Business Decision Making : PDF
Added on 2020-09-17
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Business Decision Making
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Creation of plan for collecting primary and secondary data.................................................11.2 Survey methodology and sampling frame use......................................................................21.3 Designing of questionnaire for gathering of information.....................................................22.1 Creation of information on the basis of questionnaire..........................................................42.2 Use of measure of central tendency for effective decision...................................................42.3 Use of standard deviation and variances for effective decision making...............................52.4 Evaluation of correlation coefficient for appropriate understanding....................................7TASK 2............................................................................................................................................73.1 Formulation of graphs and charts for better working............................................................73.2 Use of trend line for effective and appropriate work............................................................93.3 Formulation of business presentation to senior management.............................................113.4 Produce a formal business report........................................................................................11TASK 3..........................................................................................................................................124.1 Use of appropriate information processing tool..................................................................124.2 Prepare a project plan for activity with critical path...........................................................124.3 Use of financial tools for decision making.........................................................................13CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
INTRODUCTIONBusiness success comes to only such people whom take better and effective judgementfor future aspect and concern. Every big and right judgement contribute with aspect of suitableright decision. Although, taking right and appropriate decision is not a easy thing because it willsupport a business to grow and get developed in a suitable frame (Barlett, 2016). This project isbased on business decision making in which Food For Friends wants to open another chain ofrestaurant in London, United Kingdom. This project includes about collection of data with bothprimary and secondary source along with data need to get understand and evaluate in anappropriate frame for better working. Moreover, once all standard get adequately done, thenbusiness need to use appropriate and suitable method to present data effectively. At last,management need to use and adapt software generated information properly so that better andeffective decision making get enhance. TASK 11.1 Creation of plan for collecting primary and secondary dataPlanning comes with every big idea and every bid idea need suitable plan through whichobjectives and aims of business get accomplish in an appropriate and effective frame. There aremainly various kind of data collection tool get evaluated for a business through whichmanagement become able to organise a study properly (Drucker, 2017). Thus, when data getgather appropriate plan need to get drawn out in a suitable and appropriate frame. The two majordata collection tools which need to implement by Food for Friends stated as follow:Primary data: These are such kind of data which is raw in nature and never get exist inconsideration before. It is important to evaluate and use primary data for further study sothat better and effective working get promoted. Food for Friends need to use this methodin their working so that better results could be gain. Questionnaire is one of a bestapproach for this to gather various responses. Secondary data:This is already exist and gather information which get analyse by usingcorrective measure. Food For Friends can use their financial records in such aspectproperly and effectively so that better working get promoted. 1
1.2 Survey methodology and sampling frame useSurvey need a definite and appropriate method which have to adapt by business managersproperly so that better and effective working get enhance. It is important to use and derive byevaluating each method properly and apply one of the best to study (Goleman, 2017). Along withthis, not only survey methodology need to be interesting and appropriate in frame but anotherrequirement associated with sampling frame. Sample of research needs to be define in natureproperly by which appropriate outcome chances become possible. Various survey methodologiesfor Food for Friends study are stated as follow:Survey Monkey:One of a major and appropriate source of survey is survey monkey inwhich researcher have potential to create a questionnaire and the distribute it onlinethrough every digitalize source. This will contribute appropriate responses by variousrespondents and support in providing at higher level as well through various individuals.Questionnaire: Another supportive material of study is questionnaire which candistribute by Food For Friends to their ultimate customers for gaining their responses.This method basically use by restaurant which organise on 80 respondents andrespondents gather through random sampling frame which support in gaining outcomefrom various respondents (Manning and DiLollo, 2017). Thus, out of various number of sources, the best and appropriate study evaluation and organisingmaterial is questionnaire which get done on define number of respondents by applying relevantsampling technique into it which signifies and provide for suitable outcome. 1.3 Designing of questionnaire for gathering of informationOne of a major aspect which associated with research is to design a questionnaire whichis one of a best technique of primary method. By consulting questionnaire technique, everybusiness become able to gain appropriate considerable responses of users. This will enables andsuggest better and effective working so that chances of suitable gain get enhance in a better andeffective way. This questionnaire is for Food For Friends which target overall 80 respondentswhom regular customer of a company. Thus, by applying this tool suitable response get derivefor better and effective gain: 2
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