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Project on Business Decision Making Process

   

Added on  2020-07-23

23 Pages5029 Words49 Views
Business Decision Making

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Creation of sequence for collecting primary and secondary data.....................................11.2 Survey methodology and sampling frame used................................................................21.3 Design a questionnaire.....................................................................................................32.1 Creation of data for analysing the aspect.........................................................................42.2 Analysis of data by using measure of central tendency...................................................52.3 Use of measure of dispersion for business decision making............................................62.4 Use of quartile and correlation for taking better decision................................................7TASK 2............................................................................................................................................83.1 Creation of graphs and charts for data..............................................................................83.2 Create trend lines for future estimation..........................................................................103.3 Presentation for management understanding..................................................................11..............................................................................................................................................13TASK 3..........................................................................................................................................154.1 Use of software generated information..........................................................................154.2 Determination of Gantt Chart and critical path system..................................................164.3 Use of financial information source in order to take better decision.............................18CONCLUSION..............................................................................................................................19REFERENCES..............................................................................................................................20

INTRODUCTIONIn current scenario, it has been examined that making judgements at right time can givemany sort of advantages to a company at marketplace. To make a business more effective innature superiors of firms should locate all risks and problems while making decisions inbetterment of company (Barlett, 2016). Blackfriars Restaurant has been taken in this assignmentwhich is looking forward to open another outlet at targeted market so that profit can be earned atmaximum level. In this context, project will put light on various decision making process ofsuperiors of restaurant. Along with this, it is essential for them to form out a plan and for makinga program it is necessary for them to collect detailed data of desired objective. Lastly assessmentwill show, table's statistical formulation and its usage which will help understanding the marketsituation in a better way. With the aid of this, information which was generated by researcherwill put positive impact decision-making process. TASK 11.1 Creation of sequence for collecting primary and secondary dataWhile formulating a plan, it is essential for an investigator to pick up right tools andtechniques at correct moment so that desired targets can get hit in more effective and efficientway. Away from this, researcher can utilise many sort of approaches which will help out him/herat the time of making decisions in an appropriate manner. Blackfriars Restaurant can use manytools for collecting relevant data which are mentioned beneath:Primary data: This type of approach can be used by researcher in pulling outauthenticated facts and figures. Expected results can be gained by an investigator while askingquestions from targeted people. But, it is both time and cost consuming process which may delaythe process of project. Interviews, questionnaire, live chat are some of examples of this type ofdata analysis approach (Beach and Lipshitz, 2017).Secondary data: One of the main method which is mostly used by investigator in today'sworld which can be used by gathering information that is related to set target. Under this, datacan be collected through various things like internet, books, magazines and etc. In this assignment, the best suitable method which is being chosen by researcher isprimary data. With the help of this, perceptions of selected respondents can be taken which will1

directly help in decision-making process. Grabbing data in an appropriate manner it is essentialto follow a structure which is mentioned beneath:Determine the flexibility of information which is related to desired objective.After this, a sample size needs to get fixed in an appropriate sort of manner. Formulate a questionnaire.Utilise best approach which can help investigator in desired outcome (Blondel andMüller-Rommel, 2016).1.2 Survey methodology and sampling frame usedSurvey methodologies is a study of individual sample unit form whole population. Thismethod includes procedures and instrument that ask one and more questions which may or maynot be answered. This are associated with survey data collection techniques. Its is very importantfor researcher to organise research activities in appropriate manner. There are several surveymethodology get identify in study out of which Blackfriars need to adopt appropriate one:Questionnaire: In this method, researcher ask some relevant question to customers byproviding various alternative option. Which help them to draw valid conclusion. It is aone of the appropriate techniques to conducting survey, so that personal opinion ofindividual person are receive. It enable effective judgement so that thus help to beneficialin interpretation. Personal interview: Through this method, researcher analysis customer's needs and wantsand take appropriate action to full fill their demand in an effective manner. This providebetter suited aspect thus enhance effectiveness of interview method. Social media: As per the current scenario social media network are emerging g source ofsurvey. It save time and money of the company. Out of all methodologies tool social media questionnaire are the best techniques of collectingappropriate information and data form several respondent (Drucker, 2017). This get done byfind out respondent form firms social media page and invent them to full fill questionnaire. Sothat, all persons have some basic knowledge about company and their product as well asservices. Various sampling tools for Blackfriars research are as follows:Strata samplingRandom samplingQuota sampling2

form all available method, random sampling are best tools to collecting appropriate responsewhich help to draw valid conclusion. Researcher select different individual through this samplingmethod which increase accuracy of outcomes. This will support research activities in order todetermine better result (Goleman, 2017). 1.3 Design a questionnaireAny survey or study need appropriate and specific method to organise it properly.Questionnaire is a kind of tool for gathering information through diverse sources so that betterunderstanding about an individual aspect could be understand and analyse. Thus, this surveyprovide and support to gain feedback directly from individuals so that better concerning thingscould be done. Blackfriars restaurant need to organise this study properly so that better gainingof responses could be done. This questionnaire includes 10 major questions and conduct on 80respondents.QUESTIONNAIREName:Age:Gender:Q1. Do you like the quality of products and services deliver by Blackfriars?a) Goodb) Excellentc) BadQ2. Are we able to fulfil needs and demands of various individual?a) Yesb) NoQ3. How much time you visit to restaurant in a month?a) Twiceb) Oncec) RarelyQ4. Do you like the products range and its price?a) Yesb) NoQ5. Have you ever realise that beverages are not appropriate in quality standard?3

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