Business Decision Making Introduction
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Added on 2020-06-04
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BUSINESS DECISION MAKING INTRODUCTION 1 TASK 11 1.1 Plan for collection of primary and secondary data 1 1.2 Survey methodology and sampling framework2 1.3 Questionnaire subjected to business problems3 TASK 25 2.1 Information for decision making by summarising data and use of representative values 5 2.2 Measurement of results to draw valid conclusion7 2.3 Measurement of dispersion to with to inform a given business scenario 8 2.4 Quartile, Percentile and the correlation coefficient to draw useful conclusion 9 TASK 39 3.1 Graphical overview and analysation
Business Decision Making Introduction
Added on 2020-06-04
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BUSINESS DECISIONMAKING
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Plan for collection of primary and secondary data................................................................11.2 Survey methodology and sampling framework....................................................................21.3 Questionnaire subjected to business problems......................................................................3TASK 2............................................................................................................................................52.1 Information for decision making by summarising data and use of representative values....52.2 Measurement of results to draw valid conclusion.................................................................72.3 Measurement of dispersion to with to inform a given business scenario.............................82.4 Quartile, Percentile and the correlation coefficient to draw useful conclusion....................9TASK 3............................................................................................................................................93.1 Graphical overview and analysation of with the help of spreadsheet...................................93.2 Trend lines in spreadsheet graphs to assist forecasting for business..................................143.3 Business presentation with suitable software and technique to circularise information.....153.4 Formal Business report.......................................................................................................15TASK 4..........................................................................................................................................164.1 Appropriate information processing tool...........................................................................164.2 Project plan for an activity and ascertain the critical path..................................................174.3 Financial tools for decision making....................................................................................18CONCLUSION..............................................................................................................................18REFERENCES..............................................................................................................................20
INTRODUCTIONBusiness decision making is a process of forecasting and analysing future events andsituation in respect of business and organisational context (Cosgrove and Rijsberman, 2014). It isimportant to provide accurate information and details to analyse the future trends and trend lines.This is the process which remains effective as per manager’s perspective. This report defines thesource of data form both primary and secondary data. It illustrates a wide range of techniqueswhich are used to analyse the data effectively and efficiently. Blackfriars Restaurant is thechosen organisation in present report to elaborate the dimensions of decision making process.There is relevant information and data collected in respect of the above organisation subjected toappropriate information in decision making. Use of software generated information and analysisof results to make decisions and strategies are defined in this context as well. TASK 11.1 Plan for collection of primary and secondary dataSuccess and growth of an organisation depends upon various factors such as structure,environment, aim and objectives as well as mission and vision statements (Routledge.Sinha andLabi, 2011). Business decision making is one of the major aspects which is being used inorganisational context to improve and accelerate the business operations at next level. A well-structured decision making plan and strategies lead an organisation to sustainable success.BlackFriars wants to explore the size of business and the structure of further, for this objectivedifferent type of data are collected such as:Primary data: This type of data is considered as the foremost source of data collection.Primary data is collected by direct and personal interaction or the research field at work.Irrelevant information and data remain aside apart from the while collecting the informationfrom prime sources. Decision making has become more reliable with the information collectedfrom primary sources.Research: This method is considered to be more realistic and practical. Clients andcustomers get directly communicated subject to issues and problems. The data and informationwhich is collected in this method is critically analysed and reviewed. There is rank given to thefeedbacks and reviews in respect of problems and subjects. Well structured measurement toolsare used to analyse the thinking of people properly.1
Questionnaire: This is known as a quiz or communication process with multiple optionssubjected to questions. In this above scenario, the managers want to restructure and explorerestaurant chain of Blackfriars. Questionnaire submitted to clients and customers all the answersneed to be filled by them for accurate decision making.Public opinion Polls: This is considered as one of the easiest methods to gaininformation and data related to issues and subjects (Tzeng and Huang, 2011). A pooling methodis used with the help of sampling data from cross section. To collecting maximum answersmaximum participation of public is required. Secondary data: This is one of the cost effective sources of collecting information. Dataand information are taken from applied research and already research subjects. Magazines,newspapers, past numerical data and information are the main sources used by managers in thepast. 1.2 Survey methodology and sampling frameworkBlackfriars wants to explore new business chain in London. In order to get accurateinformation and data, managers want to research and evaluate the information. There are someset of methodologies and techniques needed to be used for systematic operations and solutions ofproblems. Below are the types of researches defined for analysing the information which are:Descriptive research is a type of research in which contains structured study and surveyto identify the actual facts remain associated with the project (Pourshahid, Richards and Amyot,2011). Analytical research helps to identify the key facts in respect of business problems andissues. It is considered as a fundamental research in which practical overview and practices aredone to determine the accurate information and data. Exploratory research is a part of exploring the survey methodology. This is one of theimportant methods which helps to study and analyse aim and objective of organisation. Closeanswers and the related aspects are taken in considerations subject to research questions. Qualitative and quantitative: This is one of the measurement techniques which is usedto analyse the subject from all the possible ways. Total measurement of data collection andmethodologies are properly used in qualitative and quantitative analysis. There are somestatistical tools used to get numeric results and information.2
Sampling Framing: In order to attain positive aspects and information form customersand clients are done in sampling framing (Saaty and Peniwati, 2013). This helps to get thepositive aspects and outcomes from the costumes and clients.Random Sampling: This is also one of the popular sampling techniques which help todetermine the effectiveness of research. There are number of group of people considered inresearch (Nooraie, 2012). This tools is considered beneficial subject to analysing the criticalsituation. Quota, Cluster and stratified are also sampling techniques that are used to analyse theinformation. In the above research there are 80 respondents are taken from total population.There are some important aspects covered while conducting the research such as:Affordable price for customersQuality servicesHospitality by staff members 1.3 Questionnaire subjected to business problemsInvestigation in order to know the experience and satisfaction subject to opening newBlackfriars restaurant QUESTIONNAIREName:Age:Gender:Occupation:Q1: Is an idea of introducing new branch impressive? (a) Yes(b) NoQ2: Would it be beneficial and effective subject to gain more local customers? (a) Yes(b) No(c) Neutral response Q3: What is your perception with respect to pricing policies of Blackfriars restaurant?(a) High(b) optimum (c) Low3
Q4: What kind of cuisine you like more in Blackfriars restaurant?(a) Thai(b) Chinese(c) Italian(d) OtherQ5: What are the affecting factors which attracts more to the clients?(a) Environment(b) Multiple-cuisine(c) HospitalityQ6: Do you want to add changes related to hospitality?(a) Yes (b) NoQ7: Is the standard of cookery satisfactory?(a) Yes(b) NoQ8: Do you agree that Blackfriars is able to attract customers?(a) Yes(b) No(c) Neutral responseQ9: At which location, new restaurant should be located?(a) Country side (b) Prime location(c) Shopping Mall(d) OtherQ10: What are your views, suggestions and feedbacks in respect of proposed plans?Ans.TASK 22.1 Information for decision making by summarising data and use of representative valuesQ.1 Is the idea of introducing new branch is impressive idea? ParticularRespondent in %(a): Yes 60(b): No 204
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