistics from the pattern and generalize the findings
to the entire population.

There are numerous sampling techniques normally used in studies. They are grouped into two
categories namely, probability sampling techniques and non-probability sampling techniques
(BYJU'S, 2020).

Probability Sampling
Statistics Canada (2021) defines probability sampling as "the selection of a sample from a
population, when this selection is based on the principle of randomization, that is, random
selection or chance."
Simple Random Sampling:

In easy random sampling, each member of the population has an equal chance of being decided
on. It involves randomly deciding on individuals or elements with no specific criteria, ensuring
each member of the population has the same opportunity to feature in the sample.

This method is best when the whole population is accessible and the researchers have a list of all
subjects in this target population (Elfil & Negida, 2017).

Stratified Random Sampling:

Stratified random sampling includes dividing the populace into subgroups or strata based on
particular traits (e.g., age companies, geographical locations). Researchers then randomly pick
out individuals from each stratum in percentage to their illustration in the population. This
approach ensures representation from various subgroups and permits extra unique estimates
inside each stratum.

Cluster Sampling:

Cluster sampling involves dividing the population into clusters or occurring groups. Researchers
randomly select some clusters and encompass all people inside those clusters in the pattern. This
technique is beneficial when it is difficult to attain an entire list of people inside the population,
and it simplifies the records series by grouping people collectively.

Non-probability sampling techniques

Techniques used here do not allow all members of the population to have a chance to be selected
for the study. Some techniques in this category are as follows:

Convenience Sampling

Also called haphazard sampling, it entails deciding on people who are conveniently available and
reachable to the researcher. While convenient, this approach may introduce bias for the reason
that the pattern might not be representative of the entire population. Therefore, caution needs to
be exercised whilst generalizing findings from comfort samples.
Quota sampling

The shared traits and characteristics of the group are what guide the researcher's selection. The
researcher aims to allot representatives to each characteristic (such as age, gender, and
geographic location) of the population.

Judgement sampling

The basis for choice in this aspect is the researcher's knowledge and credibility. Participants must
possess the required knowledge, experience, or unique markers that align with the study
objectives.

IMPORTANCE OF SAMPLING TECHNIQUES

Sampling techniques are important for several motives:

Practicality and Efficiency

Conducting studies on a whole populace can be time-eating, pricey, and impractical. Sampling
lets researchers acquire statistics from a smaller subset, making the research procedure more
workable and value-powerful.

Generalizability

Well-designed sampling techniques permit researchers to draw inferences and generalize their
findings from the pattern to the larger populace. When the pattern is consultant of the populace,
the conclusions can be applied to the populace with an inexpensive stage of self-belief.

Reduction of Bias

Sampling strategies assist minimize bias by making sure that all participants of the populace
have an equal risk of being decided on. Random sampling methods, which include easy random
sampling or stratified random sampling, help reduce systematic bias and beautify the reliability
of the study's effects.

Enhancing Precision:
Sampling techniques allow researchers to estimate population parameters with a certain degree
of precision. By gathering information from a representative pattern, researchers can calculate
self-assurance durations and infer populace characteristics inside a sure margin of mistakes.
Question 2

Primary and secondary data compare and contrast

The main differences between primary and secondary data.

PRIMARY AND SECONDARY DATA

Data used in business research can be primary or secondary. A combination of both is needed to
address research questions. These data types are always combined to enrich the validity of
findings. Primary and secondary data have their peculiarities, so we are considering when them
as we implement this study. We will be comparing and contrasting both forms of data in this
section, while also stating their pros and cons.

PRIMARY DATA

According to Ajayi (2017), primary data is "original and unique data collected by the researcher
from a source such as observations, surveys, questionnaires, case studies and interviews
according to his requirements." Researchers consider primary data highly credible because they
are in their purest form. They represent original thinking, report on findings or occurrences, or
they can share new information. Hence, they make the bulk of information researchers utilise
when establishing cases.

SECONDARY DATA

These are already interpreted data by researchers for their study, handled by another for
reference purposes. They are second-hand since they now carry the mind of the first interpreter,
i.e. the researcher that gathered them. Unlike primary data, secondary data are not collected
specifically for the current research study. Secondary data sources include journals, reviews,
commentaries, government reports, websites, and dissertations, to mention a few.
Contrast Between Primary and Secondary Data

We can contrast both data forms using diverse pointers such as the definition, source, purpose,
time and cost, control, and more. The table below captures these differences.

TERMS PRIMARY DATA SECONDARY DATA

1 Definition original and unique data collected by the These are already interpreted data
researcher from a source such as by researchers for their study,
observations, surveys, questionnaires, handled by another for reference
case studies and interviews according to purposes
his requirements
2 Sources Questionnaires, experiment, interviews Available at governmental
sources, private entities and
agencies, web scraping, journals
and search engines (Martins, et
al., 2018)

3. Control Researchers have control over the In contrast, researchers have

collection process of primary data, limited control over the quality
ensuring it meets their research objectives. and accuracy of secondary data.
4. Time Collecting primary data takes a lot of time Secondary data is often readily
since it involves investigations, available. It can be only a click
experiments and other time-consuming away if the information is
processes. sourced online, saving time.
5. Cost Collecting primary data is costlier than Secondary data collection does
secondary data. not have much financial
implication, when compared with
primary data.
6 Accuracy Primary data is highly accurate, and so is Secondary data is less reliable
and its reliability. than primary data since it is not
Reliability first hand. Some bias can be
introduced along the line of
 collection.
7 Precision Highly precise and tailored to meet Needs adjustments and
objectives precautions to meet objectives

Similarities of Primary and Secondary Data

Although primary and secondary data vary in several ways, they also have similarities. These
include:
1. Research Utility: Both primary and secondary data are invaluable sources for research
purposes. With them, researchers can answer research questions, support hypotheses and gain
insights (Fraenkel et al., 2011).
2. Same content: Secondary data is essentially stale primary data since it is not collected fresh
but has passed from one researcher to another. Nevertheless, their content is the same (Formplus
Blog, 2023).

3. Similar Analysis Methods: Regardless of the supply, researchers appoint diverse statistical
and analytical techniques to investigate and interpret the statistics. Both number one and
secondary statistics can be subject to rigorous evaluation to extract significant insights.

The Advantages and Disadvantages of Primary and Secondary Data

Primary and secondary data have their pros and cons. These are presented in the table below.

Advantages of Primary Data and Secondary Data

Advantages Of Primary Data Advantages of Secondary Data

Secondary data analysis offers a time- and
1. Primary data allows researchers to gather
cost-efficient approach, as it uses existing
directly relevant information for their
data sources and makes primary data
research questions and objectives. This
collection unwarranted (Greenhoot &
ensures its specificity and applicability to
Dowsett, 2012).
the research (Flick, 2018)
 Primary data collection guarantees that Secondary data analysis provides access to
2.
the data obtained is recent and mirrors large samples, allowing researchers to
the existing circumstances or conducts explore trends, patterns, and relationships
being studied (Babbie, 2016) that may not be possible with primary data
collection alone (Bryman, 2016)

3. Primary data is highly reliable since it is Secondary data is more often than not,
fresh from the source and bears no cheap and easy to access compared to
adulteration. primary data.

4. Primary data can help to gain new Secondary data’s wide availability makes it
insights into a particular topic because easy to find data that is relevant to different
the researcher can collect data research questions.
unavailable from secondary sources,
leading to new discoveries.

Disadvantages of Primary and Secondary Data

Primary Data Secondary Data
1. Primary data collection can be time and cost- Secondary data may lack the accuracy and

intensive being that researchers must first specificity required for a particular research
study, and there is always concern about the
design the study's design and implement data
accuracy and quality of data collected by
collection procedures, then recruit
others.
participants, and, last but not least, analyze
the collected data (Hancock, et al., 2018)

2. Primary data collection is subject to various Secondary data may have been outdated
biases, such as response bias, sampling bias, or contain less relevant information to
or investigator bias, which can affect the the current study by the time of access
accuracy and validity of the data collected
(Saunders, et al., 2016)
3. Primary data may be in a format which is not Using secondary data gives room for
 easy to understand, analyse, and interpret, inappropriateness of statistics in studies,
such as audio, videos and some texts. Hence, with very little control over generation
researchers must have a mastery of several and collation of studies data, possible
data analysis techniques before collecting facts amendment by the researcher, or
them. flawed documentation that might make
the statistics neither legitimate nor
dependable. (Olabode & Bakare, 2020)
4. Primary data may not fully represent the Secondary data may be difficult to
population that interests the researcher interpret, especially when it is unclear
how the data was collected.
Question 3

MEAN, MODE AND STANDARD DEVIATION CALCULATION.

The most commonly used measures of central tendencies for datasets analysis are the mean,
median and mode. We will apply the trio in this section to analyse the financial statement of PZ
CUSSONS PLC (PZC) for the years 2018 to 2022

Figure 2: Income Statement From 2018-2022 (source: https://www.hl.co.uk/shares/shares-

search-results/p/pz-cussons-plc-ordinary-1p/financial-statements-and-reports)

Mean

Manual calculation of mean

. ( . ) . . .
Mean = =

Mean = 25.46
Mean calculation using Excel

INCOME STATEMENT OF PZ CUSSONS PLC FROM 2018 TO 2022

Income Statement: 31/05/2022 31/05/2021 31/05/2020 31/05/2019 31/05/2018

£ £ £ £ £ (Millions)
(Millions) (Millions) (Millions) (Millions)
Revenue: 592.8 603.3 587.2 603 739.8
Operating Profit / (Loss): 60 68.3 19.6 48.1 64.8

Net Interest: -1.3 -2.4 -4.1 -6.2 -5.6

Profit Before Tax: 65.3 71.5 18.3 43.6 59.2
Profit after tax from 52 42.2 8.8 32.1 41.4
continuing operations:
Discontinued
Operations:
Profit after tax from -1.8 -51.6 10.9 -6.7 n/a
discontinuing operations:
Profit for the period: 50.2 -9.4 19.7 25.4 41.4

Mean Profit 25.46

Excel Spread Sheet helps to calculate the mean without errors as long as the formula is properly
inputted. The mean is calculated using the AVERAGE function, as shown below.
=AVERAGE (B13:F13).

Mode
Manual calculation of mode
Mode is the value that appears most frequently in a data set. From the table above, we can
observe that the profit for the period of each year has a distinct value. Hence, there is no value
appearing more so there is no mode for the above data set.
Excel calculation of mode
INCOME STATEMENT OF PZ CUSSONS PLC FROM 2018 TO 2022

Income Statement: 31/05/2022 31/05/2021 31/05/2020 31/05/2019 31/05/2018

£ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Revenue: 592.8 603.3 587.2 603 739.8
Operating Profit / 60 68.3 19.6 48.1 64.8
(Loss):
Net Interest: -1.3 -2.4 -4.1 -6.2 -5.6
Profit Before Tax: 65.3 71.5 18.3 43.6 59.2
Profit after tax from 52 42.2 8.8 32.1 41.4
continuing operations:
Discontinued
Operations:
Profit after tax from -1.8 -51.6 10.9 -6.7 n/a
discontinuing
operations:
Profit for the period: 50.2 -9.4 19.7 25.4 41.4

Mean 25.46
Mode #N/A

From the table above, the mode can be found by using the MODE function in Excel. This is
achieved by imputing =Mode (B13:F13). The response is not an error message, but rather stating
that it is not available. There is no mode for our data set. This is true since there is no
corresponding value for profit for the period for PZ Cussons for the five years considered.

Standard Deviation

Standard deviation (SD) is defined as the measurement of the dispersion of a dataset relative to
its mean and is calculated as the square root of the variance. The formula for SD is given as :
Where µ = 25.5 and N =5

( . . )² ( . . )² ( . . )² ( . . )² ( . . )²
SD =

SD = 20.6

Standard Deviation Using Excel

INCOME STATEMENT OF PZ CUSSONS PLC FROM 2018 TO 2022

Income Statement: 31/05/2022 31/05/2021 31/05/2020 31/05/2019 31/05/2018

£ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Revenue: 592.8 603.3 587.2 603 739.8
Operating Profit / 60 68.3 19.6 48.1 64.8
(Loss):
Net Interest: -1.3 -2.4 -4.1 -6.2 -5.6
Profit Before Tax: 65.3 71.5 18.3 43.6 59.2
Profit after tax from 52 42.2 8.8 32.1 41.4
continuing operations:
Discontinued
Operations:
Profit after tax from -1.8 -51.6 10.9 -6.7 n/a
discontinuing
operations:
Profit for the period: 50.2 -9.4 19.7 25.4 41.4

Mean 25.5
Mode #N/A
Standard Deviation 20.6
The formula used to calculate PZ CUSSON’s net profit deviation is is =STDEV.P (B13:F14),
and it resulted in 20.6. This means PZ Cusson’s annual profit dispersions within the years
considered is low.
Question 4

Management Information Systema in Decision-making

MIS stands for Management Information System. According to Berisha-Shaqiri (2014),

"Management Information System is flow-processing procedures based on computer data, and
integrated with other procedures in order to provide information in a timely and effective manner
to support decision-making and other management functions." That means the main processes
handled by an MIS are data collection, processing and storage to provide managers with
information at the right time.

It is also noteworthy that any functioning MIS exists on the efficient relationship between certain
key components. These crucial elements include hardware, software, data, people, procedures
and networks.

People

Hardware Procedures

MIS

Software Data

Figure 3: The five components of Management Information System

These five components are dependent on one another. Their relationship is explained as follows:
1. Hardware and software: the hardware consists of all physical devices like computers,
servers, storage units and more. These all depend on software (programs and applications) to
execute their various functions.
2. Software and data: all software feed on data while helping to gather another. Data are the
context and substance software needed to analyse and produce other forms of data.
3. Data and Procedures: procedure refers to the guidelines and protocols for collecting, storing,
processing and analysing data. They dictate the handling of data in an MIS.
4. Procedures and people: As people interact with other constituents of MIS, procedures ensure
safety and preserve the integrity of all components.
5. People and Hardware: People's interaction with hardware enables them to input the required
data, retrieve information and make decisions (Laudon & Laudon, 2019).

Subsets Of Management Information System

The scope of MIS is broad. Hence, there are several subsets or areas of applications of MIS.
Some are highlighted as follows:

Systems (AIS): This system concerns with data collection, storage, management, processing,
retrieval, and reporting of financial data. That makes it relevant to accountants, auditors and
others in the finance sector.

Enterprise Resource Planning (ERP) Systems: This system concerns with data collection,
storage, management, processing, retrieval, and reporting of financial data.

Decision Support Systems (DSS): These are specialised systems with interactive tools, models,
data analysis capabilities, and forecasting, which help managers make informed decisions for the
organisation.

Customer Relationship Management (CRM) Systems: The CRM system specialises in

collecting customer information, such as addresses, preferences, purchase history and other
details that will help to interact better with customers.

How Management Information Systems Aids Decision Making

Decision-making is one of the most crucial duties of management in an organisation. Because

any decision reached could make or mar the enterprise, it becomes cogent that the considerations
to arrive at any decision are properly weighed and checked with the latest trends. MIS is without
a doubt, one of the tools that helps organisations reach progressive decisions.

Figure 4: MIS and Decision Making

MIS provides access to comprehensive and timely information. Decision-makers can depend on
MIS to access comprehensive and up-to-date information. According to Turban et al. (2019),
MIS "collects, processes, and presents data and information to support decision-making within
organizations" (p. 9). Meanwhile, with MIS, decision-makers are never left in the dark about
current trends, and that allows them to be as flexible as possible, to stay on top of trends both in
the workplace and the surrounding environment.
The Decision Support System of MIS has also been heavily relied on by chief decision-makers
since it presents them with models to examine different scenarios, turnouts and alternatives,
making their judgments on issues safer. That also makes for better decision quality in the shortest
possible time (Laudon & Laudon, 2019).
Moreover, using MIS for decision-making in an organisation gives room for evidence-based
decision-making. Managers must recognise that every decision taken out of intuition or other
biases is a risk. By using data and reliable information from MIS, decisions would be based on
facts only and the chances of making sound decisions increases.
Issues of communication have long been a problem between managers at different levels.
However, the information given by MIS gives a common ground for managers at all levels to
relate and act. It removes opinions which gives room for ego clashes in the organisation.

Position of MIS in organisation's decision making

Considering the competitiveness in the business environment and the need for fast-paced
decision-making, MIS cannot be ignored. Abbadi, (2010), maintained that would be difficult to
meet the demand of the new world without adopting MIS at different levels of decision-making.
MIS integration in an organisation helps to automate the managerial process, taking away lots of
stress on the managers.

Figure 5: Phases of decision making and IS (Ajayi,2007)

Considering the competitiveness in the business environment and the need for fast-paced
decision-making, MIS cannot be ignored. Abbadi, (2010), maintained that would be difficult to
meet the demand of the new world without adopting MIS at different levels of decision-making.
MIS integration in an organisation helps to automate the managerial process, taking away lots of
stress on the managers.
At the peak of decision-making is intelligence. What MIS does is make facts available for
consideration and even foretell the effect of choices to the management. The need for proactive
plans is no longer debatable and companies now see that seeing and solving problems before
they show up is even better than solving it on arrival. Hence, MIS is indispensable in today's
decision-making in every organisation.

Conclusion
In order to determine the size and number of people, the concept of scale and quantity must be
combined with the concept of population and sample. Many times, the gathering of data comes
before the technology's advantages or disadvantages. Primary and secondary data are the two
categories of data. Directly obtained data are primary data and they are deemed reliable though
costly and time-consuming. Secondary data may be easier to get, but the findings may not be
accurate. Basic statistical measures such as mean, mode, and standard deviation are used to
measure statistical significance. With an efficient information management system, managers
can make informed decisions in a timely and cost-effective manner
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