Business Decision Making PDF
Added on 2020-09-08
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BUSINESS DECISIONMAKING
INTRODUCTIONBusiness decisions are the crucial aspect in any business. As everyone is striving hard to makecertain business decisions so that they could make certain business strategy in order to competetheir strong contender effectively. There is a strong need to make certain tools in order to provideeffective strategy for business decisions (Hwang and Masud, 2012). Under this report, Baltipalace is striving hard to expand their business somewhere in London and for that it needs tomake research effectively. but before going to expand the business, the cited restaurant needs tomake specific research in order to know the potential marketplace in an effective manner.however, there is a strong need to make these tools effectively.TASK 11.1 Create a plan for collection for primary and secondary data:There is a strong need to collect the data for business objectives in an effective manner.The business objectives are framed after making business decisions effectively. Although, thiscan be said that the company needs to make their business objectives so that the business can beattained effectively (Solomon, 2014). The business plan can be made out after collecting the datafrom the market place for making business decisions. There is a strong need to analyse themarket for making the plan. Primary and secondary data are made out in order to provideeffective plan. These are defined in details:Primary data: Primary data is the data which is made out for the first time. This is thedata which take time for collecting the data (Yager and Kacprzyk, 2012). Although, this can besaid that the balti place restaurant can make their business decisions. However, this can be saidthat the business objectives can be attained in order to make certain objective by collecting theprimary data methods. This is the data which reflects the great accuracy. The primary data can beachieved in order to make certain objectives. Advantages: The main advantage of the primary data is to provide the justifiable information whichcan be used by the researcher in order to make the plan effectively.This is closely related to the researcher information in order to provides effectivebusiness decisions.1
Disadvantages:This is the time consuming process. As, this takes time while collecting information fromthe primary source. Although, there is a strong need to make consume the time forcollecting primary decisions.For collecting the primary data method, there is a strong need to make certain tool thatcan be used by the firm in order to collect the business objectives.Secondary data: The secondary data is the tool which is used by using already publisheddata. However, this can be said that the company needs to make certain tools in order to makethem effective and efficient (Tzeng and Huang, 2011). The secondary data collection techniqueis the tool that can be used in order to provide effective strategy so that the business can made asound work out plan. Already published data is a kind of technique which is used in order tocollect the useful data that can be used for making effective strategy. Advantages: The main advantage of secondary data tool is that this is used for making business insmooth manner. although, this can be said that Balti palace is the tool that can be usedin order to render the business expansion strategy.The main advantage of secondary data is that this is easy to collect as this data is alreadypublished and it can extract easily from any of the published sources. This is the tool that can beused in order to make effective and efficient strategy (Schmoldt and et. al., 2013).This saves time for collecting data as this helps to emerge strategy that can be usedfor making strategy.Disadvantages:Data collected by using secondary data tool will not represent the appropriate tools.This is the data which is already published and this will not represent the effectivestrategy for the business.Data collected under this will vary as per the mood of the person who collect data fromthe respondents. Which may not suite on the decisions that are going to take decisionsaccordingly.As per the provided case, the company will use the primary data in the marketplace wherethey are going to make certain strategy regarding expansion. Although, the secondary data willalso use for gathering some important data which will use for making the decisions.2
Data Collection Plan:OUTCOMEINDICATORWHAT DATACOLLECTIONMETHOD?WHEN WILLDATA BECOLLECTED?Outcome ariseafterconductingresearch theprimary andsecondarydata. Indicators arethose which areused by the firmfor achievingtargets.Identify which typeof data collectionmethod (survey,interview,observation, orrecord review) willbe conductedElaboratestiming andfrequency ofdata collection Informationabout the marketpotentialconsumers whoare keen to takeservices from theBalti palace.Some of theindicators throughwhich researchconducted are:Observations,questionnaire,interviews andothers keytechniques that canbe used by the firmfor gaininginformation.To convene theresearch in aneffective manner,primary and thesecondary research aregoing to be donewhich will ultimatelymade certain outcomesthat will help out toattain the pre-settargets of the firm.The datacollecting viausing primarydata, would taketime of 3 weeks.1.2 Survey methodology and sampling frame used:Survey methodologies are the techniques which are used for collecting the data from theintended marketplace (García-Peñalvo and Conde, 2014). As this is a kind of procedure whichare used to assess the current market position. Via survey, various method is used for gatheringdata and demonstrating market position of the firm. As per this process, various viewpoints willbe made in order to make certain business strategy. Although, this can be said that the companyneeds to make their business operations in an effective manner so that they could form a validand reliable business decisions. There are various ways by which the survey can be doneeffectively. although, interviews, observations, questionnaire, sampling and others. these all are3
used in order to make certain information by way of collecting from the various respondents.These are defined in details:Interviews: This is a kind of survey tool which is used by the researcher for collecting theinformation face to face from the respondents. Although, this can be said that it is timeconsuming survey method (Maxwell, Jeffrey and Lévesque, 2011). But this gives an effectiveand efficient data information so that the appropriate information can be generated.Questionnaire: In this the tool, this can be said that researcher forms questionnaire whichcovers various questions which are going to ask form the respondents. Although, respondentsgive answers to their questions in order to make certain objectives effectively. For doing currentresearch, researcher adopt 30 respondents could be attained.Sampling: Under this sampling tool, researcher implements diverse tools and techniqueswhich is simple, cluster, random sampling tools and much more. Henceforth, the researcherwould choose respondents via random sampling method which would help out to make specificinformation (Sköld, Alm and Scholz ., 2013).In this given scenario, there is a strong need to make effective survey tool which would help outto make certain strategy by collecting the data by using random sampling method. Although, thecited restaurant needs to adopt important strategy by using these survey methodologies (Bayneand Woolcock, 2011). In the given research, Balti palace used questionnaire method forconvening the research which are going to get the efficient outcome for the firm. Questionnaireof the research assist in order to make certain tools which will ultimately assist restaurant to gainits pre-set targets.1.3 Questionnaire:This is questionnaire which covers various questions which are exclusively related to theservices rendered by the firm and gathering respondents’ opinion on its performance.Questionnaire is a kind of research tool which covers of list of questions to gather informationconnected to the college’s performance. Under this, researcher helps following questionsconnected to college’s performance. Under this, researcher asks so many questions which arerelated to the restaurant’s quality and others.QuestionnaireName:Age:4
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