Business Decision Making | Assignment
Added on 2020-01-28
17 Pages4627 Words62 Views
Business Decision Making
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31.1 Data collection..................................................................................................................31.2 Survey methodology.........................................................................................................41.3 Questionnaire....................................................................................................................5TASK 2............................................................................................................................................62.1 Summarising data.............................................................................................................62.2 Calculation based on mean, median and mode................................................................82.3 Measure if dispersion.......................................................................................................92.4 Calculation of quartile, percentile and correlation coefficient......................................10TASK 3..........................................................................................................................................103.1 Graphical representation.................................................................................................103.2 Trend line........................................................................................................................123.3 Covered in PPT...............................................................................................................133.4 Formal report..................................................................................................................13TASK 4..........................................................................................................................................144.1 Use of information processing tool................................................................................144.2 Preparation of project plan and critical path for effective time management................144.3 Calculation for the project..............................................................................................15CONCLUSION..............................................................................................................................16REFERENCES..............................................................................................................................17
INTRODUCTIONThe employees of the firm have to make the correct and appropriate decision to do themarket research so that they can do the proper analysis of the market and identify the needs andwants of the consumers (Hodges and Wu, 2010). The staff members of the business entity haveto collect the data or information by using the different sources whether it is primary orsecondary so that they can not face any obstacles in providing the best products and services andon the basis of that they have to make the proper judgement. The present assignment is based onfood for friends which is a vegetarian restaurant which serve then innovative dishes as well asoffering the seasonal set menus (Quartiles, percentiles and correlation coefficients,2017). In thebelow mentioned reports, discussion on the data collection by using the different sources. Alongwith this different processing tools and techniques which aid in gathering information has to bediscussed. TASK 11.1 Data collectionThe managers of business entity needs to do proper research so that they can collect theaccurate data by using the different sources. Two type of sources which includes:Primary source: By using this source they can collect or gather the first hand informationand they can use that information in providing the services so that they can attain the goals andobjectives. It provides the direct or first hand evidence which are related to event, object, personetc. It also includes the historical as well as legal documents, results of experiments etc. Thereare four type of marketing research which are:Observation: The employees can collect the information or data by observing theconsumers and take the action on their behaviours. Interview: They are just like the focus groups and in this interaction between theconsumers are to be done. They have to take face to face, telephonic interview and collectthe information (Kingsley and et. al., 2012). Questionnaire: The employees of food for friends can make the questionnaire whichincludes the different questions and filled by the consumers so that they can gather theactual data and used in providing the services to their consumers.
Secondary source: It also help the staff members in gathering the information or datarelated to consumers that what type of products and services they want and it provide the secondhand information means data should be provided in a indirect way (Peary, Rajib and Takeuchi,2012). In this they can collect the data from the journals, articles, online, internet etc. 1.2 Survey methodologySurvey methodology states the study by using the different samples of the population bydoing the proper analysis or evaluation in a proper manner. Survey helps in conducting theproper research which are related to the consumers. By doing the survey they have to concludeproper result which helps in surviving the company in the market. There are different type ofchallenges which can face by the investigator while conducting survey which includes thedecision also that is identification and selection on the consumers. Data collection is hard to do.Then they have to evaluate or analyse the test questions (Presanis and et. al., 2011). After thatthey have to select the mode for asking the questions from their respondents, next they have tocheck the data and find out the suitability on the basis of that. For doing the sampling whileconducting survey they have to use random sampling method as it is is a best method in choosingthe person and also in attaining the results. The main purpose of doing the research and surveyfor the food for friends is to open a new restaurant at London. For this they have to makequestionnaire and sample size which they are taken that is 30 people. By filling up thequestionnaire from them they can attain the good results and on the basis of that they can makethe appropriate judgement. Different methods through which survey can be done is:Primary data – In this the information can be collected for the first time. It is a time consumingmethod as researcher has to do all the work by himself. Under this system sampling can be donewhich may be random or non random sampling.Random sampling – It is a most commonly used technique in which the researcher choosesdifferent samples on random basis and conduct survey on them and record the observation.Non random sampling – It is a technique in which the respondents are selected keeping acommon base. For example every respondent on nth number will be selected can be a criteria forchoosing the respondent.Secondary data – This is entirely a different concept as information is collected from thealready available resources and hence more data can be gathered. It takes less time to collectinformation through this and also immense information can be collected at the same time.
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