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Business Decision Making Assignment (Solution)
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Added on 2020-10-04
Business Decision Making Assignment (Solution)
Added on 2020-10-04
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1: Data collection plan.............................................................................................................11.2: Survey methods used under this project..............................................................................21.3: Designing a questionnaires..................................................................................................3TASK 2............................................................................................................................................52.1 Interpretation of data collected..............................................................................................52.2: Results analysis....................................................................................................................82.3 Evaluation of measure of dispersion ....................................................................................82.4 Elaborate percentiles, quartile and coefficient correlation....................................................9TASK 3..........................................................................................................................................103.1: Data analysis through using various charts and graphs.....................................................103.2: Representation through using trend line............................................................................143.3 Covered in PPT...................................................................................................................153.4 Formal report.......................................................................................................................15TASK 4..........................................................................................................................................164.1: Use of information processing tools..................................................................................164.2: Critical path analysis..........................................................................................................164.3 Analysis of financial tools which are used in decision-making..........................................17CONCLUSION..............................................................................................................................18REFERENCES..............................................................................................................................19
INTRODUCTIONBusiness decision making is the process of examining company possible options,comparing them and selecting corrective course of action. It is an important aspects of anybusinesses entity to manage and control there day to day operations. In order to make a perfectdecision, an individual must weight the positives and negatives prospect of each option andconsider all the best alternatives. It is always observed that most of the decision are materializedin the future. For, generating more positive results company need to analyse regular feedbacks.Under this project report, various tasks are covered which are explaining the aims and objectivesof research (Ariely and Berns, 2010). The base of research is begun from data collection fromdifferent sources. In order to achieve the desire goals researchers are used so manymethodologies and sampling frameworks in it. The questionnaire is prepared in order to getcustomers review regarding the Food for Friends restaurant. The understanding of various,different graphs and charts are discussed under this which are prepared from the collected datafrom the research process. By taking the help of all the information a formal report is prepared tosummarised the entire results into a set format. At last, using of processing tools in research areelaborated clearly and how financial instrument are used in effective decision making.TASK 11.1: Data collection planIn the process of conducting a good research a perfect data collection plan is required. Itis a systematic procedure of assembling a detailed message in order to get desire objectives fromthe chosen sample. Basically, data collection has two main element such as informationgathering and decision making. The more effective the structured and in systematic process,more chances of getting valid data from research. Under this particular research, various aspectsof customers reaction and there observation are analysed in it. It will help the management offood for friend restaurant to identify the attitude and view of customers towards their services. Itis considered to be the most tough task for researchers to determine their responses byconducting a well organised research. In order to collect more effective data there are twosources such as primary and secondary. Primary data are considered as fresh data which is collected for the first time during theresearch. These are originated by a person for the specific purpose of addressing the issue at1
hand. While, secondary data are based on the past data which are used to compared current yearinformation with the past. They are already been collected for objectives other than the problems.Such kind of data can be located quickly and inexpensive (Bodie, 2013).Under this data collection process wide range of information is collected from questionnaire,interviews, contact techniques and through past data. The particular location for conducting asearch are those palaces were operations of food for friends are operating their businesses. Suchas: Wolverhamptonwomb wellDenbyBarnsleyThe main objective of the research is focused on those customers which are visiting tothat particular restaurant. It is best way to get more reliable information as they are spendingmore quality time in availing the services of restaurants. The time duration for conducting thisresearch is around 4-5 weeks. It is enough to calculated overall reaction of customers and at thesame time necessary suggestion can be drawn.One of the more crucial aspect of research is fund which are required to conduct a perfectresearch. It require around 5000 pounds for hiring skilled people those are visiting to variouslocation of restaurant in order to collect valuable information.Under this process, different methodologies are used for data collection which consist ofa set of questionnaire and personal observation. Sampling is done prior to research in order toknow the impact of research work (Groebner and et. al., 2011). The total number of samplesselected for this research is about 60 which consist of hotel managers, public relation officers,hotel staffs and customers. The quantitative and qualitative methods are also been used underthis project report. But the more effective one is the quantitative as the entire research is based onnumerical data. So in order to analyse those information various charts and graphs are designed.1.2: Survey methods used under this projectIn process of conducting a well planned research, an individual need to use effectivemethodologies which can provide them perfect results. The main objectives of this research is toachieve the aims and objectives in order to get make effective decision making for the comingtime. Because, it has been analysed that research is the process to find something new aspects2
related with the balti palace restaurants. That how they are satisfying the needs and wants ofcustomers which are come from different parts of the country. It will be helpful to gaincompetitive advantages over other restaurant which are having same business line. The state ofmindset can be enhances to identified that is not found in earlier times (Holsapple, 2013). Themost suitable way to manage the data is by using questions and statistical data which areassociated with the crucial assets for the company. The hypothetical aspects of research is needto considered as necessary function for the studies. Many research can not get succeeded becauseof bad methods chosen by researchers. So understanding of right techniques can help to find outmore effective outcome for the studies. Some of them are: Descriptive research: It is said that combination of various facts and data which areassociated with behaviours of customers regarding different responses which are provided by thecustomers during research process. It describe activities and studies aimed at screening reasoningor causal relationship.Qualitative research: It is considered to the most effective research process which isaffiliated with in-depth study of chosen issues those are present under this projects.Under this process, researcher do have various options to choose alternative such as:Questionnaire as well as interviews.Sampling can be used to determine the total number of respondents used in this researchwork. There are various techniques of sampling. Such as:Cluster sampling: under this sampling method, from a large number of population asmall group do people are selected for the research.Random sampling: It is considered as, that techniques which is related with numericalvalues that are collected from that particular research (Laudon and et. al., 2012).After analysing above two sampling techniques random sampling is used as important tools forcollecting more accurate results.1.3: Designing a questionnairesUnder this research, a set of questions is being designed by researchers in order to knowthe perception of customers regarding services provided by Balti palace restaurants. Thisquestions consist of various multiple choice option fro which customers can selected either ofone which they thing best suits for restaurants. The main steps of question design comprises of :3
Dichotomous: under this set of questions only two options are available with the customers tochoose.Polytomous: There are more than two option available for a single questions.QUESTIONNAIRE STRUCTURE FOR BALTI PALACE RESTAURANTPersonal details:Age:Gender: Male [] Female []Work profession: Businessman[] Home-maker [] Student [] Outsiders []Q1. From whom you come to know about Balti palace restaurant?a) Friendsb) Newspapersc) Internetd) Other sourcesQ2. How many times you came to avail the services of this restaurant?a) Once in a weakb) Dailyc) Once in a monthQ3. Which age group you lie in ? a) Under 18b) 18 – 25c) 25-30d) More than 30Q4. Is the quality of food are suitable?a) Yesb) No Q5. Is the services delivered by balti palace restaurants are suitable ?a) Yesb) NoQ6. The best sources of attraction at that place are ?a) Cuisineb) Hospitality4
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