Business decision making introduction 3 TASK 13
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Added on 2019-12-28
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BUSINESS DECISION MAKING INTRODUCTION 3 TASK 13 1.1 Create a plan3 1.2 Survey methodology and sampling frame 4 1.3 Design a questionnaire For collecting data 5 TASK 27 2.1. Decision making after summarisation of data7 2.2 results to draw valid conclusions 7 2.3 data using measures of dispersion 8 2.4 quartiles, percentiles and the correlation coefficient 9 TASK 39 3.1 Graphs 9 3.2 Trend lines 11 3.3 presentation using suitable software and techniques 12 3.4 formal business report 12 TASK 413 4.1
Business decision making introduction 3 TASK 13
Added on 2019-12-28
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BUSINESS DECISIONMAKING
Table of ContentsINTRODUCTION ..........................................................................................................................3TASK 1............................................................................................................................................31.1 Create a plan ....................................................................................................................31.2 Survey methodology and sampling frame........................................................................41.3 Design a questionnaire For collecting data......................................................................5TASK 2............................................................................................................................................72.1. Decision making after summarisation of data.................................................................72.2 results to draw valid conclusions.....................................................................................72.3 data using measures of dispersion...................................................................................82.4 quartiles, percentiles and the correlation coefficient........................................................9TASK 3............................................................................................................................................93.1 Graphs...............................................................................................................................93.2 Trend lines.....................................................................................................................113.3 presentation using suitable software and techniques.....................................................123.4 formal business report...................................................................................................12TASK 4..........................................................................................................................................134.1 Using information processing tools in planning of project............................................134.2 Preparation of project plan and critical path for effective time management................144.3 Calculation for the project..............................................................................................15CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................17
INTRODUCTION Business is comprised of many decisions which are helpful for an organisation in itsgrowth and survival. Before starting any new project it is compulsory for an organisation toconduct some surveys on which effective decisions can be taken out(Brynjolfsson, Hitt,. andKim, 2011). Business decision making is an effective approach through which decision makerscan use data for making a valid conclusion. In this concern an organisation hire a researcherwhich aid them in collecting adequate amount of information which work as a base in makingthe new project successful. The present report is based on the Balti palace who want to open theiranother restaurant in London. For this purpose they took questionnaire and made such researchon 60 respondent by selecting them on random basis. Also the proper analysis of primary andsecondary source of information also get done. The main reason behind conducting such type ofsurveys is just to gather large range of data through which decision makers can opt effectivetechniques which are concern with their working. TASK 11.1 Create a plan Planning is a procedure which helps an organisation to utilise all of their resources in aproper manner. Planning aids in making the chances of any project or thing more and more. Withthe help of using appropriate planning methods an organisation can attain more profit thandesired profit(Craft, J. L., 2013). There are several number of techniques which are helpful incollecting and analysing the data. The two major sources which are useful information gatheringby researcher are as follow: 1.Primary sources2.Secondary sourcesa) Primary source: Primary source of data gather with the motive of collecting appropriateamount of information through personal interaction, questionnaire. This is an essentialcomponent through which adequate range of data get collected. The basic aim of this type ofresearch is to make outcome effective.b) Secondary source: Such data which is collected through internet, journals, articles and booksare refer and come under secondary source of information. Such results are based on existing
information which are helpful in making a valid conclusion. Hence such data is beneficial forthem in effective working. There are various Methods which can be used for this. Such as survey will be conductedin which various tools can be used. Interviews will be conducted or questionnaires will be madewhich will be provided and then feedbacks will be gained. They will be used to carry out furtherprocesses by which improvement will be made possible. This will be performed on a group ofpeople which will be selected by using sampling. For this various forms are there that can beundertaken and that group will be representing whole population. 1.2 Survey methodology and sampling frameCompany use sampling process to get information from market and make decision on that data.Company always us many kind of methodology to collect the sample from market. Samplingprovide the fully information related to sampling(Fernando, and Chowdhury, 201o). survey via sampling process:Elaborate about the population.Make a sampling frame for collective information.Company should identify about then sample size. Company should also specify about the sampling method and strategy. There are various tools and techniques which can be used by any business so that all therequired information can be collected in appropriate manner. One of them is researchmethodology by the help of which best decisions are made that are in overall interest ofcompany. There are various manner in which research can be conducted and they are as follows:Descriptive: when customers visit the restaurant at that time certain data is collected which willbe covered in this. By this skill and knowledge will be evaluated.Qualitative: by this the intensity will be determined that will be present because of variousproblems which will be identified while carrying out research.Sampling: This is used in the process of survey as it will not be possible to conduct it with all soa group will be selected which will be known as sample. Many ways are there by which they canbe chosen and it will be involving following: Simple random sampling: In this no specified technique is there. Sample will be selectedrandomly from whole population. In this equal opportunities will be there for each.
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