Project Plan on Business Decision Making

BUSINESS DECISION MAKING

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
1.1 Creating plan for primary and secondary data .....................................................................4
1.2 Survey methodology ............................................................................................................4
1.3 Designing questionnaire .......................................................................................................5
TASK 2............................................................................................................................................7
2.1 Information for decision making...........................................................................................7
2.2 Interpretation of results of mean, median and mode.............................................................7
2.3 Measure of dispersion...........................................................................................................8
2.4 Calculation of correlation and quartile..................................................................................9
TASK 3............................................................................................................................................9
3.1 Analysis of primary data.......................................................................................................9
3.2 Trend line............................................................................................................................12
3.3 Covered in PPT...................................................................................................................13
3.4 Formal business report .......................................................................................................13
TASK 4..........................................................................................................................................13
4.1 Use of suitable information processing tools .....................................................................13
4.2 Preparation of the project plan ...........................................................................................14
4.3 Financial tools for decision making ...................................................................................16
Conclusion ....................................................................................................................................18
References .....................................................................................................................................19
INDEX OF TABLES
Table 1: Calculation of mean, median and mode............................................................................7
Table 2: Median value....................................................................................................................8
Table 3: Calculation of standard deviation......................................................................................8
Table 4: Calculation of correlation..................................................................................................9
Table 5: Calculation of percentile....................................................................................................9
Table 6: People response on factors which influence them to visit Food for Friends?.................10
Table 7: People preference on food...............................................................................................10
Table 8: Project plan data..............................................................................................................15

Table 9: Calculation of payback period method............................................................................17
Table 10: Calculation of ARR.......................................................................................................17
Table 11: Calculation of net present value....................................................................................18
Table 12: Calculation of IRR 18
ILLUSTRATION INDEX
Illustration 1: People response on factors which influence them to visit Food for Friends?.........10
Illustration 2: People preference on food.......................................................................................11

INTRODUCTION
Business Decisions are very complex which are made for long-term and highly affect the
productivity of an organization. Decision making is the systematic process in which relevant
information is gathered, choices are made, and alternative occupations are assessed to make the
business operations more effective. These decisions are not easy to make, the owner of company
has to take into consideration many factors. Various analytic tools and concepts are used in the
research and interpretation of there results are made in the report. At end of the report, projects
are evaluated by using methods like pay back, ARR and IRR etc.
TASK 1
1.1 Creating plan for primary and secondary data
Food for Friends is planning to open its second new restaurant in the city of London.
Hence for the purpose of knowing the consumer taste and preferences, company is planning to
do a survey on the people. The plan for the primary and secondary data collection is as follows:
 Primary plan – Primary data is the first hand information which is unprocessed and fresh
in nature. Food for Friends will collect the primary data from the potential customers of
London through questionnaire technique (Huber, 2011). Primary research is conducted
because it helps firm in collecting facts and figures about the situation that is currently
prevalent in the market.
 Secondary plan – It is available through already published sources. This kind of
information is not new and needs to be collected from valid and authentic sources. In
present study secondary information will be collected from books, journals and
magazines. Information collected from these sources helps in develop proper
understanding about the research topic.
1.2 Survey methodology
Sampling makes the data collection work easier (Berenso and et.al., 2012). It is mainly
of two types’ probability and non-probability methods. For this research combination of random
and Purposive sampling techniques will be applied. The respondents will be selected who are
near to the location of different restaurants. It is appropriate because it helps in avoiding personal
bias. Purposive approach is appropriate because primary data is required to be collected from