Business Decision Making Methods : PDF
Added on 2021-01-02
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Business DecisionMaking
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Data collection sources and creation of plan.........................................................................11.2 Research methodologies and sample designing....................................................................21.3 Questionnaire designing........................................................................................................3TASK 2............................................................................................................................................52.1: Creating data by summarising information with the help of representative value..............52.2: Analysis of data by collected from the research..................................................................72.3: Evaluating measure of dispersion........................................................................................82.4: Benefits of using quartile, percentile and coefficient correlation........................................9TASK 3............................................................................................................................................93.1: Various graphs and charts....................................................................................................93.2: Trend line...........................................................................................................................143.3: Covered in PPT..................................................................................................................15TASK 4..........................................................................................................................................164.1: Use of data methods in decision making...........................................................................164.2: Critical path........................................................................................................................164.3: Investment appraisal tools..................................................................................................18CONCLUSION..............................................................................................................................18REFERENCES..............................................................................................................................20
INTRODUCTIONDecision making is important aspect which helps in selection of the best alternative fromlarge number of choices. In organisational context, it helps in to identify the most profitable partof organisation and reduction of unnecessary expenses through providing more emphasis on suchactivities. Research is such factor which contributes their effort in improvement of decision-making. This would helps in collection of large number of information through application ofprimary and secondary methods of data collection. Appropriate results and conclusions aregathered by the organisation through adoption of different statistical and accounting methods.Food for Friends is restaurant which which operates their business activities in London with theaim of expanding new branch in London (Aharoni, Tihanyi and Connelly, 2011).In the present report explain about, application of primary and secondary method forcreation of plan, designing of survey methodologies and sample framing, formulation ofquestionnaire for business issues, interpretation of data with the helps of the methods like mean,median, mode, correlation coefficient etc. Also, presentation of the results with the help ofgraphs and pie charts, trend lines are used to assess the future growth of restaurant andapplication of the information and financial tools to take better decisions.TASK 11.1 Data collection sources and creation of planFor ascertaining the viability of move regarding expansion of operations and opening ofnew branch in London, views of respondents and market information are required to gathered. Inthis regard, main role is played by the research activities which includes the use of differentmethod to collection information from different sources. There are two method which aremajorly used to collect the information which are known as primary and secondary methods.Primary method is used to gather the views of respondents and secondary method is used tocollect information from the market which is in published form in different sources. It providesthe opportunity to the management of Food for Friends is to accomplish their objectives withingiven frame of time and provide services as per their needs to improve sales and profitability.Primary sources: This method is used to collect the first hand information from therespondents. Here, respondents provides their on views and feedbacks on different aspects whichare asked to them. The information which is collected from the use of different tools which1
comes under primary method is true and correct in nature and free from bias. So, the resultswhich are gathered from analysis of the information is accurate. The different tools which arecomes under includes interview, questionnaire, online etc. which re defined below:Interview: This method includes collection of information through getting face to faceinteraction with respondents. It helps to gather the information through analyse their gestures andbehaviour also.Questionnaire: It includes formulation of questions are are further asked to respondentsto ascertain their views in form of answers (Ferrell and Fraedrich, 2015). Online: This includes use of digital platform to collect information like websites, onlinepoll etc.Secondary method: It is used to collect the second hand information which is containedby different sources like articles, magazines and newspapers etc. All the information is notdirectly related to research topic but gathered in less period of time.1.2 Research methodologies and sample designingFood for Friends is a restaurant which provides various kind of dishes to attract the largenumber of customers and satisfy their different requirements. The main aim of the managementof restaurant is to open new branch in London for expand their operations and capture largemarket share. In this regard, need to conduct research which helps to take informed decisionswhich provides the opportunity is to higher number of results. To perform their researchactivities in effective manner need to outline the design which guides in researcher to performfunctions in effective manner to achieve desired results.Survey methodologies: This includes about the determination of the method is usedregarding collection of information. To carry out their research activities in effective manner,researcher of Food for Friends is decided to use questionnaire tool under primary method. Here,close-ended questionnaire is prepared which contains 10 different questions attached with theanswers from the one is selected as per their choice by the respondents. It helps to know theviability of their move about opening of new branch in London and ascertain desired results.Sample framework: Here the procedure is started regarding selection of the respondentsfrom total population. There are many method are present such as cluster, stratifies and random.Due to having the limited period of time the researcher of Food for Friends decided to use2
random sampling method to select 60 respondents from total population to ask the researchquestions which are framed while preparing questionnaire.In the present reports information is gathered regarding:Existing performance of Food for FriendsViability of move of opening new branch in LondonPricing policies1.3 Questionnaire designingQuestionnaire: It is a document which contains the list of different questions which areprepared to carry on research functions. The questions which are included in questionnaire helpsto attain the views of respondents. The main objective behind the formulation of questionnaire isto gather information, data should be in the comparable form, collection of true informationwhich is less biased in nature and collect information about different aspects (Groebner and et.al., 2011). It is further classified into two types which are called as open-ended and close-ended.Open-ended questionnaire includes same research questions but provides the opportunity to therespondents is to frame their own answer. On other hand, close-ended questionnaire carryanswers with research question from which respondent is required to select one as per their view.QuestionnaireNameAgeGenderQ1. Opening of new branch Food for Friends in London is viable move?Yes No Cant sayQ2. Which location is most preferable to open new branch of restaurant in London?Near tourist placesCountrysideIn main cityQ3. Does expansion of business activities is beneficial for Food for friends in future?3
YesNoCant sayQ4. What attracts you most towards Food for Friends?Fast servicesMultiple cuisineInteriorQ5. Do you satisfied with the current functioning of Food for Friends in market?Highly satisfiedModerateDissatisfiedQ6. Do you think Food for Friends need to bring changes in their pricing policies?YesNoCant sayQ7. Is there is any need to add new dish by Food for Friends in their offerings?BreakfastMain courseCant sayQ8. How often you visit Food for Friends in a month?OnceTwice ThriceQ9. Does expansion of restaurant helps to improve profitability Food for Friends?AgreeDisagreeCant sayQ10. What you want to recommend to Food for Friends for effectively accomplishment ofdesired objectives?4
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