Use of Primary and Secondary Sources of Data : Report

Added on - 22 Jul 2020

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Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31.1: Primary and secondary sources of data collection..........................................................31.2: Survey methodologies and designing of sampling framework.......................................41.3: Designing of Questionnaire.............................................................................................5TASK 2............................................................................................................................................72.1: Creation of information for decision making with the help of representative values.....72.2: Draw valid conclusions from the information collected from research........................112.3: Evaluating measure of dispersion..................................................................................122.4: Advantages of using quartile, percentile and coefficient correlation............................13TASK 3..........................................................................................................................................133.1: Formulation of charts and graphs to interpret information...........................................133.2: Formulation of Trend line.............................................................................................193.3: Covered in PPT.............................................................................................................203.4: Preparation of Formal report.........................................................................................20TASK 4..........................................................................................................................................214.1: Application of information processing tools for decision-making................................214.2: Preparation of project plan to determine Critical path..................................................224.3: Application of financial tools for improvement of decision making............................23CONCLUSION..............................................................................................................................23REFERENCES..............................................................................................................................25
INTRODUCTIONTo improve decision making power manager of organisation is need to collect theinformation from the market and respondents. It provides the opportunity to draw importantconclusions which contributes in attaining sustainability in their operations. There are manystatistical tools like mean, median and mode which helps to attain results in quantitative terms.The best method which helps to collect true and reliable information is primary method. Itprovides the opportunity to grab the real views of respondents. Balti palace is restaurant whichprovides their services in UK (Cosgrove and Rijsberman, 2014).In the present report explain about, use of primary and secondary sources to attain theview of respondents, formulation of research framework, designing of questionnaire, drawimportant conclusions with the help of statistical tools and measures of dispersion andapplication of quartiles, percentiles and correlation coefficient to interpret information. Also,formulation of graphs using spreadsheets, formulation of trend lines to forecast businessinformation and application of information processing and financial tools to improve decision-making.TASK 11.1: Primary and secondary sources of data collectionThe main objective of Balti palace is attain sustainability in their business operations andopen new branch of their restaurant in London. Large number of cuisines are provided likeItalian, Thai etc. which helps in attraction of the large number of customers and improves theirsales and net profit. Research is the important technique which helps to check the viability oftheir growth plan through ascertaining the views of respondents. This includes the application oftwo methods like primary and secondary source of data collection.Primary sourceThe information which is gathered with the use of this method is unbiased because itdirectly received from respondents. So, there is less chance of manipulation. All the informationwhich is collected is related to research topic. It means reliable and accurate which is mostappropriate to draw important conclusions. The different aspects which are included in primarysources are historical and legal documents, statistical data, speeches etc. The different methodswhich are considered under this are Questionnaire, survey, online etc.
Questionnaire:It is a list of survey questions which is asked to different respondentsselected from total population to extract desired information. Open-ended questionnaireis much more appropriate which provides the chance to respondents to provide theirfeedbacks in answer. Close-ended questionnaire is attached with multiple answer fromwhich one is selected (Kacprzyk and Fedrizzi, 2012).Survey:This includes face to face conversation with respondents. It helps to collect theinformation from their gestures and behaviours also. It takes more time to collectinformation in comparison to the method of questionnaire.Online:It includes the collection of data through use the source of internet. Under this,social media research helps to provide insight about the behaviour of consumer andparticular segments of society. This method helps to save the time and money.Secondary sourceIt helps in collection of data which already published somewhere. Such different sourcesare newspapers, articles, magazines etc. For research purpose, this method is not optimumbecause the information is not relevant to research objectives and out dated. It does not helps tograb the actual views of respondents. One of the major advantage of this method that it saves thetime and money of researcher (Nooraie, 2012).1.2: Survey methodologies and designing of sampling frameworkThere are different methods of research are available from which best is select byresearcher as per their requirement. In present case, research objective is to attain the views ofrespondents about the expansion of Balti palace in London. Many kind of informations alsogathered which helps to accomplish their objective like customer's satisfaction, quality of currentservices and food, factors which are present in business environment, competitors etc. On thebasis of such information future plans are formulated which directs the employees to effectivelyprovide their functions.Research methodologies:Primary and secondary are two methods which helps toconduct the research. Both the methods have their different usage and advantages. Primarymethod helps in collection of real opinions and secondary method helps to gather differentinformation from the market. In present case, management of Balti palace uses primary methodof data collection which helps to collect real and accurate information. There are many methodswhich comes under primary method like survey, questionnaire, online etc. One of the best
method which is used is questionnaire. Close-ended questionnaire is formulate which contains 10different questions asked from respondents.Sample framework: It is the process outlining of research work which helps to carry theiractivities in more appropriate manner. Under the process of designing framework need ofselection of respondents from total population is identifies to get the results in stipulated periodof time. The different methods which contributes in selection of respondents are cluster,stratifies, random sampling etc. Researcher of Balti palace used random sampling method toselect 80 respondents (Pourshahid, Richards and Amyot, 2011).The process of collection of information starts with the mailing of questionnaire to all 80respondents which returned by them after selection of one option as answer. Such informationsare interpreted with the help of different statistical tools and method of measures of dispersion.The questions covered such objectives:Viability of move to open new branch in LondonQuality of current servicesCurrent position in market1.3: Designing of QuestionnaireQuestionnaire:It is a document which includes set of questions regarding theirobjectives and issues to ascertain the views of respondents. The main purposes of preparingquestionnaire are:Collection of informationComparison of data to interpret important conclusionsAttaining unbiased informationCollect information about different aspectsIn the present report, close-ended questionnaire is prepared which includes differentoptions with questions from which respondents have to select their answer. It provides theopportunity to attain accurate and reliable information.QuestionnaireName:Gender:Occupation:Age:
Q1. Opening of another branch of restaurant in London is viable for Balti palace?YesNoQ2. Does expansion plan of Balti palace help in attraction of large number of customers?YesNoCant sayQ3. Do you satisfied with the prices charged by the management of Balti palace?Highly satisfiedSatisfactoryDissatisfiedQ4. How often you visit balti palace?Once in a monthTwice in a monthMore than four timesQ5. What cuisine you like in Balti palace?SeafoodItalianThaiQ6. What attracts you most towards Balti palace?SurroundingsFast servicesDifferent dishesQ7. Are you satisfied with the quality of food items?Highly satisfiedSatisfactoryDissatisfiedQ8. Which place you prefer to see the new branch of Balti palace in London?Prime locationCountrysideAt popular tourist destination
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