[PDF] Business Decision Making : Assignment

Added on - 03 Dec 2019

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BUSINESSDECISIONMAKING
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Plan for primary and secondary data collection with survey methodology and sampling frameused..............................................................................................................................................1Questionnaire...............................................................................................................................2Collection of data and summering of information by using representative values.....................4Analyzing the data using measures of dispersion........................................................................7Quartile, percentile and correlation technique.............................................................................8Suitable calculations to draw realistic conclusion and valid recommendations..........................9TASK 2..........................................................................................................................................10Graphs and charts......................................................................................................................10Trend Lines for forecasting.......................................................................................................11Business Presentation................................................................................................................12Formal business report...............................................................................................................12Appropriate information processing tools to analyse the information......................................12Plan for the project.....................................................................................................................13Financial tools............................................................................................................................14CONCLUSION..............................................................................................................................16REFERENCES..............................................................................................................................17
LIST OF TABLESTable 1: Sales and Profit..................................................................................................................7Table 2: Descriptive Statistics of sales figures................................................................................7Table 3: Descriptive Statistics of Profit figures...............................................................................7Table 4: Quartile..............................................................................................................................8Table 5: Percentile...........................................................................................................................8Table 6: Correlation Coefficient......................................................................................................8Table 7: Net Present value method................................................................................................15
INTRODUCTIONFor making an optimal decision in the business organization there is need to applicationof appropriate tools and techniques (Prieto, 2006). In the present report the purpose of effectiveinformation for decision making in organization is detailed by using different techniques.Restaurant chain is planning to open its second restaurant in London and for making an optimaldecision towards business expansion, range of analysis techniques were applied. In first task ofthe study, data was collected from the primary and secondary sources and on the basis of whichtechniques were applied to analyze the data for business purpose. Further in next partinformation is produced fro decision purpose and also software generated information is used fororganizational decision making.TASK 1Plan for primary and secondary data collection with survey methodology and sampling frameusedTo open a second restaurant in London, Board of Directors have to collect the data fromdifferent sources and on the basis of which they can make their decision whether it will be theirviable move or not.Primary Data collection method: Accessing of information directly from primary sourceswill help the company to know current information about the needs and wants of Londonrestaurant market (Pennink and Jonker, 2010). Primary data will be collected from thecustomers of restaurants of London. There are different techniques of collecting primarydata such as survey, interview, observation etc. In context to primary research, surveymethodology will be used (Khotri, 2008).Secondary method of data collection: Secondary data will be collected from differentsources such as research reports, internet, newspapers, articles etc. (Manion Cohen, andMorrison, 2007). Collection of secondary data will helps to examine the information ofrestaurant market of London.Survey methodology and sampling frame for collection of primary data:Survey Methodology: Data will be collected from the customers of restaurants and for thisquestionnaire technique of survey methodology will be used. It is the type of primary1
data collection method. In questionnaire methodology questions are included to accessinformation about their preferences, taste, quality, pricing etc.Sampling frame: Method of probabilistic sampling will be used and this method thetechnique of random sampling will be applied to collect the data from samples (Penninkand Jonker, 2010). Data will be collected from the customers and sample size will be 100customers. On the basis of random sampling, customers will be randomly selected foraccessing information from them.QuestionnaireQuestionnaire for Opening of a New Restaurant in LondonName: ____________________________________Gender: ________1)Occupation1.Student2.Service3.Business Other2)Age1.Below 182.18 to 253.25 to 404.Above 403)Type of food items you preferred to eat in restaurants?1.Italian2.Mexican3.Asian4.Chinese4)How often you go to restaurant in a week?1.Once in a week2.2 times3.More than 2 times2
5)Type of factors which persuade you to eat food in particular restaurant?1.Taste and Quality2.Choices3.Service4.Ambience5.All of the above6)Do you agree that restaurants in London are serving food as a good value for money?1.Strongly Agree2.Agree3.Neutral4.Strongly Disagree5.Disagree7)In terms of range of pricing which type of restaurant you mostly preferred?1.Low pricing2.Economical prices3.Higher prices8)Would you like to prefer restaurant which offers discounts and schemes for customers?1.Yes2.No3.Can’t Say9)Does food served in restaurants meet in accordance with their price value?1.Strongly Agree2.Agree3.Neutral4.Strongly Disagree5.Disagree10)Any suggestions which you want to give regarding opening of new restaurant in London?________________________________________________________________________________________________________________________________________________3
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