Business decision-making : Assignment
24 Pages5229 Words117 Views
Added on 2020-01-21
Business decision-making : Assignment
Added on 2020-01-21
ShareRelated Documents
Business decision-making1
Table of ContentsINTRODUCTION................................................................................................................................3TASK 1.................................................................................................................................................31.1 Create a plan for primary and secondary data...........................................................................31.2 Survey methodology and sampling frame.................................................................................41.3 Design a questionnaire for given business problem..................................................................5LO 2......................................................................................................................................................82.1 Create information for decisions-making by summarising data using representative values....82.2 Analyse the results to draw valid conclusions in business context..........................................112.3 Analyse data using measures of dispersion to inform business...............................................122.4 Explain how quartile. Percentile and correlation coefficient are used to draw useful conclusion......................................................................................................................................12TASK 2 ..............................................................................................................................................133.1 Produce graph using spreadsheet and draw valid conclusions based on the derived information.....................................................................................................................................133.2 Create trend lines in spreadsheet graphs to assist in forecasting for specified business information.....................................................................................................................................153.3 Prepare a business presentation using suitable software and techniques to disseminate information effectively...................................................................................................................163.4 Prepare a formal business report..............................................................................................16LO 4....................................................................................................................................................174.1 Use appropriate information processing tools.........................................................................174.2 Prepare a project plan for an activity and determine critical path...........................................17.......................................................................................................................................................18.......................................................................................................................................................184.3 Use financial tools for decision-making..................................................................................19CONCLUSION..................................................................................................................................20REFERENCES...................................................................................................................................21Index of TablesTable 1: Determination of critical path of the project........................................................................21Table 2: Calculation of pay-back period ............................................................................................21Table 3: Calculation of accounting rate of return ..............................................................................22Table 4: Calculation of net present value and internal rate of return ................................................22Illustration IndexIllustration 1: Sources of data collection .............................................................................................4Illustration 2: Methods of sample selection .........................................................................................6Illustration 3: Previous 10 year's sales and profit of restaurant..........................................................12Illustration 4: Descriptive statistics of sales and profit .....................................................................12Illustration 5: Formula of standard deviation and variance................................................................13Illustration 6: Correlation ..................................................................................................................14Illustration 7: Column graph of sales an profit ..................................................................................15Illustration 8: Line graph of sales and profit .....................................................................................16Illustration 9: Bar graph of sales and profit .......................................................................................17Illustration 10: Trend line of sales and profit ....................................................................................18Illustration 11: Project plan to open second restaurant in London.....................................................192
Illustration 12: Gantt chart to open new restaurant in London...........................................................20Illustration 13: Network diagram of new restaurant's project............................................................213
INTRODUCTIONIn all the business organizations, managers are responsible to govern business operationsand take decisions to improve potential performance. Decisions-making is the cognitive processthrough which the most effective course of action can be selected among several alternativepossibilities. In the present report, a restaurant chain planned to open its second restaurant inLondon. In order to assess the viability of such expansion program, this assignment will focus ongathering data from both primary and secondary sources and analyse it by various statistical toolsand techniques and graphical presentation as well. Along with this, capital budgeting tools will beused to identify most viable capital project. Besides this, the role of management informationsystem to record huge quantity of data and project management tools will be undertaken toaccomplish project within set time. TASK 1LO 11.1 Create a plan for primary and secondary dataData collection is the first and foremost step of decision-making process. It is verychallenging task which need exhaustive planning, diligent work, proper understanding etc . In orderto open a new restaurant chain in the city of London, researcher can acquire data from both primaryand secondary sources, explained hereunder: Illustration 1: Sources of data collection (Source: Gibbs and et.al., 2010)4
Primary sources:This sources provide new and authentic information that is particularly associated withresearch goals and objectives (Polkinghorne, 2005). Following techniques are available to gatherprimary information, given below:◦Observation◦Interviews◦Experiments◦Focus group◦SurveysWith regards to restaurant, survey of selected sample will be conducted through the use ofweb-questionnaire. It will helps to assess customer taste, preferences, buying habits, pricesensitivity etc. Henceforth, it will make researcher able to open new restaurant according to theconsumers preferences. Secondary sources: It is second hand information which has been collected previously by any other person forhis or her research goal (Reynolds and et.al., 2005). Both internal and external sources are availableto the restaurant chain to obtain secondary information that are given below:Internal sourcesExternal sourcesPast financial statements of restaurantchain Governmental reportsSales recordTrade journalsInventory reports Economic reportsProfit records Media, newspapers, telcastsInternet Articles With reference to present research, internal data will be generated about sales and profitfigures over last few years whilst secondary data will be gather from web sources (Gibbs and et.al.,2010). Secondary sources of data collection technique take less time and resources as compare toprimary sources. 1.2 Survey methodology and sampling frameSurvey methodology: It is the process of studying only the selected sample size from the universe.Survey is a primary techniques of data collection in which research can gather required informationthrough direct or indirectly communicating with the affected parties like consumers (Matthews andRoss, 2014). In present report, consumer survey will be undertaken by constructing questionnaire. It5
comprises different set of questions like open-ended, close-ended, ranking etc. to obtain neededinformation. The most important benefit of this is it enhance the accuracy and reliability of data.With the assistance of this, restaurant can assess consumer's demand and perceptions towards takingmeal out so that, they can make logical selection for its proposed expansion. Sampling frame: Study the universe is not possible due to its complexity. Henceforth, all the researcher oftenuse sampling frame to select an appropriate size of sample by taking into consideration all thecharacteristics of the population (Malhotra, 2012). Through this, restaurant will be able to conductsurvey of sample and analyse it to assess overall population of London. Illustration 2: Methods of sample selection (Source: Probability sampling, n.d.)In Non-probability sample, each member of the population do not have any probability to include insample. However, in probabilistic samples, the probability of each member have an probability ofselecting in sample (Probability sampling, n.d.). In the present report, sample will be selected on thebasis of probability sample. In this, simple random sampling will be utilized in which sample of 100consumers will be selected randomly without any biasness. In other words, it can be said that whena sample is selected on random basis than there will be equal probability of each unit to being selectin sample. 1.3 Design a questionnaire for given business problemIt is essential for the effectiveness of questionnaire that each and every question must besimple, properly explained and arranged logically (Fleischhacker and et.al., 2013). So that,respondents will be able to understand it and give their responses accordingly. It will helps toacquire prominent information and maintain high confidentiality also. 6
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Importance of Business Decision Making : Reportlg...
|24
|5275
|188
Business Decision Making in Murano Restaurant - Assignmentlg...
|18
|4466
|78
Business Decision Making Assignment - Restaurant Chainlg...
|23
|4751
|147
Business Decision Making Process (Doc)lg...
|20
|3945
|216
Business Decision-Making Introductionlg...
|25
|3737
|376
Introduction to Business Decision Making Task 13 1.1. Primary and Secondary sources of data collectionlg...
|26
|5497
|471