Business Decision Making | Project
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Added on 2020-01-28
Business Decision Making | Project
Added on 2020-01-28
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BUSINESS DECISIONMAKING1
Table of ContentsIntroduction..........................................................................................................................................3TASK 1.................................................................................................................................................31.1 Create a plan for the collection of primary and secondary data for the proposed market research.............................................................................................................................................31.2 Present the survey methodology and sampling frame you will use for the research..................31.3 Design an appropriate questionnaire..........................................................................................3TASK 2.................................................................................................................................................62.1 Create information to aid decision making for the company by summarising data using the mean, mode and median...................................................................................................................62.2 Analyse the results obtained above to draw valid business conclusions for the company.........92.3 Analyse the data using measures of dispersion- the range, inter-quartile range and standard deviation to inform the stakeholders...............................................................................................102.4 Explain how quartiles, percentiles and the correlation coefficient...........................................13TASK 3...............................................................................................................................................153.1 Using spreadsheet, produce your information on pie charts, bar graphs, line graphs as appropriate and draw valid business conclusions...........................................................................153.2 Produce scatter graphs and create trend lines of the total sales and cost data above to forecast sales and costs for the next period..................................................................................................163.3 Prepare a business presentation to disseminate this information effectively...........................183.4 Business formal report..............................................................................................................18TASK 4...............................................................................................................................................184.1 Explain how the company manages inventory and customer orders........................................184.2 Use the information below to construct a network diagram and determine the critical path...194.3 Use financial tools NPV and IRR to decide which investment option is financially viable for the company....................................................................................................................................20Conclusion..........................................................................................................................................22References..........................................................................................................................................232
INTRODUCTIONDecision in an entity is important in order to remove weaknesses lies in the business. Thisproject is all about collecting information whose accuracy will be verified by using statisticalmeasures. The project evaluation technique will be uses to select the project for future purpose.TASK 11.1 Create a plan for the collection of primary and secondary data for the proposed market researchPrimary data collection- The information are collected by the researcher by conducting a researchstudy in which data will be highly reliable and accurate as it is personally collected by them(Abbasi, 2014). The information is collected from the real sources and not from any other mediumof collection of data.Secondary data- Other method used by an entity includes accessing books, journals, magazinearticles, newspapers in order to collect data in order to accomplishes the desired aims and theobjectives of an entity.Internal analysis- In this kind of analysis the data will be collected y an individual after analysingall the internal structure of an entity in order to meet the information.External analysis- External modes of information will be uses by an individual in whichinformation can be gathered from the external modes in order to verify its ability with the externalmeans.1.2 Present the survey methodology and sampling frame you will use for the researchSurvey methodology needs to design by an entity owner in order to collect importantinformation related to the business (Dollery, Korttand Grant, 2013). Primary surveys are conductedin which questionnaires are designed which will be circulated among all the customers. In thequestionnaires both open end and closed end information will be obtained with the help of thisparticular technique.Sampling- Cluster sampling method will be used in which whole information are divided intodifferent sub categories in order to collect evidences to support the aim of the business.Samples- 100 samples are collected of the total universe or population in order to achieve thedesired aims and targets of an enterprise.1.3 Design an appropriate questionnaireQUESTIONNAIREName-______________Gender3
MaleFemaleTransgender1. How old are you?20-30 years old30-40 years old40-50 years old2. Do you like to visit restaurant or order food at your doorstep?RestaurantFood delivery at home3. How often you visit your nearby restaurants?Once a weekOnce a monthSometimeRarely4. What factors of a restaurant attracts you in visiting the place?PriceAmbienceComfortable seatingHygiene factorsCatering service5. How much do you spend at the eating outlets on your first visit?10-20$20-30$30-50$6. What do you order mostly in nearby outlets?BeveragesSnacks7. What are your cuisine preferences to be included in the menu of canteen?ChineseIndianContinentalMexicanItalian4
8. Which payment mode do you find in the canteens?CashCredit cardsDebit cardsMobile cash9. Do you get free home delivery on your purchase?YesNo10. How you rank the quality and taste of food?1-22-33-44-511. What’s your food item you mostly ordered in the canteen?PizzaBurgerCokeCoffee12. I like the flexible timings of the canteen.Strongly agreeAgreeNeutralDisagree13. How long you have to wait for your order?1-2 minutes2-5 minutes5-10 minutesMore than 10 minutes14. Orders in the canteen are taken by waiter or it’s a self service?Waiters taking orderElectronic generation of order15. Please give your opinion__________________________________________5
TASK 22.1 Create information to aid decision making for the company by summarising data using the mean, mode and medianMonthSales(£’000)Cost of Sales (£’000)FoodDrinksJanuary220742February230844March250938April221234May241038June261143July251230August211347September221037October251250November261448December241552Month Sales(£’000)Food (X)ProbabilityXPDrinks(X)PXPJanuary220.0771.6982570.0530.368February230.0811.8561480.0600.481March250.0882.1929890.0680.609April220.0771.69825120.0901.083May240.0842.02105100.0750.752June260.0912.37193110.0830.910July250.0882.19298120.0901.083August210.0741.54737130.0981.271September220.0771.69825100.0750.752October250.0882.19298120.0901.083November260.0912.37193140.1051.474December240.084150.1131.69228521.8413311.5566
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