Business decision making in business decision making
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Added on 2020-06-04
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Business Decision Making TABLE OF CONTENTS INTRODUCTION 3 1.1 Planning for the collection of primary and secondary data 3 1.2 Designing survey methodology and sampling frame used 4 1.3 Preparing questionnaire for survey 5 TASK 2 7 2.1 Summarization of data using representative values 7 2.2 Analyzing results for drawing valid conclusion 9 2.3 Measures of dispersion 10 2.4 availability of quartile, percentile and correlation co-efficient 10 3.1 Presentation of data set graphically 12 3.2 Creating trend line for forecasting future aspects 14 3.3 Dissemination of information
Business decision making in business decision making
Added on 2020-06-04
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Business Decision Making
TABLE OF CONTENTSINTRODUCTION......................................................................................................................31.1 Planning for the collection of primary and secondary data..............................................31.2 Designing survey methodology and sampling frame used..............................................41.3 Preparing questionnaire for survey..................................................................................5TASK 2......................................................................................................................................72.1 Summarization of data using representative values.........................................................72.2 Analyzing results for drawing valid conclusion...............................................................92.3 Measures of dispersion...................................................................................................102.4 Computation of quartile, percentile and correlation co-efficient...................................103.1 Presentation of data set graphically................................................................................123.2 Creating trend line for forecasting future aspects..........................................................143.3 Dissemination of information using power point...........................................................143.4 Business report...............................................................................................................14TASK 3....................................................................................................................................154.1 Use of appropriate information processing tools for decision making..........................154.2 Preparing project plan for an activity and determining critical path..............................164.3 Decision making using investment appraisal techniques...............................................17CONCLUSION........................................................................................................................18REFERENCES.........................................................................................................................20
INTRODUCTION In the recent times, tourism is increasing with the very high pace in London, which inturn recognized as dynamic city of the world. Each year, several visitors, including bothinbound and outbound, visit London for several purposes commerce or business, studies, funetc. London is known for the combination of both amazing culture and commerce activities.Hence, such tourism trend significantly contributes in the growth of firms operating in traveland tourism sector. Considering such trend, business entity of Balti Palace is planning to opensecond restaurant unit in London. In this regard, report will depict the manner in whichprimary and secondary can be gathered for assessing the expectation level of both existing aswell as potential customers. Besides this, report will also provide deeper insight about howstatistical, information processing, project management and investment appraisal toolsfacilitates quick decision making and thereby aid in profitability. 1.1 Planning for the collection of primary and secondary data Now, research activity has gained high level of importance in every field or planwhether it’s related to expansion or new offerings. R&D helps in gathering information abouttarget market and thereby assists in developing competent as well as strategic framework(Ward and Peppard, 2016). By keeping in mind the significance of research, business entityof Balti Palace, who is planning to establish second restaurant in London, contacted toresearcher for the collection of primary and secondary data. Hence, plan that will be followedby the researcher for gathering primary and secondary data is enumerated below. Primary data collection plan: Data that is specifically gathered by the scholarspecifically for meeting research objectives via survey, observation, focus group, interviewetc known as primary. Hence, following plan will be considered by the researcher for primarydata collection such as:In the first step, data collection technique has been selected by the researcher such assurvey. The reason behind making selection of such technique is that it helps incollecting information as per the issue.At this stage, using non-probabilistic technique, such as purposive 30 customers ofrestaurant units have been selected. Hence, survey will be focused on suchrespondents rather than whole population.
In the third stage, researcher will design questionnaire by including both open andclose ended questions into it regarding services, pricing strategies, promotionalaspects as well as preferences pertaining to location. In the last stage, by sending questionnaires on the respondent’s mail-id data surveywill be conducted or completed. Thus, by following the above mentioned process primary data will be collected by thescholar in a prominent way. Secondary data collection plan: To analyze the trend of restaurant sector and tourismlevel in the different areas of London, articles as well as governmental reports will beevaluated by the researcher. This in turn gives input regarding location aspects, restaurantstyles etc. Besides this, other secondary sources such as books, journals and scholarly articleswill also be evaluated by the researcher to assess the factors that have impact on customerdecision making. Hence, for the collection of secondary data, internet surfing will be done,that contains wide collection pertaining to books, journals and articles. 1.2 Designing survey methodology and sampling frame used Survey methodology: For conducing survey in the best possible way there is arequirement to prepare appropriate plan. Hence, survey methodology entails the way thatneeds to be followed for collecting data from the selected respondents (Varmuza andFilzmoser, 2016). Thus, referring the availability of limited time frame, online surveytechnique has been chosen by the researcher. Hence, for conducting survey in accordancewith online methodology researcher will primarily acquire the mail-id of individuals whoselected as sample. Once mail-id of the respondents have acquired, thereafter by sendingquestionnaire on the same responses will be gathered. Hence, by undertaking the abovementioned tool and process survey will be initiated.Sampling frame: In research, sample selection is vital due to having limited resourcessuch as time and finance. Thus, focus needs to be placed on sample selection from concernedpopulation by taking into account either probabilistic or non-probabilistic techniques(Albright, Winston and Zappe, 2010). Hence, in this, using purposive sampling technique,part of non-probabilistic, 30 respondents have been selected by the researcher. Hence, bytaking views from 30 customers of Balti Palace suitable information can be gathered for thepurpose of decision making.
1.3 Preparing questionnaire for survey QuestionnaireDemographic information Name.....Age....Profession.....Gender: Female Male Age (in years): ___________Q:1. Kindly mention the frequency of visiting restaurant? Daily Every weekOnce in a month Twice in a month Once in a quarterOther (specify)Q:2.Which components is extremely important for you when you choose to take dinnerout?Food taste Service qualityValue for foodConvenient placeConcept of the restaurant Other (Specify)Q:3. On what occasion, you generally visit restaurants? Anniversary Birthday Office party Family occasion ChristmasNo mattersQ:4. Which type of cuisine do you generally prefer to dine out? ChineseEuropeanMexican ItalianAmericanMexican IndianOther (Specify)Q:5. How well staff at Balti Palace serves you? Extremely wellQuite well Poor servicesTerribleQ:6. What time, do you usually go restaurant?Breakfast timeLunch timeDinner time
Doesn’t matterQ:7. How much amount do you spend per visit to Balti Palace?Below £80£80-£120£120 - £150More than £150Q:8. Does the source of ingredients impacts your buying decisions? YesNo SometimesQ:9. Does proper cleanliness are maintained by the staff at Balti Palace?YesNoSometimesQ:10 Give some suggestion to us to serve you better? _____________________________________________________________________TASK 22.1 Summarization of data using representative values Theme: 1 Maximum number of people keeps food taste and value at top priorityNumber of respondents%Food taste1137%Service quality413%Value for food827%Convenient place310%Concept of the restaurant 27%Other (Specify)27%30100%
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