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Business Decision Making Project

   

Added on  2020-07-22

16 Pages4600 Words33 Views
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Creation of plan for collecting primary and secondary data............................................11.2 Survey methodology and sampling frame use..................................................................21.3 Designing of questionnaire for gathering of information.................................................32.1 Creation of information on the basis of questionnaire.....................................................42.2 Use of measure of central tendency for effective decision...............................................52.3 Use of standard deviation and variances for effective decision making..........................62.4 Evaluation of correlation coefficient for appropriate understanding...............................6TASK 2............................................................................................................................................83.1& 3.2 Formulation of graphs and charts for better working..............................................83.2 Use of trend line for effective and appropriate work.....................................................103.3 Formulation of business presentation to senior management.........................................113.4 Produce a formal business report...................................................................................11TASK 3..........................................................................................................................................114.1 Use of appropriate information processing tool.............................................................114.2 Prepare a project plan for activity with critical path......................................................124.3 Use of financial tools for decision making.....................................................................14CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................16

INTRODUCTIONBusiness needs appropriate and suitable decision making so that association become ableto manage and deal at vast level (García-Peñalvo and Conde, 2014). In this consideration,business decision making is a crucial aspect which could be done with assistance of seniormanagement of a company. This project is based on Food For Friends need to open anotheroutlet in London with a clear motive to enhance their profit. In this aspect, appropriate creationof plan get framed which support in collecting information through various sources. Along withthis, it will reflect a questionnaire which further enables in order to create suitable and relevantdata so that better and effective working could be done. Moreover, it also needs to preparevarious charts and graphs with trend line so that future forecasting becomes possible. TASK 11.1 Creation of plan for collecting primary and secondary dataEach and every kind of project needs appropriate planning so that this will get completedwithin limited period of time (Sharma, Mithas and Kankanhalli, 2014). Along with, it is requiredto formulate aims and objectives which are associated with project; therefore it gets attainedwithin provided time span. For this, they will gather data and information in an effective way andexamine it properly; therefore, decision will be taken effectually. For this, they will takeassistance of some methods, which are stated as below:Primary data: This type of information is collected by manager recently so that it ismuch accurate. Along with this, it is related to recent period of time which assist superiorto take judgement in more appropriate way. Employer of Food for Friends is utilizing thistechnique; thus, they will acquire best and positive outcome. They are going to usequestionnaire methodologies for this as it aids to get viewpoint of many individuals.Secondary data: It will be gathered by manager through distinctive attributes likeinternet, research paper, magazine and so on. This will take less time. But data which isusing is not related with recent time frames so that there is lack of effectiveness ofinformation.This is my plan for the collection of the data Methods Time period 1

Secondary data Internet Books Journals Articles ONS1-2 WEEKS Primary data Survey Prepare questionnaire Using interview method 3-5 week 1.2 Survey methodology and sampling frame useManager of an organisation will conduct survey so that they will improve their workingoperations. With assistance of this, they will acquire data and information in an appropriatemanner, which will help them into decision making procedure. They will take assistance ofsample method and select people on random basis. There are many kinds of survey methods willbe utilized by Food for Friends, which are mentioned as below:Survey Monkey: This is considered as a foremost method which will be used by anindividual to formulate questionnaire in an effective manner (Şen, 2017). Therefore,feedback from respondents will be acquired. As a result, firm will take an appropriatejudgement for their business which helps them to survive at marketplace for maximumperiod of time.Questionnaire: With assistance of this, superior will acquire response from manyrespondents which will help them into growth and enhancement of Food for Friends.They will take people on random basis to get their feedback and in this assignmentalmost 80 individuals are get selected randomly (Tools used to process information,2017).Sampling is considered as statistical process which is much concerned with selection ofobservation of an individual. This can be classified into three parts, such as Random, Systematic2

and Stratified. In this assignment, sampling is done on random basis, people are get selectedrandomly and their views are gathered by formulating questionnaire. Here, sample size is 80. 1.3 Designing of questionnaire for gathering of informationThis will be formulated by manager of an organisation so that they will gather viewpointsor opinions of many people as they are going to open new outlet in London (Shouzhen and et.al.,2014). Therefore, questionnaire for Food for Friends is stated as beneath:QuestionnaireName:Gender:Age:E- mail:Q1. Do you like Food and Beverages of restaurant of Food for Friends?a) Yesb) NoQ2. Provide rating to services and products to Food for Friends?a) Superior b) Great c) Averaged) LowQ3. How much will you spent to buy goods and services of company?a) More than £25b) Between £25 to £50c) Less than £50Q4. Are you satisfied with the services of Food for Friends effectually?a) Yesb) No Q5. As per you, which kind of location is suitable for new restaurant of Food for Friends?a) Beach sideb) Rooftopc) Near mallQ6. Is there need for them to alter their goods and services to make them more effective?3

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