Business Model Design and Decision Making

The assignment delves into the crucial aspects of designing effective business models, drawing upon various academic sources. It examines influential frameworks like 'How to Design a Winning Business Model' by J.E., 2011, and explores the relationship between information seeking, decision-making heuristics, and complex business models. Furthermore, it considers the role of data science and trial-and-error learning in driving innovation within business models.

BUSINESS DECISION
MAKING

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Preparation of plan by using various data collection sources...........................................1
1.2 Research methodologies...................................................................................................2
1.3 Questionnaire designing...................................................................................................3
2.1 and 2.2 .............................................................................................................................5
2.3 Calculation of data at different range with standard deviation......................................14
2.4 Benefits of quartile, percentile and correlation coefficient............................................15
TASK 2..........................................................................................................................................15
3.1 Graphical representation by using various charts and graphs........................................15
3.2 Tend line .......................................................................................................................17
3.3 Covered in PPT...............................................................................................................18
3.4 Formal report..................................................................................................................18
TASK 3..........................................................................................................................................19
4.1 Process techniques used in project plan.........................................................................19
4.2 Network diagram representation....................................................................................20
4.3 Appraisal for investment proposal..................................................................................20
CONCLUSION..............................................................................................................................21
REFERENCES..............................................................................................................................22

INTRODUCTION
Business decision making is said to be the most important aspect of any business entity
that would help researchers as well as any individual to make appropriate decision regarding
development of their organisation. It is require to make business activities more effective
because the main objective of any business concern is to achieve its goal and to maximise
profitability of the businesses (Casadesus-Masanell and Ricart, 2011). Each decision leads to
various positive and negative impact on the performance and stability of an organisation. Under
this project report various research methodologies and a complete set of questionnaire is being
design from number of customers regarding their experiences after visiting to Balti palace
restaurant. With the help of secondary data various graphs and charts is being prepared. On the
basis of assumption a network diagram is being represented and critical path is originated to
know about shortest duration of time required to cover the project.
TASK 1
1.1 Preparation of plan by using various data collection sources
Before starting any research project it is necessary to identified types of research sources
they are going to use in it. Basically, there are mainly two types of sources which are used. Such
as primary sources and secondary sources. The overall base of this entire project is based on
these sources those are useful for the researchers. Primary is new data collection which is
collected through filling questionnaire from various respondents which are selected during the
research work. While, secondary data are used in order to analyse those collected data. These are
analyse through bar charts and pie-charts.
Data collection is use to identify and measure customer attitude and behaviour towards
goods and services offered by Balti place restaurant. It will make researchers a bit easy to know
some reviews and answers by asking general and specific questions to test the impact of survey
and analysed desire results after conducting all those work. Data ans information is being
collected from organisation face to face interactions, phone call and filling questionnaire with
those customers those are regularly visit the restaurant (Gigerenzer and Gaissmaier, 2011).
Location of Balti place restaurant taken as for data collection are from these two questions :
 Wolverhampton, England
 Barnsley
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 Womb-well
 Denby
The research was conducted from above mentioned restaurant location and it almost
require 5 week time to gathered desire outcome and reactions from different customers and their
perception regarding their choice of cuisine offered by Balti palce are appropriate for them.
Any of the research can not be possible without finance so it have to be fulfil from
various sources as to cover at least minimum cost would be 1500 pound to 4500 pounds. These
cost are incurred on hiring some skilled people those are going to conduct that research from
several location of that particular restaurant. so it is important to have sufficient amount of cash
available to organise this kind of research work (Kahneman, Lovallo and Sibony, 2011).
This research work is based on various method of data collection that includes interviews
and questionnaire that are required to prepare document and record analyse.
Sampling framework: These are that part of research work which is used to collect
information after selecting a certain sample form number customer groups. Under this it is
divided into small groups and by using random sampling it is conducted from various locations.
There are 100 of the total size of customers that were use to collect information.
Qualitative method of data collection is being used under this survey because personal
interviews and questionnaire are used to as important tool to gather data from certain group of
customers
The project report is primarily based on primary as well as secondary source. The most of
the research is done with using primary data. Because, questionnaire which are taken as primary
sources for the research work are based on fresh data. The respondents are asked to fill their
views according to there interest and experiences which they gain after visiting to balti palace
restaurants. Researchers are need to includes sources on which research and finding are based. It
also includes historical and legal documents and statistical data or other related aspects.
On the other hand, Secondary data is used to compare past data with current collect data.
It is done through applying various charts and graphs. As the secondary data are mostly based on
numerical values which are related with research. It is mainly created by someone who did not
experiences any participation in the activities during the research phase.
2

1.2 Research methodologies
It has been observe that research is the journey to evaluate something new from the past
as well present situation. So proper tools and techniques are to be adopted in order to get more
appropriate results. It comprises of systematic and numerical investigation to identify
characteristic of research by asking open-ended questions and collection and to find out
numerical data to know its importance in coming time period. Research methodologies is being
always happens to be most important tool used by researcher in their decision-making process.
Both technical and practical aspects of information that are associated with the knowledge and
ability of the research. Types of research conducted under the project are:
Descriptive: It is associated with research facts and figures that are collected during customers
visit to Balti place restaurant. It is design to identified specific skills and ability of selected group
of customers that are being taken as sample under this research work.
Qualitative: It is use to know about intensity of the study that are arises from various problems
and cases which are being find out by researchers during research work.
Under this research two important techniques are being used;
Face to face interviews: This methods are use at the time of meeting with customer face
to face. It is use to identify their reaction and reviews about Balit place hospitality and service
provided to them.
Target group interviews: In this kind of method a particular group is being selected at
common view are taken into consideration (Muindi, 2011).
Second part of research is based on questionnaire: It summarise with number of multiple
choice questions regarding different views about food, services and other aspect of Balti palace
restaurant.
Sampling framework is used as:
 Simple random sampling is use for statistical data because of each unit and individual
have common possibilities to be selected.
 Cluster sampling: This method is use by research to divide population into various small
groups from number of population.
 Quota sampling: It is said to be collection of representative data from those selected
groups it is said to be opposite of random sampling.
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From above mentioned sampling the most suitable one is random sampling because groups are
easily selected from number of population and all the information about restaurant is being
collected in proper manner.
1.3 Questionnaire designing
Questionnaire is complete set of printed written questions with having multiple choice
options those are use for the research work. Types of questions use are:
Dichotomous which is comprises of only two options (Smith, Binns and Tushman, 2010).
Nominal - polytomous in which more than two options are available with the respondent.
Objective of research questionnaire is to know about customers reaction and reviews about
services and cuisine provided by Balti palace restaurant.
BALTI PALACE RESTAURANT
Personal Details
Gender: Male[] Female []
Age: Below 25 [] 25-30 [] 30-40 []
Occupation: Businessman [] Student [] professional [] Home-maker []
Q1: Have you every time visited Balti palace restaurant?
a) Yes []
b) No []
Q2: Form whom you come to know about this restaurant?
a) Friends [] b) Newspaper [] c) Internet
Q3: Is the price of cuisine are under your budget?
a) Yes []
b) No []
Q4: What is most attractive about Balti palace restaurant?
a) Service
b) Atmosphere
c) Food
d) Other(Specify)
Q5: would you satisfied with the food and other facilities of Balti palace restaurant?
a) Satisfied
b) Not satisfied
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Q6: How well you rate the work of Balti palace?
a) Good
b) Average
c) Below average
Q7: Are you use online facilities of Balti palace?
a) Yes
b) No
Q8: Is this restaurant provide traditional cultural food to customers?
a) Yes
b) No
c) can't say
Q9: Would you like to provide any personal commits regarding Balti palace that should be
changes according to your perception?
Ans:
…........................................................................................................................................................
............................................................
Q10: How comfortable with experience that would you gain after visiting to Balti palace
restaurant?
a) Highly
b) Average
c) Neutral
Q11: Which age group does you belong to?
a) 18-20 b) 20-25 c) 25 -30 d) 30-40
Q12: How much you spend for cuisine?
a) 10-15 pound
b) 15-20 Pound
c) 20-25 pound
d) 25 and more
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Q13: Provide any additional recommendation that would you want to seen?
Ans:
…........................................................................................................................................................
......................................................................
2.1 and 2.2
After collection of questionnaire the next step required to be done in research work is to
interpret it from using representatives value (Sosna, Trevinyo-Rodríguez and Velamuri, 2010).
Appropriate methodologies are being use to collect actual percentage of customer and on that
basis related conclusion is being drawn from 100 respondents.
Total Number of respondent: 100
From age group: 18 to 55 years old people
Gender: Male [60%] Female [40%]
Religion: Hinduism [40%] Christian[20%] Muslims [15%]
Other [25%]
Q1: Have you every time visited Balti palace restaurant?
a) Yes 80
b) No 20
Mean 90
Median 50
Mode 0
6

a) Yes b) No
0
10
20
30
40
50
60
70
80
90
80
20
Series1
Series2
Series3
Series4
From the above information it has been found that more than 80% of the people visit to
Balit palace restaurant. That's why mean of the total number of responded are 90.
Q2: Form whom you come to know about this restaurant?
a) Friends 40
b) Newspaper 30
c) Internet 30
Mean 33
Median 30
Mode 10
7

a) Friends b) Newspaper c) Internet
0
5
10
15
20
25
30
35
40
45
40
30 30
Series1
Series2
Series3
Series4
According to the research it has been observed that 40% of the total number of
respondents get the information about the Balti palace. 30% get from newspapers and rest are
from using internet. The mean of this is 33.
Q3: Is the price of cuisine are under your budget?
a) Yes 70
b) No 30
Mean 50
Median 50
Mode 10
8

a) Yes b) No
0
10
20
30
40
50
60
70
80
70
30
Series1
Series2
Series3
In the mentioned, situations it has been found that price of cuisine are under the control
of customers as 70% of the people are able to pay for it. It mean value is 50 from the total
number of respondents.
Q4: What is most attractive about Balti palace restaurant?
a) Service 50
b) Atmosphere 20
c) Food 20
d) Other(Specify) 10
Mean 25
Median 20
Mode 0
9

a) Service b) Atmosphere c) Food d) Other(Specify)
0
10
20
30
40
50
60
50
20 20
10
Series1
Series2
Series3
According to the survey 50% of the people are happy with the services provided by the
restaurant and 20% are satisfied with the atmosphere, rest of them are comfortable with other
facilities. 25 is the mean value of the people. The median range is 20.
Q5: would you satisfied with the food and other facilities of Balti palace
restaurant?
a) Satisfied 90
b) Not satisfied 10
Mean 50
Median 50
Mode 0
10

a) Satisfied b) Not satisfied
0
10
20
30
40
50
60
70
80
90
100 90
10
Series1
Series2
Series3
Series4
Most number of respondents are satisfied with the food and services offered by the Balti
palace. With the mean value of 50. it is positive response to that restaurant.
Q6: How well you rate the work of Balti palace?
a) Good 60
b) Average 30
c) Below average 10
Mean 33
Median 30
Mode 0
11

a) Good b) Average c) Below average
0
10
20
30
40
50
60
70
60
30
10
Series1
Series2
Series3
Series4
The work facilities are more remarkable as 60% of the people are satisfied with it. 30%
are in average of their judgement. The mean value is 33.
Q7: Are you use online facilities of Balti palace?
a) Yes 80
b) No 20
Mean 50
Median 50
Mode 0
12

a) Yes b) No
0
10
20
30
40
50
60
70
80
90
80
20
Series1
Series2
Series3
Series4
From the above research it has been found that 80 % of the respondents are using online
facilities to book their orders and rest of them are using other sources. Because of this 50 is the
total mean.
Q8: Is this restaurant provide traditional cultural food to customers?
a) Yes 80
b) No 10
c) can't say 10
Mean 33
Median 10
Mode 0
13

a) Yes b) No c) can't say
0
10
20
30
40
50
60
70
80
90 80
10 10
Series1
Series2
Series3
Series4
All shorts of foods are provided by the restaurant, because from the above chart it has
clearly shown that 80% of them are satisfied that they are getting traditional food to its
customers. The total mean is 33 out of total respondents.
Q9: How comfortable with experience that would you gain after visiting to Balti palace
restaurant?
a) Highly 50
b) Average 30
c) Neutral 20
Mean 33
Median 30
Mode 10
14

a) Highly b) Average c) Neutral
0
10
20
30
40
50
60
50
30
20
Series1
Series2
Series3
Series4
Series5
Q11: Which age group does you belong to?
a) 18-20 30
b) 20-25 25
c) 25 -30 25
d) 30-40 20
100
Mean 25
Median 25
Mode 10
15

a) 18-20 b) 20-25 c) 25 -30 d) 30-40
0
5
10
15
20
25
30
35
30
25 25
20
Series1
According the above graph it has been seen that most of the young generation people are
visiting to Balti palace and rest of them have different opinion according to their particular age
group.
Q12: How much you spend for cuisine?
a) 10-15 pound 20
b) 15-20 Pound 15
c) 20-25 pound 35
d) 25 and more 30
100
Mean 25
Median 25
Mode 20
16

20
15
35
30
a) 10-15 pound
b) 15-20 Pound
c) 20-25 pound
d) 25 and more
The most number of customers are paying more than 25 pound to their cuisine. It is based
on the those customers which are having different preferences and choices. After interpretation
of collected data it has been found that most number of customers are providing positive respond
and happy with the services provided by the Balti palace (Vercellis, 2011). On the basis of asked
questions different mode of arithmetical calculation is done to know about how much customer
out of 100 are satisfied with services and other aspect of restaurant. So it has been observed that
restaurant is delivering most appropriate quality of cuisine to its customers. For the outside
customer those are come just to enjoy services and have to crab most delicious cuisine and
hospitality of that restaurant.
The result indicated that on an average of more than 80% of the customers are highly
satisfied with services of Balti palace restaurant. The means value form all the questions are
fluctuating with the percentage change and likewise median and mode are also varies. By
applying appropriate methods in the research the positive outcome is being generated and on
that basis valuable decision is made to draw proper results from research. There was a certain
limitation to this research as it was only 100 respondent available to this report. Online service
are more use by customers in their booking of orders and reserve a table for a day.
Particular Formula
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Median(In case of even number
values) {L1 + (N/2) – c/F}*i]
Mean ∑X/N
Mode L + h ( fm – f1 / 2fm – f1 - f2 )
2.3 Calculation of data at different range with standard deviation
Weak Number of customers Satisfied customers
1st 15 12
2nd 20 18
3rd 15 11
4th 12 8
5th 18 16
Total 100 65
Range
Minimum Range 8
Maximum Range 18
Standard deviation 4
Range: It said to be those value which are very common from the collected data. It
simply said to be value of highest and lowest (Wu and Pagell, 2011). Such as in above
mentioned data collected from research it has observed that minimum range is 8 customers those
are ready to provide information in each week. And maximum of 18 customers those are
collected from particular weak.
Standard deviation: It refer to be that portion of standard dispersion gathered from
complete set of data from the provided mean. To calculate standard deviation the general square
root of variances are require at every point of time (Zsambok and Klein, 2014). In above case
situation it comes to be 4.
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Standard deviation: √∑Fdx2/N – (∑Fdx/N)2
2.4 Benefits of quartile, percentile and correlation coefficient
Quartile: It is division of team and group as per the distributed value of a single variable
from allotted segment of customers. It general based on three situation like middle quartile that
shown through Q1 and second quartile is Q2 and last quartile is Q3. The important benefit of
this is to evaluate numerical identity to set appropriate benchmark for other competitor.
Formula for Quartile:
First Q1= Size of N+1/4th items = Quartile (range ,1st)
Second Q2=size of 2(N+1)/4th items = Quartile (Range,2)
Third Q3= Size of 3(N+1)/4th items = quartile (range,3)
Percentile: It is a complete pattern of measure that shows statistical degree of data and
information through observation of best possible results (Pettigrew, 2014). It id generally
categorises as 100 percentile. If any results comes under 100 range then it can't be taken into
consideration. The benefit of this generate more opportunities and limited data collected from
several class sections. In the above case 65 percentile indicated the total capacity of customers in
term to 65% positive response from the research.
Formula for calculating:
Pi = l +h/f (iN /100 – C); i= 1,2,3........99
where:
l=lower range of percentile group
h= Wide range of percentile group
f= frequency
N= Total number of observation
c= Cumulative frequency.
10th Percentile = Percentile (range 10)
50th percentile= Percentile (range, 60th)
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Correlation coefficient: That measurement which determine the state of two or more
variable related with routine of data collected during research. It consist of certain number the
varies from range among +1 to -1. The big advantage of this provide linear behaviour of
variables from two set of data. For example, Under this situation the correlation coefficient is
0.90 which reflect the positive sign for the projects.
Formula :
r = Sum Zx * Zy / n-1
Correlation coefficient is denoted by small r.
Sum of Zx * Zy
n= number of observation
Variances: It is derived from square of standard deviation.
Formula: S2 = ∑(X – X )2 / n-1
TASK 2
3.1 Graphical representation by using various charts and graphs.
Pie-charts: It said to be circular statistical graphic which is categorised into different
areas to explain numerical proportion. Under this chart the length of each part is proportional to
its quantity that it represent. Under this chart most number of customer satisfaction regard the
service and quality offered to them (Maxwell, Jeffrey and Lévesque, 2011). The data presented
in it is collected from 5 week time research conducted from various location of restaurant of
Balti palace.
20

12
18
11
8
16
1
2
3
4
5
6
From above mentioned pie-charts it has been seen that 1st to last week research is being
conducted from various customers and available data is collected and on that basis it label on
pie-charts. It shows that most number of customer are picked as 18 which are collected in 2 week
time. Or the next most area covered as 16 which is collected from 16 customer at in last week of
research (Solomon, 2014). The minimum result is come to be 8 that is chosen in 4 week of
research work. The customer attitude and behaviour are more attractive because of full interest of
customer regarding the services provided by the restaurant.
Bar Chart: It said to be that diagram which represent numerical amount of variables
those are represented by the length of lines or width is of rectangular size. It is a group of data
plotted as vertically and horizontally manner. It display a real time of the data as a powerful
indicators.
Below mentioned bar charts it has been shown that total number of customer are taken as
100 out of which only 65 are responded to our questions. It indicated that on an average of 65%
of customer are satisfied with the hospitality and multi cuisine offered by Balti palace restaurant.
The maximum number of positive outcome is collected in last week of research in which 18 out
of 16 are in favour of services. The minimum results are collected in 4th week research because
only 12 customer are collected and 8 of them are in favour of the positive result regarding
service provided to its customers.
21

1st
2nd
3rd
4th
5th
Total
0 20 40 60 80 100 120
15
20
15
12
18
100
12
18
11
8
16
65
Satisfied customers
Number of customers
3.2 Tend line
This graph represent various kind of data which is comprises of different information that
are based on number of series that are highlight with a line which said to be straight line segment
(Frey-Schulz, Hardt and Stahlberg, 2013). As for as most research is concern it is said to most
correct and appropriate chart that present a complete image of that best possible outcome.
Year Sales (£) Profit
2017 140058 55236
2018 196754 60085.36
2019 202452 67758.98
22

1 2 3
0
50000
100000
150000
200000
250000
140058
196754 202452
55236 60085.36 67758.98
Year
Sales (£)
Linear (
Sales (£))
Profit
Linear ( Profit )
Illustration 1: Trend line graph
From above drawn graphs it has been found that if the Balti palace is estimated to sale at
maximum of 202452 then they incurred a profit of 67758.98. In second a condition the more
company will increase the sale of multi-cuisine to its customers then chance of profitability is
more (Balti Palace Restaurant - Wombwell Menu . 2011).
23

3.3 Covered PPT
24

25

26

27

28

29

30

31

32

3.4 Formal report
FORMAL REPORT
To,
The Managing Director,
25th June 2017
Balti Palace is one of the appropriate vegetarian restaurant which is known as serving
modern and traditional food and other services are available in their menus. To know the
customer reaction and their satisfaction about the service delivery and atmosphere provided by
the restaurant. In the global era people are becoming more foody wants to have more
appropriate and best quality of food and services in relation to attain maximum profitability and
advantages that present situation. The Balti palace with the best quality of service and hospital
delivery to its customer are eyeing to capture maximum areas in the UK so that more
competitive advantages would be collected from various locations. Th order to achieve
objective it require to collect the customer need and demand in relation to food and other
33

facilities that are expecting from the restaurant. Different techniques are used by the Balti
palace restaurant for expansion of their business in each every aspect of growth and
development. The overall research bring out positive results for that particular restaurant and
all the methodologies and sampling frames are used in most appropriate manner.
On the basis of above mentioned research company reached to the conclusion that it needs
to make its polices dynamically so that any decisions can be mould according to the situations.
Regards
Mr. Henry
Research manager
TASK 3
4.1 Process techniques used in project plan
In every business concern whether related to restaurant and other organisation which is
require a most impressive plan that will be useful for increasing growth and profitability. There
are various information tools used in Balti palace:
DSS(Decision support system): It refer to be that system which management use in their
various level like strategic to operational level (Provost and Fawcett, 2013). All the level
required a complete guidance to perform the I work in most appropriate manner. This system is
more reliable and accurate in making all the employees and staff to co-ordinate together with
using appropriate tool.
TPS(Transaction processing system): It said to be that business transaction those are
related with collection and modification of employees performance at operational level. It is
more consistency and transparent to evaluate best decision regrading performance and growth of
Balti palace restaurant.
Ms Word: It is an application program for formulating text based documents. It perform
multiple article functions. Such as editing text, inserting new texts, formatting and performing
various operation on an single sheet.
Ms Excel: It is known as a program that is useful for making and manage many actions
like preparation of income and expenditure, mark sheet, inventory lists and customers and
supplier details.
34