Unit 6 Business Decision Making Tools Assignment (Doc)

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Business Decision Making
Table of ContentsINTRODUCTION......................................................................................................................11.1 Stating plan for the collection of primary and secondary data set...................................11.2 Designing survey methodology and sampling frame.......................................................21.3 Framing questionnaire for survey and the collection of primary data set........................22.1 Creating information for decision making.......................................................................42.2 Assessing mean, mode and median from secondary data set...........................................62.3 Analyzing data set through using measures of dispersion...............................................72.4 Quartile, percentile and correlation co-efficient..............................................................7TASK 2......................................................................................................................................83.1 Graphical presentation.....................................................................................................83.2 Creating trend line for forecasting future trends..............................................................93.3 Preparing business presentation.....................................................................................103.4 Formal business report...................................................................................................10TASK 3....................................................................................................................................114.1 Stating the use of information processing tools in the decision making aspects...........114.2 Determination of critical on the basis of business plan..................................................11..............................................................................................................................................124.3 Use of investment appraisal tools in evaluating the viability of proposal.....................12CONCLUSION........................................................................................................................14REFERENCES.........................................................................................................................15
INTRODUCTIONIn the present era, from expansion to new establishment business entity has to takestrategic decisions for attaining success in the competitive environment. Hence, for effectivedecision making it is highly required for the business entity to consider both monetary andnon-monetary criteria’s. Considering the success of existing restaurant unit and tourism trendin UK owner of Murano is planning to establish another unit. In this regard, for ensuring highlevel of growth and success business entity will lay emphasis on organizing research with themotive to assess the expectation level of customers. Hence, present report will provide deeperinsight about the results of primary and secondary data set. It also entails the extent to whichto sales and profit margin of such restaurant will incline in the near future. Further, suchassessment helps in understanding about the manner in which statistical and financial toolsaid in decision making.TASK 11.1 Stating plan for the collection of primary and secondary data setFor assessing or getting information about the customers preferences regardingdinning services of Murano researcher data has taken decision in relation to gathering datafrom both primary and secondary sources. Hence, plan for data collection is as follows:Primary data collection planIn the first step, out of several methods such as observation, focus group, interviewetc, survey method is selected by the researcher.Once primary data collection method has selected thereafter for conducting survey inthe best possible way researcher will select sample. For instance: Through the meansof random sampling 25 respondents have been selected on which study will befocused.Under third step, scholar will prepare questionnaire by including question regardingmenu preferences, pricing and promotional aspects etc.Hence, in the last stage by sending questionnaire to the customers or potentialrespondents on their mail id primary data will be gathered by the scholar.Secondary data collection plan:For the collection of secondary data, books, journals aswell as scholarly articles related to restaurant trend will be evaluated by the researcher
through the means of internet. This in turn provides information about market trend andanalyzing information gathered via survey in an appropriate manner (Drucker, 2017). Alongwith this, financial data regarding sales and profit will also be evaluated by the researcher foreffective decision making.1.2 Designing survey methodology and sampling frameSurvey methodology: It refers to the process that is undertaken by the researcher forcarry out survey in the best possible way. Survey methodology helps in conductinginvestigation in a structured way and presenting suitable solution of the concernedissue (Wheelen and Hunger, 2017). In this, to analyze the preference of customers andfor the collection of primary data set on time online survey methodology has beenchosen by the researcher. In accordance with such aspect primarily, mail id ofcustomers will be acquired by the researcher. Thereafter, by sending questionnaire onthe mail-id of customers survey will be conducted by the researcher. In this, byrequesting respondents in relation to filling questionnaire primary data will begathered,Sampling frame: There are mainly two types of sampling techniques such asprobabilistic and non-probabilistic that can be used by the researcher to determineappropriate sample (Beach and Lipshitz, 2017). In this, by using simple randomsampling technique 25 respondents have been selected by the researcher. Suchtechnique is the part of probabilistic mode which in turn completely avoids the levelof biasness and assists in doing investigation in an accurate manner.1.3 Framing questionnaire for survey and the collection of primary data setIn order to get suitable information for decision making through the means of surveyquestionnaire has designed by the scholar. Thus, to evaluate preferences of customersregarding product, price, place and promotion both open as well as close ended questionswere included by the researcher in questionnaire.QuestionnaireDemographic informationName....Age....Occupation....Q.1 How often do you visit the restaurant of Murano?Once in a week ()Two times in a week ()
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