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Unit 6 Business Decision Making Report

   

Added on  2020-06-04

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UNIT 6 BDM
Unit 6 Business Decision Making Report_1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Preparing plan for collecting primary and secondary data...............................................11.2 Outlining survey methodology and used sampling technique..........................................11.3 Presenting questionnaire for research purpose.................................................................2TASK 2............................................................................................................................................42.1 Presenting summary of collected data..............................................................................42.2 Computations of mean, median and mode.......................................................................52.3 Calculation of standard deviation.....................................................................................62.4 Presenting calculations of quartile, percentile and correlation.........................................6TASK 3............................................................................................................................................83.1 Presenting graphical representation of collected data......................................................83.2 Outlining trend line for forecasting data..........................................................................93.3 Presentation covered in ppt............................................................................................103.4 Presenting formal business report..................................................................................10TASK 4..........................................................................................................................................104.1 Discussing various tools of information processing system...........................................104.2 Presenting project plan and assessing critical path.........................................................114.3 Discussing financial techniques for business decision making .....................................12CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................14
Unit 6 Business Decision Making Report_2
INTRODUCTIONBusiness Decision Making is an important task that needs to be accomplished nicely sothat business may be able to flourish in the market. The enclosed report deals with Food forFriends which is planning to open branch of restaurant in London to satisfy customers and assuch, garner more profits from the new location. For successful opening of branch in newlocation, it is required that business should be able to plan activities in that way which leads toincreased profits in desired way. As such, customers will be delighted with quality food andbusiness will be able to earn profits with much ease. TASK 11.1 Preparing plan for collecting primary and secondary dataBusiness decision making is important to be carried out so that organisation may flourishand consecutively can achieve goals in effective manner. However, this task is not easy to carryout. For this, it is required that business should be able to carry out market research so thatcustomers' preferences can be analysed thoroughly (He and et.al, 2017). For easing this task,primary and secondary data need to be collected so that adequate information may be obtained indesired way. Primary data is that which is used for the first time and this helps business to makeeffective research. The plan for primary data will be gathered by distributing online questionnaires to therespondents and then asked to get the same within stipulated time. Data gathering is the essenceof marketing research so that Food for Friends can establish one more branch in London.Questionnaires are useful for business as it produces adequate information about the currentmarket problems. Thus, primary data is essential requirement for carrying out research.The secondary data on the other hand is contrary to primary data. Secondary data is thesecond-hand information which is literally old and is collected by previous researcher. In simplewords, the information is investigated previously and then can be used in present report. Theplan for secondary data is that researcher can use the data from company's annual report. Assuch, the plan for primary data and secondary data to be used by entity for enhanced decisionmaking.1.2 Outlining survey methodology and used sampling technique1. Survey methodology -1
Unit 6 Business Decision Making Report_3
The survey method is to be done by providing questionnaire to respondents so thatadequate information may be obtained with much ease. It is the easiest and simplest method forcollecting information quite satisfactorily within time. Online survey through questionnairemethod, increases efficiency and reduces time as it is a cost-effective method (Rothman, 2017). 2. Convenience sampling method -The convenience sampling method is also preferred by researcher as it is the simplestmethod to collect information. The data is obtained easily and as such, convenience samplingmethod is helpful for generating and producing required information. 3. Simple random sampling method -The simple random sampling method is also another useful method for collectinginformation by the researcher. Practically, it is impossible to collect information from all therespondents and as such, random sampling comes into picture and thus, only random basis ofinformation is extracted which is representation of whole data of the universe (Christensen,2017). In this report, we can use 30 sample size of sampling on basis of simple randomsampling. Moreover, authenticated information can be generated which will help Food forFriends restaurant to take better and effective decision making. 1.3 Presenting questionnaire for research purposeQuestionnaireDemographic informationName ________________Gender _______________Age __________________Ques 1. Do you often eat food in a restaurant ?DailyWeeklyMonthly2
Unit 6 Business Decision Making Report_4

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