(Doc) Business Decision Making Assignment Solution
Added on 2021-02-18
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BUSINESS DECISIONMAKING
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Plan for collection of primary and secondary data ...............................................................11.2 Survey methodology and sampling frame used ...................................................................21.3 Questionnaire for given business problem ...........................................................................22.1 Creating information for decision making by summarising data using representativevalues..........................................................................................................................................42.2 Analysing results to draw conclusions..................................................................................62.3 Analysing data using measures of dispersion.......................................................................72.4 Computation of quartiles, percentiles and correlation co-efficient for Blackfriars restaurant.....................................................................................................................................................8TASK 2............................................................................................................................................83.1 Graphs for presenting the information about sales and profit...............................................83.2 Trend line for forecasting of various business information................................................103.3 Software and techniques to disseminate information effectively......................................103.4 formal business report.........................................................................................................10TASK 3..........................................................................................................................................114.1 Information processing tools for decision making .............................................................114.2 project plan for an activity and determination of critical path............................................124.3 Financial tools for decision making ...................................................................................14CONCLUSION..............................................................................................................................16REFERENCES..............................................................................................................................17
INTRODUCTION Business decision making is an integral part of management which is used for makingthe best decision for improving the performance and profitability of organisation. Businessdecision making helps in making strategies for attracting more customers towards the firm.Blackfriars restaurant will be included in this study as it is opening its second restaurant inLondon. The Blackfriars restaurant is the oldest dining room in the UK. It provides traditionalBritish food using seasonal produce from local farms. This project will include variety of sourcesof data collection and Analysis. Furthermore, it will provide understanding of the varioussoftware and techniques used decision making in the organisation. Moreover, it will provideinformation processing tools to prepare a project plan and identify the Main activities involvedgetting the restaurant ready for the business. It will also provide the investment appraisal toolsfor identifying the future profitability of the firm. This report will provide trend line in graph toassist in forecasting for the future profitability.TASK 11.1 Plan for collection of primary and secondary data Primary data and secondary data are collected in order to identify the customer taste andpreferences and identifying their needs in order to provide them various products and services.Primary data: primary data refers to the collection of information from first- hand datausing various methods such as surveys, interviews etc (Zsambok and Klein, 2014). Plan for primary data collection Blackfriars for the purpose of primary data collection will use questionnaire foridentifying the needs and demands of customers in order to provide them various facilitiesaccording to the result provided by using questionnaire. Primary data will be collected using thesurvey method in which the restaurant will collect the data about customer preferences and tasteby using questionnaire and providing that questionnaire to the customers to fill the answerswhich will be used for identifying the customer preferences using the sampling method whichwill include sample of 20 people.Secondary data: It includes data collected from various studies and it does not includethe first – hand data (Barlett, 2016). It contains data which is already gathered and using thesame data for identifying the information. It includes data collected from records, governmentdepartment etc.1
Plan for secondary data collection Secondary data will be used by Blackfriars to identify the needs and demands ofcustomers to solve the business problem. The researcher will collect the data from the internet,books etc. to identify the needs and preferences of customers. Blackfriars will use theinformation from the internet and using the old records to know about the customers’ demandsand their wants.1.2 Survey methodology and sampling frame used Survey methodology refers to process used by organisation to conduct a survey.Blackfriars in order to conduct the survey using questionnaire which will include some questionswhich will assist the organisation in identifying the needs and demands of customers and theirtaste and preferences (Baker, 2018). Blackfriars after preparing the questionnaire will identifythe customer details such as their mail id, phone number etc. with the help of administrativedepartment which will provide the customers details. After that the questionnaire will be send tothe mail of customers to identify and get the answers from that which will helps the firm inproviding the facilities accordingly. Sampling framework used by Blackfriars include the samples according to probabilityand non- probability. Probabilistic sampling used by Blackfriars will include random samplingfrom the large population. Blackfriars will provide equal chances to every individual accordingto this method of sampling. Non – probabilistic sampling does not give equal chances of beingselected as sample. 1.3 Questionnaire for given business problem Blackfriars Restaurant survey Question 1: How often do you dine with Blackfriars restaurant survey ?Daily ()weekly ()monthly ()Once in three months ()first time ()other ()Question 2 : Does the restaurant have sufficient selection of healthy choices2
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