Impact of Predictive Analytics on Financial Decision Making in business: An

empirical study of Bangladeshi Ceramics Industry

Submitted To
Prof. Nausheen Rahman
Professor, Department of Finance,
Faculty of Master of Professional Finance
University of Dhaka

Submitted By
Md. Atiqur Sobhan
ID: Fin-03-16-017
Batch: 3rd
Program: MPF

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 Letter of Transmittal

December15, 2019.

To
Prof. Nausheen Rahman
Professor, Department of Finance,
Faculty of Master of Professional Finance
University of Dhaka

Subject: Submission of Project paper on “ Impact of Predictive Analytics on Financial Decision

Making in business”

Dear Madam,

I am pleased and happy to submit this project paper on ‘Impact of Predictive Analytics on
Financial Decision Making in business ’ which you asked me to prepare. Endeavors have been
made to make it comprehensive as far as possible.

Any shortcoming or mistake in the report is my fault. Please call me any time at your
convenience if there is any point, which needs further clarification.

I would like to request you to accept my report and oblige thereby.

Sincerely yours,

Md. Atiqur Sobhan

ID: Fin-03-16-017
Batch: 3rd
Program: MPF

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 Student Declaration

I am Md. Atiqur Sobhan a student of University of Dhaka, ID: Fin-03-16-017, would like to
solemnly declare here that a project paper on “Impact of Predictive Analytics on Financial
Decision Making in business” has been authentically prepared by me.

While preparing this project paper report, I didn’t breach any copyright act intentionally. I am
further declaring that, I did not submit this report anywhere for awarding any degree, or
certificate.

--------------------------------
Md. Atiqur Sobhan
ID: Fin-03-16-017
Batch: 3rd
Program: MPF

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 Supervisor’s Declaration

This is to certify that, the thesis on “Impact of Predictive Analytics on Financial Decision Making
in business” is prepared by Md. Atiqur Sobhan student of under my supervisor and guidance. I
have gone through the thesis and found his thirst for seeking depth of every aspect of the
research topic is very much enthusiastic and satisfactory.

It is to be noticed that the thesis fulfills the partial requirement of the degree of MPF. It has
not been submitted to any other university or institute for any of the degree or certificate or
for publication.

The report is approved and accepted in quality form.

…………………………………………
Prof. Nausheen Rahman
Professor, Department of Finance,
Faculty of Master of Professional Finance
University of Dhaka

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 Abstract

This study aims to identify the various aspects related to predictive analysis and financial
decisions, while determining whether the process of making financial decisions by
organizations in the ceramic industry of Bangladesh is affected by the effects of the analysis.
predictive of the financial decision making process.

The research used a quantitative research strategy and deductive research approaches. To
collect the data, 50 people working in different pottery companies in Bangladesh were
randomly selected. He received a questionnaire with closed questions to give his answer. The
questionnaire contains a section that contains 3 population questions and another section that
contains 7 sentences. Respondents in Part 2 of the 5-point Likert scale indicate how well they
agree or disagree with these terms.

The study rejected the null hypothesis and accepted the alternative hypothesis, which shows
that predictive analyzes affect financial decision making by ceramic industry organizations in
Bangladesh. Research has shown that predictive analyzes are not optional in the highly
competitive business world, and that decision making is improving because the decisions
made with this technology are actually better and more effective. Empirical evidence has
been provided to demonstrate that the impact of predictive analyzes on the organization's
financial decision making in the ceramic industry in Bangladesh is positive and significant.

Research indicates that companies cannot analyze most of their data due to lack of resources,
and even if this system consumes a large amount of resources, it is still not enough. The data
source must be consulted very carefully. Large organizations must ensure that the data they
receive is current and that it comes from direct sources.

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If the data is incorrect, it creates confusion and the entire system is ineffective. In addition,
the data may affect other data and the individual data may be responsible for the success and
failure of the entire organization. Johnson (2015) notes that companies tend to lose resources
due to the growth of information from unreliable sources, and indicate that companies with
fewer resources are strongly affected by this information.

Contents

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7|Page
Abstract............................................................................................................................................5

Chapter 1: Introduction....................................................................................................................9

1.1 Background of the study........................................................................................................9

1.2 Ceramics Industry’s financial decision making process........................................................9

1.3 Research Questions..............................................................................................................11

1.4 Research objectives..............................................................................................................11

1.6 Hypothesis............................................................................................................................11

1.7 Project paper Outline...........................................................................................................12

Chapter 2: Literature Review.........................................................................................................12

2.1 Introduction..........................................................................................................................14

2.2 Predictive analytics..............................................................................................................14

2.3 Information and financial decision making.........................................................................16

Chapter 3: Research Methodology................................................................................................18

3.1 Introduction..........................................................................................................................20

3.2 Research Philosophy............................................................................................................20

3.3 Research Approach..............................................................................................................21

3.4 Research Design...................................................................................................................22

3.5 Research Strategy.................................................................................................................23

The research strategies can be in two forms. The details are given below –.............................23

3.6 Population and Sampling.....................................................................................................24

3.7 Data collection method........................................................................................................25

Chapter 4: Data analysis & Discussion.........................................................................................28

4.1 Data analysis........................................................................................................................28

Chapter 5: Conclusion and Recommendation...............................................................................47

5.1. Conclusion..........................................................................................................................47

5.2 Recommendations................................................................................................................48

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 5.3 Ethical issues........................................................................................................................51

5.4 Research limitations and future research.............................................................................52

References......................................................................................................................................53

Appendix........................................................................................................................................56

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 Chapter 1: Introduction

1.1 Background of the study

Chaouchi (2018) defines predictive analysis as an advanced branch of analysis used in

predictions of unknown okarins unknown in the future. There are many advanced and
advanced techniques used in predictive analyzes. Artun (2015) presents arguments that
contradict the general misconception that predictive analyzes are the result of massive
technological progress over the past five to seven decades. He argues that the origin of the
prediction analysis dates back to 1689. He defends his position by explaining that modern
registration standards, link databases, advanced processors and the availability of advanced
technologies such as Hadoop and MapReduce have made predictive analyzes They are easier
and more accurate to assess the situation. However, predictive analysis has been carried out
in the last three centuries. Artun (2015) states that the first predictive analysis application is
in Lloyd's London Annual Reports, known as one of the leading insurance and reinsurance
companies. However, primitive predictive analyzes do not coincide with modern predictive
analyzes, which use statistics, data mining, machine learning and even artificial intelligence
(artificial intelligence) to predict future events (Coggeshall 2012).

Doumpos (2012) defines finance as an area that addresses the long and short term effects of
investments, including the dynamics of different assets and liabilities over time and the
associated risks in micro and macro business environments.

Making financial decisions is one of the most important tasks facing business leaders. This
includes assigning budgets to different departments, especially identifying potential sectors
that may or may not invest, analyzing inflows and outflows of funds, etc. Market research
and the business environment are two important factors in financial decisions. The way in
which the final decision is made depends on several factors.

It also differs from one market to another, and from one industry to another, and from one
organization to another, and even from the market leader to the market leader. There is no
way to make financial or commercial decisions (Johnson 2015).

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The industry mainly produces healthy dishes, utensils and tiles. Since 2011, there have been
21 industrial ceramic units in Bangladesh with approximately 500,000 employees. In the first
nine months of fiscal year 2013/14, Bangladesh exported goods worth $ 36 million after
satisfying 80% of domestic demand. Today, the ceramic industry wants to beat the global
market. Many other countries, including the United States, Europe, South Africa and many
other countries, have received our certificate from the ceramics industry to produce their
products. However, ceramic companies in South Asia have warned the industry to invest in
Bangladesh to do their job (Bloom 2013).

Current research will attempt to determine if predictive analyzes play a role in financial
decision making.

1.2 Ceramics Industry’s financial decision making process

The ceramic industry is one of the growing industries in Bangladesh that has begun to
contribute to the economy with great success in the last four decades. Of course, in a complex
industry like the ceramic industry, the current company in Bangladesh is doing a massive
operation (Eliot 2016).

There is a common pattern in the ceramic industry when making financial decisions.
Financial decisions are important and important since the CFO is responsible for the
decisions. Therefore, senior managers must follow a specific process to identify episode gaps
and carry out the mission by achieving the best possible production with a strategic financial
decision (Eliot 2016).

An example can be discussed here RAK Ceramics (BD) Limited. He is an important player in
the ceramics industry, where important financial decisions are made with the approval of the
Board of Directors. The General Manager (Financial Affairs) is responsible for compiling all
preliminary financial statements, preparing the first draft of the budget and submitting it to
the general manager.

The manager presents the proposed budget to the manager and finally makes the final
decision, taking into account all the alternatives proposed for him.

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Although every idea, concept, tactic and strategy is implemented, there are still many
financial and other consequences, and the decision maker must analyze and evaluate all the
alternatives and potential outcomes and, ultimately, the decision. The basis for the final
decision may vary. For example, it can be based on the intuition of the leader or the value of
the data available to him, and this current research attempts to discover the impact of
predictive analysis on decision making. (Fardon 2007).

1.3 Research Question

 Do Predictive Analytics have any impact on the decision making process of Ceramics
Industry?

1.4 Research objectives

 To find out various aspects related to financial decision making

 To find out various aspects related to predictive analytics
 To find out if predictive analytics has any impact on financial decision making
Ceramics Industry
 To provide recommendations so that Ceramics organisations can take financial
decisions could be made more effectively

1.5 Significance of the issue at current market

The study attempts to determine if predictive analysis has an impact on financial decisions, as
well as try to study various factors and aspects related to financial decision making and
predictive analysis.

Big Data has played an important role in the modern business world in several ways. The
ability to analyze a variety of data and information from different market and industry sectors
offers a business opportunity to gain a competitive advantage over many of its competitors.
For many years, predictive analysis has been an ideal tool to analyze large amounts of data
and present it to decision makers so they can evaluate their options and alternatives
(Harrington 2017).

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With the increase in competition and technology available to almost everyone, the error rate
in financial decisions or other business decisions is very limited.

The Bengali ceramic industry is highly competitive, as many large companies such as Ras Al
Khaimah Ceramic (BD) Limited and AKIJ Ceramics Ltd. compete. And Mir Ceramics Ltd.
AND MIRPUR CERAMICS LTD. Multiple financial decision making is one of the most
important aspects of business, and many companies have had a cost management strategy to
work together to create a competitive market. Technology is very effective in a poor country.
However, companies of this size that have been using this strategy for a long time have to
make many important financial decisions, since cost reduction is the most important factor in
this strategy (Bloom 2013).

Under certain circumstances, organizations are very careful and vigilant in their behavior.
This research aims to study predictive analysis and its impact on financial decision making,
predictive analysis that is recognized as an independent variable and financial decision
making as a dependent variable.

The importance of these two variables is great in this market and research is extremely
important.

1.6 Hypothesis

H0 - Predictive analytics have no impact on financial decision making of organizations in

Bangladeshi Ceramics Industry.

H1 - Predictive analytics impact financial decision making of organizations in Bangladeshi

Ceramics Industry.

1.7 Project paper Outline

Chapter 1 of the study provides the general context of the study and describes the topic and
its related factors, as well as its relevance and importance in the current market. It also
clarifies research objectives, research questions and hypotheses.

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Chapter 2 of the study presents the theoretical framework of the study by discussing different
perspectives and perspectives of the problem, and a critical evaluation of the work and
conclusions of many academics, researchers and academics in this related field.

Chapter Three describes the general research methodology with emphasis on philosophy,
strategy, approach, data collection method, sample size, etc. with the appropriate justification.

Chapter 4 shows and analyzes the data collected by respondents using statistical tools. First,
all the questions addressed to the respondents are treated, the cause of the questions is
explained and the participants' answers are analyzed. Later, when you put answers in SPSS,
the hypotheses are testicles and results are found.

Chapter Five presents the results of the study and makes recommendations based on the
results of the general study.

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 Chapter 2: Literature Review

2.1 Introduction

In this chapter of the study, various aspects and factors related to forecast analysis and
financial decisions are described in detail. The chapter analyzes the research subject and
associated factors using various existing publications. The purpose of the next section is to
build a solid theoretical structure for research by defining and discussing different points of
view and arguments on the subject of research.

2.2 Predictive analytics

The analyzes are not specific. On the contrary, the definition generally changes with different
perspectives and requirements. In general, however, analyzes are often called logical
analyzes. Davenport (2010) defines the analysis as the full use of data, statistical tests and
various quantitative analyzes to create multiple exploratory or predictive models to design a
fact-based business decision management system. This means that the analysis does not apply
to a specific technique or method. It covers a range of technologies and techniques. Thorlund
(2011) supports this vision in the same way and presents three important factors in business
analysis. He classifies these technological, human and commercial elements and processes.
There are few studies that describe the analysis in the context of information research or
business intelligence. According to their logic, many different data and analysis methods are
used in the analyzes. However, there are many other studies in which the analysis is classified
only as an advanced method of business intelligence.

MacDonald (2010) identifies the analysis from a technical point of view and believes that
business intelligence is used to simplify relationships within the company and that real-time
information analysis supports the analysis. Luo (2010) described the analysis process as
follows:

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 Luo (2010)

As explained by Zenios (2009), the radical growth of technology has a tremendous impact on
business, administration and operations in general. In the short and long term, the integration
of information technology in the management of any company has deep roots in almost all
business areas. The application of information technology in production, marketing,
production and even in commercial communication is very clear these days. Predictive
analysis is defined as a branch of modern technologies that can be used to predict future
events by analyzing past events or available data.

Eades (2017) highlighted the techniques used for predictive analysis. Predictive analysis, he
says, is a complex process that uses data mining, modeling, machine learning and various
statistics. According to its description, the process begins with the collection of raw data for
the case in question. Data is organized and analyzed to understand past and current events.
The future is predicted based on the analysis.

All operational techniques are analyzed for the current and past situation to predict future
events of predictive analysis, as shown in the following figure:

Source: Eades, 2017

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Phylaktis (2017) supports the role of managers in predictive analysis and believes that the
exceptional quality of leadership alone is not enough in the modern business world. Today,
the manager or the person who makes the decisions has to rely heavily on data and
information. With the rise of globalization and capitalism, the entire world has already taken
a favorable position for entrepreneurs, as more and more organizations can start or develop
their businesses, because the entry threshold is now low. In addition, the bargaining power of
buyers increases with the number of organizations in the market. As a result, each
organization, large or small, faces enormous competitive pressures that force it to improve
and develop innovative and creative ideas to gain a competitive advantage over its
competitors in order to remain in the market. Stresses the importance of predictive analytics
as one of the most modern business technologies and an important tool to gain a competitive
advantage.

According to Charles (2007), predictive analyzes use historical data to predict possible future
results. He argues that the concept depends only on finding the motive. Then, the prediction
model based on the statistical analysis of the trend on the current situation and the expected
result is applied.

Eckerson (2007) divided the entire predictive analysis process into seven basic stages.
However, other scientists divided the process into different stages. However, most authors
agree with the basic process of the stages and there were few arguments for the predictive
analysis process. According to Ikerson (2007), the first step is to define the project. At this
stage, the entire project in which the method is applied is described in detail. Frank (2017)
points out that the most important aspect at this point is the construction of project objectives.
He stated that the following stages are very likely to be affected and that the overall
performance of the project will be affected if the objectives are not clearly defined.The
necessary data is collected and analyzed in the second and third stages. As Fletcher (2013)
points out, the importance and application of Big Data has become one of the most important
areas of activity due to the radical growth of information and technology. Big data is defined
as a very large data set that is analyzed using several modern and sophisticated computer
programs to expose a model. Frank (2017) describes that the analysis of the data collected
depends on the objectives of the project and that is why these objectives are so important.

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Once the data analysis process is completed, several statistical tests are performed to test the
hypotheses and verify or cancel the hypotheses.

Eckerson (2007) describes the last three phases, such as modeling, implementation and
monitoring. After statistical analysis, predictive modeling is performed based on the results
and the result of the process is implemented in the decision making process. Finally, the
implementation is monitored and the success and failure of the model is evaluated. There are
many differences in the definition or classification of the analyzes, but Conz (2008) identifies
a series of common elements that act as engines. As they are described, these controllers are
requirements regardless of the type or type of analysis performed. These elements are data,
processes, programs and individuals, and indicate that advanced technologies such as cloud
storage and low costs facilitate data collection and storage. He also said that by keeping the
database online, organizations can manage the data more accurately and completely. This has
resulted in several fundamental business processes that have been redesigned with the
assistance of many companies to improve their business performance. Market segmentation
or sales forecasts were much more accurate with different predictive analysis methods.

Finally, Fletcher (2015) states that interest in information-oriented supervisors has increased
dramatically in recent decades. Companies are looking for qualified employees for complex
computer software or to handle statistical tools. In this way, almost all organizations focus on
these applications and also provide training or support to employees.

Coker (2016) points out that the general effects of these engines have shaped the evolution of
the different types of analysis and their characteristics. Predictive analysis has proven to be
more information oriented, especially since the information is now easily accessible and
affordable. It also explains that it is now visible to focus on process changes, as mentioned
earlier, on an automated process or on greater confidence in mathematical models when
making business decisions. One of the main drivers of various analyzes, including predictive
analysis, is the improvement of the methods that lead to fundamental updates.

The products and information sector in these pilot programs also guarantees the preservation
and choice of knowledge, which means that there will be consistency as leaders move
forward. This is the strength of the investigation, however, this idea extended over time and it
was understood that an investigation of the origin of the test should be attempted.

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Korn (2016) describes that the use of different softwares to read, analyze and present data
today changed the commercial model and there were important changes in the commercial
scenario. For example, modern e-commerce websites use the most advanced algorithm to
show customers only the ads that may interest them, by predicting their configuration based
on their previous behavior.

2.3 Information and financial decision making

In today's world, business organizations have access to an unlimited source and the amount of
data available for internal and external business environments, including sales, demographics,
economic trends and consumer behavior. Supply, demand, supply, etc.

In addition, many studies have shown that many companies have done and invested heavily
in the collection and analysis of information. Recent research has shown that a billion-dollar
company generally spends more than 24,000 employees a day collecting, analyzing and
reporting the results to the agency. The Bengali pottery market is an important product in the
country, but the market is not large compared to the US or European pottery market.
However, as Malik (2011) explains, the sector also uses a large number of data analysis
sources.

Many managers and decision makers from different organizations often face the challenge of
providing a lot of information. It is presented with a large amount of data and information
that can be overwhelmed and make decisions difficult.

Many policy makers believe that the information provided is insufficient and are looking for
more data. In today's advanced economy, it is not difficult to obtain information. However,
due to these developments and a large amount of data, it is difficult to convert raw data into
useful and meaningful information. Today's decision makers use the data periphery and want
more data. Hermann (2001) points out that even employees and managers are confused about
what managers should or should not see. It is also observed that only 6% of the data collected
by the organization was analyzed. Goff (2003) states that reducing the cost of storing a large
amount of information makes decision makers feel tired of the information.

After all, the basic leadership is about the future. With this in mind, companies that use the
information to improve driving and basic performance should create a model that provides
early help to predict the future, so that a decision can be made based on possible future
events. It is incomplete to add information just to understand the current implementation. It
should also improve prophetic management skills to adequately monitor opportunities and
encourage change (Wilcox, 2003). Predictability allows management to create robust
frameworks, multiple resources, natural diversity, inconveniences and risks. This possibility
of "directing as planned" has a long and rich history.

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Neely (2002) states that many companies have a lot of information based on requests for data
from more and more partners and more internal activities. These companies seem to produce
information much faster than a manager who can analyze or categorize information that is not
really achieving the goal. The literature on economic or financial decision making and the use
of data is a multidisciplinary topic that includes many other factors, for example b.
Communication, management, social sciences, information, technology, psychology, human
understanding, etc. All these problems are definitely related to factors. However, the
literature does not provide a coherent theory and each of these questions or factors has its
own point of view. Most SI information publications, for example, focus on the properties of
the agent itself, rather than being linked to other factors, said Delone (2003). It is reported
that these factors are not uniform in a broader socio-technical structure. Similarly, much of
the nervous literature tends to focus only on the different cognitive aspects of human
psychology. The concept of financial decision making focuses mainly on different grades.
However, Harrington (2004) points out that financial decision making is currently not limited
to some data. It states that all business decisions in one way or another have direct or indirect
financial implications. Therefore, it is essential that all relevant information and data be
accessible to decision makers when making financial decisions. There are many aspects of
financial decision making in the ceramic market. Research and development, for example, is
a huge sector that requires large amounts of financial and non-financial resources. Obtaining
documents, patents and other legal documents is not always a financial decision, but these are
activities that involve other departments, but the budget or the allocation of resources for
each department is a financial decision-making process. Sales, production and marketing are
among the most important activities carried out by the Ceramic Corporation, and although
they make their resources available, those responsible for making financial decisions must
know all the partial and large environmental factors of the company, including state of the
institution and the general economic situation of the market. Mentioned by David (2011).

As mentioned by Charles (2007), Coker (2014) and Korn (2011), making financial decisions
in business is fundamental to the success of the organization and all decisions of senior
management are based on data. Information is collected from multiple sources. The
advantage is that today's leaders have access to various tools and programs for data analysis,
but the amount of big data is often formidable and confusing.

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 Chapter 3: Research Methodology

3.1 Introduction

The most important reason for doing research is to find authentic and valid information on a
particular subject on which the research is based. In this case, the study aims to determine the
impact of predictive analysis on corporate financial decision-making in the context of the
ceramic industry in Bangladesh. Researchers can use a variety of methods to conduct a study.
As a result, this research was done with some of these methods in mind. Factors considered
are data collection, research approach and preparation of data-driven analyzes, etc.

3.2 Research Philosophy

Certain philosophies must be studied before the investigation begins. Indeed, research must
achieve predetermined goals and objectives. Research-related philosophies help researchers
conduct their research effectively (Habib 2014). The research philosophies described below:

Positivism:

In this philosophy, the task of research is to collect knowledge or data by observing and
interpreting the data collected objectively. This philosophy believes that it is important to use
science to learn the truth on every subject. This philosophy uses a rigid structure to complete
the research (Maryam 2014).

Interpretivism:

It is used when researchers ask questions or conduct interviews directly without following a
model or system. This philosophy is adopted by researchers who believe that people can
respond to the same goals and activities differently, depending on their point of view. For this
reason, the research is conducted using a qualitative research method (Maryam 2014).

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Realism:

The philosophy of realism focuses on realistic views, that is, things that already exist in
reality. This method speaks of the independence of reality based on the idea of the
development of knowledge in the mind of an individual (Maryam 2014).

Justification of choosing research philosophy:

This research is based on the philosophy of positivism, since this philosophy involves the use
of quantitative research methods and the subject on which this research is based requires
factual data, mathematical and statistical analysis to obtain precise results.

3.3 Research Approach

There are some approaches which researchers could go for in the preparation for the research.
These approaches are –

Inductive Approach:

The inductive approach, also known as inductive thinking, is used when researchers wish to
implement research theories at the end of the analysis to observe the research project.
Theories are used to link the analysis and the results of the research with the theories so that
researchers can make an in-depth observation (Mackey 2015).

Deductive Approach:

The deductive approach is used when researchers tend to formulate hypotheses related to
existing theories so that researchers can develop research strategies. This approach generally
focuses on the cause of an event and generally uses the quantitative research method
(Mackey, 2015).

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Justification for the selected research approach

This research uses the deductive approach because this type of research requires a specific
research approach and hypothesis by the researcher to obtain the research results effectively.

3.4 Research Design

Research design can be done in several forms. Since the research is based on the quantitative
research, it has four types of research design that can be adopted (Mackey, 2015). These are
described below –

Descriptive Design Research:

The descriptive design contains data that already comes from other sources, and the research
is descriptive in relation to the discussion of the research topic. It is not based on an
assumption. Rather, it is based on existing data (Noble 2011).

Correlational Design Research:

Correlation research tends to compare two variables to assess similarities or relationships

based on statistics or observations. It is a quantitative method that uses quantitative variables
to find the covariance between them.

Experimental Design Research:

This research plan is used to determine the cause and effect relationships between two
different variables or different variables. In this way, researchers can change independent
variables to determine the impact on dependent variables (Noble 2011).

Quasi-experimental Design Research:

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This research design is almost the same as experimental design research. However, the only
difference is that no random sample group is used for this study.

Experimental design research is the most appropriate for this research. As this study attempts
to determine the impact of predictive analytics in corporate financial decision making, two or
more variables should be used for the investigation to determine its causes and consequences
based on changes in independent variables and their effects. to the dependent variable (Noble
2011).

Justification

The reason why experimental design research has been chosen to do this research is because
it is trying to find the effects of predictive analysis on financial decisions in the ceramic
industry in Bangladesh.

3.5 Research Strategy

The research strategies can be in two forms. The details are given below –

Qualitative Research:

Researchers use this test method when they tend to use descriptive features and come from a
direct source without finding a statistical analysis of the test (Bestley 2011)

Quantitative Method:

Researchers use this research method when they choose to obtain approximate and statistical
data for research, obtain authentic and verified information from the source and obtain
concrete results from the implementation of the research project (Bestley 2011)

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Justification for the selected research strategy

Since questionnaires are typically used in this study, this study uses the quantitative survey
method by selecting 50 randomly selected employees from different ceramic companies in
Bangladesh and obtaining their answers by providing questionnaires. Therefore, researchers
need data based on research needs.

3.6 Population and Sampling

The information can be obtained from two different sources. These are described below –

Primary Source:

The main source is data from direct sources that can be collected through surveys, interviews,
online surveys on social networking websites, etc. In this way, the research data is often
authentic and original in nature.

Secondary Source:

The secondary source refers to the data collected on the basis of existing data made by other
researchers. These can be newspapers, other research, magazines, books, Internet articles, etc.
These data sources are readily available and because they have been developed for other
research purposes, it may take some time to collect certain data from existing data for new
research purposes (Mackie 2015).

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Since this study tends to use the qualitative strategy due to the use of the survey, the main
source is used. Because the investigation must be carried out with the help of the respondents,
a correct sample selection is required. The population is the largest variable. In case of
investigation, the population will be the complete workforce of the ceramic industry.
However, the problem is that the survey will take a long time if the population has
participated in the results of the data. That is why the sample consists of a small set of
variables from the largest population that represent the entire population. In this case, a small
group of workers working in the ceramics industry would be considered a sample, and their
responses would be used as a general description of the actual employees in the ceramics
industry.

This research employs 50 employees in a random selection of different ceramic companies in

Bangladesh.

3.7 Data collection method

Data collection could be done by project researchers in different ways. Surveys are usually
the most common form of data collection by researchers. In addition, simple observation of
people can provide interesting data that could support research (Mackey 2015). Surveys are
usually conducted in the form of questionnaires. And since this research is done to determine
the impact of predictive analytics on corporate financial decision making, data collection
could be done by selecting samples from the ceramics industry. The sample consists of 50
employees randomly selected from various ceramic companies. You will receive a
questionnaire in which you can answer a series of closed research questions.

Justification:

In this case the questionnaire is used. This can also be linked to the quantitative method, since
researchers can collect data from a sample that would represent the population.

3.8 Data Analysis Techniques

There are several techniques that researchers can use to analyze the data they collect for
research. This study used the quantitative method to collect the necessary data from the
sources. The methods are used to analyze the data.

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Correlation analysis:

The correlation analysis is used when researchers want to discover the similarities between
two different research variables and their strengths. If the correlation seems closer to 0, it
means that the relationships between two variables are weak. However, if the value is close to
1, it means that there is a strong relationship between the two variables (Habib 2014).

ANOVA table:

When researchers try to find different important testicles, they perform an analysis so that
different segments can be created based on the differences observed in the project (Habib
2014).

Regression analysis:

The regression analysis is performed when the investigation attempts to propose an analysis
by discovering the close relationship between independent and dependent variables. It is used
to identify the effects on the dependent variables by changing the values of the independent
variables related to the research topic.

Y (Financial Decision Making) = a + bx

Here,

a = alpha

x= Predictive Analytics

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3.9 Research Framework

When conducting research, researchers use a specific framework, so that research can cover
all topics related to the topic. With regard to the study "The impact of predictive analytics in
financial decision making in business: an empirical study of the ceramic industry in
Bangladesh", begins with an introduction to the theme, goals and objectives of this study. It
also discusses the potential scope of this investigation and a description of the problem. The
second chapter goes further, since the research topic is deepened from the point of view of
the theories of experts and researchers in this field. Chapter 3 includes a research
methodology, which describes models and methods used to collect and analyze data. Chapter
4 contains the actual results of the study. Chapter 5 contains the analysis of results. Chapter
Six contains a conclusion, a recommendation and a reflexive statement by the researcher, in
which the learning factors resulting from the research are mentioned.

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 Chapter 4: Data analysis & Discussion

4.1 Data analysis

Research has already mentioned in the previous chapter that it uses a quantitative research
strategy and a deductive research approach. The study was also identified as a primary study
and the method of data collection and analysis was selected to meet these characteristics.

To collect data, 50 people working for different organizations in the ceramic industry in
Bangladesh were randomly selected. You have received a questionnaire with closed questions
to give your answer. The questionnaire contains a section with 3 demographic questions and
another section with 7 statements. Respondents in the second segment indicate on a 5-point
Likert scale to what extent they agree or disagree with these statements.

Table 1: Gender analysis of the Respondents

Gender Frequency Percent Valid Percent Cumulative

Percent

Male 33 66% 66% 66%

Female 17 34% 34% 100%

Total 50 100% 100%

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The first question in the questionnaire shows the gender distribution of the respondents. 66%
of respondents are men and the remaining 33% are women, as shown in the table above and
the following pie chart:

Figure 1: Gender analysis

Table 2: Organization of the Respondents

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 Frequency Percent Valid Cumulative Percent
Percent

AKIJ Ceramics 18 36 36 36
Ltd

RAK Ceramics 12 24 24 60
(BD) Limited

MIRPUR 9 18 18 78
CERAMICS
LTD

Mir Ceramics 10 20 20 98
Ltd

DBL Ceramics 1 2 2 100

Ltd

Total 50 100 100

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In the second question, the respondents were segmented according to their respective
organization. As the table shows, 36% of respondents are from AKIJ Ceramics Ltd, 24%
from RAK Ceramics (BD) Limited, 18% from MIRPUR CERAMICS LTD, 20% from Mir
Ceramics Ltd and 2% from Mir Ceramics Ltd. by DBL Ceramics Ltd.

Chart Title

40%

35%

30%

25%

20%

15%

10%

5%

0%
AKIJ RAK MIRPUR Mir DBL

Figure 2: Organization of the Respondents

Table 3: Age analysis of the Responders

Range of age Frequency Percent Valid Percent Cumulative

Percent
20-25 Years 14 28 28 20
26-30 Years 23 46 46 72
31-35 Years 9 18 18 94
36-40 Years 3 6 6 98
Over 40 Years 1 2 2 100
Total 50 100 100

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Respondents to this question were divided into different age groups. They had 5 options and
identified their own age group. 28% of respondents are between 20 and 25 years old, 46% are
between 26 and 30 years old, 18% are between 31 and 35 years old, 6% are between 36 and
40 years old and 2% are over 40 years old.

Figure 3: Age analysis of the Responders

Table 4: My organization relies heavily on predictive analysis to make financial

decisions.

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Dimensions Frequency Percent Valid Cumulative
Percent Percent
Strongly Disagree 2 4 4 4

Disagree 0 0 0 4

Indifferent 1 2 2 6

Agree 10 20 20 26

Strongly Agree 37 74 74 100

Total 50 100% 100%

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This specific question was asked to understand the effect of predictive analysis on financial
decisions. Find out if companies need predictive analytics to make financial decisions.

As you can see, the answer is rather one-sided. It shows that only a few respondents think
that their organization does not strongly depend on predictive analysis when making financial
decisions. Only 4% strongly disagree, 74% strongly agree and 20% agree that your
organization relies heavily on predictive analytics to make financial decisions.

Figure 4: My organization relies heavily on predictive analysis to make financial

decisions.

Table 5: My organization spends a lot on data collection and analysis of predictive

analysis

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Dimensions Frequency Percent Valid Cumulative
Percent Percent

Strongly Disagree 2 4 4 4

Disagree 4 8 8 12

Indifferent 4 8 8 20

Agree 15 30 30 50

Strongly Agree 25 50 50 100

Total 50 100% 100%

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This question questions whether companies spend a lot of money on forecast analysis or not,
and the answers show that companies tend to spend a lot of money on this goal. Only 4%
totally disagree and 8% completely disagree and 50% strongly agree and 30% agree, which
means that your organization has proactively spent a lot of money on analysis

Figure 5: My organization spends a lot on data collection and analysis of predictive

analysis

Table 6: Predictive analysis increases qualitative and quantitative knowledge of the

business environment.

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Dimensions Frequency Percent Valid Cumulative
Percent Percent

Strongly Disagree 3 6 6 6

Disagree 2 4 4 10

Indifferent 0 0 0 10

Agree 11 22 22 32

Strongly Agree 34 68 68 100

Total 50 100% 100%

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Knowledge is an important part of commercial, financial and other decision making. This
question is intended to determine the effects of predictive analysis and at the same time
provide quantitative and qualitative information for the general business environment, which
is another important element of decision making. The answers clearly show that respondents
consider predictive analysis to be a very effective tool and at the same time improve the
qualitative and quantitative knowledge of the business environment. Only 6% of respondents
disagree and 4% disagree, 22% agree and 68% agree

Figure 6: Predictive analysis increases qualitative and quantitative knowledge of the

business environment.

Table 7: I think decisions based on predictive analytics are better

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Dimensions Frequency Percent Valid Cumulative
Percent Percent

Strongly Disagree 9 18 18 18

Disagree 6 12 12 30

Indifferent 11 22 22 52

Agree 10 20 20 72

Strongly Agree 14 28 28 100

Total 50 100% 100%

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This question is about whether decisions made using predictive analysis are better than other
decisions because many resources are spent on this support.

The answer to this particular issue is not critical, as the table shows. Even if most people
agree with the statement, a large number of respondents remain neutral or disagree.

20% agree and 28% totally agree, which means that decisions based on predictive analysis
are better. 18% disagree and 12% disagree. 22% of respondents could not decide.

Figure 7: I think decisions based on predictive analytics are better

Table 8: Most of the data collected does not remain analyzed

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Dimensions Frequency Percent Valid Cumulative
Percent Percent

Strongly Disagree 0 0 0 0

Disagree 3 6 6 6

Indifferent 0 0 0 6

Agree 25 50 50 56

Strongly Agree 22 44 44 100

Total 50 100% 100%

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In today's world, data collection is no longer a problem. However, too much data is often a
problem. Analyzing all the data collected requires many resources and this instruction tries to
find out if the data collected in these organizations is being analyzed.

As we can see, the answers are almost unilateral. It has been clearly shown that organizations
do not analyze most of the data they collect. 44% totally agree that most of the data has not
been analyzed and 50% agree. Only 6% disagreed and none of the respondents fully agreed.

Figure 8: Most of the data collected does not remain analyzed

Table 9: My organization does not have sufficient resources to use predictive analysis
more effectively

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Dimensions Frequency Percent Valid Cumulative
Percent Percent

Strongly Disagree 2 4 4 4

Disagree 10 20 20 24

Indifferent 0 0 0 24

Agree 18 36 36 60

Strongly Agree 20 40 40 100

Total 50 100% 100%

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Resources for predictive analysis are an important factor for the successful implementation of
the entire system. The question arises as to whether companies have sufficient resources to
administer the system effectively.

The answer shows that employees believe that companies have resources because a large
number of respondents agree with the statement. 36% agree and 40% totally agree, while 4%
disagree and 20% disagree..

Figure 9: My organization does not have sufficient resources to use predictive analysis
more effectively

Table 10: I believe predictive analytics is not necessary to make financial decisions
Dimensions Frequency Percent Valid Cumulative
Percent Percent
Strongly Disagree 25 50 50 50

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Disagree 17 34 34 84

Indifferent 0 0 0 84

Agree 2 4 4 88

Strongly Agree 6 12 12 100

Total 50 100% 100%

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The purpose of this statement is to discover the importance of predictive analysis for financial
decision making. Respondents indicated that predictive analysis when making financial
decisions is not optional. Only 12% totally agree and 4% agree that predictive analysis is
mandatory, while 34% disagree and 20% disagree.

Percent

Strongly Agree 12

Agree 4

Indifferent 0

Disagree 34

Strongly Disagree 50

0 10 20 30 40 50 60

Figure 10: I believe predictive analytics is not necessary to make financial decisions
believe predictive analytics is not mandatory in making financial decision

Relating response to existing academic theory

The purpose of this quantitative analysis is to prove or disprove the assumptions you made
and make a decision. The analysis of the data opens the way to the statistical tests that finally
give the result. However, answering each question provides an overview of the problem. In
this research section, the answers to the question are compared with the existing literature on
the subject.

The answers clearly show that companies rely heavily on predictive analysis when making
financial decisions. It supports the arguments of Charles (2007), Coker (2014) and Korn
(2011) that today's financial decisions rely heavily on data and information from multiple
sources.

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The study also found that companies spend a lot of resources on predictive analysis, which
supports Malik's (2011) argument that the sector spends a significant amount of resources on
predictive analysis, even if it is a much smaller industry. Americans or Europeans.

Research shows that predictive analysis is very effective and at the same time expands the
knowledge supported by Eades (2017) that predictive analysis techniques are a complex
process, which includes data mining, modeling, machine learning and various statistical
techniques for analyze the present and the past. Situation to predict future events. According
to the description, the process begins with the collection of raw data on the subject in
question. The data was organized and analyzed to better understand past and current events.
According to the analysis, prediction is made for the future, which means that decision
makers have a lot of knowledge.

In addition, the answers also corroborate the results of Herrmann (2001), who discovered that
even employees and managers are confused about what managers should or should not see.
He also found that only 6% of the data collected by the organization was analyzed. Goff
(2003) also states that the fall in the cost of storing a lot of information makes decision
makers feel overwhelmed by the information.

Hypothesis testing

The following assumptions were made in the first chapter of this study. In the next section,
they are tested with several statistical studies. These tests accept one hypothesis and reject the
other, so that the investigation reaches a final decision on the problem.

H0: Predictive analysis does not affect the financial decision of ceramic industrial companies
in Bangladesh.

H1: Predictive analysis influences the economic decision-making of ceramic industrial

companies in Bangladesh.

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The hypotheses were formulated with regard to predictive analysis as an independent variable
and financial decision making as an independent variable. The tests determine whether or not
the independent variable affects the dependent variable.

The complete questionnaire was attached at the end of the study.

Correlation Analysis:

The correlation analysis determines whether the independent variable and the dependent
variable are linked and whether one effect affects the other. This analysis creates a table
where the P-value can be found in the column "itself". The value is compared with the alpha
value 0.05 to make a decision. If the alpha value is greater than the P value generated by the
correlation analysis, the null hypothesis is rejected and the alternative hypothesis is accepted.
On the other hand, if the P value is greater than the alpha value, the alternative hypothesis is
rejected and the null hypothesis is accepted.

Coefficientsa

Unstandardized Standardized
Coefficients Coefficients

Model B Std. Error Beta t Sig.

1 (Constant) 3.582 .390 9.185 .000

predictive .216 .087 .334 2.478 .017

analytics

a. Dependent Variable: financial decision making

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According to the correlation table above, the analysis shows a P value of 0.00 and the value
including the alpha value is less than 0.05.

Therefore, the study rejected the null hypothesis and accepted the alternative hypothesis.

For this reason, predictive analysis has an impact on the financial decision-making of ceramic
industrial companies in Bangladesh.

ANOVA Table:

The ANOVA table determines the strength of the two variables. Determine if an independent
variable has an effect on a dependent variable, whether this influence is significant or not.

The table produces a P value and if the value is less than 0.05, the ratio of the variables is
considered to be significant.

ANOVAa

Sum of AKIJ Mean AKIJ

Ceramics Ceramics
Model Ltds df Ltd F Sig.

1 Regression 2.593 1 2.593 6.140 .017b

Residual 20.693 49 .422

Total 23.286 50

a. Dependent Variable: financial decision making

b. Predictors: (Constant), predictive analytics

50 | P a g e
The table above shows that the P value assigned to the F value is 0.17 and is less than 0.05.

Therefore, the relationship between the two variables is significant.

In addition, a positive beta value can be observed, which means that the relationship is
positive.

Therefore, better financial decisions are expected with better use of predictive analysis.

Regression analysis:

Model Summary

R AKIJ Adjusted R
Ceramics AKIJ Std. Error of
Model R Ltd Ceramics Ltd the Estimate

1 .111a .324 .343 .64986

a. Predictors: (Constant), predictive analytics

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The table shows that the table gave an R value for AKIJ Ceramics Ltd of 0.324. This means
that 33.4% of the dependent variable is explained by the independent variable. The remainder
of 67.6% is explained by some other variables that have not been taken into account in the
current study.

4.2 Discussion

In the previous data analysis, the study rejected the null hypothesis and accepted the
alternative hypothesis that the predictive analysis affects the financial decision making of
ceramic industry companies in Bangladesh.

Research has also shown that the impact of predictive analysis on financial decision making
is positive and important. So, we can say that if the organization can use its prediction
technique correctly, the possibility of making a better decision will greatly increase.

However, the regression table gave the value of AKIJ Ceramics Ltd R at 0.324. This means
that 33.4% of the dependent variable is explained by the independent variable. The rest of
67.6% can be explained by some other variable that was not a problem for current research.
In all cases, only one independent variable was considered in the study and only the effects of
the independent variable were considered in the table. Therefore, it is guaranteed for R AKIJ
Ceramics Ltd. Expect a low value.

Research indicates that companies operating in the ceramic industry in Bangladesh rely
heavily on forecast analysis to make financial decisions and that use a large amount of
financial and non-financial resources to collect analytical data.

But despite all the resources used to forecast the analysis, companies cannot use the system
optimally. Research also shows the season behind this.

52 | P a g e
Bangladesh is a small country, and although the ceramic industry is very large and
progressive in the operation of its business, it lacks many resources. Research has shown that
companies do not have enough resources, so their predictive analysis systems are not
effective.

Although companies with predictable analyzes can expand their qualitative and quantitative
knowledge and allow decision makers to make better decisions, most data is not analyzed due
to lack of resources.

Research has shown that predictive analyzes are not optional in the highly competitive
business world and that decision making is improving because the decisions made with this
technology are actually better and more efficient. Empirical evidence has been provided to
demonstrate that the impact of predictive analyzes on the organization's financial decision
making is positive and important in the Bengal pottery industry. The study also showed that
companies cannot analyze most of their data due to lack of resources and that a large amount
of resources are not yet sufficient for this system.

53 | P a g e
 Chapter 5: Conclusion and Recommendation.

5.1. Conclusion

This study aims to discover several aspects related to predictive analysis and financial
decisions, while determining whether the process of economic decision making in
Bangladeshi pottery companies is affected by predictive analysis. The research also wants to
make more recommendations to improve the financial decision-making process.

This chapter presents the research context and presents research objectives, research
questions and hypotheses. This chapter presents the variables and their general definitions to
the readers before discussing a study. It also examines the reason, importance and importance
of research in the current market.

The second chapter of the study describes the different aspects and factors of predictive
analysis and financial decision making with the corresponding details. This chapter discusses
the topic of research and related factors based on several current publications. The purpose of
this chapter is to build a solid theoretical research structure by identifying and discussing the
different points of view and arguments of the research topic.

The research methodology was presented in the third semester of the study. The chapter
explains with sufficient justification that the research used a quantitative research strategy
and a deductive research strategy. The study was also identified as the preliminary study and
the method of data collection and analysis was chosen to meet these characteristics.

To collect the data, 50 people were randomly chosen to work at various pottery companies in
Bangladesh. They were given a questionnaire with closed questions to indicate their response.
The questionnaire contains a section that contains 3 population questions and another section
that contains 7 sentences. Respondents in Part 2 of the 5-point Likert scale indicate how
much they agree or disagree with this data.

In the fourth semester of the study, the data were analyzed and the results presented. This
chapter analyzes each question in the questionnaire, including the answer and the purpose of
the question, to justify the presence in the questionnaire. This chapter also examines
hypotheses and draws conclusions on this topic.

54 | P a g e
When analyzing the data, the study rejected the null hypothesis and accepted the alternative
hypothesis. He showed that predictive analysis has an impact on the financial decision-
making process of organizations in the Bangladesh ceramic industry.

Research also shows that the impact of predictive analysis on financial decision making is
positive and significant. Therefore, it can be said that the chances of better decision making
will increase dramatically if the organization can use the prediction analysis method
correctly.

The regression table gave the value of AKIJ Ceramics Ltd R a value of 0.324. This means
that 33.4% of the dependent variable is explained by the independent variable. The rest of
67.6% could be explained by other variables that did not cause any problems in this study. In
any case, the study analyzed only one independent variable, and the table only measures the
effects of the independent variable. This is justified by R AKIJ Ceramics Ltd. Expect a low
value.

Research has shown that predictive analysis is not optional in today's highly competitive
business world and decision making has been improved because the decisions made with this
technology are actually better and more effective. A pilot guide was presented to show that
the impacts of predictive analysis on the organization's financial decisions in the ceramic
industry in Bangladesh are positive and significant. The survey also showed that companies
lack the resources to analyze most of their data, and even if a large amount of resources is
used in this system, this is still not enough.
5.2 Recommendations

The study aims to provide recommendations based on the results. These recommendations
are presented in the following sections to help organizations improve their financial decision-
making process:

• Research shows that data collection is the most important factor in predictive analysis. The
management of the organization must be very clear, cautious and alert in the tasks you are
looking for. Priority can be an important tool when collecting data. For the system to be more
efficient, the most important information must be collected. According to Lindert (2014),
companies with fewer resources should be very careful with their costs. Costs can be reduced
by focusing on a specific process that avoids errors and uses unnecessary resources.

55 | P a g e
• The data source should be considered of the utmost importance. Organizations should
ensure that the information they receive is current and that they come from direct sources. If
the information is incorrect, it may cause interference and the entire system is no longer
effective. In addition, the data may affect other data and the individual data may be
responsible for the success and failure of the entire organization. Johnson (2015) points out
that companies tend to lose resources due to the increase in information obtained from
unreliable sources, and notes that companies with fewer resources are strongly affected by
this information.

• Research has shown that organizations rely heavily on predictive analyzes, but do not have
the means to implement the most effective system. Due to the size of the market and industry,
the most advanced system is difficult to implement. Several billion dollars use artificial
intelligence, but do not invest much in the country where these companies operate. They need
to design their system to make the least amount of mistakes and, by prioritizing tasks, they
can improve the process. Research also shows that most data is not analyzed and that all data
cannot be analyzed separately. That is why a system must be created in which an organization
can quickly identify a priority database.

5.3 Fulfilling research objectives and questions:

Research objectives:

 Discover different aspects of financial decision making.

Several aspects of financial decision making during the project were discussed and
adequately discussed in the study. Provide different opinions and opinions about the
variables.
 Discover different aspects of predictive analysis.
The research discussed and discussed various aspects of predictive analysis
throughout the project. Provide different views and opinions and present the whole
process.
 Know if predictive analyzes affect the financial decisions of the ceramic
industry.
Research has finally shown that the effects of predictive analysis on financial decision
making are both positive and significant. For this reason, we can say that the
opportunities for better decision making will increase dramatically if the organization

56 | P a g e
 can use its prediction technique correctly. The conclusion of the study supports the
arguments of many studies and research articles that say that the modern business
environment is very competitive and that predictive analysis is required in such
circumstances. As Phylakti (2017) points out, for example, in the modern business
world, exceptional driving quality is not enough. Today, the manager or the person
who makes the decisions has to rely heavily on data and information. With the rise of
globalization and capitalism, the entire world has already adopted a very positive
attitude towards companies, which allows more organizations to start or expand their
businesses as a barrier to entering the market. The number of marketing organizations
increases the bargaining power of the buyer. As a result, each large and small
company faces significant competitive pressure, forcing it to constantly improve and
innovate and innovate to gain a competitive advantage over competition and market
survival. Predictive analysis emphasizes the importance of modern technology for
businesses and an important tool to gain a competitive advantage.
 Recommend that ceramic companies make financial decisions that can be
made more efficiently.
In the previous section, the study made some recommendations based on the results of
the study, and also took into account other theories of other researchers. For example,
the data source should be considered with the greatest importance. Institutions should
ensure that the information they receive is up to date and from direct sources. If the
data is incorrect, it will cause confusion and the entire system will no longer be
effective. In addition, data has the potential to affect other data, and data can be
responsible for the success and failure of the entire organization. Johnson (2015)
discovered that companies tend to lose resources due to their information culture from
unreliable sources and points out that companies with fewer resources are strongly
affected by this information.

Research question:

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Does predictive analysis affect the decision making process in the ceramic industry?

Yes Research shows that only 4% of respondents and none of them agreed. 74% of
respondents and another 20% of respondents agree that their organization relies heavily on
predictive analysis to make financial decisions.

The answers clearly show that participants believe that predictive analysis is a very effective
tool, while improving qualitative and quantitative knowledge of the business environment.
Only 6% of respondents disapprove of this statement and 4% disagree, while 22% and 68%
completely agree.

If the question of predictive analytical decisions is better or not, the answer to this question is
not critical. Although most agreed with the statement, a large number of respondents
remained neutral or different.

20% agree and 28% agree that decisions based on predictive analysis are the best. 18% totally
agree and 12% disagree. 22% of respondents could not decide. The reason for this is
understandable because participants believe that companies do not analyze most of the data
they collect. 44% agree that most of the data has not been analyzed and 50% agree with them.
Only 6% opposed and none of the respondents fully agreed.

Respondents say that predictable analysis is not optional when making financial decisions.
Only 12% completely agree and 4% agree that predictive analysis is not mandatory, while
34% disagree and 20% decide otherwise.

Finally, research has shown that the effect of predictive analysis on financial decision making
is positive and important. Therefore, it can be said whether the institution can use predictive
analysis technology well, which increases the probability of making a better decision.

5.4 Ethical issues

All research must be carried out in a manner that complies with all necessary rules and
regulations (Mackey 2015). To maintain the ethical integrity of this investigation, follow all
the rules and regulations of the investigation. The research mentions respecting the names of
authors and scholars whose opinions and work contributed to the research.

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To protect the privacy of respondents' information, the responses were destroyed after the
data analysis process was completed. In addition, all participants were adequately informed
about the purpose of the study and the information provided. They were contacted
respectfully and the responses received without any undue influence.

5.5 Research limitations and future research

With more resources, the problem can be studied more widely. The study considers only an
independent variable and measures its effect only on the dependent variable. However, a
study with multiple independent variables with a larger sample could lead to more feasible
research.

The research implemented a quantitative strategy, but other research can also be done using a
qualitative strategy to obtain more information on the subject.

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 Appendix

Questionnaire

Impact of Predictive Analytics on Financial Decision Making in business: An empirical

study of Bangladeshi Ceramics Industry

1. Gender (Please Tick Mark)

Male

Female

2. Age (Please Tick Mark)

20-25 Years

26-30 Years

31-35 Years

36-40 Years

Over 40 Years

Total

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 3. Organization (Please Tick Mark)

AKIJ Ceramics Ltd

RAK Ceramics (BD)

Limited

MIRPUR CERAMICS
LTD

Mir Ceramics Ltd

DBL Ceramics Ltd

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(Please Tick Mark)

4. My organization relies heavily on predictive analysis SA A I D SD

to make financial decisions.

5. A substantial amount of money is spent for data SA A I D SD

collection and analysis for predictive analytics in my
organization

6. Predictive analytics increases both qualitative and SA A I D SD

quantitative knowledge about the business environment

7. I believe the decisions that are made on the basis of SA A I D SD

predictive analytics are better

8. Most of the data collected remain unanalyzed SA A I D SD

9. My organization lack resources to be able to utilize SA A I D SD

predictive analytics most effectively

10. I believe predictive analytics is not mandatory in SA A I D SD

making financial decision

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NOTE: SA = Strongly Agree, A = Agree, I = Indifferent, D = Disagree and SD =
Strongly Disagree

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