Assessment on Business Decision Making Techniques and Data Analysis

The 'Evaluating Business Decision-Making Strategies and Data Analysis Techniques' assignment is designed for HND Business students to demonstrate their proficiency in gathering data and analyzing it for informed decision-making. The project involves creating a detailed plan for data collection using both primary and secondary sources tailored to specific business problems. Students will design and utilize questionnaires, outline survey methodologies, and define sampling frames. Moreover, the assignment emphasizes understanding various techniques to effectively analyze collected data, including summarizing data with representative values, drawing valid conclusions in business contexts, and applying measures of dispersion for analysis. This comprehensive approach equips students with essential skills for real-world business decision-making and problem-solving.

BUSINESS DECISION-
MAKING

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK.1............................................................................................................................................1
1.1 ...............................................................................................................................................1
1.2................................................................................................................................................3
1.3................................................................................................................................................4
2.1 ...............................................................................................................................................6
2.2:.............................................................................................................................................13
2.3:.............................................................................................................................................14
2.4..............................................................................................................................................14
TASK.2.........................................................................................................................................14
3.1..............................................................................................................................................14
3.2..............................................................................................................................................16
3.3 Covered in PPT...................................................................................................................17
3.4..............................................................................................................................................17
4.1..............................................................................................................................................18
4.2..............................................................................................................................................18
4.3..............................................................................................................................................18
CONCLUSION..............................................................................................................................19
REFERENCES..............................................................................................................................20

INTRODUCTION
Business decision making is one of the most imperative tool which is used in the business
to grow in a better manner so that the firm could get the competitive advantage over the other
rivals. Balti palace want to expand its another units in London that is why business is conducting
surveys in order to frame the key strategies about the diversification (Wu and Pagell, 2011).
Balti palace wants to make the decisions in a most crucial manner that is needed about after
having deep insight research and implementing the skills by the talented staff under the firm in
order to gain the competitive advantage over the others. Balti palace is required to assess the
market where it can frame the strategies and able to make the decisions.
TASK.1
1.1
Decision making is the most crucial thing which needs to follow by the company and this
has gone through after having extensive research. This will also make the business sustainable
and profitable. To set up the unit, there is need to know about the market by way of doing survey
in the specific market where the company is going to set up (Vercellis, 2011). The data collection
process is one of the most important thing under which the data is collected. However, this is not
an easy task. As, it requires so much attention while gathering the data. However, there is need to
know about the data which company is going to gather for the its benefits. This has become one
of the most important thing for business decision. There are many tools and techniques which are
used by the organisation while collecting information in order to gain advantages. There are few
methods and tools which are needed to gather the data. Few of them are: Determine methods: Identifying methods becomes one of the most tough task as this
may lead to consume your most of the productive time (Tzeng and Huang, 2011).
Although, there are so many tools which are used for the purpose of gathering and
collecting data. Basically, for collection of data, there are only two methods which are
used mostly. These are: Primary and secondary data collection methods. And these are
further categorised under qualitative and quantitative data method.
 Know the need about the user: the researcher required to know about the information for
which they are collecting the data. This helps the company to gather only relevant data so
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that the company could frame the policies in a better manner in order to expand the
business. The need of the information is totally based on the quality of the data.
However, qualitative and quantitative data played a most important role while dealing
with the survey. The survey is entirely based on the market where the company is going to set up
the new unit. The cited company wants to know about the potential consumers in order to know
about the potential outcomes in the business. Primary and secondary data are elaborated in
details:
Primary data technique: This is the data collection technique which is collected for the
first time and the survey is totally based on the quality information which the company wants
form the market. Under this technique, the company spends lots of money and time for collecting
data. The data collecting process does require so much attention under primary data process
(Sosna, Trevinyo-Rodríguez and Velamuri, 2010). As, this process supports when the data
collection is at small size and primary data technique does not need to be considered for the
business which requires huge data. The primary data collection sources are interviews, surveys,
questionnaire and so on.
Secondary data technique: This is the data collection technique which is used mostly.
As, it is the most cheapest way to collect the data in a better manner so that the information what
the researcher wants to get is attainable in a better manner (Smith, Binns and Tushman, 2010).
Under this process, the data is already published and the company does not need to collect the
data from the market. There are so many ways the secondary data is collected, these are from
books, journals, and any other matter which have published earlier. Secondary data technique is
easy to use and it is suitable where the company needs general information and the data
gathering is so vast.
Qualitative data: It is related to the understanding of the human behaviour form any
informational prospective. It is persevered from dynamic and changing reality on basis of
negotiation. The collection of such kind of data can be collected from particular individual's
observation and theirs view about any specific topic (Nielsen and Nielsen, 2011. This gives the
analysis of the factors on the basis on people's reaction and thoughts. Themes can be used to
carry out assumption from any distinct data material. And once the information is received it is
presented in description forms. Also one important fact is that this data is reported in any kind of
languages so that there would be no issues or in convenience in understanding the matter. The
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information gathered for qualitative study is not usually in numeric form, in spite it is in theory
like dairy accounts, questionnaires, unstructured interviews and some observations. It is that
typical kind of presentable data that is very difficult to analyse or process. This search is
basically useful for cases when an individual person is carrying out the process of analysis, and
finds out in-depth meaning of what ways the people will react to a particular things and their
expectations. Carrying out process investigation of qualitative data is basically difficult. It
requires very accurate statistics of people responses, which can not go wrong even slightly,
because that can cause a blunder mistake in the research procedure (Muindi, 2011). Usually the
keen interest of this type of data comes from the dissatisfaction of particular psychologists while
doing there scientific study of human behaviour and their perceptions.
Quantitative data: This kind of data basically deals with discovering facts about social
phenomena. It tries to put an assumption of fixing some measurable quantity to the real world
scenario. This type of data is usually collected through calculating the things and measuring
them. Here the analysis of data is carried out through numerical comparisons and their statistical
analysis. This is far more accurate than the qualitative data because it is in confined limit which
can be calculated and measured. The data is reported through statistical analysis and not like
qualitative data gathering. This analysis is carried out by gathering information and putting them
into some categories so order, so that it facilitate the user if they have to use this data for analysis
at any time in future. The quantitative data is essential for creating graphs and tables of any raw
data which has been gathered (Li, 2010.). This analysis is much easier to be carried out, as it is
based on real world data. Also it gives much accuracy than qualitative data analysis. There are
many research methods by which observation and measuring of the data can be done so as to
collect both kind of data. By using qualitative data one can know what would the user may want
or expect and what is the reaction of the user and by using quantitative data the measure of any
analysis can be drawn.
1.2
Survey is the methods or tool that is implemented in the firm to have the productive
knowledge about the potential market so that, on the basis of such information, company could
frame the strategies in a better manner in order to gain the business (Kahneman, Lovallo and
Sibony, 2011). Balti Palace uses the primary research technique in order to gather the
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information so that the firm could reach the conclusion about the expansion. But, the data
collection from the entire people who resides where the company is going to set up its chain, will
be most toughest process. That is why, the company pick some changes and choose the sampling
methods for collecting the data.
Survey methodologies: The survey which the company is going to convene, needs to be
most crucial for making decisions about the diversification. The cited entity is going to frame the
questionnaire in order to convene the survey. Under the questionnaire, there are various types of
questions that are going to ask from the general in order to get their responses, and then frame
strategy. Under the given scenario, there are so many questions that is going to be made after
deep insight. The questions covers so many things like- quality, price and other things.
Sampling framework: Under the survey, the sampling framework is used in order to get
the sample out of the total number of population (Ho, Xu and Dey, 2010). For convening the
sample, there are various kinds of sampling methods are used such as random sampling, cluster
sampling, stratified sampling and so on. However, random sampling is one of the easiest method
for gathering the data as it pick any respondents to answers the questions and put a fruitful
conclusions for the entire population. For random sampling, there is no systematic manner is
mentioned. Hence, it is selected on any basis. However, there are so many advantages which are
used in order to get the valid outcome. Hence, Balti palace implemented this at the time of doing
survey. By using these data, in order to attain the valid outcome.
1.3
This Questionnaire is shown below for Balti palace that are going to be provided to 135 visitors.
Q 1. Do you like our food quality ?
Ans- A. Very good
B. Good
C. Average
D. Poor
Q 2. Would you like to have our restaurant near your home?
Ans- A. Yes
B. No
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Q 3. Give your suggestions, if we need to introduce new dishes in our new restaurant?
Ans- A. Yes, but not the entire dishes.
B. Yes, each are to be new covering crockery.
C. No, varieties needs to be similar.
Q 4. Where would you want our new restaurant?
Ans- A. In prime location
B. In out-skirt area
Q 5. What are the foods serve in our main dishes?
Ans A. Chinese
B. Italian
C. Indian
D. Thai
Q 6. Is there any manner to improve quality of the product?
Ans- A. Yes.
B. No, quality is fine.
Q 7. Is there anything needs to introduce weekends?
Ans- A. Yes
B. Yes, but not including weekends
C. No
Q 8. Is there any need to recruit extra staff to cut down waiting time?
Ans- A. Yes, it need be done ASAP
B. Yes, but after few months later
C. No, waiting time is very short
Q 9. Do you think we need to diversify more than our expectation?
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Ans- A. Yes
B. No
Q 10. Kindly give your rating about our services out of 5?
Ans- A. 5
B. 4
C. 3
D. 2 or below 2
2.1
The survey which have been conducted from the market, needs to be properly analysed
and summarized so that the fruitful decision can be made in order to frame the decisions
(Gigerenzer and Gaissmaier, 2011). For this purpose the data is to be used by the managers of
the company for knowing the market in details.
The survey is being convened by taking sample of 135 respondents out of total local population
Age group:
Gender: Male (65%) Female (35%)
This survey has been taken from 135 respondents, some of them are permanent and some are
first time visitor.
Q 1. Do you like our food quality ?
Ans- A. Very good 65
B. Good 12
C. Average 17
D. Poor 6
mean 25
median 14.5
mode 5
6

Ans- A. Very good B. Good C. Average D. Poor
0
10
20
30
40
50
60
70 65
12
17
6
Q 2. Would you like to have our restaurant near your home?
Ans- A. Yes 32
B. No 68
mean 50
median 50
mode 32
7

Ans- A. Yes B. No
0
10
20
30
40
50
60
70
80
32
68
Q 3. Give your suggestions, if we need to introduce new dishes in our new restaurant?
Ans- A. Yes, but not the entire dishes. 45
B. Yes, each are to be new covering crockery. 26
C. No, varieties needs to be similar. 29
mean
33.3333333
333
median 29
mode 16
8

Ans- A. Yes, but not the entire dishes.B. Yes, each are to be new covering crockery.C. No, varieties needs to be similar.
0
5
10
15
20
25
30
35
40
45
50
45
26
29
Column E
Q 4. Where would you want our new restaurant?
Ans- A. In prime location 64
B. In out-skirt area 36
mean 50
median 50
mode 28
Ans- A. In prime location B. In out-skirt area
0
10
20
30
40
50
60
70
Q 5. What are the foods serve in our main dishes?
Ans A. Chinese 36
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B. Italian 34
C. Indian 20
D. Thai 10
MEAN 25
MEDIAN 27
MODE 6
Ans A. Chinese B. Italian C. Indian D. Thai
0
5
10
15
20
25
30
35
40
36 34
20
10
Column B
Q 6. Is there any manner to improve quality of the product?
Ans- A. Yes. 67
B. No, quality is fine. 33
MEAN 50
MEDIAN 50
MODE 1
10