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Business Decision Making in Balti Palace - Assignment

Create a plan for the collection of primary and secondary data, design a questionnaire, analyze data using various techniques, and draw valid conclusions in a business context.

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Added on  2020-07-23

Business Decision Making in Balti Palace - Assignment

Create a plan for the collection of primary and secondary data, design a questionnaire, analyze data using various techniques, and draw valid conclusions in a business context.

   Added on 2020-07-23

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BUSINESS DECISION MAKING
Business Decision Making in Balti Palace - Assignment_1
BUSINESS DECISION MAKINGTable of ContentsIntroduction......................................................................................................................................3Task 1...............................................................................................................................................3Plan for primary and secondary data collection for effective decision making..............................3Methodology and Sampling.............................................................................................................5Designing Questionnaire.................................................................................................................6Conclusion.......................................................................................................................................8Calculating Mean, Median and Mode.............................................................................................8Analyzing the collected data..........................................................................................................14Task 2.............................................................................................................................................21Preparing a business presentation and a business report...............................................................21Task 3.............................................................................................................................................22Calculating rate of return...............................................................................................................22Using the appropriate information processing tools to prepare a project plan..............................22Using financial tools for decision making.....................................................................................23Reference List................................................................................................................................25Appendix........................................................................................................................................27Page 2 of 33
Business Decision Making in Balti Palace - Assignment_2
BUSINESS DECISION MAKINGIntroductionBalti Palace had been planning to settle its business in London which is considered to be one ofthe cities which is combined with both the commerce and culture. It is also a business friendlycity under which business finds suitable situation that helps it to flourish year after year. As, thecompany had been planning to establish its business in the city it would need to prepare someeffective planning and take efficient decisions that may prove to be helpful for the company toprepare effective decision making ways through which it may prove to be effective for thecompany to work and maintain its business effectively. In this context the company would needto follow up some data collecting processes that may help the company to decide the waysthrough which it may prove to be effective to settle its business in the city. Primary andSecondary data collection would help the company in various ways that may be efficient throughwhich the company would be able to sample its processes and design efficient questionnaire thatmay help the company to know the preferences of the customers. Task 1 Plan for primary and secondary data collection for effective decision makingBalti palace would need to prepare effective data collection processes that would be helpful forthe company to consider the various ways possible. As the company had been establishing a newbusiness in the city so it would need to be the duty of the company to calculate its ways andmake the ways through which it would said to be effective for the company to work and maintainits business as per the needs of the company (Carlson et al. 2014). The preferences of thecustomers would only be known if the employees of the company would go to the customers andask them face to face. It may also be the case that the company would need to face severalproblems regarding the condition of the market, preferences of the customers and the flexibilityof the market. Primary data is said to be the ways through which a company would need to interact with thecustomers directly and know their preferences. In this way it may considered to be effective forthe company to settle to a conclusion and take its business to a long term way. It consists of somevarious ways which are as follows:a.Observation: It would need to be the duty of the company to observe the needs andwants of the customers. This may prove to be effective for the company in various waysPage 3 of 33
Business Decision Making in Balti Palace - Assignment_3
BUSINESS DECISION MAKINGas it would be able to know about the preferences of the customers of the city and wouldit be suitable for the investors to start up its business in the city of London.b.Interviews: Performing effective interviews would considered to be effective for thecompany as it may provide the company with enough information about the things that acompany would need to keep in mind that may help the company to work and maintainits business as per the needs of the customers (Lerner et al. 2015). Interviews would needto be conducted with direct interactions with the customers as this may be helpful for thecompany.c.The Questionnaire: If the company would be conducting interviews with the customersthen it would be obvious for the company that it would need to be consistent with itsworks and make efficient questionnaires that would be provided to the customers to knowtheir preferences towards to the settling and about the product of the company that hadbeen provided through sampling. d.Experiments: Trying different experiments would either be beneficial or ineffective forthe company through which the company will be able to perform its duties and get thepreferences of the customers (Frederiks et al. 2015). For example, if Balti palaceprepares a dish which are being liked by the staffs of the restaurants and the companyincludes it to its menu. But when the dish is being served to the customers it is not beingliked by the individual as a result the experiment which the company had done was not asper the requirements of the customers.A secondary data is considered to be the ways through which the information that are beingcollected by the people is originally from some other site or from another person. This isregarded as the easiest ways to conduct a survey and then accordingly. Although sometimes, itdoes not provide enough information about the thing and the individual would need search a lotto get proper information about the thing (Oud et al. 2016). The different types of secondary dataresearch are as follows:a.Published data: In order to get information regarding a thing it sometime becomes easyfor the company to work properly and take out the information as per the needs of thecompany through which it sometimes make false statements to attract the customers(Wang et al. 2016). Published data is known as the data that are being published by someother person and some other person takes the advantage.Page 4 of 33
Business Decision Making in Balti Palace - Assignment_4
BUSINESS DECISION MAKINGb.Personnel records: It may also happen that some other personnel had recorded its ownstats through which it works and maintains the works. But all the records that had beenconducted by the personnel are being taken up by some other person and works accordingto that records.c.Electronic data: Electronic data are considered to be the records that had been taken upfrom the electronic devices and are presented to the public. But in this case also there aresome people who take advantages of the records and then try to put its own way into itand then work on it (Deserno et al. 2015). A customer does not know about the thingsand feels that the records are being presented originally which is not the case.d.Governmental records: It is known as the records which are being operated by thegovernments and are open for the customers or the researchers to get the information asper their needs. But sometimes there are various people who take advantage of thesituation and do not work properly and maintain the business. e.Internet: Internet is one of the known sources through which a company finds iteffective to work and maintain its business as per the needs of the researcher. Thoughsometimes it may be hard for the researcher to get all the data effectively as it may be thecase that the source from where it was taken was or some other purpose and some partsof the survey may not be relevant for the researcher (Kim and Upneja, 2014).Methodology and SamplingMethodology:The following section needs a brief description of the methods that may needed to be used inorder to generate effective results for the customers who visits to restaurants daily are theresponsible people from whom the data would need to be collected. Gathering information fromthe surveys, that are being conducted by the researcher from the group of visitors to differentrestaurants, teenagers, students and office colleagues (Moat et al. 2015). In this way theresearches that are being done in the company would provide an effective data for the waysthrough which a survey needs to be done effectively. The restaurant had been applying itspreferences towards the students and on the context the personnel visit colleges to see thepreferences of the people. Sampling:Page 5 of 33
Business Decision Making in Balti Palace - Assignment_5
BUSINESS DECISION MAKINGSampling may said to be the ways through which a company would sell its products as a sampleto the customers through which it will become the duty of the customers to determine whetherthe product is good or not, on the virtue of which production of the product will take place. Toget the preferences of the customers restaurants often use this type of works through which theirfirm may come into limelight and through which t would become easy for the company to worksand maintain the preferences of the customers (Han, 2014). Simple random sampling will beconducted in the following points under which the restaurant will ask questions to the studentsand their preferences.Designing QuestionnaireQuestions that are required for the data collection of the preferences of customers are as follows:1.What place do you prefer for the Balti Palace? a.10 Greek Streetb.Barrafina dean Streetc.Aubaine Heddon Streetd.Hanover Square 2.Should the restaurant hold private events?a.Strongly Agreeb.Agreec.Disagreed.Strongly Disagreee.Neutral 3.What type of foods does the restaurant needs to keep?a.Chinese b.Continentalc.Sub Continental4.Should the restaurant need to keep the beverages and drinks?a.Yesb.No5.Will the veg and non-veg items be combined?a.Strongly Agreeb.Strongly DisagreePage 6 of 33
Business Decision Making in Balti Palace - Assignment_6
BUSINESS DECISION MAKINGc.Agreed.Disagreee.Neutral6.What type of combination food does the restaurant needs to keep?a.Combosb.Startersc.Only main course7.Using a scale of 0-5, rate the following items as per the needs and importance.Name ofthe item012345NoodlesChickenBeefVegetables8.What type of price does the foods should be kept?a.Low b.Mediumc.High9.What needs to be the starting rate of food price?a.20GBP to 40GBPb.40GBP to 60GBPc.60GBP to 80GBP10.What kind of location the restaurants need to be in?a.Plain b.Mountainousc.Low landConclusionPage 7 of 33
Business Decision Making in Balti Palace - Assignment_7
BUSINESS DECISION MAKINGThe whole primary and secondary data evaluation provides an idea of the works that had beenperformed in the above points through which it shall become good for the Balti Palace to workeven in more organized way. The surveys provided the ideas of the preferences of the customersand what are the things that the company would need to change and look into. The ways throughwhich, customers may get effective services and work as per their preferences. This mayconsidered to be good for the company as if the customers will get attracted to the restaurant thenthe employees would be able to perform its duties even more effectively.Calculating Mean, Median and Mode A Suitable place where Balti Palace may find iteasy to establish its restaurants?Feedback Total number ofrespondentsPercentage 10 Greek Street205010 Barrafina dean Street15507.5 Aubaine Heddon Street10505 Hanover Square5502.5Mean12.5Median12.5Page 8 of 33
Business Decision Making in Balti Palace - Assignment_8

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