Business Decision Making Assignment: Balti Palace

Added on - 06 Jun 2020

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Business Decision making
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Use of plan in collecting data through primary and secondary format............................11.2 Use of sampling method and survey methodology..........................................................21.3 Use of questionnaire in relation to data............................................................................22.1 Creation of information on the basis of questionnaire.....................................................42.2 Use of mean, median and mode and its analysis..............................................................52.3 Analysis of data using measure of dispersion with including standard deviation............62.4 Benefits of quartile, percentile and correlation coefficient in business context...............7TASK 2............................................................................................................................................83.1 Preparation of charts, graphs in making a valid conclusion.............................................83.2 Creation of trend lines in future forecasting...................................................................103.3 Business presentation.....................................................................................................123.4 Formation of formal business report to senior authority................................................12TASK 3..........................................................................................................................................134.1 Information processing tools advantages to beneficial decision making.......................134.2 Formation of critical path management..........................................................................134.3 Benefits of financial tools in relation to make beneficial decision................................15CONCLUSION..............................................................................................................................16REFERENCES..............................................................................................................................18
INTRODUCTIONTaking an effective judgement for organisation is not much easier as this will provideimpact to entire business either in a direct or indirect manner(Bhattacharya and et. al., 2015).Therefore, it is must for them to gather an appropriate data and information regarding each andevery thing. This project is based on Balti Palace whom wants to open up another franchise ofrestaurant in UK. For this management need to evaluate each and every aspect properly and takebeneficial decision as well for taking helpful decisions. This report stated about collection ofprimary and secondary data out of which questionnaire consider as suited method. By applyingrelevant measure of central tendency and dispersion, gather information get evaluated properly.Along with this, on the basis of data, whole outcome get presented on charts and graphs. Use ofinformation processing tool and project plan enable in make things systematic in nature.TASK 11.1 Use of plan in collecting data through primary and secondary formatManager need to prepare an adequate planning; therefore, workers will accomplish entiretask in a systematic manner. This will consist entire operational activities which is associatedwith project; so that, efficient result will achieve(Franks and et. al., 2013). For above stated aim,employer will conduct research also to fulfil needs and wants of customers as per theirrequirements or demands. Balti palace is going to open another restaurant in London; therefore,it is fundamental for them to know about preferences as well as tastes of clients because it aidsthem into their growth and success. Additionally, they need to gather data in relation to locationthat which will be the best place for them. Hence, they will utilize two methods and these arementioned as beneath:Primary data:This kind of information is associated with recent time period and muchaccurate. With assistance of this, superior will gather point of opinion of numerouspersons through interaction. Major disadvantage of utilizing this, it consumes maximumtime and in addition takes lots of fund. If manager of Balti palace wants to gatherinformation and data with help of primary technique then, they need to follow plansystematically which provide assistance to them for longer time duration. There are manymethods which will be consisting into this, for example: survey, questionnaire and so on(Gaillard, 2014).1
Secondary data:Information which is collected by using this method is associated withpast data. There are many tools which will be include into this, such as internet,newspaper, research paper, books, magazine, journals and many more. Along with this, itis must for superior to examine past records to take an effective judgement fororganisation.In this assignment, primary source is using by employer to gather adequate data andinformation as it assists to know about current needs and wants of people. Therefore, by knowingthis, Balti palace will fulfil their prerequisites and compete their competitors at competitiveworld(Hartman and et. al., 2014.1.2 Use of sampling method and survey methodologyFor each and every kind of research, individual needs to select some number of peoplewhich is known as sample. Thus, it can be done in an adequate way. Sampling technique is mucheasier which will be utilized by researcher as in this, they need to select some persons orrespondents. There are various kinds of sample methods which are stated as below:Stratified samplingRandom samplingCluster samplingWith assistance of Survey method each and every thing will gather in an appropriate way. Forthis research, researcher is utilized random sampling and in which they conducted survey on 80respondents(Kahraman and et. al., 2015). Therefore, to prepare a format for this, there are sometools which will be used by manager of Balti palace, are mentioned as beneath:QuestionnaireSurvey monkeySocial mediaHence, superior is going to utilize questionnaire method as with assistance of this, decision willbe taken in an effective way. Along with this, it aids to acquire opinion of distinguish individualsin proper manner.1.3 Use of questionnaire in relation to dataWith assistance of an appropriate questionnaire it is easy to collect data and informationfrom many individual at a single period of time. There is various type of it, such as close ended,grouped, open ended, un – grouped and so on. Therefore, any type of method will be used by2
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