Essay on Business Decision Making

BUSINESS DECISION
MAKING

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Different sources of data collection......................................................................................1
1.2 Methodologies and sampling framework..............................................................................2
1.3 Questionnaires from collected data.......................................................................................2
2.1 Summarization of raw data collected from research.............................................................5
2.2 Calculation and analysis through mean, median and mode..................................................6
2.3 Analysis of measure of dispersion.......................................................................................7
2.4 Quartiles, percentile and correlation coefficient in decision making....................................8
TASK 2............................................................................................................................................9
3.1 Charts and graphs from the calculations...............................................................................9
3.2 Trend line graphs ................................................................................................................11
3.3 Covered in PPT...................................................................................................................12
3.4 Formal business report: ......................................................................................................12
TASK 3..........................................................................................................................................13
4.1 Determining Processing tools to present project plan.........................................................13
4.2 Determining critical path.....................................................................................................14
4.3 Financial tools used to make decisions...............................................................................14
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Business decision making is a process resulting in the selection of a belief or a course of
action among various alternative possible. Each decision making produce a complete image of a
company. It involves collection and analysis of data by using several method and all these
aspects will be explained in this project report regarding Balti Palace (Ariely and Berns, 2010).
Better outcomes can only be fulfilled when a systematic way is followed by the organisation in
order to achieve the targeted plan. Business decision are about anything can only be taken when
a detailed research and analysis is made over the person which can be get affected of such steps.
Under this project data is collected though primary and secondary sources. On the basis of
analysis various decision have been taken and recommendation has been made to overcome there
problems.
TASK 1
1.1 Different sources of data collection
In any business organisation there are various data collection methods are used. For the
purpose of decision making it is required that a proper plan is formulated that will be helpful to
balti palace. There are various aspects that are need to taken into account such as size and needs
of the market and for that a complete survey report is being prepared with the help of various
sources (Casadesus-Masanell and Ricart, 2011). The data can be collected from two ways
primary and secondary sources and they are discussed below:
Data collection Plan
It is the process of collection and measuring information on various variables of interest
in establishing individual perceptions that enables researchers to answer asked research
questions, testing hypotheses and analysed outcome. It is collected through interviews, phone
calls and direct observations. There are two sources are primary and secondary.
Secondary data are essential for balti palace. It is collected data by individual other than
researcher who conduct current study. Statistical data of Balti palace are used in research project.
From conducting research it require primary sources that would be conducted through
filling questionnaires. It provide fresh information about ideas and innovation collected from
primary sources. While secondary sources is used to analysed past and current data of Balti
palace through using appropriate graphs and calculation (ChangVan, Witteloostuijn and Eden,
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