Gathering and Analyzing Data - Business Decision Making - ثاني ثانوي

Chapter 2 Solving the Problem After you identify a problem and explore its causes and related issues, it is time to develop a solution. The activities associated with solving a problem are differ- ent from the steps you have followed to this point. When you define a problem, you should be open-minded and flexible as you explore, research, and commu- nicate with others. Developing and implementing a solution demands greater focus and deliberation. Planning tasks and managing your time become your most distinguishing skills. This chapter introduces you to solving problems methodically and then managing the solution to verify you made the right deci- sion. case As an assistant to Omar, the vice president of finance at the adven- ture travel company you both work for, you have been working on a project called 12 by 12 that aims to increase sales by 12%. After identifying problems customers have with the company's tours and with traveling overall, Omar is ready to assemble all the data you and others have collected, discuss alterna- tives, and make decisions about the future of the company. He asks you to work with him to solve the problem of declining tour sales. LEARNING OBJECTIVES Once you have completed this chapter, you should be able to: 1 Gather and analyze data 2 Develop alternatives 3 Evaluate options 4 Implement the solution 5 Monitor and manage the solution 6 Verify the solution وزارة التعليم Ministry of Education 2024-1446 Business Decision Making S1 S2 S3.indb 43 Solving the Problem 43 30/06/2023 14:28

44 Chapter 2 Ministry of Education 2024-1446 95198_book_PP1.indb 44 Lesson 1 Chapter 2 www.ien.edu.sa Gathering and Analyzing Data Before you solve a business problem, gather relevant data and then analyze it to find trends, indicators, and other useful information. Successful business deci- sions are based on sound information. Use the data you collect to prepare possi- ble solutions and alternatives. To systematically gather and analyze the data related to your problem, start by identifying your goal and looking for informa- tion related to it. If you want to increase sales, for example, you should gather recent sales data. Then use tools to view that data in different ways, such as by product, region, or quarter, as shown in Figure 2-1. Keep one eye on your desired outcome to be sure the information you collect is helping you to reach your goals. Table 2-1 outlines the types of data you can collect. case Before you meet with Omar to discuss solutions, he advises you to review the fundamentals of gathering and analyzing data. FIGURE 2-1: Viewing data in different ways Specialty Travel First Quarter Sales by Province Tour Qtr 1 Qtr 2 Farasan Islands SAR 23,600 SAR 5,900 Jabal Qarah caves SAR 51,540 SAR Al Wahbah crater SAR 26,970 SAR Qaisariyah Souq SAR Al-Masmak SAR 31,425 18,360 SAR SAR 6,285 Al-'Ula Diriyah Wonders of Saudi Arabia SAR 39,950 SAR SAR 26,340 SAR SAR 218,185 SAR Spreadsheet of sales data Top Five Tours: Quarter 1 SAR 90,000 SAR 80,000 SAR 70,000 SAR 60,000 SAR 50,000 SAR 40,000 SAR 30,000 SAR 20,000 SAR 10,000 SAR - The Kingdom Centre King Abdul Aziz Historical Centre Mada'in Salih Al-Ahsa Bir Hima Riyadh Eastern Province Al-Qassim 'Asir Other Chart showing sales by Province Top Five Tours: Compared to Previous Year SAR 140,000 SAR 120,000 SAR 100,000 SAR 80,000 SAR 60,000 Qtr 1 SAR 40,000 Average SAR 20,000 SAR- The Kingdom Centre King Abdul Aziz Historical Centre Mada'in Salih Al-Ahsa Bir Hima Chart comparing top five tours in Quarter 1 Chart comparing top five tours to previous year Qtr 1 Previous Year 07/05/2024 10:57

TABLE 2-1: Types of data to collect Resource Organization records, trade associations, and business databases Type of data Financial Task or process Product or service Customer surveys and comments General advice Employee reports and logs Experts, experienced colleagues and managers, outsiders, and secondary sources, such as books and Web sites Applies to Financial problems, such as increasing revenue, decreasing expenses, and setting prices Inefficient processes, such as late orders, missed deadlines, and low production Decreasing sales, high inventory, and customer dissatisfaction Comprehensive problems, such as business mission and focus, and social or interpersonal problems Details Consider the following guidelines as you gather data: . Define your data needs QUICK TIP Documenting your data and sources of information also supports your decision in case something goes wrong with your solution. . What information do you need to reach an informed decision? A thoughtful answer to this question helps guide your research. Make a list of important data and where you can find it. Consider the costs of acquiring this informa- tion (such as money and time), and plan to pursue the data that provides the best return on your efforts. Do not overestimate what you know about the problem The information you gather might contradict your assumptions. Be scientific and objective in your research. Let the data stand on its own and keep an open mind about interpreting it. Apply intellectual humility, and assume your research will reveal more than you already know about the problem. Document the data and its sources As you talk with people, review documents, and make observations, take time to record basic information such as title, author, and location. Your records will be useful when you need to retrace your steps. As other people become involved, they might also need to review your work. Examine existing information first Acquiring information costs you and others time and effort. Before you start to collect new information through observations or studies, look for sources of existing information. Talk to others who already observed the problem and can quickly provide you with details. Company documents and records can reveal information with a quick search and review. Start to gather new data after you examine the available material. وزارة التعليم Ministry of Education 2024-1446 Business Decision Making S1 S2 S3.indb 45 Solving the Problem 45 30/06/2023 14:28

Rely on people as your most important resource QUICK TIP Use software tools such as spreadsheets, databases, and diagramming programs for flowcharts to help you see how one set of data relates to another. REVIEW QUESTIONS Much of the information you need might be available only from other peo- ple in your organization. They often have insights or experience that is not available anywhere else. Even if they do not know about the problem directly or do not think they could contribute to the solution, identify and approach people who might be able to share data with you. Consider interrelationships Most of the data you collect is interrelated because it is connected to the same problem. Examine all of the information together to see how it is connected. Does one factor or process show up repeatedly? Do you see a trend or pattern? What do the relationships tell you about the nature of the problem? 1. Before you start collecting new information through observa- tions or experiments, you should: a. analyze the alternatives b. look for sources of existing information c. make quick decisions d. subscribe to new sources of information 2. What kind of data should you collect to solve a problem of cus- tomer dissatisfaction with a product or service? a. Employee reports and logs b. Secondary sources, such as books and Web sites. c. Customer surveys and comments d. Organization records, trade associations, and business databases 46 Chapter 2 Ministry of Education 2024-1446 Business Decision Making S1 S2 S3.indb 46 30/06/2023 14:28