Decision Making in Business Essay
Create a plan for data collection, design a questionnaire, analyze data and draw valid conclusions for a given business problem.
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Added on 2020-07-22
Decision Making in Business Essay
Create a plan for data collection, design a questionnaire, analyze data and draw valid conclusions for a given business problem.
Added on 2020-07-22
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BUSINESS DECISION MAKING
Table of ContentsINTRODUCTION...........................................................................................................................1TASK1.............................................................................................................................................11.1 Plan for gathering of primary as well as secondary data .................................................11.2 Methodology for survey and sampling frame used ........................................................21.3 Questionnaire for gathering of data..................................................................................22.1 Creation of information and summarising of collected data ...........................................42.2 Analysation of result by using measurements of central tendency..................................62.3 Analysation of results by using measures of dispersion...................................................62.4 Utilisation of quartile, percentile and Correlation in process of decision making...........7TASK 2 ...........................................................................................................................................83.1 Incorporation of graphs and some charts..........................................................................83.2 Trend line..........................................................................................................................93.3 Business presentation.....................................................................................................103.4 Formal business report ..................................................................................................10TASK3...........................................................................................................................................114.1 Utilisation of information processing tools....................................................................114.2 Critical path....................................................................................................................124.3 Calculation of NPV and IRR..........................................................................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONDecision making is considered as one of the most important part of a businessorganisation. If play significant role in success or failure of a company. Earlier enterprises didnot take focus too much on statistical data but now they consider various trends and conductdifferent types of analyses. Blackfriars Restaurant is operating in Newcastle and they areplanning to open another restaurant in London. This project will discuss about planning ofprimary and secondary data which is necessary for solving a problem. Various surveymethodology, sampling frame and questionnaire will also become part of this report. Use ofquartile, percentile and coefficient is included in this file, spreadsheet and trend lines will getcover under this assignment (Aronson, Liang and Turban, 2011). This project will discuss aboutsome financial and processing tool which are important for at the time of decision making. TASK11.1 Plan for gathering of primary as well as secondary data Information of different areas is crucial for successful operation of a business. If anorganisation want to achieve their set objectives than they have to collect various types of datathat is available in the company, and outside of the enterprise. A good decision can not be madewithout having proper knowledge of a matter. A firm have many option relating to tools forplanning. They can chose appropriate technique according to their need and availability ofresources. Their are two types of data, first is primary, which is taken first time, and second issecondary which is taken from accessible sources like newspapers, internet etc. Following is aplan for collection of data:Decision on method – An organisation has various choices so they have to selectsomething that fits for their enterprise and fulfil their main objectives. Quantitative informationis available in the form of numbers, maths and statistics are considered as its integral part(Nielsen and Nielsen, 2011). It can be gathered through survey or observation. Qualitativeresearch is relates to the reason of 'why' & 'How' things are happening. Normally this kind ofcontent is gathered from conducting interviews or analysing past events. Researchers has tomake a call regarding selection of research which they are going to organise. If they haveessential resources than they can adopt both option. 1
Planning for sources – Service user are considered as a reliable resource for collection ofinformation because they can tell flaws or good things by sharing their experiences. Governmentalso releases various document with contain significant data, it can be used at the time ofgrouping of content (O’Fallon and Butterfield, 2011). An organisation can think about secondarybusiness data like financial records, they can assist them in assembling quantitative matter whichwill be crucial for secondary data. Most of the restaurant faces problem relating to lack of customers, they generally getsufficient number of consumers on weekends but on other days most f their seats remain empty.If they properly analyse primary and secondary information which they can gather from abovementioned sources than they can make a pattern and decide their future policies accordingly. 1.2 Methodology for survey and sampling frame used Most of the organisation have more trust in primary data, if it is compared fromsecondary, because it is the information which is collected for first time as the chances ofaddition or subtraction of content is not possible. Blackfriars Restaurant can use a questionnaireor conduct an interview. They can ask questions about their food quality, prices which theyshould charge, location etc. They will be the best option for them from the available methods ofsurvey methodologies. Primary research can give the sound and reliable data which can assistthem in taking correct decisions.Cited restaurant can not take interview of every customer, they can not ask every personto fill their questionnaire. One of all, they do not have resources for it and second, most of theservice user do not have to for this kind of thing (Pfeffer and Salancik, 2012). They have variousoptions like random sampling, stratifies sampling, etc. Instead of thinking about different choicethey can go for random sampling because it is easiest among all of them and it would beconvenient for cited organisation. Out of the total population they need to select some of themwithout making any systematic pattern. This method has many advantages, chances of biasnessis almost negligible in this option. It do not involve much cost, which cited organisation can notafford. This survey will help them in making right decision so they can attain their set goals inpre-determined period of time.1.3 Questionnaire for gathering of dataThis Questionnaire will be presented to 125 visitors.Q1. What rating will you give to our food quality out of 5?2
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