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Business Decision Making TABLE OF CONTENTS INTRODUCTION

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  2020-06-05

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Business Decision Making TABLE OF CONTENTS INTRODUCTION 1 TASK 1 1 1.1 Creating plan for primary and secondary data collection 1 1.2 Presenting survey methodology and sampling frame used 2 1.3 Designing questionnaire for survey purpose 3 2.1 Creating information for decision making by summarizing data set 5 2.2 Analyzing results to draw valid conclusion 6 2.3 Summarizing data through using measures of dispersion 7 2.4 Explaining quartile, percentile and correlation co-efficient 8 3.1 Producing graph using spreadsheet 9 3.2 Creating trend lines in spreadsheet graphs 9 3.3

Business Decision Making TABLE OF CONTENTS INTRODUCTION

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 2020-06-05

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Business Decision Making
Business Decision Making TABLE OF CONTENTS INTRODUCTION_1
TABLE OF CONTENTSINTRODUCTION......................................................................................................................1TASK 1......................................................................................................................................11.1 Creating plan for primary and secondary data collection................................................11.2 Presenting survey methodology and sampling frame used..............................................21.3 Designing questionnaire for survey purpose....................................................................32.1 Creating information for decision making by summarizing data set...............................52.2 Analyzing results to draw valid conclusion.....................................................................62.3 Summarizing data through using measures of dispersion................................................72.4 Explaining quartile, percentile and correlation co-efficient.............................................83.1 Producing graph using spreadsheet..................................................................................93.2 Creating trend lines in spreadsheet graphs.......................................................................93.3 Preparing business presentation.....................................................................................103.4 Producing formal business report...................................................................................10TASK 2....................................................................................................................................114.1 Using appropriate information processing tools for decision making...........................114.2 Preparing project plan and determining critical path.....................................................114.3 Using financial tools for decision making.....................................................................13CONCLUSION........................................................................................................................14REFERENCES.........................................................................................................................15
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INTRODUCTIONBusiness decision making implies for the selection of one proposal out of severalalternative options available to the entrepreneur. Sales, profit and success of business unit ishighly dependent on the decision taken by the manager. Thus, it is the accountability ofmanager to consider both financial and non-financial aspects while taking decision. Now,several statistical tools are available that can be easily applied by the manager for decisionmaking. In the recent times, London becomes most exciting and dynamic city in the world.Moreover, it is highly suitable for all purpose such as commerce, studies, business, cultureetc. By considering this, business entity has taken decision in relation to opening newrestaurant in London namely Food for Friends (F&F). In this, report will highlightpreferences and attitude of customers through the means of primary as well as secondaryresearch. Further, it will also provide deeper insight about the how statistical tools are appliedfor summarizing data set. Besides this, it also shed light on the manner in which projectmanagement and financial tools aid in decision making. TASK 11.1 Creating plan for primary and secondary data collectionOwner of F&F wants to enhance customer base as well as maximize productivity andprofitability. However, before doing large investment business entity wishes to assess theneeds and expectation of existing customers. In this regard, investigation is carried out by theresearcher by gathering both primary and secondary data set. Primary data is the one thatresearcher specifically gathers for meeting research aims and objectives (Bickel andLehmann, 2012). On the contrary to it, secondary data refers to the one that has already beengathered, analyzed and published by other scholars. Thus, plan pertaining to data collection isenumerated below:Plan for primary data collection: Survey will be conducted by the researcher togather primary data. For this purpose, below mentioned plan will be followed by the scholar:Selection of primary data method: Out of several methods, such as interview,observation, focus group etc, scholar has taken decision in relation to doing survey.
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The main reasons behind the section of survey method are that it assists in evaluatingthe views of respondents in line with research objectives.Sample selection: In the next step, 30 customers of F&F including both existing andpotential have been selected by scholar. Moreover, without selection of suitablesample it is not possible for the researcher to conduct survey in the best possible way(Chen, So and Kuruoglu, 2016).Preparation of questionnaire: Once sample has been selected, thereafter scholar willprepare questionnaire by including both open and close ended questions. Scholar willinclude questions pertaining to product, price, place & promotion which in turn helpin meeting research goals. Collecting mail id of respondents: For conducting survey within the appropriate timeframe online survey methodology has chosen by the scholar. Thus, by contactingmanager of restaurant mail-id’s of customers will be acquired. Collecting responses: In the last stage, by sending questionnaire to the concernedrespondents on their mails-id views of respondents will be gathered.Secondary data collection plan: For the collection of secondary data scholar will dointernet surfing. Moreover, it contains wide range of information about each and every aspectso such source will be considered. In accordance with such aspect, books, journals andscholarly articles that are related to restaurant trends, customer’s behaviour, pattern and trendwill be evaluated by the researcher. This in turn helps researcher in analyzing informationwhich will be gathered through survey in the best possible way (Ramsey and Schafer, 2012).In addition to this, for assessing or evaluating financial trends scholar will also gather dataabout sales and profit of past 10 years. By making evaluation of such trend scholar can assesswhether firm’s performance in financial terms are good or not. 1.2 Presenting survey methodology and sampling frame usedSurvey methodology: In the field of research, selection of appropriate methodology ishighly required when scholar takes decision in relation to conducting survey. Further, surveymethodology implies for the process which will be followed by the scholar to gather primarydata. For conducting study in the best possible way researcher needs to opt suitablemethodology for initiating survey prominently (Gigerenzer and Gaissmaier, 2011). By takinginto account all such aspects, online survey methodology has been chosen by the researcher.The rationale behind selection of online survey methodology is that it helps in saving bothcost and time. Now importance of research is only when solution presented within the
Business Decision Making TABLE OF CONTENTS INTRODUCTION_4

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