Business Decision Making Assignment
Added on 2020-06-05
20 Pages5541 Words32 Views
BUSINESSDECISION MAKING
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1 ...........................................................................................................................................11.1 Planning for gathering of primary and secondary data.........................................................11.2 Survey methodology and sampling frame ............................................................................21.3 Questionnaire and justification of its designing....................................................................32.1 Summarisation of collected data ..........................................................................................52.2 Use of measurement of central tendency for analysing data.................................................72.3 Application of measures of dispersion .................................................................................82.4 Use of quartile, percentile and correlation coefficient in making correct decision ..............8TASK 2............................................................................................................................................93.1 Graph and chart.....................................................................................................................93.2 Trend line............................................................................................................................113.3 Business presentation..........................................................................................................113.4 Formal business report........................................................................................................12TASK 3..........................................................................................................................................134.1 Usage of information processing tool ................................................................................134.2 Critical path ........................................................................................................................144.3 Using financial tools in the process of decision making.....................................................15CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................17
INTRODUCTIONThe importance of information and data is increasing in this swiftly changing businessenvironment. Companies are using various types of statistical tools for formation of a plan. Thisprovide them some additional benefits which other firms of an industry may not see. Correctdecision is the key for reaching at long term goals. Some enterprises do not process and analysethe information which results in inappropriate utilisation of the available resources. Doinginvestment without taking an estimation about incurring cost and expected profit may hamper thegrowth of an enterprise (Vercellis, 2011). Finding needs of customers can assist a company inforwarding towards their vision. Balti palace is an organisation that is running their business inrestaurant industry. They want to open an outlet in London. This assignment will discuss aboutgathering of primary and secondary information. Different methods of survey and samplingframe which are used in the research will also become part of this project. A questionnaire willbe designed for finding the views of customers. Measures of central tendencies and dispersionwill be included in this file. Trend line and graphs will be used for better representation of data.Important values like NPV and IRR will also be determined in the project. TASK 11.1 Planning for gathering of primary and secondary dataFormation of a sound plan is dependent on the information which a company have intheir organisation. One can easily find lots of data on internet and magazines but there is a bigquestion mark on their reliability. Planning help an enterprise in minimising the risks, it alsoprovide great assistance in best utilisation of the resources. Following the program for collectionof information:Plan selection method – A researcher need to make a decision regarding gathering ofcontent. Mainly, there are two forms of data, one is primary and second is secondary. Earlier oneis known as the information which is collected for the first time. Later is related to the alreadyexisting matter, it can be taken from newspapers, internet etc. The person who is conductingresearch must select one option between the two according to the need of situation (Laudon andLaudon, 2015). There are many researchers who like to go with primary data because it is morereliable and they can get the exact information which they are exploring. Some people choose1
secondary content as it is easily available and more matter can be collected in short period oftime.Quantitative and qualitative are other two types of data, prior one deals with numbers andrecord option of a participants by giving them choices in figures. Other focuses on observation, itcannot be measured in numerics. Both kind of research have their own importance but qualitativeis getting more popularity in present era. Planning of needed resources – Gathering of content is a complicated and expensiveprocess. The cost of resources which will be required in research depend on the broadness of theprogram. An organisation has to select right people so they can gather correct and reliableinformation (Maxwell, Jeffrey and Lévesque, 2011). They should find the appropriateindividuals who can become the part of the research. Some companies like to use the old datawhich they have collected in previous years. There are many firm who like to gather contentfrom the various government authority’s websites because they find authentic information onthese sites. There was a time when enterprises were not interested in promoting their research(What is primary data and secondary data in Statistics and research methods?, 2017). This workwas done in a silently, but now they advertise their program so more people can become its partand they researcher get better result. Significant amount of resources is needed for planning ofmarketing. Planning for correction time of recording data – If an information is collected inwrong period of time then it will not deliver appropriate outcome (Nowduri, 2011). For example,sometime shareholder invest amount in a company by checking their mid-term financial figures,it may show profit but at the end of the year they may end up in huge loss. Research must try todetermine the correct period in order to get effective result. 1.2 Survey methodology and sampling frame The person who perform the research, has to deal with various kind of challenges, surveymethodology is related to work like construction of questionnaire, improving accuracy of theoutcomes which researcher get from participants etc. Primary and secondary, both kind of datahas their own importance then shortcomings, Balti Palace can go with earlier one because they ofits reliability factor. Adopting both options is not a bad choice but it may cost them huge amount.In their survey, they can take views rewarding new dishes or location of restaurant in Londonetc. 2
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