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Decision Making | Decision Models

   

Added on  2020-06-06

22 Pages4183 Words62 Views
BUSINESS DECISISONMAKING
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Create plan for the collection of primary and secondary data for Balti Palace.....................11.2 Present the survey methodology & sampling frame used.....................................................21.3 Questionnaire for given business problem............................................................................3TASK 2............................................................................................................................................42.1 Information for decision making by summarising data using representative value..............42.2 Analyse the result to draw valid conclusion.........................................................................72.3 Analyse data measure of dispersion to inform given business scenario...............................82.4 Use of quartiles, percentiles and the correlation coefficient subject to draw usefulconclusion...................................................................................................................................8TASK 3............................................................................................................................................93.1 Produce a graphs using spreadsheets and valid conclusion..................................................93.2 Create trend lines to assist forecasting for specified business information........................143.3 Business presentation Using suitable table and software and techniques to disseminateinformation effectively..............................................................................................................143.4 Formal business report .......................................................................................................14TASK 4..........................................................................................................................................154.1 Use of appropriate information processing tools................................................................154.2 Prepare a project plan for an activity and determine the critical path.................................164.3 Financial tools for decision making....................................................................................17CONCLUSION..............................................................................................................................18REFERENCES..............................................................................................................................19
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INTRODUCTIONBusiness decision making is a process which helps to analyse business problems,expansion plans and investment plans for better growth and development of organisation. Thisreport is prepared to analyse the business problem subject to analyse various complex businesssituations (Yang, 2011). Business expansion plan of Balti Place is analysed with the help ofdecision making process. Variety of sources for data collection by both primary and secondarydata are defined in this subject. Information which remain essential for effective decision makingprocess also illustrated in this context. Decision making process is summarised subject tobusiness problems. Use of software generated information for making business plans andstrategies in effective manner. TASK 11.1 Create plan for the collection of primary and secondary data for Balti PalaceBusiness plans and investment proposals are analysed with the help of effective decisionmaking process which not only helps to understand and analyse the competitive analysis. Thereis a business expansion plan is proposed subject to analyse effective business plans is discussedwith decision making process. Decisions which are take with the help of in depth analysis andcore study is called as decision making process (Tzeng and Huang, 2011). This not only build thecore competence and enhance the forecasting process but also increase the sustainability ofdecision plans. Managers and executive committee of Balti palace wants to expand the businesssize of Balti place there are type of data are required to analyse the business expansion proposal.Various type of source of data are discussed below:Primary data: these data are considered relevant and practical sources of collection ofdata at initial stage. It remain essential for both the practical analysis and brief analysis ofsubject. Primary data are gathered by connecting people and public directly or personalinteraction with people in order to determine the practical overview and relevant information.Decision making process more realistic and practical with the help of primary sources of datadue to relevant information and figures. Secondary data: these are the data which are collected by supporting sources andinformation which remain associated with the subject and problem. Credibility and relevance ofinformation remain less effective in comparison to primary source of data. New papers, newarticles, journals, last year's financial informations and past business expansion reports are the1
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examples of secondary data resources. Collection of information through secondary data is costeffective and time saving source.Research: A deep study and analysis of particular subject which is required vast anddeep knowledge and skills are known as research. Research is done by experts and specialist tocritical analyse of subjects and evaluation of business problems. This contains huge amount ofinvestment for in depth research and analysis (Sethi and Zhang, 2012). Questionnaire: this is an approach which is used to analyse and evaluate the perspectiveand response of public by distributing set of questions. This approach will help managers of BaltiPalace to understand and analyse customer response subject to expansion plan.1.2 Present the survey methodology & sampling frame usedSurvey methodology is used to analyse the customer response and mindset of customersand public for better investment plans and business proposals. As per above given scenario BaltiPalace wants to expand the business proposal further in UK. Managers want to get response andperspective of customer subject to above business expansion plan (Saaty and Peniwati, 2013).There are various research methodologies are defined for evaluating and measuring informationsuch as:Sampling framing: this is type of methodology which is use to frame information anddata in adequate manner and effective manner. To get positive aspects and results only positiveaspects and assumptions are used under sampling framing. Not all the essential aspects arecovered under sampling framing but also some negative perspectives also taken to considerationfor rectification and improvement. Random Sampling: Random sampling is used to get undefined and unspecified aspectswhich are not selected subject to analyse business analysis which is to reduce the complexity andreduce the burden of complex environment. This is one of the essential aspect which isconsidered essential for better optimisation and effectiveness. There are some supportiveresearch techniques are used in random sampling such as quota, cluster and stratified samplingtechniques. This contains elements like affordable price for customers, quality services andhospitality by staff members. Qualitative and quantitative: this is a type of research which is used to propermeasurement and use of analysis in possible manner and way. This research methodology isbasically needs to analyse the research part with total collection and methodology.2
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Exploratory research: this is an approach used to explore the aspects which are analysedto aim and objective of the essential methods and aspects which are considered to researchoptions. This research methodology usually used to get positive and nearest results for betteradvancement and measurement of business problems (Routledge. Sinha and Labi, 2011).Descriptive research: this is the research which include descriptive analysis andevaluation of subject by presenting overall analysis and report for better advancement and report.Not all the aspects are covered for better analysis expect practical and relevance figures.1.3 Questionnaire for given business problemAnalysis of expansion plan for Food and Friends restaurant QUESTIONNAIREName:Age:Gender:Occupation:Q1: Are you happy with the concept of Business expansion plan of Blati Place ? (a) Yes(b) NoQ2: Whether this proposal would be able to attain consumer attraction? (a) Yes(b) No(c) Neutral response Q3: what is your thinking and mindset behind the pricing policy of Balti Palace?(a) High(b) Moderate(c) LowQ4: Major dishes you like most at Balti Palace restaurant?(a) Chinese(b) Thai(c) Italian(d) Other3
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Q5: What factors which attracts you towards Balti Palace?(a) Multiple-cuisine(b) Environment(c) HospitalityQ6: Is there are any changes and variations are required in new branch?(a) Yes (b) NoQ7: Is the quality standards of cookery satisfactory in Balti Palace?(a) Yes(b) NoQ8: Do you agree that Balti Palace is able to attract customers?(a) Yes(b) No(c) Neutral responseQ9: Suggest the locations at which base of new branch can be situated?(a) Country side (b) Prime location(c) Shopping Mall(d) OtherQ10: Please provide views, suggestions and feedbacks in respect of proposed plans?Ans.TASK 22.1 Information for decision making by summarising data using representative valueQ1: Are you happy with the concept of Business expansion plan of Blati Place ?ParticularRespondent in %(a): Yes 65(b): No 15Total 80Mean40Median40Mode5Q2: Whether this proposal would be able to attain consumer attraction?4
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