Running head: BUSINESS DECISION MAKING PROJECT, PART 3 1

Business Decision Making Project, Part 3

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University: <Course>

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BUSINESS DECISION MAKING PROJECT, PART 3 2

In Week 3 assignment, web-based research was identified as the most less consuming and

effective method for collecting information. In turn, measures of central tendency were selected

as the most efficient for summarizing the data in web-based research. They allow measuring

overall satisfaction of the studied group (clients of The Chase Bank) by proposing the ranking of

the services they received. More specifically, mean (arithmetic) measure will be applied, which

equals the “sum of all the values in the data divided by the number of values in the data set”

(McMillan & Schumacher, 2014, p.54). Such measuring will allow us to represent the data

visually, give that web-based research can generate a lot of information. Eventually, we will

receive a data set showing overall experience of the studied group, which in turn allows

presenting the data in a meaningful way through visual means. The group will describe the

experience, rate the service and provide the time of the event. This data will be used for

establishing trends and overall satisfaction during the analysis.

Trend analysis might contribute to addressing the research problem, for example, it can

identify time series when the problem was reported the most. Also, it might be utilized for

comparing business data and identifying consistent trends, which can contribute to our

understanding of how the business is being implemented. In turn, it becomes possible to reveal

the research problem sources and develop corresponding solutions. Probability, on the other

hand, might contribute to learning about the rarity of the research problem and establishment of

trends of such events (Gosling, Vazire, Srivastava & John, 2004). In this case, we will obtain full

information about the trends in a particular period of time, which might make the development of

solutions easier. As a result of the research, we will get a substantial data set that will indicate the

research problem and the rarity of the events. Based on this data, appropriate solutions will be

developed to address the business issue along with further recommendations.

BUSINESS DECISION MAKING PROJECT, PART 3 3

References

Gosling, S. D., Vazire, S., Srivastava, S., & John, O. P. (2004). Should we trust web-based

studies? A comparative analysis of six preconceptions about internet questionnaires.

American Psychologist, 59(2), 93.

McMillan, J. H., & Schumacher, S. (2014). Research in education: Evidence-based inquiry.

Pearson Higher Ed.