Business Decision Making Report - Balti Palace

Added on -2020-07-23

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BUSINESS DECISION-MAKING
Table of ContentsINTRODUCTION...........................................................................................................................1TASK.1............................................................................................................................................11.1 ...............................................................................................................................................11.2................................................................................................................................................31.3................................................................................................................................................42.1 ...............................................................................................................................................62.2:.............................................................................................................................................132.3:.............................................................................................................................................142.4..............................................................................................................................................14TASK.2.........................................................................................................................................143.1..............................................................................................................................................143.2..............................................................................................................................................163.3 Covered in PPT...................................................................................................................173.4..............................................................................................................................................174.1..............................................................................................................................................184.2..............................................................................................................................................184.3..............................................................................................................................................18CONCLUSION..............................................................................................................................19REFERENCES..............................................................................................................................20
INTRODUCTIONBusiness decision making is one of the most imperative tool which is used in the businessto grow in a better manner so that the firm could get the competitive advantage over the otherrivals. Balti palace want to expand its another units in London that is why business is conductingsurveys in order to frame the key strategies about the diversification (Wu and Pagell, 2011).Balti palace wants to make the decisions in a most crucial manner that is needed about afterhaving deep insight research and implementing the skills by the talented staff under the firm inorder to gain the competitive advantage over the others. Balti palace is required to assess themarket where it can frame the strategies and able to make the decisions. TASK.11.1 Decision making is the most crucial thing which needs to follow by the company and thishas gone through after having extensive research. This will also make the business sustainableand profitable. To set up the unit, there is need to know about the market by way of doing surveyin the specific market where the company is going to set up (Vercellis, 2011). The data collectionprocess is one of the most important thing under which the data is collected. However, this is notan easy task. As, it requires so much attention while gathering the data. However, there is need toknow about the data which company is going to gather for the its benefits. This has become oneof the most important thing for business decision. There are many tools and techniques which areused by the organisation while collecting information in order to gain advantages. There are fewmethods and tools which are needed to gather the data. Few of them are:Determine methods: Identifying methods becomes one of the most tough task as thismay lead to consume your most of the productive time (Tzeng and Huang, 2011).Although, there are so many tools which are used for the purpose of gathering andcollecting data. Basically, for collection of data, there are only two methods which areused mostly. These are: Primary and secondary data collection methods. And these arefurther categorised under qualitative and quantitative data method. Know the need about the user: the researcher required to know about the information forwhich they are collecting the data. This helps the company to gather only relevant data so1
that the company could frame the policies in a better manner in order to expand thebusiness. The need of the information is totally based on the quality of the data. However, qualitative and quantitative data played a most important role while dealingwith the survey. The survey is entirely based on the market where the company is going to set upthe new unit. The cited company wants to know about the potential consumers in order to knowabout the potential outcomes in the business. Primary and secondary data are elaborated indetails:Primary data technique: This is the data collection technique which is collected for thefirst time and the survey is totally based on the quality information which the company wantsform the market. Under this technique, the company spends lots of money and time for collectingdata. The data collecting process does require so much attention under primary data process(Sosna, Trevinyo-Rodríguez and Velamuri, 2010). As, this process supports when the datacollection is at small size and primary data technique does not need to be considered for thebusiness which requires huge data. The primary data collection sources are interviews, surveys,questionnaire and so on. Secondary data technique: This is the data collection technique which is used mostly.As, it is the most cheapest way to collect the data in a better manner so that the information whatthe researcher wants to get is attainable in a better manner (Smith, Binns and Tushman, 2010).Under this process, the data is already published and the company does not need to collect thedata from the market. There are so many ways the secondary data is collected, these are frombooks, journals, and any other matter which have published earlier. Secondary data technique iseasy to use and it is suitable where the company needs general information and the datagathering is so vast. Qualitative data: It is related to the understanding of the human behaviour form anyinformational prospective. It is persevered from dynamic and changing reality on basis ofnegotiation. The collection of such kind of data can be collected from particular individual'sobservation and theirs view about any specific topic (Nielsen and Nielsen, 2011. This gives theanalysis of the factors on the basis on people's reaction and thoughts. Themes can be used tocarry out assumption from any distinct data material. And once the information is received it ispresented in description forms. Also one important fact is that this data is reported in any kind oflanguages so that there would be no issues or in convenience in understanding the matter. The2
information gathered for qualitative study is not usually in numeric form, in spite it is in theorylike dairy accounts, questionnaires, unstructured interviews and some observations. It is thattypical kind of presentable data that is very difficult to analyse or process. This search isbasically useful for cases when an individual person is carrying out the process of analysis, andfinds out in-depth meaning of what ways the people will react to a particular things and theirexpectations. Carrying out process investigation of qualitative data is basically difficult. Itrequires very accurate statistics of people responses, which can not go wrong even slightly,because that can cause a blunder mistake in the research procedure (Muindi, 2011). Usually thekeen interest of this type of data comes from the dissatisfaction of particular psychologists whiledoing there scientific study of human behaviour and their perceptions.Quantitative data: This kind of data basically deals with discovering facts about socialphenomena. It tries to put an assumption of fixing some measurable quantity to the real worldscenario. This type of data is usually collected through calculating the things and measuringthem. Here the analysis of data is carried out through numerical comparisons and their statisticalanalysis. This is far more accurate than the qualitative data because it is in confined limit whichcan be calculated and measured. The data is reported through statistical analysis and not likequalitative data gathering. This analysis is carried out by gathering information and putting theminto some categories so order, so that it facilitate the user if they have to use this data for analysisat any time in future. The quantitative data is essential for creating graphs and tables of any rawdata which has been gathered (Li, 2010.). This analysis is much easier to be carried out, as it isbased on real world data. Also it gives much accuracy than qualitative data analysis. There aremany research methods by which observation and measuring of the data can be done so as tocollect both kind of data. By using qualitative data one can know what would the user may wantor expect and what is the reaction of the user and by using quantitative data the measure of anyanalysiscanbedrawn.1.2Survey is the methods or tool that is implemented in the firm to have the productiveknowledge about the potential market so that, on the basis of such information, company couldframe the strategies in a better manner in order to gain the business (Kahneman, Lovallo andSibony, 2011). Balti Palace uses the primary research technique in order to gather the3
information so that the firm could reach the conclusion about the expansion. But, the datacollection from the entire people who resides where the company is going to set up its chain, willbe most toughest process. That is why, the company pick some changes and choose the samplingmethods for collecting the data. Survey methodologies: The survey which the company is going to convene, needs to bemost crucial for making decisions about the diversification. The cited entity is going to frame thequestionnaire in order to convene the survey. Under the questionnaire, there are various types ofquestions that are going to ask from the general in order to get their responses, and then framestrategy. Under the given scenario, there are so many questions that is going to be made afterdeep insight. The questions covers so many things like- quality, price and other things. Sampling framework: Under the survey, the sampling framework is used in order to getthe sample out of the total number of population (Ho, Xu and Dey, 2010). For convening thesample, there are various kinds of sampling methods are used such as random sampling, clustersampling, stratified sampling and so on. However, random sampling is one of the easiest methodfor gathering the data as it pick any respondents to answers the questions and put a fruitfulconclusions for the entire population. For random sampling, there is no systematic manner ismentioned. Hence, it is selected on any basis. However, there are so many advantages which areused in order to get the valid outcome. Hence, Balti palace implemented this at the time of doingsurvey. By using these data, in order to attain the valid outcome. 1.3This Questionnaire is shown below for Balti palace that are going to be provided to 135 visitors.Q 1. Do you like our food quality ?Ans- A. Very goodB. GoodC. AverageD. PoorQ 2. Would you like to have our restaurant near your home?Ans- A. Yes B. No 4

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