Business Decision Making

Business Decision
Making

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Formation of the plan for collecting primary and secondary data........................................1
1.2 Survey methodology and sample framing utilised for research............................................2
1.3 Designing of a questionnaire for gathering of the information.............................................3
2.1 Creation of information based on the gathered data.............................................................4
2.2 Utilisation of the measure of central tendency in relation to come with proper outcome. . .4
2.3 Analysis of measure of dispersion with standard deviation. ................................................5
2.4 Use of quartile, percentile and correlation coefficient for calculation of the data................6
TASK 2............................................................................................................................................7
3.1 Generation of the graph with the utilisation of spreadsheet..................................................7
3.2 Developing trend lines to determine the results....................................................................9
3.3 Business presentation for spreading the message...............................................................10
3.4 A formal business report.....................................................................................................10
TASK 3..........................................................................................................................................11
4.1 Use of suitable information tool..........................................................................................11
4.2 Project plan for the operation to determine the time frame................................................11
4.3 Usage of the financial tool in decision making procedure..................................................13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Large companies identify the nature of market before implementing any product and plan
development. This is process which assist in bringing a better useful outcome as through this
they can better organise the things. This context is helping in long term scenario so that chances
of ascertaining objectives become easy and suitable. It can be said that business decision making
is not an easy procedure thus it requires more and more emphasis on activities which are taking
placed with the expansion. Food for Friends is looking forward to come out with a new franchise
in London for increasing their market share and enhance the profit margins (Groebner and et. al.,
2011). For this the manager of this has surveyed so that they can find out a suitable judgement
for a longer period of time. This all report consists of a plan which facilitate investigation
implantation more appropriately. Other than this a questionnaire has been framed to know the
opinion of the individuals. With the help of this they can make better decision thus using
measure of central tendency and measure dispersion. Presentation of the information will be
done through making graphs, charts thus making the data more interesting. In the end, with the
help of financial tools, feasibility of project gets analysed with help in future context.
TASK 1
1.1 Formation of the plan for collecting primary and secondary data.
To part of the expansion plan of 'Food for Friends' in the newer market a full research has
been done through using Primary data and Secondary data.
Primary Data:- It can be called as the first hand data which is gathered by using
questionnaire, surveys, providing free samples with the intention of helping the researcher to
assess the information as per the requirement of the firm. It is the tailor made data and researcher
is needs to sort, arrange and analyse it.
For the expansion of a given organisation survey has been done in the following way:-
 Time: Questionnaire was done for a one month period of the time.
 Cost: The money which has been used for printing, transportation from the area of the
survey to the office and the person who has been hired is 500 GBP.
 Survey Method:- The questionnaire which was prepared was given to the common
people and after they have given the response the forms were taken back.
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 Location:- Mayfair, Covent Garden and Notting hill are some of the prime areas where
the survey was conducted.
 Respondent:- Approximately 80 people were choose for the survey thus acting as
responded and normally it consists of people from all ages. There were information about
their taste, preferences and age.
Secondary Data:- This is a kind of data which can be assessed through various journals,
publication, internet and etc. This is the data which has been collected by someone else already
and on the behalf of this the findings has been performed. This is utilised to compare the findings
which organisation needs (Vercellis, 2011). The data can be either qualitative or quantitative in
nature thus includes customer details, contact number, organisation, financial report, dealers
report, books, journals, etc. As secondary data is effortless and easily accessible it is more
affordable as compared to primary data. Similarly, it incurs low cost to collect it.
1.2 Survey methodology and sample framing utilised for research.
There are lots of survey methods which are available in a company scenario whenever
any kind of information has be collected. Survey methodology for collecting any kind of
thoughts and opinion are as follows:-
 Social Media: This is considered as one of the most utilising technique which is
concerned with the data collection process through use of which an organisation can
collect the data from lots of individuals (Zsambok, 2014). According to current scenario
this process is helpful in maximise number of thoughts and viewpoints of the various
respondents.
 Questionnaire:- This is also one of the key tool which facilitates a platform under which
there are chances of gathering lots of data from more and more number of people.
Through this the survey becomes easy and through it there can be collection from more
than 100 people at a time. Other than this, this method has the capability to gain more
accurate data.
 Interviews:- This is the process which is useful in the case where the respondents
number is small and their opinion can be taken through personal interaction. Or the other
option with this is that there will be interview of the only person who holds some
dominance over the society.
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