Project - Balti Palace's Decision Making Tools

Added on -2020-02-05

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BUSINESS DECISIONMAKING
Table of ContentsINTRODUCTION................................................................................................................................3TASK 1.................................................................................................................................................41.1 Create a plan for the collection of primary and secondary data for a given businessproblem........................................................................................................................................41.2 Present the survey methodology and sampling frame...........................................................41.3 Design a questionnaire for a given business problem............................................................5TASK 2.................................................................................................................................................72.1 create information for decision making by summarizing data using representative values. .72.2 Analyze the results to draw valid conclusions in a business context.....................................82.3 Analyse data using measures of dispersion to inform a given business scenario..................82.4 Explain how Quartile, percentiles and the correlation coefficient are used..........................9TASK 3...............................................................................................................................................103.1 Produce graphs using spreadsheets......................................................................................103.2 Create trend lines in spreadsheet graphs to assist in forecasting.........................................133.3 Prepare a business presentation...........................................................................................133.4 Produce a formal business report.........................................................................................13TASK 4...............................................................................................................................................144.1 Use of information tools......................................................................................................144.2 Prepare a project plan for an activity and determine the critical path.................................154.3 Use financial tools for decision making..............................................................................16CONCLUSION..................................................................................................................................18REFERENCES...................................................................................................................................20
INTRODUCTIONRole of business has increases with the influence of external market on the businesswhich enhances its overall skills and the capabilities. Balti palace has been selected by an entityin order to use various decision making tools to enhance the current skills and the capabilities ofan entity in order to make important decisions business. This project is all about creating datacollection plan which helps in organizing a research study in order to help an entity owner tocollect important facts and figures to accomplish desired aims and the objectives within a giventime frame. This project report also emphasis on using appropriate sampling method that helps incollecting important facts and figures in order to achieve the desired aims and the objectiveswithin a given time frame. The reliability of the collected information will be based on themethod used by an individual so it is important to select appropriate among which gives rightdirection to an individual. Sample size will be adopted to facilitate the researcher in order tocollect important facts related to the current aim of the overall research project report.Questionnaires are used to circulate among various individuals to take their consent about theconsumer's satisfaction an entity gains by delivering all its products or services to all theconsumers of the Balti palace. This report is all about using statistical measures like mean,median and mode in order to test the reliability of the information that may affect the overallbusiness performance of an entity in order to grab higher market opportunities located in theexternal market. Graphs and charts are used to present al the information about the business inorder to take important action in the business as it is essential for an entity in order to gab highermarket advantage by offering variety of services to is variety of users located in the externalbusiness environment. Different use of information technologies used in the business inimproving various business functions of the business in an enterprise using important tools andtechniques. The project will be managed using appropriate project management tool bydetermining critical path analysis and Gantt charts. Capital budgeting tool is used to analyze thefeasibility and viability of all the projects taken into consideration such as NPV and IRR.
TASK 11.1 Create a plan for the collection of primary and secondary data for a given business problemPrimary collection of data- Primary research is regarded as one of the important method usedby an individual in order to collect reliable information relate to the current research based onaccomplishing the desired aims of the overall research study. In this particular approachpersonally counselor is appointed in order to conduct study to gather important information tosupport the overall study aims and the objectives. In this approach the information is collectedfrom the real source as higher reliability of the information (Hwang and Yoon, 2012). True factsand figures collected y an individual in order to accomplish all the desired aim's ad targets as thishelps in improving higher business performance within a given time frame. Questionnaire isessential source of primary collection of data that helps an individual in order to circulate amongdifferent consumers exists in the local environment. The respondents for the given researchstudy is all the consumers as the current research study is conducting to know the consent of allthe consumers towards the products or services of the Balti palace. The personal appointedespecially for the current research preferences.Secondary collection of data- The secondary research study will be conducted by an entity inwhich facts and figures will be gathered to the external source as the nature of research specificresearch will determine the use of different techniques. In secondary research methods journals,books and magazine articles are used to collect information about the current market trends, tastsand preferences of various customers.1.2 Present the survey methodology and sampling frameVarious research methodologies will be adopted by an individual in order to collectimportant information to conclude overall research study in order to accomplish desired aims andtargets of an entity (Craft, 2013). Primary research collected by an individual to determine theactual performance of an entity in front of various customers located in the external market.Sampling technique is used by an individual in which few samples are selected out of thetotal population in order to generate true and reliable facts relate to the current business studywhose major objective is on getting higher level of customer satisfaction.

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