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UCT DA Module 1 Prezi

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Transcript of UCT DA Module 1 Prezi

The business research process involves a number of steps for acquiring data and generating knowledge for professional or commercial purposes.

Follow the research process undertaken by a taxi company called GetMoving.

GetMoving is looking to expand their business, and decides to conduct a research study to find out if this is a viable business option.

“What are the problems or opportunities we want to know about?”
GetMoving notices that many of their drivers are fully booked at certain times of day, and they have to turn down customers when they’ve reached capacity. The company identifies this as an opportunity to expand their fleet, and decides to research whether this is a viable business opportunity.
They develop the following problem statement:

“Determine whether expanding our fleet is a viable business option.”
“What do we want to know?”
The research team at GetMoving has to come up with precise research questions to narrow the scope of the research. There are many aspects they could consider, such as the cost of hiring new drivers, the cost of buying new cars, and the competition in the area. The team decides to investigate when and where drivers are unable to meet the demand.
They develop the following three research questions:

“On which days of the week are drivers unable to meet the demand?”
“What time of day are drivers unable to meet the demand?”
“At what locations are drivers unable to meet the demand?”
“What do we think the results could be?”
The research team develops the following hypotheses based on the research questions:
“How will we go about answering our questions?”
Taking the research questions into consideration, the team develops a thorough research plan. They formulate the following aspects of their plan:
The research milestones and when they want to achieve them.
Who is responsible for what aspects of the research process.
How they will go about collecting the data.
How they will store the data.
What analysis techniques they are going to employ.
“What information can help us answer our questions?”
GetMoving stores all the records of the taxi drivers’ bookings, call logs, GPS locations, pick-up and drop-off locations, client payments, and driver time sheets on their database. Therefore, the team has access to this secondary data.
The team decides to access the following data from the database over the last five years:

Records of taxi driver bookings
Call logs
Records of pick-up and drop-off locations
Before the research team performs the analysis, they sort and arrange the data for analysis. This includes the following activities:

Organising the data into relevant tables and sheets to meet the needs of the analysis.
Cleaning data by removing doubled-entered data, incomplete data, and spelling errors.
“What are our results?”

Using Microsoft Excel, the team performs various statistical procedures, including producing a pivot table.
The team notices some unexpected results on certain days and times. Upon closer inspection, they realise that these results coincide with public holidays and events such as sports games and music festivals. The team decides to flag all these days, reorganise the data accordingly, and then perform a second analysis.
Analysis is not a linear process and may require ongoing interpretation and adjustment.
“What do our results mean?”

The results uncover certain trends that the researchers take a closer look at during the interpretation phase. They also refer to the original research questions and hypotheses to make sure they have determined what they set out to. The following conclusions are drawn:
Most of the drivers are fully booked over the weekend between 15:00 and 22:00.
Most drivers are fully booked on evenings preceding public holidays.
There is not a significant difference in driver capacity depending on the location.
Employing extra drivers to work during the quiet times might be too costly for the company, but a cost benefit analysis is needed to understand this fully.
There seems to be a difference between driver capacity in winter and summer months, but further investigation is needed to understand this fully.
The research team produces a brief yet informative research report. They also produce a business dashboard to display during an oral presentation. The dashboard contains the most relevant information, and uses graphs and charts that are easy for the target audience to understand.

What do we have to say?” 

How can we tell the story of our data?”
The report and the presentation cover the following:

A concise account of the research questions and hypotheses
An overview of the research design
A summary of the relevant findings
The recommendations
An account of the research limitations
The most important part of business research is producing well-informed and actionable recommendations for business decision-making.
Using the research findings to guide them, GetMoving decides that there is enough demand to support increasing their fleet. With the new insight gained, they confidently decide to purchase two more vehicles, and employ part-time drivers to work during the periods of high-demand outlined in the research report.
Further data analysis might be necessary to track the impact that expanding the fleet has on business success.
“Drivers are fully booked on Fridays and Saturdays between 18:30 and 22:30.”

“Drivers working in the central business district and the waterfront are most often fully booked.”
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