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SEM I-Business Decision Making Introduction 3 TASK 13

   

Added on  2020-01-28

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SEM I-BUSINESS DECISION MAKING
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31.1 Sources of collecting primary and secondary data................................................................31.2 Survey methodology and sampling frame work....................................................................41.3 Questionnaire.........................................................................................................................5TASK 2............................................................................................................................................62.1 Decision making calculations................................................................................................62.2 Results or interpretation.........................................................................................................72.3 Measures of dispersion..........................................................................................................82.4 Percentile and correlation......................................................................................................8TASK 3............................................................................................................................................93.1 Graphical presentation...........................................................................................................93.2 Trend line chart....................................................................................................................113.3 Business presentation...........................................................................................................123.4 Formal business report.........................................................................................................12TASK 4..........................................................................................................................................134.1 Information processing tools................................................................................................134.2 Project plan..........................................................................................................................144.3 Financial tools for decision making.....................................................................................15CONCLUSION..............................................................................................................................16REFERENCES..............................................................................................................................172
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INTRODUCTIONBusiness decision making is the integral part or techniques in which management selectssuitable option out of various alternative possibilities. Primary objective of any business unit isto enhance revenues and increase its profitability and this can be only possible when authoritiesanalyzes the information effectively and involve stakeholders in the decision making process.Present report is based on Blackfriars Restaurant and the cited firm is planning to open its secondbranch in London (Babin and Zikmund, 2015). Current assignment will discuss several sourcesof collecting data. Calculation of mean, mode, quartiles, and percentiles will be done in thisstudy. Project plan will be prepared for determining the critical path. TASK 11.1 Sources of collecting primary and secondary dataLondon is one of the leading business-friendly cities; Blackfriars Restaurant wants toopen its second restaurant in the city. Before taking any practical action, it is very important tocollect relevant information so that actual need of the consumers and market situation can beidentified. Data collection plan is an important process which helps to analyse the real situationof external business environment (Hoffman, Frederick and Schwartz, 2014). There are two typesof collecting techniques; primary and secondary.Primary data collection: These are such information which are gathered by theresearcher . These are first hand original data which can be used by the organization toprove certain hypothesis (Keat and Young, 2014). As Blackfriars Restaurant wants toexpand its business, so for the entity it is important to know the perception, expectation,desires of guests. The data can be collected through questionnaire and surveys. Byknowing the point of views of customers, cited firm will be able to make such structureand menu which can help to satisfy its consumers. Secondary data collection: These are such information which is already used andresearcher has to modify as per the objectives of research. Such details can be gatheredby internet, books, journals etc. These are information related to past accidents so theresearcher can get to know about critical situation (Crossan, Mazutis and Seijts, 2013).It helps to identify the problems and to find out proper solution of these issues.3
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As situations are continuous changing thus, past records are not necessary to be alwaysuseful hence; primary sources would be authentic for Blackfriars Restaurant. Scholar can takesupport of questionnaire and survey (Chesbrough, 2013). It can be filled by population ofLondon, . research has selected sample size 50.1.2 Survey methodology and sampling frame workSampling frame workThere are many sampling methods such as random, systematic, stratified sampling etc. Random sampling: It is most common sample methodology in which each person hasequal probability of getting selected. In this, researcher of Blackfriars Restaurant has toask the London population about their views and tests. So individual can randomly selectrespondent from London city (Storey, 2014). By this way, accurate data can be collectedfrom the mass market.Stratified sampling: It is another type of sampling methodology in which researchercollects data on the basis of set parameters. This type of subsets have similarcharacteristic, scholar can gathered information from managers, or particular gender etc.Stratified sampling assists the researcher of Blackfriars Restaurant in understanding thebehaviour of particular stratum (Lian, Yen and Wang, 2014). Thus, individual can takeappropriate decision as per their need and wants. In the modern era, generally youngsters,business class people go in restaurants frequently and apart from this kitty parties are heldin hotels and restaurants. So the researcher can collect data from working people, collegestudents and ladies. This can give reliable information which can be beneficial for theorganization.Cluster sampling: It is another type of sampling framework in which the scholar candivide population into clusters on the basis of geographical areas. By this way, opinion ofdifferent people can be gathered. It would be beneficiary in taking suitable decisionregarding business expansion (Poza, 2013). Survey methodologyIt is another main important primary source of collecting information. Questionnaire isthe best method of survey methodology. By this way, Blackfriars Restaurant will be able toknow the perception and needs of its consumers. Questionnaire will help in analysing the lacking4
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