Business Decision Making Assignment Report
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Added on 2020-07-23
Business Decision Making Assignment Report
Added on 2020-07-23
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Business DecisionMaking
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1: Sources of data collection....................................................................................................11.2: Research methodologies and sampling framework.............................................................21.3: Questionnaire designing ......................................................................................................3TASK 2............................................................................................................................................52.1: Designing data with the help of representative values.........................................................52.2: Evaluation of data those are collected from research .........................................................72.3: Analysing measure of dispersion.........................................................................................82.4: Advantages of using quartile, percentile and coefficient correlation...................................9TASK 3............................................................................................................................................93.1: Different charts and graphs..................................................................................................93.3: Covered in PPT..................................................................................................................15TASK 4..........................................................................................................................................174.1: Use of information methods system in decision-making...................................................174.2: Critical path .......................................................................................................................174.3: Various investment appraisal tools....................................................................................18CONCLUSION..............................................................................................................................19REFERENCES..............................................................................................................................20
INTRODUCTIONThe main objective of organisation is to attain success through providence of theirdifferent business functions. It is an obligation upon management to take effective decisionswhich help to bring effectiveness in their operations. Decision-making is the process which helpsin selection of the best alternative out of many. NPS and IRR are the main techniques which helpto understand about the most profitable project. Also, there are many statistical tools like mean,median and mode which help to draw important conclusion from collected information. Throughthis, a large number of benefits are gathered by organisation like competitive advantage, highermarket share, large amount of profits, building a strong brand image, etc. Balti Palace is arestaurant which provides diversified cuisine in London (Rothman, 2017).In the present report explain about, application of primary and secondary sources of datacollection to ascertain the views of respondents. Through designing of sample framework andresearch methodologies respondents are select from total population.,Formulation of close-endedquestionnaire helps to attain real views of respondents. There are many information processingand financial tools are used to enhance decision making power.TASK 11.1: Sources of data collectionAt present, Balti Palace provides their services in London. It provides various types ofgood quality food items to attract a large number of individuals. Main aim of restaurant is toexpand their operations to improve their sales and profitability. In this regard, management ofrestaurant is decided to open a new branch in London. This can be achieved through effectivedecision making regarding different aspects (Sethi and Zhang, 2012). To check the viability of their move, management decided to collect the information frommarket and respondents about their current services and position in market through application ofprimary and secondary sources of data collection. It helps the management to improve theirdecision making power. Primary source: It is considered as important method which helps to calculate first handinformation.. This method is used by the researcher to collect opinions directly from respondents.Information which is collected from such respondents is true and the most reliable regardingresearch topic. One of the major advantages of using this method is that information is free from1
biases. It provides an opportunity to manager to effectively make their crucial decision. There aremany methods which includes under primary sources are survey, questionnaire, telephone etc. Questionnaire: It is a document which includes set of research questions regardingbusiness issues. This can of two types i.e. open ended and close-ended. Open-endedquestionnaire provides freedom to respondents to provide their opinions as answer. But, on theother hand, close-ended questionnaire attaches with different options in which one is selected byrespondents.Survey: One of the best methodof primary research, helps to attain information throughgestures of respondents because it involves face to face interaction. It takes more time to collectinformation in comparison to other methods (Pourshahid, Richards and Amyot, 2011).Telephonic: It helps to ascertain the information through telephonic conversation withrespondents. Also, it saves the time and cost of researcher. Secondary source: This method helps in collection of the past information which alreadypublished in some other sources like magazines, newspapers, etc. One of the major advantage ofthis method is to save the time and cost of researcher. This method does not provide the mostreliable information in comparison to primary method. 1.2: Research methodologies and sampling frameworkTo attain success in their expansion plan, need to collect information.It contributes totake effective decisions regarding setting up of their new restaurant in London. In this regard,researcher needs to adopt the best research methodologies. It provides an opportunity regardingsolving the issues which arise while implementing the plan in real scenario. It provides anopportunity to the researcher to select an appropriate number of respondents from totalpopulation. Such different types of research methods are givenas below:Descriptive: This method includes the methodologies of survey and study which helps inidentification of facts regarding their current affairs which they want to achieve from theirresearch work. It includes collection of new information to interpret important results. On theother hand, analytical research includes the use of data which is published to evaluateinformation for research purpose (Nooraie, 2012). Exploratory research: This method of research is important which has main objective isto find out new areas of research. Under this research methodoptions are not provided withresearch questions. 2
Qualitative and quantitative: Quantitative research includes collection of informationin the form of quantitative terms. Such results are more accurate for decision making. Qualitativeresearch includes the collection of information from respondents through their attitudes,behaviours, etc.Research methodologies: There are two main methods which are known as primary andsecondary available in front of the researcher of Balti Palace. In the present case, primarymethod is select because it is most suitable for decision making about opening of new branch inLondon. From the large number of available tools, questionnaire is adopted for primary research.In this regard, 10 different research questions are framed to check the viability of their move,current position, business issues, customer preferences etc. All such questions are attached withoptions from which answer is select by respondents (Sinha and Labi, 2011). Designing of sample framework: This includes about the adoption of best methodwhich helps the researcher regarding selection of respondents from total population. Suchdifferent methods are known as cluster, stratifies and random. In present report, Randomsampling method is the best to select respondents. 60 respondents are selected to carry outresearch and gather important information about:Viability of move of opening new branch in LondonDetermination of best place in London for setupCurrent preferences and views of customers1.3: Questionnaire designing Questionnaire: It is the important technique of primary method. This includes formulationof research questions on the basis of their objectives. This is classified into two types open-endedand close-ended.Open-ended helps in in attainment of actual views of respondents as answer as it providesfreedom to provide opinions. Close-ended questionnaire provides multiple answers from which one is select byrespondents as per their choice (Kacprzyk and Fedrizzi, 2012).The main purpose behind the formulation of questionnaire is to understand about currentmarket trends, behaviour of customers, competitors and attainment of recommendations.Questionnaire3
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