Effective Decision Making in Business

The provided assignment emphasizes the significance of critical evaluation and data analysis in business decision making. It highlights the importance of suitable planning and primary data gathering to facilitate effective judgement. The use of graphs and charts is also emphasized for better understanding of information. This approach enables long-term success and investment through formal business reports and software-generated data dissemination.

Business decision making

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Plan for collecting primary and secondary data....................................................................1
1.2 Survey methodology and sampling frame used in this project.............................................2
1.3 Designing of questionnaire...................................................................................................3
2.1 Information creation on the basis of questionnaire...............................................................4
2.2 Analysis of data with measure of central tendency...............................................................5
2.3 Interpretation of data with measure of dispersion.................................................................6
2.4 Formulation of data with correlation coefficient..................................................................7
TASK 2............................................................................................................................................8
3.1 Creation of graphs and charts................................................................................................8
3.2 Formulation of trend line for future forecasting...................................................................8
3.3 Presentation of graphs and charts..........................................................................................8
3.4 Formal business report for management...............................................................................8
TASK 3............................................................................................................................................9
4.1 Use of support system in order to take beneficial decision...................................................9
4.2 Use of Gantt chart and network diagram in order to determine time....................................9
4.3 Use of IRR and NPV in decision making process..............................................................10
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Business is not based on single activity and it required appropriate consideration and
judgement to deal with diverse range of situation. Business decision making requires more
suitable and effective evaluation of things so that better elements could be acquire. This project
is based on business decision making for Food For Friends whom want to open another outlet in
London, UK. For this aspect, they will going to organise a survey through primary and secondary
source of information. On the basis of acquire data, they will going to interpret and analyse it
with statistical approach and graphs/ charts. This will enable them to determine every aspect in
crucial and critical frame. Such things will lead to underpin with a formal business report to
senior management of a company. Thus, the final and suitable consideration will going to bring
out with software generated data.
TASK 1
1.1 Plan for collecting primary and secondary data
In an investigation, there is a need to utilize fitting and reasonable apparatus and system
to comprehend different number of certainties. In this manner, it is a noteworthy thing to use
fitting and advantageous way to deal with examine information appropriately so compelling
increase could be advanced. The below disseminate information evaluate the best approach for
Food For friends for taking appropriate judgement:
 Primary data: Every undertaking need crude material to comprehend different certainties
and things in an appropriate way. Essential information is useful to comprehend the
suitable actualities and things by social occasion new data so better working and basic
leadership complete. This could be perform through poll, live studies by means of online
networking and so forth.
 Secondary data: Another strategy for information accumulation is optional wellspring of
data in which as of now existed data get use to comprehend different fitting and
reasonable statistical data points. This complete based on different books, diaries, articles
and so on.
For this undertaking, essential information process get use which additionally aid better
comprehension of different respondents conclusion keeping in mind the end goal to oversee and
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keep up adequacy and proficiency (Beach and Lipshitz, 2017). The arrangement for gathering
essential information means as take after:
 Need to survey the adaptability of data and information accumulation process
 Decide and select the fitting example estimate on which examination going to happen
which is 80 respondent
 Distinguish the best approach or strategy for information gathering which is random
sampling frame with application of questionnaire.
 Select best way to deal with break down the result
1.2 Survey methodology and sampling frame used in this project
Review characterize as a procedure through which information get gathered on any
characterize and concern issue or an issue (Blondel and Müller-Rommel, 2016). It is imperative
to arrange proper and reasonable study for any characterize issue with the goal that better and
suitable result could be pick up.
Questionnaire: It is one of a proper method to sort out a review with the goal that sincere
belief of every last individual could be pick up (Drucker, 2017). It empower in better and
powerful judgement with the goal that useful translation complete.
Personal Interview: Another device for study is close to home meeting which help in
giving more qualified perspective with a specific end goal to improve and advance viability.
Social media: According to the present time, web-based social networking portrays as a
rising wellspring of study. It will aid better and reasonable pick up with the goal that proficiency
and viability could be amplify and additionally youth feeling could determine.
There are various kinds of sampling frame get evaluated out of which best one required
to get selected so that effective and efficient survey lead to take place. This will assist them in
bring out positive response so that beneficial gain could become possible. Below are the several
kinds of sampling which need to understand by the Food For Friends for organise their study in
an appropriate and suitable manner:
 Random Sampling
 Cluster sampling
 Strata sampling
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1.3 Designing of questionnaire
Questionnaire is one of a proper and reasonable strategy to group data through which
fitting and appropriate reasoning and proposal could be set down (Goleman, 2017). This section
incorporates 10 questions concerning FFF administrations, things which need to adjust in new
outlet and so on with help of 80 respondents. This will help for better and reasonable basic
leadership with the goal that viable and outright working task should be possible.
QUESTIONNAIRE
Name:
Age:
Gender:
Q1. How is the nature of items convey by FFF?
a) Good
b) Excellent
c) Bad
Q2. Did we satisfy all you needs and requests?
a) Yes
b) No
Q3. In a month, what amount of time you by and large visit to eatery?
a) Twice
b) One
c) Rarely
Q4. Are our costs proper and moderate to each gathering of client?
a) Yes
b) No
Q5. Nature of drinks made your experience suitable?
a) Yes
b) No
Q6. Do you find that our staff is benevolent with each client?
a) Agree
b) Strongly Disagree
Q7. State the class for our Hotel?
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a) Five star
b) Three star
c) Average
Q8. Does you ever allude FFF to others?
a) Yes
b) No
Q9. Which area is helpful for FFF new chain?
a) Near to ocean side
b) Rooftop
Q10. Any further and appropriate suggestion...
2.1 Information creation on the basis of questionnaire
This is a data creation idea which support to scatter all sort of information to senior
administration of FFF in a proper casing by thinking about 80 respondents. This will support to
augment adequacy and effectiveness of working with the goal that better targets could be
achieve.
Rating R1 R2 R3
1 20 45 15
2 60 20
3 42 27 11
4 65 15
5 38 42
6 45 35
7 20 20 40
8 52 28
9 42 38
The nature of items are brilliant which means about the greater part individual however
there is a need to enhance the nature of refreshments. Alongside this ocean side is best area for
another chain in London with the goal that better working complete in a gainful casing. In spite
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of the fact that, there are a few number of contemplations get explained which need to ad lib in
characterize outline with the goal that better and fitting outcomes could be drawn.
2.2 Analysis of data with measure of central tendency
This is an elucidation of information which assemble through poll study of FFF eatery
keeping in mind the end goal to take gainful choice. For this viewpoint, business need to decide
measure of focal propensity with the goal that helpful choice prompt conveyed down.
Rating R1 R2 R3 Mean Median Mode
1 20 45 15
26.6666666
667 20 #VALUE!
2 60 20 40 40 #VALUE!
3 42 27 11
26.6666666
667 27 #VALUE!
4 65 15 40 40 #VALUE!
5 38 42 40 40 #VALUE!
6 45 35 40 40 #VALUE!
7 20 20 40
26.6666666
667 20 20
8 52 28 40 40 #VALUE!
9 42 38 40 40 #VALUE!
Mean: It depict and consider as a normal of an arrangement through which least esteem
get assessed in a fitting and reasonable edge. Mean for the qualities are 26 and 40 which need to
comprehend in a fitting and appropriate casing. Twice in a month, people going to visit to Food
for companions which connotes that their items and administrations are of better and fitting
quality. In any case, there is a need to enhance their refreshment quality too with the goal that
better and powerful working complete.
Median: Another segment is for middle which display mid estimation of the information.
Centre number should be proper and noteworthy in outline with the goal that better working
complete. This task centre esteem get change from each other with different thought. Nature of
items are fitting in outline alongside this, twice in a month most number of clients visit to FFF
because of suitable quality standard items (Measures of Central Tendency, 2013).
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Mode: Sometimes, few recurrence emerge lands into the arrangement over and over
which speak to comparative nature respondents. Albeit, most number of people expressed by
considering nature of items and administrations that it is according to the Five star and three star
inn. Therefore, this will support to improve client base of an organization.
2.3 Interpretation of data with measure of dispersion
Scattering characterize about changes and variety which regularly emerge into recurrence
with the goal that better and successful working complete (Zavadskas and et. al., 2016). For this
perspective, standard deviation and differences need to comprehend by FFF with the goal that
better and appropriate and pick up could end up conceivable.
Rating R1 R2 R3
Standard
deviation variances
1 20 45 15
16.0727512
683
258.333333
3333
2 60 20
28.2842712
475 800
3 42 27 11
15.5026879
39
240.333333
3333
4 65 15
35.3553390
593 1250
5 38 42
2.82842712
47 8
6 45 35
7.07106781
19 50
7 20 20 40
11.5470053
838
133.333333
3333
8 52 28
16.9705627
485 288
9 42 38
2.82842712
47 8
Standard Deviation: It characterize about the distinction from mean estimation of an
arrangement to its real recurrence so better and fitting judgement related with association should
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be possible (Zeng, Chen and Li, 2016). Deviation empower in decide the contrasts between
different esteems like some person of Food For Friends like item and administrations whether
some not. In this perspective, costs expressed that reasonable to each gathering of client yet for
the most part administration need to made their emphasis on staff conduct which require fitting
and appropriate preparing and advancement occasion with the goal that valuable pick up could
be assessed.
Variances: Variations emerge in each arrangement or recurrence circulation table which
need to support by administration legitimately with the goal that better and suitable thought
should be possible. Most number of individual allude Food For Friends to their companions and
relatives which bolster in make things right and reasonable in nature with the goal that better and
proficient increases wind up conceivable.
2.4 Formulation of data with correlation coefficient
This series define about the quartile and correlation coefficient of a series so that spread
and scatter values could be estimated in order to gain better suited outcome. This project define
about the values and series so that appropriate and suitable gain and long term decision could be
promoted.
Rating R1 R2 R3
Correlation
coefficient
1 20 45 15
0.17391012
56 1 with 3
2 60 20 1 2 with 4
3 42 27 11
4 65 15
5 38 42 -1 5 with 6
6 45 35
7 20 20 40
8 52 28
9 42 38
Quartile 1 2 3 4
17.5 20 32.5 45
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30 40 50 60
19 27 34.5 42
27.5 40 52.5 65
39 40 41 42
37.5 40 42.5 45
20 20 30 40
34 40 46 52
39 40 41 42
Correlation coefficient: A noteworthy thing which need to do with the investigation is to
decide the connection between tow or more factor so better concerning choice or judgement
prompt conveyed down keeping in mind the end goal to improve and amplify suitability.
Connection amongst quality and visit expressed that FFF convey fantastic quality items whose
reflection get support in number of visit by their clients. Consequently, twice in a month on a
normal individual visit to eatery with their family or dear ones.
Quartile: A quartile isolate different area into some quantifiable perspectives through
which better and proper basic leadership complete. The four noteworthy quadrant partition every
single area appropriately like littlest to most elevated, centre one gap two segment and so on.
Henceforth, business need to alter their working at some degree to get a tag of Five star inn and
in addition need to convey legitimate preparing with the goal that better proficiency could be
oversee and keep up.
TASK 2
3.1 Creation of graphs and charts
1 2 3
0
10
20
30
40
50
20
45
15
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Theme 1: Nature of the goods and services are excellent in nature
Interpretation: On the basis this collected information, a major thing get disseminate that quality
of goods and services are excellent in nature. Nature of products are appropriate in frame through
which more and more customers become satisfy.
1 2
0
10
20
30
40
50
60
70
60
20
Row 3
Theme 2: Products are high quality in nature which satisfy all users
Interpretation: All needs and requests of clients getting satisfy by conveying and assembling
superb items and administrations. This empower in better and proper pick up which aid augment
benefit of an organization in a fitting and appropriate edge.
1 2 3
0
5
10
15
20
25
30
35
40
45 42
27
11
Theme 3: Average visit to restaurant in a month
Interpretation: This chart expressed that great quality have huge reflection on number of visit.
More individual come and visit in excess of one time in FFF because of exclusive requirement
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items and administrations which empower so as to upgrade benefit and development of a
business.
3.2 Formulation of trend line for future forecasting
1 2
0
10
20
30
40
50
60
70 65
15
Theme 4: Customers getting attracted due to effective cost management strategy
Interpretation: Trend line bolster with a specific end goal to decide and gauge future ahead of
time. This pattern line connotes about the reasonableness of items and administrations. Based on
this, Food For Friends will going to increase proper client base which encourage and bring
development and improvement towards an affiliation.
1 2
36
37
38
39
40
41
42
43
38
42
Theme 5: Quality of beverages are appropriate and effective in frame
Interpretation: FFF need to give load of high calibre and standard drink as their present standard
not took care of with demand and thought of business. Despite the fact that, odds of negative
impacts are more in nature because of which future development and advancement prompt get
decrease.
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3.3 Presentation of graphs and charts
3.4 Formal business report for management
The Management
Food For Friends
Dated: 26th March 2018
Subject: Suggestion regarding new venture
FFF needs to open another outlet in London with the goal that business could extend their
number of exercises so as to increase more qualified outcomes. With this viewpoint, there is a
need to decide reasonable territories of change where chiefs need to work and adjust it so better
related result could be drawn. For discovering the best and appropriate answer, poll review get
compose which bolster in distinguish plausibility of such thought. This will upgrade the better
and suitable resultant. Through the review, it get establish that item are of good quality however
there is a need to adjust specialists and partners conduct. Appropriate preparing need to give
with the goal that their conduct could be oversee and keep up. Alongside this, costs are
moderate and need to open this anchor close to coastline with the goal that more clients and
sentimental date clients get pulled in towards. All these recommendation required to done and
actualize in Food For Friends.
Thank You
XYZ
TASK 3
4.1 Use of support system in order to take beneficial decision
Data handling devices are such systems which empower and support to encourage to trade
information legitimately (Rao and Tilt, 2016). This will support to boost viability and
effectiveness towards senior administration to survey and see all sort of information
appropriately by executing in work and activities: Management Information system: Usually this system use by supervisor level partners
of an organization keeping in mind the end goal to comprehend and process their
information to senior administration legitimately. This will likewise help them for better
comprehension about different worry so as to decide and distinguish fitting work.
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 Decision Support system: Another emotionally supportive network is choice help which
fundamentally for the best level administration of an organization. This angle empower
them to augment viability and effectiveness of working for senior administration so they
could take and increase advantageous outcome.
4.2 Use of Gantt chart and network diagram in order to determine time
Whenever any new project determine in a frame, it is better appropriate to utilise suitable
tools and techniques to assess it in order to gain suitable outcome. Food for Friends are going to
open another new chain in London for expanding business with a course of time. In this aspect,
project need effective management with planned activities so that better working get done. Thus,
for such working, majorly two tools evaluated which are: Gantt Chart: This management tool aid in dividing various number of activities in
suitable one by define their schedule as well (Rothman, 2017). This scheduling enable
them to start and finish project on signifies time duration for positive and appropriate
response.
 Critical path system: Another system is critical path system which enable in identifying
shortest path for completing the project. Thus, critical path system is beneficial in order
to gain better results as per future oriented thing in order to maximise effectiveness.
Name of activity Time period Predecessors
Scope in market 3 days
Location for the
restaurant 5 days 1
Investment 5 days 1
Return on investment 4 days 3
Target market 8 days 1, 2
Advertisement 10 days 5
Lay out for decision 3 days 6
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1+2+5+6+7 = 21 days
1+5+6+7= 19 days
1+3+4 = 8 days
4.3 Use of IRR and NPV in decision making process
Fund is a fundamental need of each business concerning tasks and action. It is critical to
organize adequate cash keeping in mind the end goal to give smoothness to various scope of
tasks and exercises (Sekaran and Bougie, 2016). For this undertaking, Food for Friends need to
use proper wellspring of monetary device which bolster interior basic leadership for their new
outlet chain. In this angle, two noteworthy methods for useful basic leadership process
framework are:
Project
Discounting
factor Discounted cash inflow
Year Cash Flow 12% Present Value
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1 50000 0.893 44645
2 64000 0.797 51020.8
3 58000 0.712 41284.4
4 70000 0.636 44485
Total present value of
five years 181435.2
Initial investment of
year 190000
Net present value
(Total discounted
cash inflow – initial
investment) -8564.8
Internal rate of return 9.94% Net present value: The NPV of a project is negative in context of positive investment.
This signifies that management not need to execute this project further as it will made
negative influence on business and its concerning operations (Shapiro and Stefkovich,
2016).
 Internal rate of return: Another tool is to IRR which is 9% and low as well with
investing rate (Wheelen and et. al., 2017). Thus, business managers of FFF need to drop
down their project so that chances of effective and supportive gain become possible.
CONCLUSION
It get concluded from the project that every business level require suitable and critical
evaluation of information and data so that better decision could be derive. In this aspect, they
required to critical understand the things so that effective and suitable gain could become
possible. For this planning is must and data get gather through primary source of information.
Then such data lead to interpret by using appropriate tools and techniques which facilitate
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effective judgement segment. Moreover, it also include utilisation of graphs and charts for better
understanding of information so that suitable understanding get promoted. Although, formal
business report includes each and every section properly for further success. Although software
generated data enable in disseminate things in define format for managing long term decision as
well as investment.
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