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Measure of dispersion: Analysis by using chart and graphs

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Business Decision Making INTRODUCTION 3 TASK 13 1.1: Data collection from various sources 3 1.2: Survey methodologies and sample framing 4 1.3: Questionnaire design 5 TASK 27 2.1: Interpretation of data collected7 2.2: Analysis manager of the result 10 2.3: Analysis of measure of dispersion 11 2.4: Advantages of using quartile, percentile and coefficient correlation 12 TASK 313 3.1: Analysis by using chart and graphs 13 18 3.2: Trend line 19 19 3.3: Covered in PPT 19 3.4: Formulation of

Measure of dispersion: Analysis by using chart and graphs

   Added on 2020-06-04

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Business DecisionMaking
Measure of dispersion: Analysis by using chart and graphs_1
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31.1: Data collection from various sources...................................................................................31.2: Survey methodologies and sample framing.........................................................................41.3: Questionnaire design............................................................................................................5TASK 2............................................................................................................................................72.1: Interpretation of data collected............................................................................................72.2: Analysis of the result..........................................................................................................102.3: Analysis of measure of dispersion.....................................................................................112.4: Advantages of using quartile, percentile and coefficient correlation................................12TASK 3..........................................................................................................................................133.1: Analysis by using chart and graphs...................................................................................13...................................................................................................................................................183.2: Trend line...........................................................................................................................19...................................................................................................................................................193.3: Covered in PPT..................................................................................................................193.4: Formulation of formal report.............................................................................................19TASK 4..........................................................................................................................................204.1: Use of information techniques in decision-making...........................................................204.2: Critical path........................................................................................................................21...................................................................................................................................................22...................................................................................................................................................224.3: Investment appraisal tools..................................................................................................22CONCLUSION..............................................................................................................................23REFERENCES..............................................................................................................................24
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INTRODUCTIONDecision making is important aspect which helps in selection of best alternative fromlarge number of choices. It is the duty of the management to adopt different tools an techniqueswhich contributes in improvement of their decision making. NPV and IRR are two importantfinancial tools which helps to ascertain the information regarding the profitability of project. Forimprovement of their decision making power need to gather information from different sources.Primary and secondary are two important methods which are used for collection of informationfrom respondents an market. This will provides the opportunity to attain the feedbacks fromcustomers about their current products and services and attain long term sustainability in theiroperations. Balti Palace is a restaurant which provides different kind of cuisines in London(Barlett, 2016). In the present report explain about, effectiveness of the two primary and secondaryapproaches of data collection, designing of sample frame and effective application of approachesof survey methodology, formulation of questionnaire to assess views of respondents, analysis ofthe results with the application of the methods of statistics, measures of dispersion etc. Also,determine the future trends through application trend line and use of information processing andprocessing tools in improvement of decision-making.TASK 11.1: Data collection from various sourcesBalti palace is well recognised restaurant in London which provides different kind of dishfor satisfaction of the different needs of customers. They want to provide better services tocustomer according to their needs. To understand their preferences need to conduct marketresearch. It provides the opportunity regarding understanding of current trend and factors whichare present in business environment. It helps in formulation of effective strategies which helps toimprove their performances. One of the main objective of Balti palace is that to expand theirbusiness operation in London through opening of new branch. Through this large number ofbenefits are gathered by Balti palace like high market share, large customer base, highprofitability, competitive advantage etc. To check the viability of their move Balti palace decidedto conduct research which helps in collection of the actual view of respondents. It is observedthat there are two different methods which contributes in collection of information called
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primary and secondary. Both these methods are different from each other in functioning which isdefined below:Primarymethod: This method includes different tools which helps in collection ofactual information from respondents. Such information is not already published anywhere. Suchkind of information is considered as true and reliable to draw important conclusions. This willincludes the use of different tools and techniques like survey, questionnaire, online, poll etc. Butstill many disadvantages are associated with use of this method which includes time consuming,high is cost, less interest of respondents etc. which impacts the research activities adversely. Theuse of different tools under this method is mentioned below:Questionnaire: One of the most important and effective method to collect the feedbackfrom respondents. This will includes the process of preparation of different researchquestions on the basis of their requirements. Its further classified into two types open-ended and close-ended. In open-ended, respondents have freedom to frame their ownanswer and in close-ended, they have to select from different options which contains in asdocument itself (Drucker, 2017).Survey: One of the time consuming method which includes face to face meeting withrespondents. This will provides the opportunity to ascertain the information from theirbehaviour also.Online: This includes the process of gathering the information through use of onlinewebsites where voting is provided by respondents according to their choices.Secondarymethod: Another important method which helps in collection of informationfrom market. The benefit which ascertained by the researcher through use of this method thatinformation is gathered in less period of time and less amount of expense is required. This willincludes collection of information from different published sources like newspapers, magazines,articles etc. All the information is called as second hand information which is not much reliablefor research in comparison to primary method.1.2: Survey methodologies and sample framingMain objective of Balti palace is to expand their operations for attraction of large numberof customers and earning of huge amount of profits. It is the obligation upon the manager ofrestaurant is conduct the research with help of researcher to gather their views and implement inreal scenario. This research helps attaining the information about the factors which are present in
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business environment and their negative consequences. All these collected information isanalysed to interpret important results and make future strategies which directs the employees inperformance of their different functions (Goleman, 2017).Researchmethodologies: Here define about the process of conduction research andcollection of information from respondents. In this regard, researcher of Blati palace use primaryresearch method and formulates questionnaire which contains different questions. All thequestions cover different aspects which ultimately helps in Balti palace to attain effectiveness intheir operations. It provides opportunity to assess their current issues and overcome them bypreparation of new policies and plans.SampleFramework: This will includes the selection of respondents from totalpopulation. The different methods which are available in front of researcher includes random,cluster and stratifies. In present case, study random sampling method is used for the purpose ofselecting respondents. By use of the provision of this method 80 respondents are selected fromtotal population (Manning and DiLollo, 2017). Here, random sampling method is used because it is most simple method to selectrespondents. There are large number of importance are associated with this method like lesschance biasses. Also, use of primary method where questionnaire is prepared which containsdifferent question regarding:Existing pricing policyQuality of food itemsAmbience of restaurantDiversified services1.3: Questionnaire designQuestionnaire: It is a list of research questions which are asked to the respondents. Themain objective behind the formulation of questionnaire is to extract the specific information. Thedifferent purposes which want to achieved by researcher through formulation of questionnaire isdefined below:Collection of appropriate data related to research topicsTo make the data comparable and correctable for its further evaluationCovers different types of question which help to gather diversified information
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Types of questionnaire: Questionnaire is of two kind which is known as open-ended andclose-ended. The functions of both questionnaire is different from each other. Open-endedquestionnaire is much broad concept which provides opportunity to the respondents that providestheir own opininon and answers. On the other hand, close-ended questionnaire includes differentattached options from which need to select one answer by respondents (Rao and Tilt, 2016).QuestionnaireNameAgeGenderQ1. Do you think opening of new branch in London is viable move for Balti palace?YesNoQ2. How often you came Balti palace?Once in a monthTwice in a monthThrice in a monthQ3. What attracts you more in Balti palace?Quality of foodCurrent servicesAmbienceQ4. Are you happier with the existing pricing policy of Balti palace?YesNoQ5. Do you think Balti palace is need to add more cuisine in main dishes?AgreeDisagreeCant sayQ6. What dish you like most in Balti palace?FrenchChineseThai
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Q7. What location is more suitable for expansion in London?Near tourist destinationsIn cityCountrysideQ8. Do you think Balti palace is need to provide something unique on festivals?AgreeDisagreeCant sayQ9. Do you think Balti palace has enough funds to open new branch in London?YesNoCant sayQ10. What you want to recommend to the management of Balti palace?TASK 22.1: Interpretation of data collectedQ1. Do you think opening of new branch in London is viable move for Balti palace?ParticularsNo. of respondentsYes55No25Total80Mean40Median40Mode0Q2. How often you came Balti palace?ParticularsNo. of respondentsOnce in a 40
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monthTwice in a month30Thrice in a month10Total80Mean26.6666666667Median30Mode0Q3. What attracts you more in Balti palace?ParticularsNo. of respondentsQuality of food35Current services25Ambiance20Total80Mean26.6666666667Median25Mode15Q4. Are you happier with the existing pricing policy of Balti palace?ParticularsNo. of respondentsYes25No55Total80Mean40Median40Mode25Q5. Do you think Balti palace is need to add more cuisine in main dishes?
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