Business Decision Making Unit 6 Hnd Diploma Business Btec Level 5
3 Pages 0 Downloads
- Course Code: BUSI497
- Course Title: Business Decision Making Unit 6 Hnd Diploma Business Btec Level 5
- University: Coventry University
- Country: UK
It is commonly said, that in business, success comes to the people who get the big decisions right. Making good decisions, however, isn’t easy. To make better business decisions, you must talk to the people who are affected by a decision and take into account their views, but before then, you must first develop the skills to ask the right questions and gather and analyse enough relevant information to be confident about the decision.
A good decision must also consider an appraisal of the investment to provide a benefit in future. The present value of anticipated return, the expected rate of return from the investment, and the effects on the pace of growth of a business are some of the financial considerations to be analysed. Investment decisions are extremely important because they are concerned with the future survival, prosperity, and growth of the business.
London is one of the most exciting and dynamic cities in the world. It is a city combined with commerce and culture, and a business friendly city. These are just few evidences of great opportunities businesses can enjoy in London. A restaurant chain planned to open its second restaurant in London. To ensure this is a viable move, the shareholders are keen to understand the market. Therefore you are asked to carry out a planned data collection and data analysis to help the board of directors in understanding the customer preferences including price, taste, and location preferences.
Learners should choose from the restaurants listed below, and use the principles and techniques of business decision making to carry out the planned data collection and data analysis in order to help the board of directors in understanding the customer preferences, and to help them in taking profitable decision.
- Blackfriars Restaurant
- Food for Friends
- Balti Palace
LO 1: Be able to use a variety of sources for the collection of data, both primary and secondary
LO 2: Understand a range of techniques to analyse data effectively for business purposes
LO 3: Be able to produce information in appropriate formats for decision making in an organisational context
Create a plan for the collection of primary and secondary data for a given business problem
Present the survey methodology & sampling frame used
Design a questionnaire to collect data and provide a justification for its design. Questionnaire should have between 10 – 12 questions and must contain: Yes or No questions, multiple choice, rating and ranking, and an open-ended question
Create information for decision making by collecting data and summarise the collected data using representative values, and analyse the results to draw valid conclusions in a business context.
You will need to carry out suitable calculations (mean, median, mode) and analyse useful and realistic conclusions and provide valid recommendations.
Analyse the collected data using measures of dispersion.
You must be able to use the analysis to inform and support decision making. Your calculations must include standard deviation quartile, percentiles and the correlation coefficient, and explain how these calculations helped you to draw useful conclusions
Prepare a Business Presentation and a formal Business Report (AC 3.4) to disseminate information effectively which include;
Produce graphs using Spreadsheets and draw valid conclusions based on the information derived. You must use spreadsheet software for all calculations and incorporate graphs and charts to clearly and effectively present the findings.
Create trend lines in graphs to assist in forecasting for specified business information. For example, this may include people’s eating behaviours overtime and preferences against seasonal changes.