Business Decision Making - Balti Palace : Assignment
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Added on 2020-10-05
Business Decision Making - Balti Palace : Assignment
Added on 2020-10-05
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Business Decision Making
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Collection of primary and secondary data for a given business problem.............................11.3 Designing the questionnaire..................................................................................................3TASK 2............................................................................................................................................42.1 Create information for decision making by summarising the data using representativevalues...........................................................................................................................................42.2 Analysis of the results...........................................................................................................72.3 Analyse the data using measures of dispersion.....................................................................82.4 Explain how to find conclusion using Quartiles, percentile and correlation........................9TASK 3............................................................................................................................................93.1 Produce graphs using spreadsheet and draw conclusion using information.........................93.2 Create trend lines and graphs to assist forecasting..............................................................153.3 Covered in PP T..................................................................................................................163.4 Formal report.......................................................................................................................16TASK 4..........................................................................................................................................174.1 Using data methods in decision making: ...........................................................................174.2: Critical path .......................................................................................................................174.3 Investment appraisal tools...................................................................................................18CONCLUSION..............................................................................................................................19REFERENCES..............................................................................................................................20
INTRODUCTIONEvery organisation can achieve growth and success only when they have an effectivemanagement who are capable to make an effective decisions and plans related with financial aswell as non-financial activities in order to achieve desired goals and objectives. The presentassignment is based on Balti Palace which deals in offering quality food products to the peopleof United Kingdom. The project covers different techniques of collecting data along with theproper questionnaire and specific charts. All other aspects are also discussed under this reportwith the context of Balti Palace .( Pourshahid, Richards, and Amyot, 2011)TASK 11.1 Collection of primary and secondary data for a given business problemIt is important for the management of companies like Balti place to collect primary andsecondary data for the purpose of collecting the information for effective decision making so thatit can solve the problems that arise in the business. The main objective of the Balti place is tocollect the information from the public regarding their services and the quality of food they areproviding. There are two sources from where these information can be collected , they are calledprimary and secondary sources. These are discussed in brief as below: Primary sources: This is the source from where the data collected is raw and fresh , it isnot published anywhere. The informations obtained from this source is first hand which isprovided by the respondents chosen by the researcher. This source of collection of data isassumed to be more reliable and accurate as it is the personal review of the respondents thatoften visit to the Balti palace. They provide honest reviews to the business and give truefeedbacks for the correction that is needed to done. The sources from which the primary data canbe collected is social networking sites , in house questionnaires provided by the restaurant fromthe customers. These sources are discussed in brief as below: Surveys: This method of collecting the primary data by the respondents include askingquestions from the different numbers of respondents that visit on the regular basis to Baltipalace. A series of questions are asked from the random customers about the services,quality and ambience to come at a certain decision .( Springer, Berlin, Heidelberg, 2015)Questionnaires: In this method, the number of questions are asked from the respondentsby preparing a set of questions that is distributed as brochures physically to the customersor uploaded on the social sites or restaurant's own website.1
Secondary sources: In this method of collecting the information , published data are used suchas industry related magazines , newspapers, articles , food bloggers etc. This source also collectspast information , which can also be called second hand information and doesn't play as muchrelevance as primary sources.1.2 Presenting survey methodology and sample framingThe main purpose of conducting the surveys is for assembling the data that is necessaryfor gathering the information that will be required for solving the problems of the business andmaking necessary decisions. This purpose can be solved by conducting the research using theinformation collected from primary and secondary sources. These sources help the researcher inconducting the research coming to a decision that is necessary for solving the problems of therestaurant, and receiving feedbacks from respondents whether the decision made is effective ornot for satisfying the criteria demanded by them. ( Crowfoot, and Wondolleck, 2012)Survey methodologies: This is the methodology of conducting the survey that is adoptedby the Balti palace to assemble the views of random respondents that are selected by theresearcher for determining the quality of services , quality of food , surroundings etc. providedby them. These surveys are conducted by the management Balti palace using primary source ofdata collection. This source of collecting data uses questionnaires and fresh data is collectedfrom this source. The questionnaires prepared by the management includes question that arerelated to the issues that the restaurant is facing currently and then these questionnaires areissued publicly or on social sites. Sample Framing: This research process uses sample data from the whole population onthe random basis. In the sample framing, researcher uses a variety of techniques such as randomsampling, stratified sampling, cluster sampling etc. to initiate the research process. Theresearcher uses these techniques of sample making because it is impossible to conduct theresearch on the whole population. Here, the research analyst of Balti palace is using the technique of random sampling toselect the sample from the entire population because it is the easiest and most effective methodof selecting the sample from the population. The total of 90 respondents are selected from thepopulation by using random sampling method. The different issues for which the variousquestions are asked from the selected sample of 90 respondents are as follows: 2
Diversity of services Food quality and quantityPrices Ambience of Balti Palace 1.3 Designing the questionnaireBalti palace Respondent's Name: Age: Gender: Q1. Have you ever visited Balti Palace?Yes No Q2. What do you find best in Balti Palace?ServicesFood QualityAmbienceQ3. Are you satisfied with the quality of food?Yes NoQ4 Did the prices of the food and services of Balti palace affordable and reasonable?Yes NoQ5 Are you satisfied with the cuisines that are available in Balti palace?Satisfied Highly satisfiedNot satisfiedQ6 Which of the cuisines that are in the menu of Balti palace go best for main dishes?ItalianChinese frenchQ7 Do you want Balti palace to introduce few new dishes in its menu?3
Yes, in Breakfast Yes, in Lunch and dinnerNoQ8 In which location do you want Balti palace to open its new branch?Prime location Country side Q9 Do you want that something unique should be introduced on festivals?Yes NoQ10 Would you like to share your personal opinions?Ans:TASK 22.1 Create information for decision making by summarising the data using representative valuesQ1 Have you ever visited Balti Palace?ParticularRespondentYes60No30Total 90Mean45Median45Mode0Q2. What do you find best in Balti Palace?ParticularRespondentServices21Food39Surrounding14Other16Total 90Mean22.5Median18.5Mode5Q3. Are you satisfied with the quality of food?4
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