Business Decision Making - Balti palace

Added on - 06 Jan 2020

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BUSINESS DECISIONMAKING
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Presenting data gathering plan..........................................................................................11.2: Methodology of survey and used sample framework.....................................................21.3: Designing a questionnaire...............................................................................................3TASK 2............................................................................................................................................52.1: Summary of data by the use of representative values.....................................................52.2: Analysis of the result.....................................................................................................112.3: Analysing data using measures of dispersion................................................................112.4: Explanation of quartile, percentile and correlation in business context........................12TASK 3..........................................................................................................................................143.1: Producing graphs for drawing valid conclusions..........................................................143.2: Trend line to forecast future information......................................................................163.3: Business presentation....................................................................................................163.4: Formal business report..................................................................................................22TASK 4..........................................................................................................................................234.1: Information processing tools.........................................................................................234.2: Project plan for new restaurant......................................................................................234.3: Financial tools for decision making..............................................................................25CONCLUSION..............................................................................................................................26REFERENCES..............................................................................................................................27
INTRODUCTIONThe business decisions are key drivers which leads an organization towards the success,as the organization productivity and profitability is mostly depend on the business decisionwhich they take. The business decision are considered as choosing the action from a set ofalternatives for the purpose of achieve managerial and organizational goals and objectives. Thedecision making process is consistent and indispensable component of controlling any businessactivities of the organization. The business decision making cover the overall operations whichan organization perform, decision are made each and every level of the organization or thepurpose of ensuring that the goals and objectives set by the organization achieve smoothly andefficiently(Yager and Kacprzyk, 2012). The present study is focused upon a restaurant chain theBalti palace who are offering the food and associated services to their customers. Are planning toopen their second restaurant in London. For this purpose shareholder of the restaurant want toknow the potentiality of the market, so the study is focused on accessing the customer preferenceabout the taste price and location. The role of mean, mode, median, co-relation also beendiscussed so that the viable argument can be made.TASK 11.1 Presenting data gathering planAs per the case scenario the Balti palace willing to open their second restaurant inLondon so shareholders want to know the potential of the market and what the preference of thecustomer in term of taste, price and location. So the required information can be collect by theuse of both primary as well as secondary data collection. First is consideredas the data thatinvestigator gathers himself or herselfas per according to the need of the research. Primary datacan be collect by the use of the several sources such as focus group, survey, interview,observation and so on(Speckbacher, Neuman and Hoffmann, 2015). On the other hand secondarydata considers as the data or information collected by some other researcher for the purpose oftheir own research the sources for the secondary data can be research papers, books, journals andso on.Plan for collection of primary data: The questionnaire method is use so that survey canbe conducted by the researcher. For the valid and viable outcome it is important to adopt thesample as per the need of the research. In the present study researcher will use questionnaire1
method to surveying the 30 different customers who make use of the services offered by the Baltipalace restaurant. The questionnaire contains various type of the question open-close ended,preference and not prefer question for figure out the taste, location and price preference of thecustomers. This will be the most effective technique for the researcher to evaluate the viewpointof the customer and also the gathering of the information will be not so much cumbersome taskby the use on the primary data collection(Samuels, Witmer and Schaffner, 2012).Plan for collection of secondary data:In order to fulfil the purpose of knowing theattitude and behaviour of the customer towards the new opening of the restaurant researcher canmake use of the previous conducted research on the similar issue. Furthermore, internet is alsofull with the various research articles so the related article from issue can be easily availablethere. So the researcher can get help from the library and internet in order to collect suitablesecondary data from there. The secondary data will enhance the understanding of the researcherabout the preference of location, taste and convenience of the customer in the particularrestaurant business(Rostamzadeh, Ismail and Zavadskas, 2014).1.2: Methodology of survey and used sample frameworkSurvey methodology- It refers to the study the sampling ofselectedunits fromuniverseand the other tools whichappliedfor the purpose of collection ofdataset.Survey methodologyprovide a wide understanding to researcher so that the survey can be conduct without anyconfusion. For the purpose of assessing the customer preference about the taste, location andprice researcher can sends the questionnaire to the 30 different respondent by the use of theinternet. The generated information will provide assistance to the researcher about the issue ofopening the new restaurant in the London. This is very cumbersome task to making the decisionon the basis of customer satisfaction as by the use of above stated methodology researcher willbe able to present a fair view on the present issue(Price and Van der Walt, 2013).Sampling frame- The sampling frame is a statistical tool or technique which is use forthe purpose of drawn the sample.Itis the list ofall chosen units from the universe. So, for thepurpose of conducting an effective research, researcher have to choose the appropriate sample sothat the information can be access easily within the population. When the size of the sample isnot to small and large researcher can easily sampled them for the research. There are twopossible sampling techniques are available such as probability and non-probability (Matsuzaki,Kumagai and Hayashi, 2016). Probability sampling technique use in the situation where each and2
every person among the population get the chance to being selected in the sample. On the otherhand in the non-probability sampling technique researcher will select the sample size on the basisof aim and objectives of the study. The sampling frame in the present study consist 30respondent.1.3: Designing a questionnaireNAME:AGE:GENDER:1. How many time do you visit in a restaurant?Once in a monthTwice in a monthThrice in a month2. Often on what time,you often decides to take meal outside?At the breakfastAt the lunchAt the dinner3. What factor is more important for you while choosing restaurant ?PriceQuality of foodAtmosphereConvenience4. Howmuch amount you often spent on eating out per month?£ 10-£ 20£ 30-£ 50£ 50- £ 100More than £ 1005. What are the challenges which you face during eating in a restaurant?3
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