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Business Decision Making in Balti palace : Report

   

Added on  2020-07-22

18 Pages3963 Words51 Views
BUSINESS DECISION MAKING
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Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1............................................................................................................................................11.1 Plan for gathering of primary and secondary data for mention business problem...........11.2 Survey methodology and sampling frame used................................................................21.3 Prepare questionnaire for given business problem...........................................................3TASK 2............................................................................................................................................52.1 Develop information for decision making through summarising data.............................52.2 Results to draw valid conclusions in business context.....................................................62.3 Data using measures of dispersion to inform...................................................................82.4 Quartiles, percentiles and correlation coefficient are used to draw useful conclusions...8TASK 3............................................................................................................................................93.1 Graphs using Spreadsheets and draw valid conclusions based on information derived. .93.2 Trend lines in spreadsheet graphs to assist in forecasting for particular businessinformation...........................................................................................................................113.3 Covered in PPT...............................................................................................................113.4 Formal business report...................................................................................................11TASK 4..........................................................................................................................................124.1 Appropriate information processing tools......................................................................124.2 Project plan for an activity and ascertain critical path...................................................124.3 Financial tools for decision making...............................................................................13CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15.......................................................................................................................................................16
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INTRODUCTION Decision making is a necessary and integral part of modern management. It is animportant part which is necessary after having proper research as well as applying capabilitiesthrough talented or expert staff in a business firm. Balti palace wants to start its one unit inLondon, but before opining a new firm, it is necessary to this company to do survey orconducting a research regarding that place where Balti palace is going to start its business in aneffective manner (Barlett, 2016). From this, Balti palace needs to conduct a survey for collectingsome necessary or accurate data so that company can develop effective strategies for the purposeof enhancing business. In order to do this, it has been observed that business needs an effectiveprocess of decision making so that company can achieve it sets objectives and aim with in aspecific time period.TASK 11.1 Plan for gathering of primary and secondary data for mention business problemData collection plan is developed after the research so from this the decision related tobusiness can be taken in an effective or proper manner. It also require to make businessretainable as well as profitable. In context to this, it is noticed that the process of data collectionis not effective so it is necessary to the executives of business to frame all decisions in a properor appropriate manner. There are two methods which are helpful in gathering the data orinformation and these are primary and secondary.Primary data- This type of data is collected for first time. Primary data is a fresh data which isused first time. It needs more attention at the time of gathering data through this primarytechnique. During gathering data, it needs more attention (Bayne and Woolcock, 2011). Underthis, more time and also cost consumed. In order to collect the relevant data, researcher ormanager needs more time. There are many different ways to collect primary data which are givenbelow: QuestionnaireObservationPersonal interviews Survey 1
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Secondary data- This data is already present and also determined through the various persons.Under this method, data can be gathered through the internal as well as external source.Secondary data is very cheap and easy to collect for research. The data which is used by theresearcher already used. There is no more time consumed and it is easy to take information forresearch. There are various ways of collection data which are mention below:InternetBooksJournals Before gathering data, there are different methods mention below which are necessary ingathering information and data:Decision on methods- Under this, there are some different methods which are necessaryto execute in context to collect data. In this, qualitative and quantitative both are thedefective ways to collect data (Brown and et. al., 2010). In quantitative data is collectivein teams of quality. On the other hand in qualitative, data is collected in terms numbers,quantity etc.Before gathering information and data, there is requirement to determine regarding needof some intend users. There are some users who can used this collected information: Government- It used data or information in order to develop an effective plan, emerged,execute, monitor and control economic and social programmes.Individuals- They need information and data for doing survey. It is that type of surveywhich are developed through using defined tools, concepts and also process data or information. Businesses-In business, there is a need to information in context to do some adequate andeffective decisions which are in favour of staff members, branding services and products,developing new plans and policies at work place.1.2 Survey methodology and sampling frame usedSurvey refers to a technique or method which is necessary to execute for collectinginformation and data in an effective manner (García-Peñalvo and Conde, 2014). It is necessarythat collected data should be accurate and relevant. In context to preparing report in an effectivemanner, there is a requirement to have some primary research which is helpful in providing avalid result.2
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