Report on Business Decision-Making for Balti Palace Expansion Project

This report presents a comprehensive analysis of business decision-making for the expansion of Balti Palace. It begins with an introduction to the need for effective business strategies and outlines the research objectives. The report details the methods used for gathering primary and secondary data, including survey methodologies, questionnaire design, and sampling techniques. It then proceeds to interpret the gathered data, analyzing sales and profit figures using mean, median, and mode, and exploring measures of dispersion such as standard deviation. The report also covers the advantages of implementing quartiles, percentiles, and correlation coefficients. Furthermore, it includes graphical representations and trend line analysis to support the findings. Finally, the report discusses the application of data methods in decision-making and explores investment appraisal tools, providing a holistic view of the decision-making process for the Balti Palace expansion.

Business Decision
making
Contents

INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Create a plan for gathering of primary and secondary data:............................................1
1.2 Survey methodologies and sampling frame used:............................................................2
1.3 Questionnaire:...................................................................................................................3
TASK 2............................................................................................................................................5
2.1 Interpretation of the data gathered:...................................................................................5
2.3 Analyse of measure of dispersion:...................................................................................6
2.4 Advantages of implementing quartile, percentile and coefficient correlation:................7
TASK 3............................................................................................................................................7
3.1 Produce graph:..................................................................................................................7
3.2 Trend line:......................................................................................................................11
3.3 Covered in PPT...............................................................................................................12
TASK 4..........................................................................................................................................13
4.1 Use of data methods in decision making........................................................................13
4.2 Network path:.................................................................................................................14
4.3 Investment appraisal tools:.............................................................................................15
CONCLUSION..............................................................................................................................16

INTRODUCTION
There is a need to make certain thinking which is required to make certain objectives in an
effective manner. The business objectives of the company can be made after analysing effective
strategy (Ru and et. al., 2013). Although, this could be said that the company can make certain
business decisions in an effective manner. In this report, this can be said that the Balti Palace is
expanding its business operations in London. For that, their senior manager is making research in
order to know about the market efficiently. Under this, various graphs are used and make certain
tools in order to render effective strategy.
TASK 1
1.1 Create a plan for gathering of primary and secondary data:
The data collection is the most important thing which are used by any company for making
research so that the business objectives can be achieved in an effective manner. There are certain
things which are required to consider while considering data which would further be helpful for
making the business objectives (Shapiro and Stefkovich, 2016). Which would helpful for making
research objectives effectively.
But before going to make a plan for gathering data, there is a strong need to know about
the market where company is going to collect data. For gathering of the data, it has been find out
that the company will use primary and secondary data. These are explained in details:
Primary data: The primary data is the data which is gathered for the first time. Although, this
can be said that the primary data is used in order to make out certain tools that can be used for
making business objectives in an effective manner (March, 2013). Although, primary data is the
most effective tool which can be used by the company for gathering data so that the business
objectives can be achieved effectively. This is the data which shows an effective accuracy. The
primary data could be attained while considering that the company can easily attain the
objectives. The data collected by using primary research method is that this is the most effective
method which would help out to make out efficient strategy.
Advantages:
 The key advantage of the primary research objective is that the primary research method
is used by the firm for making business objectives efficiently.
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 The primary research objectives are helpful for knowing the market situation exactly. As,
this helps for gaining sustainable development.
 The primary research is the tool which helps in making business objectives in an efficient
manner. Although, this this is the research methodology which is used by the firm for
making the business objectives efficiently.
Disadvantages:
 Primary research method is not easy to get. As, this requires lots of time for collecting the
data.
 The primary data collection technique is one of the most expensive technique which
requires most of the time which create problems for making the business objectives
efficiently.
Secondary Research Method: This is the another way for gathering the data from the potential
market (Lootsma, 2013). Although, this can be said that the company needs to render an
effective strategy which would help out to make business objectives in order to render an
efficient strategy. Although, this can be said that the secondary research method is the tool which
could be used by the firm if the data collection requirement is huge. As, this can be said that the
data requirement can-not be said that the company is using their tools efficiently.
Advantages:
 The main advantage of the secondary research method is that the objective which can be
used by the company in order to render efficient law strategy.
 The key objective of this research method is that this helps the researcher to gather the
huge data within a short time frame.
 The main objective of this data is that this gather within a short time frame.
Disadvantages:
The main drawback of collecting secondary data is that this does not always reflects the perfect
image of the market place (Knapp and VandeCreek, 2012).
 By relying on the research data which have been collected by using this research method,
does not reflects efficient strategy for the business decisions.
1.2 Survey methodologies and sampling frame used:
Survey methods are the most important tools for gathering the data from the marketplace.
As this can be said that the survey method reflects a great style which assist in making the
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business objectives in an efficient manner. There are so many ways by which the survey could be
done in an efficient manner. T Survey methodologies are the most important tool and some of
them are: Interviews, Observations, sampling and questionnaire. These are implemented for
making this information in order to gather from the diverse respondents. These are diverse
manner through which the survey could be emerged efficiently. These all are implemented for
framing specific information which helps in gathering information from diverse respondents.
These are elaborated in details:
Interviews: This is a kind of survey tool which is implemented by the researcher for
gathering information face to face from respondents. However, this is rightly observed that this is
the time which assumes to be the time consuming activity. But, this renders an effective data
information so that an adequate information could be framed.
Questionnaire: Under this, various questions are framed in order to gather the data from the
various respondents. Although, this could be seen that the questionnaire is the tool which is used
by the firm for making effective strategy (Kacprzyk and Fedrizzi, 2012). For making current
research, the researcher needs to frame questions in order to effectively build diverse questions.
Sampling: As per this tool, this is rightly said that researcher is going to use different
kinds of tools and techniques which is easy to use, cluster, random sampling tools and much
more. Therefore, researcher will select respondents with the help of random sampling tool which
assist to form certain information.
In this given scenario, there is a robust need to incorporate effective survey tool which
assist to form specific strategy. This is possible by using questionnaire method for survey
methodologies. Although, random sampling method is used by the firm for collecting the data.
1.3 Questionnaire:
This is the tool which includes diverse questionnaire that are going to ask to the diverse
respondents so that they would find an appropriate business information. Questionnaire is a main
research tool which assist in making research tool and gather list of questions in order to form
information linked to the market prediction (Hilton and Platt, 2013). As per this, researcher assist
following questions which are linked to this restaurant quality and others. The company needs to
make certain tools in order to render an effective strategy. Under this, 40 respondents are taken
for gathering the information.
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Questionnaire
Name:
Age:
Q.1 What is your age?
a). 15-30
b). 30-40
c). 40-50
d).50 and above
Q2. Have you ever taken firm’s services?
a). Yes
b). No
c). Can’t say
Q3. What is the best thing in our restaurant?
a). Services
b). Food
c). Atmosphere
d). Others
Q.4 Do you find an advanced dish which helps by restaurant?
a). Yes, in the Breakfast
b). Yes, in the Lunch
c). Not at all
Q.5 Kindly give your valuable suggestion about locality for opening for Balti Palace restaurants?
a). Prime Location
b). Country side
Q.6 Do you also thinks that unique on the festivals?
a). Agree
b). Disagree
Q.7 Do you think that we need to add more services than what we offer?
a). Yes
b). No
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TASK 2
2.1 Interpretation of the data gathered:
The data of the cited restaurant about the sales and the profits are mentioned as under:
YEAR Sales Net Profit
2008 4158 1039.5
2009 4258 1064.5
2010 4358 1089.5
2011 4530 1132.5
2012 4685 1171.25
2013 4785 1196.25
2014 4975 1243.75
2015 5165 1291.25
2016 5285 1321.25
2017 5655 1413.75
Sales Net Profits
Mean 4785.4 1196.35
Median 4735 1183.75
Mode 4158 1039.5
From the above mentioned table, this is right absorbed that the company’s net profits and the
sales in the different years are mentioned and on the basis of that mean, median and mode are
calculated (Crowfoot and Wondolleck, 2012). Although, this can be said that the management
needs to provides an effective branding tools that could help out to make efficient strategy.
2.2 Analyse the outcome:
Mean: This is the tool which is used by the researcher in order to know the average number from
the set of observations. Although, this can be said that this is the Balti Palace needs to make their
business objectives. This is needed in order to make critical measure in order to frame a final
outcome. Although, this can be calculated by using mean: Mean: ∑X/N.
Median: This is the tool which helps to conclude the middle number of the set of observation.
This reflects to the value of total variable used in the research practice which lies 50% above. It
is an imperative to observation into two key parts in order to determine exact amount. Median is
measured by implementing:
[L1 + (N/2) – c/F*i].
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Here,
L1= Lower value of the range.
C= Cumulative frequency
F= Frequency
I= Interval
Mode: This is the repetitive number out of the set of observation. This makes the value of the
total variable used in the research practice. Through assessing mode, information can be gain for
evaluating business decision. According to the collected information from sales and profits mode
is measured. Basically, mode is measured by implementing following written tools.
Mode: L + h ( fm – f1 / 2fm – f1 - f2 ).
2.3 Analyse of measure of dispersion:
YEAR Sales Net Profit
2008 4158 1039.5
2009 4258 1064.5
2010 4358 1089.5
2011 4530 1132.5
2012 4685 1171.25
2013 4785 1196.25
2014 4975 1243.75
2015 5165 1291.25
2016 5285 1321.25
2017 5655 1413.75
Sales Net Profits
Standard
deviation
484.837934 121.2094835
Correlation
coefficient
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Minimum
Range
4158 1039.5
Maximum
Range
5655 1413.75
Standard deviation: This is required to be known as the systematic tools which is used for the
aim of assessment of risk which are known with the research. By applying the standard
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deviation, company would make valuable decisions foe improving productivity and profitability
of the Balti Palace.
Standard deviation: √∑Fdx2/N – (∑Fdx/N)2
2.4 Advantages of implementing quartile, percentile and coefficient correlation:
Quartiles are the main which assist in evaluating the value in linked to each quarter like 1,2
and 3. In this, by analysing of performance of each quarter, researcher can make a justifiable
conclusion. During calculating percentile outcome of the data set for forming of percentage.
Henceforth, it is the most crucial aspect for differentiating percentile from the quartile.
Sales and profits in the diverse years will be elaborated as under:
Sales Net Profits
Q1 or 25th
percentile 4401 1100.25
Q2 or 50th
Percentile 4735 1183.75
Q3 or 75th
Percentile 5117.5 1279.375
Quartile and Percentile: Quartiles and percentile are those segments which reflects value of the
set of observation. Normally, there are mainly three kinds of quartiles which are: Q1, Q2 and Q3.
Lower quartile means to 25% value of the set of observation. Sales and profits lower quartile
are:4401 and 1100.25. while middle number represents 4735 and 1183.75 of the sales and net
profits. And the third quartile represents the 75th value of set of observation.
TASK 3
3.1 Produce graph:
Q.1 What is your age?
a). 15-30 18
b). 30-40 12
c). 40-50 5
d).50 and above 5
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Interpretation: As per this, it is assumed that the in the targeted market, respondents are chosen
from different age group. There are 18 respondents who are within the range of 15-30 years age
group.
Q2. Have you ever taken firm’s services?
a). Yes 27
b). No 11
c). Can’t say 2
Interpretation: This has been seen that 27 respondents have taken services from the cited
restaurant. While 11 did not take and 2 are not in position to say something.
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Q3. What is the best thing in our restaurant?
a). Services 21
b). Food 11
c). Atmosphere 5
d). Others 2
Interpretation: This can be said that the services in the restaurant is presumes to the be the best
thing.
Q.4 Do you find an advanced dish which helps by restaurant?
a). Yes, in the Breakfast 27
b). Yes, in the Lunch 8
c). Not at all 5
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