Business Decision Making in Balti Palace - Report
Create a plan for data collection, design a questionnaire, and analyze data for a given business problem.
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Added on 2020-07-23
Business Decision Making in Balti Palace - Report
Create a plan for data collection, design a questionnaire, and analyze data for a given business problem.
Added on 2020-07-23
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Business Decision Making
Table of ContentsINTRODUCTION...........................................................................................................................3Task 1...............................................................................................................................................3P1. Plan for collection of data:...............................................................................................3P2 Survey methodologies:......................................................................................................41.3 Questionnaire for the collection of data...........................................................................52.1 Information for decision making:.....................................................................................62.2 Analysis by using measure of central tendency:..............................................................92.3 Measures of dispersion:..................................................................................................102.4 Quartiles, percentiles and correlation coefficient under this decision making:..............11TASK 2..........................................................................................................................................113.1 Produce graphs in order to get the valid conclusion.......................................................113.2 Trend line analysis:.........................................................................................................133.3 Covered in PPT:.............................................................................................................133.4 Formal report:.................................................................................................................13TASK 3..........................................................................................................................................144.1 Information processing tools:.........................................................................................144.2 Critical path:...................................................................................................................15........................................................................................................................................................154.3 Use financial tools for making business decisions:........................................................15CONCLUSION..............................................................................................................................16
INTRODUCTIONDecision making is the crucial aspect for getting sustainable development. In thiscompetitive world, where everyone is looking to enhance their revenues by improving theirdecisions through analysing customers and market. The decisions are taken after gone throughextensive research. The research is required to be done of entire market which are totally basedon the primary research or secondary research (Smith, Binns and Tushman, 2010). Balti placeneeds to open their one branch in somewhere in London, and for that the business owner needs toopen proper research of potential market and then take business decisions so that Balti Palacewould able to get the sustainability. The Balti Palace also need to make their business operationsin an effective manner by way of making effective decisions. Task 11.1. Plan for collection of data:Each company is required to do market survey in order to get the potential outcomes ofthe intended market. Balati palace is planning to expand its operations by setting up a newbranch somewhere in London, and for that it's business owner needs to have research properly inorder to make business operations effective. Basically, there are two research methods I.e,primary and secondary. It is upto the company's analysts whether they opt primary methods formarket research or go for secondary market. If the data requirement is little then the companyneeds to go for primary research method for collection of data from the potential market(Nielsen, B. B and Nielsen, S., 2011). And if the data requirement is huge then in that case,company will go for secondary data method. These methods are defined in details hereunder:Primary research method: Primary data is the fresh data and it gives exclusive attention to theintended information. At the time of gathering primary data, company requires to pay attention.As, this technique for collecting data is so costly. The many of the company do not opt thistechnique for collecting data. The data collecting by using primary research takes so much time.The intended company needs to make their research activity of the potential market by way ofconsidering primary research methods so that the reliable information can be gathered, on thebasis of that reliable information, company would frame effective decisions. There are varioussources through which the data can be gathered using primary research method. These are:observation, interviews, questionnaire and so on. Primary research can be done by way of
applying any of the primary research tools. Under the given case, Balti Palace is required to do dprimary research so that the business can be done effectively make the decisions or strategiesregarding opening of the firm. Secondary research: This the the technique which is used in order to gather the data so that thecompany would form better decision policies. This data collection tool is easy to use as thisentirely based on the past published information. The Balti Palace is required to do their businessoperations effective and for that they also use this technique for collecting the data. There arevarious sources for accumulation of data. Some of them are Journals, books, and other mode thatare already published (Muindi, 2011).1.2 Survey methodologies:Survey is the tool which is used by the firm to gather the intended information from thegroup of people. By using survey, Balti Palce is able to make their decisions effective. This canonly be possible if the business owner will do survey in a proper manner. Survey: It is the most crucial for Balati Palace to gather the information so that the decisioncould be framed. Under survey methodologies so many tools are sued by it like- questionnairewhich can be made or interviews could be convened. Under this case, questionnaire is used inorder to conduct survey. Under this questionnaire, various number of questions are mentioned ina different field like- quality, price and other things that are to be responded by the respondentsfor which survey is doing (Li, 2010).Sample framework: For convening of survey, there is a need to take sample out of totalpopulation. Under this sampling method, various techniques are used like- random sampling,cluster sampling and stratified sampling and much more. Random sampling is the most easiestform in sampling method. Under this technique, sample is taken out of total number ofpopulation, and sample is gathered on random basis and there is no such prescription availablefor gathering the data. Balti Palace uses this random sampling method which is used in order tomake their business operations effective. The key benefits of using random sampling is that it isused in order to make their business operations effective. Entire data will be gathered which areused by the Balati Palace in order to attain the pre set targets (Ariely and Berns, 2010).Under this given research, Balati Palace makes the survey by way of considering primaryresearch, and under the research questionnaire mode for collecting the data from the entire
market. They also choose 40 respondents out of the total market population in order to makeeffective survey. For that, they are going to used random sampling method. 1.3 Questionnaire for the collection of data.QUESTIONNAIREUnder this, Balati Palace uses this techniques in order to get the valid outcome, this questions isused to get the information from 40 respondents out of the total populations. Respondent isrequired to attempt under mentioned questions so that valid outcome can produce. Q 1. Do you know about our restaurant?Ans- A). YesB). NoQ 2. How is our food quality?Ans- A. Outstanding B. GoodC. AverageD. PoorQ 3. Give your rating for our food services?Ans- A. 5B. 4C. 3 D. 2 or below 2 Q 4. How much distance you would prefer for going in a restaurant ?Ans- A. Upto 5 kilometreB. 5 to 10 kilometreQ 5. Is there any requirement to present new dishes in our forthcoming restaurant?Ans- A. Yes B. Yes, everything must be new including crockery
C. No, varieties should be same. Q 6. Under which location, you want our new restaurant?Ans- A. In prime location B. In out-skirt area Q 7. Which country food is required to be serve in our primary dishes?Ans A. Chinese B. Italian C. Indian D. Thai Q 8. Is there any need to rise our products and service prices for improve quality?Ans- A. Yes B. No, quality is fine Q 9. Would you like anything particular on weekends?Ans- A. Yes B. Yes, but not on all weekends C. No Q 10. Is there any need to recruit more people to reduce waiting time?Ans- A. Yes, it should be done as soon as possibleB. Yes, but may be after sometime C. No, waiting time is appropriateQ 11. Do you think that there is a need to open more restaurants in next 5 years?Ans- A. Yes B. No2.1 Information for decision making:Q 1. Do you know about our restaurant?
Ans- A). Yes35B). No5Analysis: 35 respondents know about the Balti Palace restaurant, and only 5 people don't know.This reflects approximately most of the people knows about this restaurant. Q 2. How is our food quality?Ans- A. Outstanding 24B. Good12C. Average2D. Poor2Analysis: 24 respondents thinks that the food quality of Balti Palace is outstanding, while 12respondents thinks that it is good. And other thinks that it is average or poor.Q 3. Give your rating for our food services?Ans-A. 532B. 4 4C. 3 3D. 2 or below 2 1Analysis: 32 people give their 5 rating of services food while 4 persons gives 4, 3 gives 3 and 1gives 2 0r below 2 out of 5. Q 4. How much distance you would prefer for going in a restaurant ?Ans- A. Upto 5 kilometre34B. 5 to 10 kilometre6Analysis: Most of the respondents thinks that they would prefer in the restaurant which innearby to their home. While, 6 respondents thinks that the distance should be more than 5kilometre but upto 10. Q 5. Is there any requirement to present new dishes in our forthcoming restaurant?Ans- A. Yes 24B. Yes, everything must be new including crockery 6C. No, varieties should be same. 10
Analysis: 24 respondents thinks that the Balti Palace needs to introduce new dishes in its newrestaurant. While, 6 recommends that the changes should be in complete form includingcrockery. 10 respondent does not want any change.Q 6. Under which location, you want our new restaurant?Ans- A. In prime location 34B. In out-skirt area 6Analysis: 34 respondents wants that they need restaurant in a prime location, while only 6people wants it in a out skirt area.Q 7. Which country food is required to be serve in our primary dishes?Ans A. Chinese 12B. Italian 14C. Indian 12D. Thai 2Analysis: 12 people wants Chinese dish and 12 people wants Indian dish at their primary food.While 14 people wants Italian and only 2 people wants Thai dishes. Q 8. Is there any need to rise our products and service prices for improve quality?Ans- A. Yes 28B. No, quality is fine 12Analysis: There are 28 respondents who thinks that Balati Palace needs to raise the price of theirproducts. While, 12 respondents doesn't think so. Q 9. Would you like anything particular on weekends?Ans- A. Yes 23B. Yes, but not on all weekends 5C. No 12Analysis: 23 respondents wants special dish on weekend, while 12 respondents does not wants.
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