Data collection and analysis for business decision making INTRODUCTION 1 TASK 11
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Added on 2020-10-22
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Business Decision Making INTRODUCTION 1 TASK 11 1.1 Plan for collecting information through primary and secondary source for business problem1 1.2 Present the survey methodology and sampling frame used 2 1.3 Questionnaire designing for define business problem 2 TASK 24 2.1 Create informationfordecisionmakingbysummarisingdata representative value4 2.2 Analyse the outcome to draw a valid conclusion for project5 2.3 Analyse data through measure of dispersion for gaining and taking better judgement 5 2.4 Use of quartile and correlation coefficient for better decision making 6
Data collection and analysis for business decision making INTRODUCTION 1 TASK 11
Added on 2020-10-22
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Business Decision Making
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Plan for collecting information through primary and secondary source for businessproblem.......................................................................................................................................11.2 Present the survey methodology and sampling frame used..................................................21.3 Questionnaire designing for define business problem..........................................................2TASK 2............................................................................................................................................42.1 Create information for decision making by summarising data representative value............42.2 Analyse the outcome to draw a valid conclusion for project................................................52.3 Analyse data through measure of dispersion for gaining and taking better judgement........52.4 Use of quartile and correlation coefficient for better decision making.................................6TASK 3............................................................................................................................................73.1 Creation of graphs and charts for summarising information................................................73.2 Creation of trend lines for determine future aspects and attribute........................................83.3 Business presentation for evaluating things..........................................................................83.4 Produce a formal business report..........................................................................................8TASK 4............................................................................................................................................94.1 Use of appropriate information processing tool....................................................................94.2 Prepare a project plan and determine critical path system..................................................104.3 Use of financial tools for decision making.........................................................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONDecisions are a best part of business on which managers have to made their keen focus.Whenever any kind of modification or expansion related project used to take place in a firm thenmanagement have to align their better and effective working so that chances of derivingbeneficial outcome could become possible (Aharoni, 2015). Thus, a business could become ableto sustain at market world for long period of course when they used to understand and estimatedeach and every consideration properly and better. This project is based on business decisionmaking of Food For Friends whom want to open another chain of restaurant in London. Thisproject will going to include about various sources of data collection so that a better andappropriate understanding could take place. It is also essential to analyse the data properly byutilising suitable technique. Thus, various tools and techniques for analysing outcome also getunderstand with this project. Although, managers have to utilise the software generatedinformation better through which long term consideration could become possible. TASK 11.1 Plan for collecting information through primary and secondary source for business problemWhenever any kind of future related project used to take place, managers of a companyhave to craft better and define plan nature so that all things went well. This will enable businessto accomplish their targets in a definite frame so that effectiveness and efficiency in workingcould be manage (Baker, 2018). Food For Friends want to expand their working for which theyneed to collect information from various number of respondents. In this consideration, they aregoing to consult with primary and secondary source of information so that expansion used totake place in better and distinguish manner. Primary source: Sometimes, raw and define information is essential for business so thatbetter suited growth could be reflected to business and working. Primary information issuch nature of frame which could be determine through questionnaire survey, personalinterview etc. All these aspects enable in disseminate data properly so that effective andefficient working options could be done.Secondary source: These are such sort of information which are already used to takeplace. These could be in terms of profitability of a company census etc. Already organisesurvey reports enable in better decision making without organising own. 1
FFF have to determine both of them where, beneficial approach is primary data method. Thiswill enable them in defining better and supportive outcome which further facilitate in designingsuitable gain. 1.2 Present the survey methodology and sampling frame usedSurveys are a core part of business which need to understand by business managersproperly so that better and efficient gain could be reflected (Dahl, 2017). There are various kindsof survey methodology could be opt by Food For Friends in their working through which betterand efficient gains could be reflected:Questionnaire survey: One of a major kind of survey is questionnaire under whichvarious questions could be reflected by a respondent from target individual. This surveyenable in defining better and signified outcome in nature of frame. Personal Interview: Another survey technique which facilitate in defining an individualperspective is personal interview. This survey enable in determine an individual opinionand perspective better so that beneficial outcome could be gain so that effectiveness andefficiency could be maintain and manage.FFF would go with questionnaire survey, which enable and support them to designing thethings better and effective in nature. Moreover, for a questionnaire survey, it is important toconsult with some number of sampling tool as well. Sampling have certain kinds of frameswhich define and signify as follow:Random Sampling: A random sampling is such technique or tool which enable to selectsuch respondents whom do not have any kind of interference with each other (Ferrell andFraedrich, 2015). It is really essential to understand and select such respondents so thatchances of gaining and deriving better outcome could become possible. Cluster Sampling: Under this method, all individual get divided into appropriate groups,sets and subsets so that a better and define study used to take place. Cluster sampling ishelpful in order to determine the better and effective outcome through whicheffectiveness and efficiency could be maintain and manage. 1.3 Questionnaire designing for define business problemA questionnaire is a form in which a set of questions get provided for organising a surveyso that beneficial outcome could be drawn. For this project which is based on FFF, there aremainly 10 questions lead to out in questionnaire which get organise on 80 respondents2
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