Essay on Business Decision Making Report
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Added on 2020-06-03
Essay on Business Decision Making Report
Added on 2020-06-03
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Business Decision Making
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Creation of plan for collecting data through primary and secondary sources.......................11.2 Survey methodology and sample framing used for research................................................21.3 Designing a questionnaire ...................................................................................................32.1 Creation of information on the basis of suitable responses of respondents..........................42.2 Suitable calculation on the basis of data .........................................................................52.3 Analysis of data by using measure of dispersion and standard deviation .........................62.4 Use of quartile and correlation coefficient in judgement......................................................7TASK 2............................................................................................................................................93.1 Use of graphs and charts for effective findings....................................................................93.2 Creation of trend lines for graphs........................................................................................113.3 Business presentation for dissemination of information.....................................................123.4 Dissemination of information through formal business report...........................................12TASK 3..........................................................................................................................................124.1 Use of information processing tool.....................................................................................124.2 Creation of project management plan and critical path for effective decision....................134.3 Use of financial tools in effective judgements....................................................................14CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................16
INTRODUCTIONSuccess can mainly be obtained by a business whether it is a small scale of large onewhen there is ability to take up the right kind of decisions by management. Moreover, there arevarious people within management which in turn can mainly impact upon the decision (Ferrelland Fraedrich, 2015). There are various kind of business decision making which they are basedupon which can collect the ultimate kind of customers. This kind of project is mainly based upona Restaurant conducted by “ Food For Friends” which are looking forward to start anotherbusiness. There are various kind of techniques which are being framed in order to collect the datafrom numerous kind of sources along with interpreting data in order to understand it in propermanner. There are numerous kind of sources for data which will be utilised named as primaryand secondary and thus on that grounds questionnaire will be created. Moreover, there are certaingraphs and charts which in turn will enable to make the data in better way which is highlyessential for effective understanding. Moreover, software generated will be mainly taken into theaccount in order to gain the proper outcomes. TASK 11.1 Creation of plan for collecting data through primary and secondary sourcesThere are numerous amount of data which is being needed for every kind of projectwhich in turn gives support for meeting every kind of criteria. For this kind of aspect, there arecertain kind of sources named as primary and secondary sources for collecting data. There is aneffective structure needs to be followed for collecting the data and those are being describedbelow: Primary Source: There is such kind of data which will be mainly collated by mainly personalinteraction with another individual. This kind of source is reliable in nature and thus mainlyprovides helps in taking better level of decisions (Ford and Richardson, 2013). This kind ofprocess is mainly long which in turn can reflect on research value. Perfect plan for this kind ofsource is being described below: Time: There are certain kind of perspectives along with completing the research in bettertime frame. This kind of factor is needs to be taken within account for food with friendsand thus mainly implement the tasks in better way. 1
Purpose: The main purpose of this kind of research is making analysation on thecustomer perspective along with some products and services of company. This thing willbe taken within account along with having better decisions. Cost: This kind of cost is mainly leading with the cost applied is the project which is€10,000 which can be stated as an appropriate as per the small scale research for betteroutcomes. Scope: This kind of project is mainly utilised for the company like Food for Friendswhich in turn can mainly enable them to start another business in future time. Methods: There are certain methods which are qualitative and quantitative which will bemainly utilised for data collection. Respondents: There are certain kind of people selected for this kind of research which is80 and they are regular for the company. This in turn will enable the management whichcan give help and judgement for long period of time. Secondary Sources: This information depends on different books, articles and diaries whichgave by various writers (García-Peñalvo and Conde, 2014). Based on past research,administrators of Nourishment for companions end up ready to take a gainful choice which areuseful in long haul setting. Accordingly, such creators give unmistakable addresses andspeculations with the goal that they will apply in business viably.1.2 Survey methodology and sample framing used for researchThere are various kind of tools and techniques which are being utilised for every kind ofsurvey in order to execute them in better way. Manager of the company Food for Friendsimplement these kind of methodologies which in turn can mainly maximise the outcomes andthus research can be conducted at vast level. There are methodologies which are being appliedby Food for Friends which are as described below: Survey MonkeySocial media QuestionnaireInterviewThere are various kind of methods which can be utilised for applying into the valuable outcomeswhich can be gained in better way. There are various survey methodologies which can be used togaining better results with appropriate kind of suitability. Company of the manager utilise the2
technique of questionnaire which in turn can mainly enable them for reaching into the level ofcustomers (Groebner and et. al., 2011). There are various chances of validity along withreliability which are mainly moderate with scenario. There are number of sampling methods which are being determined to take that into theproper account. Managers use this kind of techniques within business described below: Survey MonkeySocial media QuestionnaireInterviewThere are number of sampling methods which can be utilised used by managers within companyand thus they can opt out for major location of London where there are number of users whichbelongs to. This in turn will mainly take and thus deriving out the various benefits with suitableapplicability. 1.3 Designing a questionnaireFood for Friends is one of the effective company which is one of the well establishedrestaurant in London and thus for them questionnaire is being made. Research will be conductedfor conducting the analysation regarding the brand along with this kind of measure and thus longterm decisions will be made (Kline, 2010). This will mainly include 9 type of questions whichare open ended and thus many more along with 80 respondents which mainly belong to variouskind of locations of London, UK. QUESTIONNAIREName:Age:Gender:Q1. Does company give high quality products? a) Yesb) NoQ2. Are there any factors which are not appropriate with environment of restaurant? a) Yesb) NoQ3. What kind of pricing category customer belongs?3
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