Business Decision Making Balti Palace
Create a plan for the collection of primary and secondary data, design a questionnaire, analyze data using various techniques, and draw valid conclusions in a business context.
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Added on 2020-07-22
Business Decision Making Balti Palace
Create a plan for the collection of primary and secondary data, design a questionnaire, analyze data using various techniques, and draw valid conclusions in a business context.
Added on 2020-07-22
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Business Decision Making
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Creation of plan for collecting primary and secondary data.................................................11.2 Survey methodology and sampling frame use......................................................................21.3 Designing of questionnaire...................................................................................................32.1 Dissemination of information...............................................................................................42.2 Calculation of measure of central tendency..........................................................................42.3 Calculation of measure of dispersion....................................................................................62.4 Determination of correlation coefficient and quartile...........................................................7TASK 2............................................................................................................................................83.1 Creation of graphs and charts................................................................................................83.2 Evaluation of trend line.........................................................................................................93.3 Presentation of findings.......................................................................................................103.4 Report presented for senior management in order to take decision....................................10TASK 3..........................................................................................................................................104.1 Use of appropriate information processing tool..................................................................104.2 Prepare a project plan for estimated about Gantt Chart and critical path...........................114.3 Use of financial tools in order to take better decision.........................................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONSuccess for a business comes up with a every big and right decision making. It isimportant for an organisation to take all such people opinion in consideration whom lead to getimpacted with such judgement (Ferrell and Fraedrich, 2015). Business Decision making is a taskfor senior management of a company which take on the basis of various aspects and people. Thisproject is based on Balti palace which is one of a famous London based restaurant and want toopen another outlet in UK as well. For this perspective, management want to organise a studyand take appropriate as well as suitable decision which support long term context. This projectincludes about primary and secondary data elaboration with survey methodology. Along withthis, by using relevant method data get collected and whole information lead to disseminateproperly as well. Moreover, business need to use measure of central tendency and measure ofdispersion properly so that better and effective decision making get promoted. Although, it isimportant to use suitable software generated information so that better decision making getencourage.TASK 11.1 Creation of plan for collecting primary and secondary dataIt is very important to carry out those activity which gives benefits for the future growthof business (Ford and Richardson, 2013). Whatever the company objectives there is a need toresearch all the sources that provide rational idea. Further company uses various technique likecollecting various types of data I.e. primary and secondary data which help in gathering the data,developing useful information out of collecting data and last presenting the data.For finding out the external trends, market strategy it is very important what type of datacompany required to collect which give valuable future returns to company. The two mainsources are:-Primary Data:-These data are collected for first time and data collected from this source is valuable,original and worth-full for company. The most important advantage of primary from companypoint of view is to collect the original information on the basis of current needs and markettrends of company. Method of collecting primary data are:-1
Questionnaire prepared with the objective to know the customer choices, tastes throughquestionnaire by asking various sets of questions. It is a good method of collecting data which isused for developing and launching a new product in market.Secondary Data:-Secondary data are already collected data and it scrutinized by the researcher with anobjective of taking business decisions (García-Peñalvo and Conde, 2014). Secondary data can becollected through various online sites, magazines, newspaper etc. It is a best way for collectingdata of large population on the basis already published journals that define the taste,preferenceand choices of costumer.The mast important thing is whatever the data company researched or gather is suitable tocompany market strategies and give profitable returns in future.For this project, Balti Palace is using primary source of data which enable them in orderto gather more and more information in an appropriate manner so that better responses getderive. 1.2 Survey methodology and sampling frame useSurvey is an important thing which facilitate in order to gather and collect information inan appropriate manner (Groebner and et. al., 2011). Survey methodologies includes variousmethods of study so that better and effective gain get promoted by consulting various peopleopinion and perspective in an appropriate frame. Balti Palace can use various surveymethodology in their working so that management become able to take beneficial outcome:Social media: It is one of a recent and modern method of collection of data in whichbusiness become able to organise their investigation at wide level so that better andappropriate responses could be gain. It is usually possible for large and big organisationwhom are operating at vast level and number of customers are more as well. Balti Palaceare not able to organise their investigation at such context because they operates at lowerlevel. Questionnaire: Collection of feedback is an important thing for managing and takingbest suited results. Questionnaire is consider as best suited approach for many smallbusiness association whom want to gain feedback and suitable responses from theirclients. Balti Palace can use this method into business through which association become2
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