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Business decision making - Assignment

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Added on  2019-12-03

Business decision making - Assignment

   Added on 2019-12-03

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Business decisionmaking 1
Business decision making -  Assignment_1
Table of ContentsIntroduction .....................................................................................................................................5LO 1 Use variety of sources for the collection of data, both primary and secondary.....................51.1Plan for collection of primary and secondary data ................................................................51.2 Survey methodology and sampling frame.............................................................................51.3 Design a questionnaire ..........................................................................................................6LO 2 Range of techniques to analyze data effectively for business purposes ................................72.1 Create the information for decision making .........................................................................72.2 Analyze results to draw valid conclusions ............................................................................92.3 Analyze data using measures of dispersion .........................................................................92.4 Explain quartiles, percentiles and correlation coefficient ..................................................10LO 3 Produce information in appropriate formats for decision making .......................................123.1 Graphs through spreadsheets ..............................................................................................123.2 Trend lines ..........................................................................................................................123.3 Business presentation ..........................................................................................................133.4 Formal business report ........................................................................................................13LO 4 Use software generated information to make decision in the company ..............................144.1 Information processing tools ...............................................................................................144.2 Project Plan .........................................................................................................................154.3 Financial tools for decision making ....................................................................................17Conclusion ....................................................................................................................................20References .....................................................................................................................................212
Business decision making -  Assignment_2
List of tablesList of figuresIntroduction Different types of decisions are made within business. The purpose of this research reportis to identify how decisions are processed within firms. It will help in evaluating the methodswhich are used for processing the data. Further, it will present the information in appropriateformats for decision making within business. The study will also show the use of differentfinancial tools in analyzing the financial information. At last, the report will end in reflecting theuse of software generated information in the organization. LO 1 Use variety of sources for the collection of data, both primary andsecondary1.1 Plan for collection of primary and secondary data In order to open its second restaurant, restaurant chain is making plans related to primary andsecondary research. The research will be targeted on the potential customers. The plan is asfollows:Primary research – It is new and unprocessed in nature as it is collected for the first time. Itrequires filtering of information to make it usable for the research. For this study, primary datawill be gathered from customers of London by adopting survey technique. In that context, aquestionnaire will be frame. It will consist of open ended and close ended questions (Fowler2009). The sample size for the participants is 50. Technique of random sampling will be appliedfor selection of samples outside different restaurants in UK. Secondary research – On getting used by someone, the primary data becomes secondary. It is adata which is available from published and non-published sources. So data will be collected fromsecondary sources like internet, books, journals etc (Groves and et.al., 2013). All the sources willbe valid and authentic. 1.2 Survey methodology and sampling frameFor the following research, survey methodology will be used under which data will becollected through questionnaire technique. The technique is appropriate because it helps incollecting large volume of data at a particular point of time (Jankowicz, 2005). Questionnaire isdesigned with the purpose of identifying the taste and preference of the customers in London. Inthis manner different kinds of expectations and improvements will be grabbed from the people so3
Business decision making -  Assignment_3
that services of the new chain can be designed accordingly (Andersen, Dysvik and Vaagaasar,2009). Sampling is related with selection of appropriate sample from which relevant informationfor the study can be collected. It makes the data collection work easier and more flexible. Forthis study, random sampling has been adopted in order to select the samples. These will be ableoutside different restaurants in UK (Hacklin and Wallnöfer, 2012). In order to fulfill the researchaim and objectives, a sample size of 50 people has been kept and it is quite appropriate for theresearch.1.3 Design a questionnaire Table 1: Questionnaire1. Name 2. what is your age 3. Tick on your gender 4. Do you visit the restaurant regularly?Yes Once a weekOnce in monthRarely Never5. What kind of dishes would you like to eat?EuropeanAfricanIndianAmerican Italian 6. Do you know about ABC restaurant?YesNo7. Are you satisfied with its services?YesNo8. Please rate the service of ABC?GoodVery GoodExcellentAveragePoor 4
Business decision making -  Assignment_4
9. Please rate the food at ABC?GoodVery GoodExcellentAveragePoor 10 What you have to say about the environment at ABC?NiceGoodVery GoodExcellentPoor 11 Would you recommend ABC to other people?YesNo12 Do you think new branch of ABC should be opened?YesNoLO 2 Range of techniques to analyze data effectively for business purposes 2.1 Create the information for decision making Here, the information is created for the purpose of realizing whether restaurant must openits new chain having more focus on Asian dishes or European dishes (Prieto, and Revilla, 2006).For that purpose, past 7 years’ financial data of the restaurant company has been used. Table 2: Financial performance in terms of expenditure and salesYearAdvertising expenditure (£’000)Asian dishes(£’000)European dishes (£’000)200725200120200828230150200930300200201026270110201127330220201225350240201322300200Descriptive statistics 5
Business decision making -  Assignment_5
For advertising expenditure Advertisingexpenditure(£’000)Mean26.14286Standard Error0.961858Median26Mode25Standard Deviation2.544836Sample Variance6.47619Kurtosis0.516825Skewness-0.13696Range8Minimum22Maximum30Sum183Count7For Asian dishes Asiandishes(£’000)Mean282.8571Standard Error20.20305Median300Mode300StandardDeviation53.45225Sample Variance2857.143Kurtosis-0.80374Skewness-0.46004Range150Minimum200Maximum350Sum1980Count76
Business decision making -  Assignment_6

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