Part(A)
1. Purpose of Business plan:
- The business plan helps to conduct the activities of organization with a more cohesive vision. It is considered as the roadmap.
- Business plan helps to maintain focus on all the information related to product, manpower and financial estimates that can be essential for future.
- The main purpose of the business plan is also to attract the team member into the new venture.
2. Budget is considered as a financial plan that helps to estimate the revenues and expenditure for a specific period of time. It is a management and planning tool that helps in the allocation of the resources. A budget allocation is done by taking into consideration the amount of funding designated to each expenditure line.
3.
- Develop emotional connections
- Build a community or Forum
- Conduct various contest
- Take use of technology to attain the benefits
- Make your customers a part of team
- Create a product tour
- Host an event
- Share exclusive offers
4. The purpose of management information system is to gives guidance in the process of decision making. MIS takes into consideration computer hardware, software and communication devices so that the collection can take place and the raw data can be converted into useful information.
5. Advantages are:
- It helps in planning and also enhances the quality of the plants by giving relevant information for making sound decision making.
- It also assembles, process, stores, retrieves, evaluates and disseminates the information.
- MIS also makes the control easy, as it serves a connection between the managerial planning and control.
- MIS also gives encouragement to decentralization. It is taken into consideration to measure the performance and to make the changes in organizational plans and procedures.
- It brings coordination by different departments and also connects the decision center in the organization.
- It also reduces the information overload and also avoids the confusion in the working pattern (Galliers and Leidner, 2014).
6. The transaction/interaction patterns and other activities in the Management Information Systems are identified by taking into consideration by analyzing the revenue reports and also by giving focus on information system technology.
7. Executive information system is a tool that is used to capture customer engagement data.
Key features
- Integrate both internal and external data
- It is easy to use and also summarize and obtain the detail information. It assists in decision making process.
- It also provides trend analysis and also gives information in form of graphs and reports.
- It helps to set both design and interface design.
8. Methods by which customer effectiveness can be analyzed are:
- Net promoter score
- Repurchase ratio
- Upselling ratio
- Customer loyalty index
- Customer engagement number
Part (B)
1. Data collection methods are:
- Interviews
- Surveys and questionnaires
- Documents and records
- Focus groups
2. Quantitative data: As the name itself signifies that the term Quantitative data indicates a quantity. It is a measure of quantity which can be a pure number, a count, ratio, percentage or value. This data gives us the clear result/measure of the things which are comparable to each other numerically. The examples may include weight of your body, height, length of a cloth or area of a land (Thomas, D.F., Gudmundson, Turner and Suhr, 2014).
Qualitative data: As compared to the former, qualitative data cannot be expressed as a number. It can be used to represent a nominal data. But as far as the statistical analysis is considered, only quantitative data can be analyzed using that. Considering the example of a poor community, we can analyze to what extent that community has been empowered, which falls under the qualitative analysis (Galegher, Kraut and Egido, 2014). A strong monitoring and evaluation system must be developed to keep check of both the data. There are also several tools in use today that are fruitful in the monitoring of the data like-
- Register and other records
- Sample based surveys
- Group Discussions
3. For the data validity, two main dimensions are considered-
- Internal validity: It is associated with the degree of certainty that the outcome of an experiment is actually the result of the experimental treatment.
- External validity: It is applied to real world in which the degree of research finding can be implemented.
For ensuring the quality of the data, we can ensure the following measure-
- Making sure the data are valid and reliable
- Survey reliability and validity
- Developing a survey of high response rate.
4. When it comes to data analysis, people are often snobby for quantitative method of analysis. This method involves results that are purely numerical and can be used for statistical analysis too. This data doesn’t have any scope of biasing as a large amount of data is gathered which is not in the case of qualitative method.
5. The data can be presented using two methods-textual graphics or visual graphics.
Textual graphics: We use text to create a visual message mainly using the tables. Excel is a primary example of creating a textual graphics
Visual Graphics: It is used to show relationship of data or a pattern. It is basically presented through bar, pie and line charts. These charts depict a specific relationship as a part of what we want to convey (Van De Walle, Turoff and Hiltz, 2014).
References
Galegher, J., Kraut, R.E. and Egido, C., 2014. Intellectual teamwork: Social and technological foundations of cooperative work. Psychology Press.
Galliers, R.D. and Leidner, D.E. eds., 2014. Strategic information management: challenges and strategies in managing information systems. Routledge.
Thomas, D.F., Gudmundson, D., Turner, K. and Suhr, D., 2014. Business Plan Competitions and Their Impact on New Ventures' Business Models. Journal of Strategic Innovation and Sustainability, 10(1), p.34.
Van De Walle, B., Turoff, M. and Hiltz, S.R., 2014. Information systems for emergency management. Routledge.
