Decision Making Process of Balti Palace UK : Report

Added on - 14 Jan 2020

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Business Decision Making
TABLE OF CONTENTSIntroduction......................................................................................................................................3Task 1...............................................................................................................................................31.1. Primary and Secondary sources of data collection...............................................................31.2. Survey methodology and Sampling frame............................................................................41.3. Questionnaire........................................................................................................................42.1. Collected and Summarized data............................................................................................62.2. Central tendency...................................................................................................................82.3/2.4. Measures of Dispersion:.................................................................................................9Task 2.............................................................................................................................................113.1. Graph presentation..............................................................................................................113.2. Trend lines:.........................................................................................................................143.3. Power point presentation:...................................................................................................153.4. Business report:...................................................................................................................15Task 3.............................................................................................................................................174.1. Information processing tools:.............................................................................................174.2. Critical path:........................................................................................................................184.3. Use of financial tools for decision-making.........................................................................20Conclusion.....................................................................................................................................21References......................................................................................................................................222
Index of TablesTable 1: Questionnaire.....................................................................................................................6Table 2: Sales and Profit margin....................................................................................................10Table 3: Central tendency..............................................................................................................11Table 4: Sale and Profit margin.....................................................................................................11Table 5: Standard deviation...........................................................................................................11Table 6: Correlation coefficient.....................................................................................................12Table 7: Quartile............................................................................................................................12Table 8: Percentile.........................................................................................................................13Table 9: Sales and Profit margin....................................................................................................13Table 10: Forecasting table............................................................................................................16Table 11: Business report...............................................................................................................17Table 12: Process and its time of completion................................................................................20Table 13: NPV and IRR.................................................................................................................223
Illustration IndexIllustration 1: Column graph..........................................................................................................13Illustration 2: Bar graph.................................................................................................................14Illustration 3: line graph.................................................................................................................15Illustration 4: Cone graph..............................................................................................................15Illustration 5: Trend line................................................................................................................17Illustration 6: Network diagram.....................................................................................................21Illustration 7: Critical path.............................................................................................................214
INTRODUCTIONDecision making plays a vital role in success of any business organisation. It involves theprocess in which decision-makers come out with best possible alternatives. Financial structure ofany 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 Indianrestaurant basically situated in Wombwell (Small town of England). Balti Palace's managementis planning to open second chain restaurant in London.Furthermore, the report contains the ways for collection and analysis of data for theopening of second restaurant. Primary and secondary sources of data collection are highlighted inthe present report. Techniques like measures of dispersion and central tendency are discussedfurther for effective analysis of data. In addition, information in graphs and figures formats isused to help management to make proper decisions. Investment appraisal techniques andnetwork diagrams are used for concluding the final report.TASK 11.1. Creation of a plan for collection of Primary and Secondary dataData collection is the process which involves collection data by using two different typesof primary and secondary sources (What is primary data and secondary data in Statistics andresearch methods?,2016). Data collected is used in decision-making process.The plan for datacollection will comprise of the following two steps:Plan for Collection ofPrimary 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 datawhich is collected with a particular purpose of study. Data collected can be throughquestionnaires, survey methodology, sampling, personal interviews and telephonic interviews(Liberman‐Yaconi, Hooper and Hutchings, 2010). Balti Palace can use these ways to bring outthe data and information from their customers and can make decisions accordingly. The primarydata collection will help the restaurant to create a base for the second opening restaurant opening.Plan forCollection of Secondary data:Data collected through secondary sources are the secondhand data. It is the information which is already collected by some other person and also forsome other use (Black 2011). Balti Palace can use the data for its own purpose. This type of data5
collection is less costly and even consumes less time and efforts. Balti Palace can generate thisdata firstly from its internal sources and then from its external sources. Internal sources includethe sales records, marketing activities, cost information and distributor reports (Kline, 2010).External sources of information for Balti Palace can be books, journals, magazines, newspapersand internet. These secondary data collection will help Balti Palace in clarifying its need ofresearch.1.2. Presentation of Survey methodology and Sampling frameSurvey Methodology is an efficient way for the collection of quantitative data. It is a typeof 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 canuse these survey method for gathering data for the successful decision making of its newopening. In this report, questionnaire is the method which is used for surveying and collectingdata from the local residents of London. Through this Balti Palace can get the information aboutthe taste and preferences of customers and according to the same can decided the prices andvariety of food. Questionnaire will also help the restaurant to decide the location for new start-upplan.Sampling frame is also a type of the primary source of data collection where a samplesize is decided for data collection (Barry and Edgman-Levitan, 2012). This method also gatherquantitative information for the research. The sample size the part of population which acts onthe behalf of total population. Sampling frame consist of random sampling, judgement samplingand quota sampling. In this study of Balti Palace, random sampling is the method which is usedfor 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 QuestionnaireQuestionnaire is the part of survey methodology form which Balti Palace can collect theirrelevant information regarding customer satisfaction (Elango and et.al., 2010). Information takenout is from sample size 100 consumers.6
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