Business Decision Making Introduction
Added on 2020-06-06
22 Pages4216 Words117 Views
BUSINESS DECISIONMAKING
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Produce a plan for collection of primary and secondary data for a given business problem11.2 Present the survey methodology and sampling frame used..................................................21.3 Design a questionnaire for a given business problem...........................................................3TASK 2............................................................................................................................................42.1 Create information for decision making by summarising data using representative values.42.2 Analyse the results to draw valid conclusion in a business context......................................62.3 Analyse data using measures of dispersion as per given business scenario.........................72.4 Quartiles, percentiles and the correlation coefficient used for conclusion...........................8TASK 3............................................................................................................................................93.1 Graphs and charts to produce valid conclusion based on the information derived...............93.2 Trend lines in spreadsheet graphs to assist in forecasting for specified businessinformation................................................................................................................................133.3 Business presentation using suitable software and techniques to disseminate information...................................................................................................................................................143.4 Formal business report........................................................................................................14TASK 4..........................................................................................................................................154.1 Appropriate information processing tools...........................................................................154.2 Prepare a project plan for an activity and determine the critical path.................................174.3 using financial tools for decision making...........................................................................19CONCLUSION..............................................................................................................................19REFERENCES..............................................................................................................................20
INTRODUCTIONBusiness decision making is considered as a concept which is known as decision makingtool. It helps to analyse the proposed plans and strategic management decision which remainassociated with the growth and development of an organisation (Yang and et. al., 2011). Thisreport is prepared to define various type of sources for the collection of data both primary andsecondary. Range of techniques are defined to analyse data effectively for business purpose.Balti Palace restaurant is opted organisation to define the aspects of business decision makingprocess to explore the size of business. Information is presented in specific format for effectivedecision making in business context. Software generated information is used to analyse the dataand business equations. TASK 11.1 Produce a plan for collection of primary and secondary data for a given business problemAccurate information and details are main part for every organisation subject toevaluating the project plan and exploring the scope of business at next level. It is seen that theorganisation which is able to produce the information in order to determine the cost of the projectand analyse the effectiveness of proposed plans for better forecast and plan. Business decisionmaking is one of the essential aspect which is introduced within the organisation to boost thestructure of organisation. There is an expansion plan is proposed in respect of exploring the scope of Balti Palacerestaurant chain at further places. In decision making process critical analysis and evaluationdone in statistical form. Various type of strategies and plans are prepared subject to evaluatingthe performance or organisation.Primary data: this is one of the common sources of collecting information and details byconnecting with the responds and participants. This sources provides accurate information anddetails by direct interaction. Figures and data are analyse with the help of collected informationfrom direct sources. It is seen that information and data which are directly analysed with thissources produce relevant information and data associated with the project and plans.Secondary data: this is considered one of the essential resources in order to determinethe relevant aspect associated with task and project (Tzeng and Huang, 2011). There is a use ofimplemented research and data are used to get relevant information and details. Data and figuresare taken as a supportive tools subject to execute project plans and task. 1
Research: this is one of the expensive method of collecting information and detailssubject to analysing project plans and strategies. There is a basic research is done which containsfrom basic structure to last stage. There are various type of research methodologies areconsidered in this source of data. Mostly the data and information remain associated with theproject plans and tasks.Questionnaire: this method is also considered one of the cost effective method subject toanalyse the data and information and data to effective analysis (Sethi and Zhang, 2012). There isa set of question and queries are directly asked with the customers and public in respect ofanalysing the nature and mind set of public. Public opinion polls: this is the method of getting the results and opinion from peoplewith by collecting information and data directly from clients and customers. Specific group ofpeople are selected to get the general information in respect of project plans.1.2 Present the survey methodology and sampling frame usedSurvey method is considered as a research which is basically part of statistical researchand methodology. There are some essential information and aspects are covered to analyse theresults and performance analysis for better results. Various type of methods are used todetermine the comparability of project.Descriptive research: this is one of the part of survey methodology which helps todetermine the aspects of project plans and tasks. This research contains the detailed analysis ofinformation and details subject to project plans and tasks. Descriptive research is also known ascomplete research subject to analysing the capacity of bearing uncertainty and challenges.Analysis of project plans are done form ground level.Exploratory researches: this research methodology helps to bifurcate the nature ofproject plans and tasks (Saaty and Peniwati, 2013). There is a specific order is prepared in thismethodology to ascertain the future exploration possibilities and expectations. Managers andsenior level authorities become eligible to detect the possible outcomes with the implementationof project plans. Quantitative and qualitative research: for analysing all the aspects and figures it isrequired to explore the project plan in right direction. Qualitative and quantitate figures need tobe presented in the research methodology (Rothman, 2017.). Qualitative research indicatestowards positive and negative aspects which only represent the virtue and specifications of task2
and projects. Whereas quantitative research helps to count the results and figures in numbers andstatistical format. Sampling Framing: this method helps to determine the essential aspects and figures inorder to determine overall results. This method prevent the complexities subject to analysing theresults in group.Random sampling: this method helps to identify the potential results and figuresregarding tasks and project plans (Routledge, Sinhaand Labi, 2011). It is essential to estimate theresults and figures to analyse wanted results. Random sampling indicates towards specificcriteria such as;Customer price Quality and facilitiesTreatment given by staff members1.3 Design a questionnaire for a given business problemInvestigation subject to analyse the customer and public experience in respect of BaltiPalaceQUESTIONNAIREName:Age:Gender:Occupation:Q1: Do you like the products and services of Balti Palace?(a) Yes(b) NoQ2: Do you think that Balti Palace expand its business size?(a) Yes(b) NoQ3: Do agree that services and products are worth the price?(a) Agree (b) Highly agree(c) Neutral responseQ4: What type of cooking you prefer in Balti palace restaurant?3
(a) Spicy (b) Mexican(c) Italian(d) Chinese Q5: What are the attractive factors which attract customers towards Balti Palace?(a) Hospitality(b) Multiple-cuisine(c) EnvironmentQ6: Do you like the nature of staff members and supporting staff?(a) Yes (b) NoQ7: Do you wants to make any changes regarding hospitality?(a) Yes(b) NoQ8: Do you agree that Balti Palace provide quality services? (a) Yes(b) No(c) Neutral responseQ9: At which destination Balti Palace should be explore?(a) Metro stations(b) Shopping Mall(c) Prime location(d) Central location Q10: What are required changes and plans as per suggested by your opinion?Ans.TASK 22.1 Create information for decision making by summarising data using representative valuesQ1: Do you like the products and services of Balti Palace?ParticularFigures(a) Yes75(b) No25Total100Mean 504
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