Using Data For Information And Decision Making Assignment Sample

Introduction Using Data For Information And Decision-Making Assignment

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The decision making process can be defined as the technique of creating settlements by recognizing a decision, accumulating data as weak as evaluating the substitute solution (??????? 2021). For any company be it small or big decision-making process plays a very important role in expanding its functioning worldwide (Senge, 1990). The decision-making process influences every aspect of the firm, right from HR to IT; information assists entrepreneurs in figuring out their clients, too. Thus it can be clear from the overall discussion that one of the main reasons behind conducting this study is to highlight the importance of data in addition to information for decision-making for an Indian restaurant chain that wants to expand its business in the coastal areas of London. To complete the study a deep analysis of the ethical issues in addition to other key issues that impacts the study as well as data administration.

importance of using data and information for decision-making purposes

Information-driven navigation which is also known as data-driven decision making (DDDM) is the training where information is gathered, examined, as well as choices is made in light of the experiences got from the gathered data (Schildkamp, 2019). Due to new development in addition to headways in present-day innovation, information-driven navigation (DDDM) is beginning to be utilized across different ventures (Schildkamp, 2019).

A methodology grantee the strategic collection of information from reliable sources. The methodology also makes a note of which sources can be held accountable and trustworthy. The progress of information put together independent direction depends on different elements, for example, the techniques utilized for information assortment and the nature of the information accumulated.

Information-based choice administration is vigorously quantitative, and this generally expects organizations to have strong machines fit for processing and investigating enormous arrangements of information productively Information-based navigation gives organizations the capacity to create continuous experiences as well as forecasts to upgrade their presentation. Through this, they can test the outcome of various procedures, in addition, to going with informed business choices for practical development. The assortment in addition to the examination of information has long assumed a significant part in big business-level enterprises as well as associations. However, as mankind produces more than 2.5 quintillion bytes of information every day, it's never been simpler for organizations, all things considered, to gather, examine, in addition, to decipher information into genuine, significant experiences. However information-driven navigation has existed in business in some structures for quite a long time, it's a genuinely current peculiarity.

Exact scientific bits of knowledge assist with taking care of different issues for business. Information-based choice administration frequently calls for business people to mine information to get prescient and prescriptive experiences. At the point when an association goes with choices in light of the information in addition to realities, the speed of direction decisively increments.

Through the examination of ongoing information and past information designs, the dynamic cycle becomes quicker and more dependable, yet additionally gives certainty to organizations that they are settling on the ideal choices. The information-driven dynamic methodology assists associations with forming new items, administrations, work environment drives, and even recognizing patterns. By exploring authentic information, organizations are empowered to know they ought to change to all the more likely perform and contend.

Merits and weaknesses of various types of business information and data and their uses and relevance in decision making

Business data is referred to as the collective information that might be produced by the firm for itself or any external source (Fávero, L. P., & Belfiore, P. 2019). This information can be theoretical or statistical in nature, this can also be customer feedback, raw analytical data, sales numbers, or other sources of information. Businesses wish to collect as much data as they can regarding the market they are operating in or the market where they wish to operate and so on. The use and importance of data have been emphasized at various times in business. Data-driven decisions are considered to be more concrete, they help in raising the stakes of the revenue, improve customer satisfaction, and so on. There are a total of four kinds of data in business, this report will analyze the merits and demerits of each:

A critical understanding of the ethical issues impacting research and data management evidencing a working knowledge of the impact of organizational and legal frameworks on the use of data and information in decision making

In business, the term for this is data ethics. Data ethics is considered to be the ethical consideration that the researcher takes while collecting data for business. Data ethics gravely impact the management of data in a business.

• Ownership: Data is often personal information in the case of business (under the GDPR). It can be customer feedback or other forms of data. This need to be handled gracefully with complete information to the customer regarding the information about data. Any kind of ambiguity can lead to drastic situations like the theft of data.
• Transparency: Additionally, apart from knowing that a certain kind of data is being collected from someone, the subject also has a complete right to know what the data will be used for and whether will it be published somewhere or not. Withholding such facts from the subject can be considered to be severely unlawful (Newman 2021).
• Privacy: Ensuring the subject's privacy is essentially more important. Even if the subject has allowed complete freedom to use and publish the data given to them, it is the researcher's responsibility to withhold some PII (personally identifiable information). This information includes elements such as full name, social security number, card number, bank details and passport number (L?z?roiu et al., 2020).
• Intention: it may sound slightly off-topic, but for a researcher, it is important to know the intention of the research before the researcher sets out to collect information. This is more like a moral satisfaction. Several times a researcher researches on behalf of a firm, and the researcher needs to know the intention of the firm behind the collection of this information. The intention should not be the collection of personal information or invasion of privacy.
• Outcomes: A relatively uncontrollable outcome of the research is that the outcome is something unfavorable. In other words, the outcome of the research leads to the intentional or unintentional loss or harm for any individual, this is a disparate act but is commissioned as a criminal and unlawful act under the Civil Rights Act(Gupta 2019).

Organizational and legal frameworks affect data management gravely in the following ways:

Organizational

• The organization determines the kind of data that is to be collected and the mode in which it is required for the firm. The organization decides this according to the requirements of the firm along with the importance and need of the data at that given time.
• The organization also determines the type of data that is to be collected. This depends on many aspects, the time that the organization has for data collection, the reason behind the collection of data, the aim of the collection, and so on.
• Company values: the values of the firm are also important in this sector. Many firms do not allow certain types of data collection to avoid legal circumstances. The issue here is that many firms already have been accused of data release, neglect, and breaching and hence legal constraints are extremely strong in this sector.

Legal

The data protection act of 2018 in the UK which is implemented under the general data protection regulation (GDPR) clearly states that each individual who declares their personal information anywhere such as in banks, hotels, or other areas needs to be very careful while doing so. They need to be fully aware of the reason their data is being asked for and they need to follow the data protection principles while doing so. Any illicit breaching of the data that creates any kind of unwanted situation in the life(s) of any individual or community is a punishable offense under the court of law(Zack and Hasprova 2020).

The impact of stakeholder needs on the collection, analysis, and interpretation of data and information for decision making

Stakeholders are an important part of any firm; they can be either internal or external in their nature. No matter what their kind they are an asset to the firm. Data management, its collection, interpretation, analysis, and publication have different effects on different stakeholders as a whole. The following section will analyze the importance of each stakeholder in the business and how the aspect of data management impacts them and helps them to make better decisions:

Analysis of the UK coastal economy

There are a total of 21 costal towns in the country of England, about 5.3 million of the England’s total population lives in the costal areas of England out of which about 3.5 million of them live in seaside towns and another 1.9 million reside in other coastal towns. Costal down is comparatively underdeveloped in comparison with non-coastal towns, I a way where 71 percent of the coastal population is lagging in terms of employment as well as population. These people have a higher share of self-employed people, these people are mostly occupied with pisciculture. Another major portion of the population is also involved in part time employment. The issue here that due to the acute shortage of academic facilities in this area, children born here are often deprived of going to good schools and gaining adequate skills to apply for a good job. Furthermore, there are traditions that have been going on for long in this area, occupations like pisciculture as well as coconut farming have been going on for generations and people are somewhat reluctant to move out of this place and start afresh in the city. This is especially important people generally do not wish to leave their family businesses and loose out of their generational heritage. Due to the absence of firms in this area, there is a severe lack of full-time employment in these regions and hence the employment rate in these areas is considerably low. The demographics of the coastal towns are much different in comparison to the non-costal ones as well. About 34 percent of the population of the non-coastal areas of UK is aged while more than 65 percent of the population is aged in the coastal areas. This is because the birth rate is too very low in these areas. The lack of medical facilities and good hospitals have led to a high morality rate in these areas where aged population is increasing vividly in comparison to the younger population. Although the non-costal towns saw 32 percent less infection of the virus during the pandemic, the economy of this place has still been severely ruptured. The case here is that, these areas are massively dependent on the main towns for their survival through trade as the trade of items mostly takes place between these two locations. The pandemic and the lockdown situation led to a complete stagnation of all trade activities that led to massive losses for these coastal towns as well. Another major reason for the growth of the aged population of coastal areas is many aged people wish to buy land in these areas during their retirement and spend the rest of the lives away from the hustle of the towns(business industry and trade 2020).

However there a major advantage of coastal towns that is its unequivocal beauty of sight and the visitors that it attracts mostly from the time of July-September each year. This is the hot time of their business, as small business owners sell raw fish that many resident hoteliers buy for their guests for the menu, coconuts that are also used for many delicacies and so on. There are many seaside locations and coastal areas that have yet not been discovered and are hence virgin in nature and hence many influencers and bloggers are always in search of these places that they can explore. A restaurant or a hotel business in these areas can prove extremely lucrative, because though the peak season in these areas is from July-September but the crowd is present throughout the year except for monsoons. There are certain costal areas that are more famous than the others such as; Tynemouth, Tyne & Wear: Newcastle's nearest seaside, Southwold, Suffolk and Porthmadog, Gwynedd: seaside by Snowdonia National Park

Recommendations

As mentioned, a hotel or restaurant business is extremely lucrative in the coastal areas of UK for its immense beauty of sight as well as calmness and relaxing properties, however, this report recommends three specific areas that can be used as potential locations:

• Tynemouth, Tyne & Wear: Newcastle's nearest seaside: As suggested from the name, it is at the mouth of the Tyne River. This place has vast stretches of the sea soft sand and diverse accolades that allows its visitors complete relaxation. This place is also a hub for foodies and the most variety of seafood is available here. Hence the restaurant might face some competition, but the food joints here are mostly shacks. Furthermore, it is only a 25-minute drive from Newcastle and hence that also adds to a potential tourist spot of the visitors.
• Southwold, Suffolk: the main attraction of this place is the soft sand and the candy-colored beach huts that gives a very aesthetic experience to the visitors. Furthermore, the Latitude festival is also a good attraction here. Interestingly, once this place was a fish hub but presently it hardly has any famous restaurant that serve standard seafood and hence there is hardly any competition here.
• Porthmadog, Gwynedd: seaside by Snowdonia National Park; the Snowdonia National Park is the main attraction in this place. However, the beach is surrounded by old England roads and Victorian style houses that are now transformed into hotels. People with aesthetic taste and a keen fetish for history often tend to visit this location. Monsoons are comparatively limited in this location and hence this place remains busy throughout the year without much of eminent competition(How allies 'position' The United Kingdom 2022).

Conclusion

To conclude, this report was an account of the decision-making process that is involved in the process of inaugurating a new restaurant in the coastal areas of London whose chain is vibrantly present in India. The report adequately focused on the importance of data in the process of able decision-making. Furthermore, it also analyzed the types of data and their merits and demerits. The report also explained the definition and importance of data management in business and how it impacts the regular processing of a firm or in this case a restaurant. The firm further inspected the role of organizational policies and legal limitations in the data collection method and data management of a firm. The aspect of data ethics, its importance, and its relevance with the performance of research was also evaluated in this research very elaborately. The final section of the research focused on the aspect of stakeholders. This section saw the importance of stakeholders in a restaurant and how the types and techniques of data management help the stakeholders in their decision-making process. The concluding section of the report consisted of recommendations that would enable firms to be more able and advanced regarding the decision-making process.

References

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