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Use of Statistical Tools in Decision Making : Report

   

Added on  2020-07-23

18 Pages3863 Words58 Views
Business Decision Making

TABLE OF CONTENTSINTRODUCTION......................................................................................................................3TASK 1......................................................................................................................................31.1 Creating plan for primary and secondary data collection plan........................................31.2 Assessing survey methodology and sampling frame.......................................................41.3 Designing questionnaire for survey.................................................................................4TASK 2......................................................................................................................................72.1 Summarizing primary information for the purpose of decision making..........................72.2 Descriptive statistics.........................................................................................................82.3 Measures of dispersion.....................................................................................................92.4 Use of statistical tools in decision making.....................................................................103.1 Presenting data set in a graphical format.......................................................................113.2 Creating trend line for future forecasting.......................................................................123.3 Delivering findings using software................................................................................123.4 Formal business report...................................................................................................12TASK 3....................................................................................................................................134.1 Information processing tools and decision making........................................................134.2 Project plan and network diagram..................................................................................144.3 Use of investment appraisal techniques in the decision making process.......................15CONCLUSION........................................................................................................................16REFERENCES.........................................................................................................................18

INTRODUCTION Decision making is the key and vital part of the business unit which ensures itsgrowth as well as success. Now, for enhancing customer base and attaining high margin firmis required to make focus on exploring business operations as well as functions. Further,London is recognized as the most attracting city in the world. Now, it becomes the hub forprofessionals, students, local and international tourist. Hence, considering overall trend ofmarket and current business performance Food for Friends is planning to establish anotherunit in London. In this, report will entail the manner through which responses of customersand other information gathered before the opening of another unit. Further, it also sheds lighton statistical tools that help in taking appropriate decisions from large data set. This reportwill also provide deeper insight about the techniques of investment appraisal that aid intaking decision regarding project selection.TASK 11.1 Creating plan for primary and secondary data collection plan Currently, existing performance of F&F is good in terms of both financial and non-financial. Hence, now taking into account growth level or trend F&F is planning to establishanother restaurant unit in London. With the motive to get information about the attitude andpreferences of the customers F&F is laying focus on conducting research. Hence, followingplan will be followed by the researcher for primary and secondary data collection such as:Primary data collection plan: Data which is gathered by the researcher, for the firsttime, to meet research aims and objectives known as primary. There are several methods suchas observation, focus group, interview, survey etc that researcher can use for primary datacollection (Le Tran and et.al., 2017). In this, for assessing customer’s preferences towardsdinning services survey method has been selected by the researcher. In the next step, 30respondents have been selected on the basis of non-probabilistic technique such as purposive.Further, survey gives suitable result only when tool associated with it such as questionnaire ishighly structured. By keeping in mind such aspect questionnaire has been designed byincluding both close and open ended questions in relation to dinning mode, pricing,promotional aspects etc. At last, by sending questionnaire on the mail-id of respondentsprimary data has been collected.

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