UNIT 6 Assignment on Business Decision Making

Added on - 28 Dec 2019

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BUSINESS DECISIONMAKING
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31.1 Plan for gathering data through different sources.................................................................31.2 Survey methodology.............................................................................................................41.3 Questionnaire for Balti palace...............................................................................................52.1 Summarisation of data collected through questionnaire.......................................................62.2 Result analysis to draw valid conclusion..............................................................................82.3& 2.4 Analysis of data using measure of dispersion by drawing valid conclusion.............10TASK 2..........................................................................................................................................113.1 Graphical presentation........................................................................................................113.2 Trend line for better future forecasting...............................................................................133.3 Covered in power point.......................................................................................................133.4 Formal business report........................................................................................................13TASK 3..........................................................................................................................................144.1& 4.2 Use of appropriate tools and determine the critical path system...............................144.3 Financial tools for decision making....................................................................................14CONCLUSION..............................................................................................................................15REFRENCES.................................................................................................................................16
INTRODUCTIONA business is consisting of many acts into that which are known as its operation. All ofthese actions should have to get accomplish in a proper and systematic manner. Thus decisionare also a part of an organisation management(Akpalu, Alnaa and Aglobitse, 2012). Thesedecision are known as the business decision. It consist of both the environment internal andexternal. An infective decision leads in promoting growth and sustainability for long run.Consumers are the essential elements of a firm on which consideration all task get accomplish.Hence, for new project it is mandatory for a business to consult it from their consumers. In thisconcern they can use certain number of approaches which are primary and secondary source ofinformation. This can get done with the help of preparing a number of questions and made asurvey on a population which is a sample of whole. Also by using proper financial tool they cananalyse all risk, profit related factor for a successful business project. The present report is basedon Balti palace which is one of the well establish hotel in London and now they want to open uptheir another franchise in London. For this concern they conduct a survey on some number ofpeople through which they can identify that which place is suitable for them and what kind ofactivities they have to add on in their new project.TASK 11.1 Plan for gathering data through different sourcesCollection and gathering of data before any new project is must. It is because it lead inanalyse all the market variances and changes which are taking place(Brown and et. al., 2010).Along with such things it also leads in taking customer opinion in a proper and appropriatemanner. Hence, for collecting and gathering of data promotes in making a successful businessproject. There are two major sources which Balti palace have to taken into account for collectingadequate amount of information so that their new project tends to work in a positive manner. Thetwo major sources are:1.Primary source2.Secondary sourcea) Primary source:It is a process or act through which adequate information can gather. Suchtype of information get collected while conducting personal interviews etc. The main reasonbehind this process is to collect right information. Various type of methodology are use in this
concern like questionnaire, telephonic feedback, interviews etc. hence, primary source ofinformation is time consuming process but promote purity of information(Çağman andEnginoğlu, 2010).Balti palace can use this source of information and promote sustainability of their project.It leads in managing all their resources in a proper manner. Also one of the major thing which isrelated with this process is to identify that what are the chances of this new hotel success. Theyprepare questionnaire and ask them to some number of people out of them some are regular userof their services and some are non users.b) Secondary sources:This source of information specifies that all the data which get gather isbased on previous research. The best thing about this approach is to make a valid conclusionwithout so much problems and interpretation(Chai, Liu and Ngai, 2013). The main originthrough which all relevant data get collected are the internet, books, journals etc.Balti palace can use this method for collecting more and more data and know about thecustomer preferences and opinion of such locality where they want to establish their firm.For this research primary data is utilise for analysing choice of their costumers and nonusers. Primary data aid them in getting more relevant information for their new project. If theyfound positive response of their respondent then they have to open up a new franchise over inLondon street. So for this purpose sample framing survey methodology is use in which questionsget asked to some group of people which do not know each other very well.1.2 Survey methodologySurvey is a process which is conducting on some number of people. The main purpose ofany kind of survey is to gather all type of information which is related with population whichfurther help in taking effective decision for such group of persons (Power and Phillips-Wren,2011). Methodology refer to some number of techniques through which this research and surveyprocess get accomplished. Hence, as per the definition of both terms it is clearly identify thatsurvey methodology are the approaches which are beneficial for an organisation to draw a validresult. Some of the well known survey methods are:1.Questionnaire2.Interviews3.Documentation Review
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