Understanding Decision Making Processes

This assignment delves into the complexities of decision making across different contexts. It examines organizational ethics, individual ethics, and ethical intentions in international decisions. The influence of foresight on business decision-making is also explored. Further, it investigates models used to process information and analyze strategic decision-making in micro-firms. Different types of graphs and diagrams are introduced to illustrate data visualization techniques relevant to decision analysis.

Business Decision Making

TABLE OF CONTENTS
Introduction......................................................................................................................................3
Task 1...............................................................................................................................................3
1.1. Primary and Secondary sources of data collection...............................................................3
1.2. Survey methodology and Sampling frame............................................................................4
1.3. Questionnaire........................................................................................................................4
2.1. Collected and Summarized data............................................................................................6
2.2. Central tendency...................................................................................................................8
2.3/2.4. Measures of Dispersion:.................................................................................................9
Task 2.............................................................................................................................................11
3.1. Graph presentation..............................................................................................................11
3.2. Trend lines:.........................................................................................................................14
3.3. Power point presentation:...................................................................................................15
3.4. Business report:...................................................................................................................15
Task 3.............................................................................................................................................17
4.1. Information processing tools:.............................................................................................17
4.2. Critical path:........................................................................................................................18
4.3. Use of financial tools for decision-making.........................................................................20
Conclusion.....................................................................................................................................21
References......................................................................................................................................22
2

Index of Tables
Table 1: Questionnaire.....................................................................................................................6
Table 2: Sales and Profit margin....................................................................................................10
Table 3: Central tendency..............................................................................................................11
Table 4: Sale and Profit margin.....................................................................................................11
Table 5: Standard deviation...........................................................................................................11
Table 6: Correlation coefficient.....................................................................................................12
Table 7: Quartile............................................................................................................................12
Table 8: Percentile.........................................................................................................................13
Table 9: Sales and Profit margin....................................................................................................13
Table 10: Forecasting table............................................................................................................16
Table 11: Business report...............................................................................................................17
Table 12: Process and its time of completion................................................................................20
Table 13: NPV and IRR.................................................................................................................22
3

Illustration Index
Illustration 1: Column graph..........................................................................................................13
Illustration 2: Bar graph.................................................................................................................14
Illustration 3: line graph.................................................................................................................15
Illustration 4: Cone graph..............................................................................................................15
Illustration 5: Trend line................................................................................................................17
Illustration 6: Network diagram.....................................................................................................21
Illustration 7: Critical path.............................................................................................................21
4

INTRODUCTION
Decision making plays a vital role in success of any business organisation. It involves the
process in which decision-makers come out with best possible alternatives. Financial structure of
any firm is also affected by the business decision-making processes (Zsambok and Klein, 2014).
The present report is based on decision-making process of Balti Palace of the UK. It is an Indian
restaurant basically situated in Wombwell (Small town of England). Balti Palace's management
is planning to open second chain restaurant in London.
Furthermore, the report contains the ways for collection and analysis of data for the
opening of second restaurant. Primary and secondary sources of data collection are highlighted in
the present report. Techniques like measures of dispersion and central tendency are discussed
further for effective analysis of data. In addition, information in graphs and figures formats is
used to help management to make proper decisions. Investment appraisal techniques and
network diagrams are used for concluding the final report.
TASK 1
1.1. Creation of a plan for collection of Primary and Secondary data
Data collection is the process which involves collection data by using two different types
of primary and secondary sources (What is primary data and secondary data in Statistics and
research methods?, 2016). Data collected is used in decision-making process. The plan for data
collection will comprise of the following two steps:
Plan for Collection of Primary data: This source of data collection is the first hand data. Here,
data is collected by investigators themselves from the field. It basically means the original data
which is collected with a particular purpose of study. Data collected can be through
questionnaires, survey methodology, sampling, personal interviews and telephonic interviews
(Liberman‐Yaconi, Hooper and Hutchings, 2010). Balti Palace can use these ways to bring out
the data and information from their customers and can make decisions accordingly. The primary
data collection will help the restaurant to create a base for the second opening restaurant opening.
Plan for Collection of Secondary data: Data collected through secondary sources are the second
hand data. It is the information which is already collected by some other person and also for
some other use (Black 2011). Balti Palace can use the data for its own purpose. This type of data
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collection is less costly and even consumes less time and efforts. Balti Palace can generate this
data firstly from its internal sources and then from its external sources. Internal sources include
the sales records, marketing activities, cost information and distributor reports (Kline, 2010).
External sources of information for Balti Palace can be books, journals, magazines, newspapers
and internet. These secondary data collection will help Balti Palace in clarifying its need of
research.
1.2. Presentation of Survey methodology and Sampling frame
Survey Methodology is an efficient way for the collection of quantitative data. It is a type
of primary sources of data collection. Questionnaires, personal interviews, telephonic interviews,
and Mail survey are the types of survey methodology (Zolfani and et.al., 2013.). Balti Palace can
use these survey method for gathering data for the successful decision making of its new
opening. In this report, questionnaire is the method which is used for surveying and collecting
data from the local residents of London. Through this Balti Palace can get the information about
the taste and preferences of customers and according to the same can decided the prices and
variety of food. Questionnaire will also help the restaurant to decide the location for new start-up
plan.
Sampling frame is also a type of the primary source of data collection where a sample
size is decided for data collection (Barry and Edgman-Levitan, 2012). This method also gather
quantitative information for the research. The sample size the part of population which acts on
the behalf of total population. Sampling frame consist of random sampling, judgement sampling
and quota sampling. In this study of Balti Palace, random sampling is the method which is used
for the data collection. Here sample size of 100 customers can used for information collection.
Under random sampling of 100 customer every one have the neutral chance of being picked up.
Information gathered through random sampling for Balti Palace is diversified.
1.3. Designing a Questionnaire
Questionnaire is the part of survey methodology form which Balti Palace can collect their
relevant information regarding customer satisfaction (Elango and et.al., 2010). Information taken
out is from sample size 100 consumers.
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Table 1: Questionnaire
Name _________________________
Age  Below 30
 30-45
 45-60
 60 above
Gender  Female
 Male
Address ______________________________________
______________________________________
___________(PIN code)________________
1. How often have you visit Balti Palace?  Once a week
 2 or 3 times a month
 Once a month
 Less then once a month
2. Are you satisfied with quality and
service of restaurant?
 Strongly satisfied
 Satisfied
 Neutral
 Dissatisfied
 Strongly Dissatisfied
3. Do the ambiance and environment
attracts you?
 Highly attractive
 Attractive
 Normal
 Unattractive
 Highly unattractive
4. Are you agree with prices and food
variety of restaurant?
 Strongly agreed
 Agreed
 Neutral
 Disagreed
 Strongly disagreed
5. How would you range the food quality
and presentation?
 Highly Impressive
 Impressive
 Normal
 Disappointing
 Highly Disappointing
6. How would you like to rate the
restaurant?
 Less then 3 stars
 3 or 5 stars
 More than 5 stars
7. How you will compare the Balti Palace
with other restaurants?
 Excellent, no comparison
 Average, like others
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 Worst, can not compare
8. What location you would love to see
the opening of chain restaurant in
London?
 Lake side view
 Locality, middle of the city
 Easy approach
 Near airport
 Other (If, where?)
______________________
9. Suggestions for improvement _________________________
2.1. Collected and Summarized data
Theme 1: Customers often visit Balti Palace
Responses Respondents (100)
 Once a week
 2 or 3 times a month
 Once a month
 Less then once a month
 65
 20
 10
 5
According to figure, 65% of respondents says that they visit existing branch very often
once in a week. Out of 100 there are only 5% respondents who visit restaurant but very rare.
Theme 2: Customers highly agrees with price and food variety
8
65
20
10
5
Once a week
2 or 3 times a month
Once a month
Less then once a
month

Responses Respondents (100)
 Strongly agreed
 Agreed
 Neutral
 Disagreed
 Strongly disagreed
 55
 20
 15
 7
 3
55% of Respondents vote that they are highly agrees with the prices and food variety of
the present restaurant chain which can be help to fix the menu of next chain restaurant. As 3%
and 7% voters do not agrees, Balti Palace can bring innovation to the present menu.
Theme 3: Customers suggest easily approachable location for new opening
Responses Respondents (100)
 Lake side view
 Locality, middle of the city
 Easy approach
 Near airport
 Other
 22
 18
 45
 8
 7
9
55
20
15
7
3
Strongly agreed
Agreed
Neutral
Disagreed
Strongly disagreed

Location is the prime most query for the restaurant's management. For the same, 45% of
the respondents say that second branch should be located at the place which would be easily
approachable. Other than easy approach location management can setup its new branch to any
place which have lake side view.
2.2. Central tendency
Central tendency is the measure which determines the central value or the average value
of the distribution. Mean, mode and median are the part of central tendency (Zavadskas and
Turskis, 2011). For Balti Palace, these measures are calculated and can help restaurant in
determining the average profitability and sales turnover amounts.
Table 2: Sales and Profit margin
Years Sales (£) Profit Margin (£)
2001 1500 900
2002 2500 1800
2003 2000 1500
2004 1800 950
2005 2500 1500
2006 1000 850
10
22
18
45
8
7
Lake side view
Locality, middle of the
city
Easy approach
Near airport
Other

2007 3000 2500
Above table contain the details about the sale and profit margin of Balti Palace for the
seven consecutive years. Based on the above data mean, mode and median for the restaurant are
calculated below:
Table 3: Central tendency
Sales (£) Profit Margin (£)
Mean 2042.85 1428.57
Median 2000 1500
Mode 2500 1500
In the above table, sales and profit margin is having a positive relation which indicates
that as the sales turnover increases profitability ratio of Balti Palace will also increases but with
3/4th % only. Mean, mode and median gives the central position for the restaurant (Wu and
Pagell, 2011). All these three measures are in positive figures which gives the restaurant a
profitable condition. Hence by analyzing the table, Balti Palace can move ahead and can earn
profit in long run with the plan of setting up second restaurant.
2.3/2.4. Measures of Dispersion:
Measures of dispersion also helps in locating the central value of any distribution.
Variance, interquartile range, standard deviation are the most common measures of dispersion
(Merigó and Casanovas, 2011).
Table 4: Sale and Profit margin
Years Sales (£) Profit Margin (£)
2001 1500 900
2002 2500 1800
2003 2000 1500
2004 1800 950
2005 2500 1500
2006 1000 850
2007 3000 2500
11

Above table demonstrate the sales and profit margin figures of Balti Palace from year
2001 to 2007.
Table 5: Standard deviation
Sales (£) Profit Margin (£)
Standard Deviation 680.33 597.12
Sample Variance 462857.1 356547.6
Kurtosis -0.61 0.4
Skewness -0.18 0.91
Range 2000 1650
Minimum 1000 850
Maximum 3000 2500
Sum 14300 10000
Count 7 7
The above and below table shows the standard deviation and correlation coefficient
respectively. Standard deviation is shows the variation in the mean values of Balti Palace
(Lunenburg, 2011). It shows that average sales turnover can be increased or decreased by £
680.33 amount. Same in the case of profitability which can go up or down with £ 597.12 amount.
Now is the correlation coefficient which give the relation between the sales and profit margin of
the restaurant (Xia and Xu, 2011). Correlation coefficient of Balti Palace is not a perfect
correlation but shows positive relation. It means that when sales turnover is increased the
profitability ratio of restaurant will also increase and vice-versa.
Table 6: Correlation coefficient
Correlation Sales Profit Margin
Sales 1 -
Profit Margin 0.91 1
The below two tables show the quartile and percentile vales of Balti Palace which help in
forecasting the future sales and profit margin (Frey, Schulz-Hardt and Stahlberg, 2013). 1st row
of both the tables shows that sales and profit will be less than £1650 and £925 respectively. For
more productivity and profitability Balti Palace have the majority of population which says that
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sales will be more than £2500 and profit will be more than £1650. Balti Palace can go with the
majority and lead to the project further.
Table 7: Quartile
Quartile Sales (£) Profit Margin (£)
1st 1650 925
2nd 2000 1500
3rd 2500 1650
4th 3000 2500
Table 8: Percentile
Percentile Sales (£) Profit Margin (£)
25% 1650 925
50% 2000 1500
75% 2500 1650
100% 3000 2500
TASK 2
3.1. Graph presentation
Graph presentation is the way which can help comparing tow or more than two item on a
single sheet (Sutherland, 2010). For Balti Palace graphs are used to allocate sales and profit
margin amounts. This will help management of restaurant in taking further decisions like future
investments and increasing sales. Different graphs listed below the table are based on data
presented in below sales and profit margin table.
Table 9: Sales and Profit margin
Years Sales (£) Profit Margin (£)
2001 1500 900
2002 2500 1800
2003 2000 1500
2004 1800 950
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2005 2500 1500
2006 1000 850
2007 3000 2500
Illustration 1: Column graph
Above is the column graph which is showing the difference of sales and profit margin. In
this graph horizontal is the x-axis which shows the consecutive years and vertical is the y-axis
which shows the range of sales and profit margin.
Illustration 2: Bar graph
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Bar graph, constructed in the above figure shows the variation in sales and profit margin
of Balti Palace. In the figure from 2001 to 2007 it can be seen that profit margin varies according
to sales.
Line graph is the another form of graph formation which gives out the comparison
between sales and profit margin (Ho, Xu and Dey, 2010). In above figure, range of sales and
profit margin is shown.
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1
2
3
4
5
6
7
0
1 0 0 0
2 0 0 0
3 0 0 0
4 0 0 0
1 5 0 0
2 5 0 0
2 0 0 0 1 8 0 0
2 5 0 0
1 0 0 0
3 0 0 0
9 0 0
1 8 0 0
1 5 0 0
9 5 0
1 5 0 0
8 5 0
2 5 0 0
S ales ( £ ) Profit Marg in ( £ )
Illustration 3: line graph

Illustration 4: Cone graph
The above figure shows the cone graph, which also shows the difference but in an
attractive and presentable form (Hacklin and Wallnöfer, 2012).
All these graphical formation will help the Balti Palace in making the decisions for
increase or decrease in sales turnover which will affect profitability of the restaurant.
3.2. Trend lines:
Trend lines are used to depict the future expectations of the business (Nowduri, 2011).
Balti Palace can use these trend lines and determine the success of the second opening.
Table 10: Forecasting table
Years Sales (£) Profit Margin (£)
2001 1500 900
2002 2500 1800
2003 2000 1500
2004 1800 950
2005 2500 1500
2006 1000 850
2007 3000 2500
2008 - -
2009 - -
16

2010 - -
2011 - -
2012 - -
The above table contain the sale and profit margin values of Balti Palace for seven
consecutive years. These values will also help the to forecast the future five years of the
restaurant.
Illustration 5: Trend line
The above figure shows the column graph and trend line formations for sales and profit
margin. From 2001 till 2007 sales and profit varies in a proportion. On that bases the trend lines
are moving in diagonal direction which shows the increment in the values (Woiceshyn, 2011). In
initial years sales is higher than profit margin therefore in forecasting of sales for future five
years is also higher than the profit of five years. Through these trend lines it can be estimated
that Balti Palace will earn more profitability and more productivity in the next five years. Even
Balti Palace can ahead with the new project of second restaurant opening.
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3.3. Power point presentation:
Power point presentation (ppt) is formed to present all the finding and ways in an
effective manner. It shown in ppt attached.
3.4. Business report:
Management of Balti Palace can make use of this business report for its further decision-
making processes for the set up of their second restaurant.
Table 11: Business report
BUSINESS REPORT ON SECOND SETUP OF BALTI PALACE
To: Board of Director, Balti Palace
From:
Status: Confidential Report
Date: 30th March 2016
I INTRODUCTION AND TERMS OF REFERENCE
Present Report is based on the data collection of Balti Palace for making out
decisions for opening second restaurant. Data collection will be analyzed and
includes consumer's tastes and preferences, prices, location of setup and other major
decisions.
II METHODS
Data collection is a long process and need some method for taking out information.
For Balti Palace in this report some methods evolve are:
1. Survey methodology in which questionnaires are introduced for data
collection.
2. Sampling frame in which random sampling is done over 100 sample size.
3. Measures of dispersion like standard deviation, correlation coefficient and
interquartile range are used to take out the variation of sales and profit.
4. Mean, mode and median which measures of central tendency are taken out to
for measuring the center values.
III FINDINGS
Finding which help management to decide whether to go ahead with project or to
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reject the project. Some decision-making findings are:
1. For future forecasting trend lines are used which shows that the project will
be a success.
2. Through NPV and IRR at 12% discounting rate project can be rejected but at
at 10.12% project can be accepted.
3. By using dispersion and central tendency measures, the project is tent to be
profitable and productive.
4. Survey and sampling frame have successfully taken out the information
regarding taste and choice of customers.
IV CONCLUSION
The report contains all the facts and figures over which the management of restaurant
can take further decisions. In addition, Board of Directors can decided the prices of
the food and its variety according to the customer's choice which can lead them to
success for their new project. In all the report formed can be sufficient enough for the
management to further take the new project or not.
TASK 3
4.1. Information processing tools:
Information processing means the collecting, summarizing and storing of data in digital
format through computer systems. This processing system includes operating systems, business
software, networks, computers and mainframes (Perry, 2016). Balti Palace can also use several
information processing tools for storage and summarizing of data in digital manner. Some of the
tools are discussed below:
 Database: Tool which is used to store data in efficient manner and also used to process
data (Solomon, 2014). Balti Palace can store their on database and can also easily and
quickly retrieve the data as and when required. Restaurant can make effective
coordination with other user. Database management system will the management of
restaurant in updating inventory, searching and sorting data and proper description of
services they are providing to the customers.
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 Server: This tool will help the restaurant to share their information regarding menu,
home delivery products and their day to day schemes with regular customers. It is a
network of different computers which share information and data (Yager and Kacprzyk,
2012).
 Accounting Information System (AIS): This tool will help Balti Palace management in
internal decision-makings. It will help restaurant in making proper and systematic
financial accounts and bring out appropriate statistical report (Kline, 2010).
4.2. Critical path:
Critical path is the path which determines the shortest duration by including the longest
path (Triantaphyllou, 2013). Balti Palace have to determine its critical path by which it can
successfully operate the new project in shortest time period.
Table 12: Process and its time of completion
Task Mode Task Name Duration Start Finish Predecessors
Auto
Scheduled Market analysis 55 days Wed 3/30/16 Tue 6/14/16
Auto
Scheduled Data collection 50 days Wed 6/15/16 Tue 8/23/16 1
Auto
Scheduled Implementation 35 days Wed 10/5/16 Tue 11/22/16 2,7
Auto
Scheduled Feedback 10 days Wed 11/23/16 Tue 12/6/16 3
Auto
Scheduled Defaults 7 days Wed 11/23/16 Thu 12/1/16 3,6,8
Auto
Scheduled
Resources
availability 13 days Wed 6/15/16 Fri 7/1/16 1
Auto
Scheduled Data analysis 30 days Wed 8/24/16 Tue 10/4/16 2
20

Auto
Scheduled Resource allocation 22 days Wed 10/5/16 Thu 11/3/16 6,7
Auto
Scheduled Modification 8 days Wed 12/7/16 Fri 12/16/16 4,5
The above table shows the activities which are involved in the process of setting up new
project. Table shows the time duration of each activity and also the relation between two
activities. Through this relation a network diagram is formed for Balti Palace which is shown in
the below diagram.
Illustration 6: Network diagram
The above network diagram shows the relation between activities i.e. by completing
single activity next activity will come in action (Hwang, and Yoon, 2012). This diagram shows
the starting time and the end time of the project which includes all the activities of the process.
According to the diagram, starting time of the project is from March and will end till December.
21

Illustration 7: Critical path
Figure above shows the critical path formation which is denoted by red color path. It says
that new project of second opening will involve activity 1, 2, 7, 3, 4 and lastly reach to 9. This
may be the longest path for project completion but will also involve shortest duration of 188days
including necessary activities.
4.3. Use of financial tools for decision-making
There are several financial tools which can be used by Balti Palace for its decision-
making purpose. Calculation of Payback period, Net present value (NPV), Internal Rate of
Return (IRR) and Accounting Rate of Return (ARR) are some basic financial tools that are used
for decision-making (Power, Sharda and Burstein, 2015). Out of several tools, here are two tools
which are discussed below:
Table 13: NPV and IRR
Years
Cash flow
(£)
PV
factor@12%
PV for
plan@12%
PV
factor@5%
PV for plan
@8%
1 50000 0.89 44642.86 0.95 47619.05
2 64000 0.8 51020.41 0.91 58049.89
3 58000 0.71 41283.25 0.86 50102.58
4 70000 0.64 44486.27 0.82 57589.17
Total PV 181432.79 213360.69
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Initial
Investment -190000 -190000
NPV -8567.21 23360.69
IRR = lower rate + {NPV with lower rate/(total PV of higher rate – total PV of
lower rate) } * (higher rate – lower rate)
= 5 + {23360.7 / (213360.7-181432.8)} * (12-5) = 10.122%
 NPV: It calculates the present value by the help of inflow and outflow of cash (Zsambok
and Klein, 2014). This present value helps in identifying the profitability of the restaurant
over initial investments and performance. It can also help Balti restaurant in capital
budgeting decisions. In the above table, at 12% discounting rate restaurant is having
negative NPV which defines the outflow of cash. At 5% of discounting rate, restaurant is
earning profit and having the inflow of cash. By NPV at 12% PV rate, Balti restaurant
should reject the project as the restaurant will be suffering from losses.
 IRR: It calculates the overall cash involved in business activities at final present value
(Black, 2011). Through IRR, Balti restaurant can recognise its overall productivity. For
attaining higher success for second opening, Balti restaurant should accept the project
which has higher rate of return. Here, the IRR is at 10.122% which can give higher
returns to the project therefore; by IRR rating Balti restaurant should accept the project.
CONCLUSION
The aforementioned report concludes that investment appraisal techniques are important
for proper decision-making of the organization. Graphical presentations and trend lines are the
useful tools to locate and compare the sales turnover and profitability of any business.
Furthermore, questionnaires and random sampling are used of generating information. In
addition, statistical tools like measures of dispersion and central tendency also termed as efficient
decision-making instruments. Using above mentioned methods Balti Palace can collect the
relevant data and analyze it for seeing the scope of second restaurant in the city of London.
23

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