Business Decision Making | Introduction

Added on - 17 Dec 2019

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BUSINESS DECISION MAKING
INTRODUCTIONBusiness environment is uncertain and it makes problems more complicated for thebusiness firms. Managers often find it difficult to understand the situation in proper manner. Dueto this reason they sometimes find it difficult to make business decisions. In this report, statisticaltools are applied on cash flows and results are interpreted. In middle part of the report, chartingof collected primary data is done formal business report is presented. At end of the report,network diagram is prepared and critical path is identified for the project. Along with this,project evaluation methods are applied on cash flows and viability of project is measured.TASK 11.1Collection of primary and secondary dataBusiness problems come in existence for the business firm on continuous basis. It is veryimportant to identify their solution. Sometimes business problems are so big and it is verydifficult to solve them. When such kind of problems comes in existence business firms useresearch as a tool to identify the root cause of the problem and its solution (Siegel, Miller andJemal, 2015). Research is conducted by following a specific approach under which primary andsecondary data is gathered by an individual. It is assumed that one must develop broadunderstanding about the research topic. It is the broad understanding which helps one in carryingout its entire research work in a right direction. In order to comprehend research topic in propermanner one collect secondary data. It is the set of figures that are already collected by someoneand is taken by reviewing various articles from books, journals and magazines. On other hand,primary research is also conducted by an individual (Difference between primary and secondaryresearch, 2016). This is because in this fresh data that is related to the current time period isgathered by an individual. Secondary data help one in understanding past but primary data helpone in comprehending current scenario. Hence, there is a importance of both sort of data. In thepresent research primary data will be gathered by distributing questionnaire among 60respondents that are living in different areas of London.
1.2Survey methodology and sampling methodsIn order to conduct a research sample of 60 respondents will be taken. It is very important tocollect sample units from population in proper manner. There are some specific samplingmethods that are used in the research. Some of them are explained below.Simple random sampling:It is the method of sampling in which one at his will withoutsetting any benchmark pick up units for the sample from huge group of the people.Mentioned sort of approach is commonly used when research results that one wants toobtain can be received from any sort of people (Cressie, 2015). This approach cannot beused in current study because main target is to measure overall consumer behavior of thepeople.Stratified sampling methods:This sampling method is quite different in comparison toprevious one. This is because in this sampling method only by using certain benchmarksclassify entire population in to multiple parts. From these parts units for entire sample istaken by the researchers. This method is appropriate for the current research studybecause it is very important to track consumer’s behaviors that are different from eachother. Hence, by using this method sample units will be taken from the population.Cluster sampling:It is another sampling method under which entire geographic area isdivided in to varied parts. Entire units for sample are picked up from these differentgeographic parts. This approach is widely employed in the researches that are carried outby the government.Convenience sampling:Under this method one like simple random sampling method atits will take sample units from the population. This method is also commonly used by thebusiness firms.1.3Questionnaire for researchName...Age....Income....1. What is your frequency of arrival in the restaurant for taking a meal?1-2( )3-4( )5-6( )