Using Data For Information And Decision Making Assignment Sample

Explore the merits and demerits of business data types, ethical considerations, stakeholder needs, and recommendations for potential locations.

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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:

Data

Merits

Demerits

Nominal data

Nominal data is a qualitative type of data and hence it allows its participants to openly express their opinions. The collection of this data is far easier because it consists of close-ended questions.

Nominal data is not quantifiable. It cannot be measured in numbers or statistically represented. It also possesses the lowest form of measurement in all types of data. It can only assign names to the variables.

Ordinal data

Ordinal data allows the researcher the liberty to draw a comparison between two variables this type of data can conveniently be used in questionnaires, polls, and surveys due to its vastly simple nature and lucidity that allows categorization.

The options or ordinal data do not contain a standardized scale of interval and hence respondents do not have the liberty to gauge their responses. Furthermore, the responses are often extremely narrow to the question and hence they often tend to create a bias within the survey(Dos Santos et al., 2019).

Discrete data

Discrete data is quantitative in nature and hence it is extremely easy to identify, measure and analyze this data. This lucidity in the recognition of the data allows the researcher to effectively categorize this data into two specific groups that are pass and fail. This data does not leave any chance of ambiguity within the research.

Discrete data is not detailed or continuous in its nature, this means not a lot of insight can be attained from this data. This data is in one big monolithic block and it cannot be subdivided into smaller groups or categorized.

Continuous data

Continuous data is also quantitative data, however, unlike discreet data is much more elaborate and a lot of insight can be attained from this data. This data uses finite values as well as decimal points that make it easy to measure as well as represent in the research(Panwar et al., 2019).

Firstly, the collection of continuous data can be extremely expensive and it can take a very long time, working with continuous data can be very confusing as it may contain excessive information and long decimal numbers. Continuous data has a range of tools such as flow charts and histograms and some of these tools can be very restrictive that create an obstacle in the presentation of the natural research.

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:

Stakeholders

Effect of Data management on them and how does it help the decision-making process

Customers

A customer is perhaps the most affected by data that is collected, interpreted, analyzed, or published by a firm. This is because most of the time, the information is taken from the customers. they are treated as subjects. The data is collected in the form of customer feedback. The data is further treated, analyzed, and then published. The existing customers of the firm or in this case the restaurant business become the subjects. Information coming from these people impacts the decision-making process of the potential customers who then decide whether or not to dine in this particular restaurant(Saluga et al., 2020)

Franchise holders/chain holders

Each restaurant who had a chain is affiliated with somebody, especially when it wishes to inaugurate a branch in a different country altogether. The body can be an existing business of the host country. This body needs a complete research account of the existing data of the business. This is especially necessary because this body ought to take care of the business in this land and knowing its strong and weak points is necessary. Furthermore, this data also helps the body to understand whether or not should they be handling the given business(Karl et al., 2020).

Employees

The employees are the internal stakeholders of the firm, they are the workers of the firm, who provide hardcore labor to keep the system running. A firm when shifts to a new land need to recruit new employees. A published data file of the business where the firm declares all its statistics and this includes the employee satisfaction levels of the firm as well helps the laborer to decide whether or not to stick with the organization or move someplace else. Several times, organizations like Glassdoor also perform surveys on the employees, in this case, the employees become the subjects, and their levels of satisfaction and motivation are something that becomes the content of the research that is further interpreted and analyzed.

Suppliers

The suppliers are the ones who supply raw materials to the restaurants. The chain or community of suppliers is very tightly knit. Information on the reputation of the firm in the market, whether or not the firm provides timely payments, or how it treats its suppliers is a major aspect based on which decisions are made.

Regulatory bodies

The Food Standards Agency is the Food regulatory body in the UK. This body checks and approves any restaurant to be fit to serve customers. A complete data profile of the restaurant from its previous country will help the body understand its previous records and hence treat the restaurant according to its profile(Abdel-Basset et al., 2019).

Shareholders

The shareholders are the financial investors of the firm. They are the financial backbones of the firm. A data report on their revenue generation techniques and previous records will help these financers think and make an informed decision regarding whether or not to invest in this firm.

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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Dos Santos, P. H., Neves, S. M., Sant’Anna, D. O., de Oliveira, C. H., & Carvalho, H. D. (2019). The analytic hierarchy process supporting decision making for sustainable development: An overview of applications. Journal of cleaner production, 212, 119-138.

Fávero, L. P., & Belfiore, P. (2019). Data science for business and decision making. Academic Press.

Gupta, V. (2019). The influencing role of social media in the consumer’s hotel decision-making process. Worldwide Hospitality and Tourism Themes.

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Karl, M., Muskat, B., & Ritchie, B. W. (2020). Which travel risks are more salient for destination choice? An examination of the tourist’s decision-making process. Journal of Destination Marketing & Management, 18, 100487.

L?z?roiu, G., Neguri??, O., Grecu, I., Grecu, G., & Mitran, P. C. (2020). Consumers’ decision-making process on social commerce platforms: online trust, perceived risk, and purchase intentions. Frontiers in Psychology, 11, 890.

Newman, D. (2021). Honesty, transparency and data collection: Improving customer trust and loyalty. IQ: The RIMPA Quarterly Magazine, 37(2), 44-47.

Panwar, D., Anand, S., Ali, F., & Singal, K. (2019). Consumer decision-making process models and their applications to market strategy. International Management Review, 15(1), 36-44.

Sa?uga, P. W., Szczepa?ska-Woszczyna, K., Mi?kiewicz, R., & Ch??d, M. (2020). Cost of equity of coal-fired power generation projects in Poland: Its importance for the management of decision-making process. Energies, 13(18), 4833.

Schildkamp, K. (2019). Data-based decision-making for school improvement: Research insights and gaps. Educational research, 61(3), 257-273.

Zak, S., & Hasprova, M. (2020). The role of influencers in the consumer decision-making process. In SHS web of conferences (Vol. 74, p. 03014). EDP Sciences.

???????, ?. ?. (2021). The psychology of decision-making strategies. ?????????? ??????? ???????????? ? ??????????? ????, (1-7), 79-82.

Sikorski, R.P.and R. (2020) Coastal towns in England and Wales: October 2020, Coastal towns in England and Wales - Office for National Statistics. Office for National Statistics. Available at: https://www.ons.gov.uk/businessindustryandtrade/tourismindustry/articles/coastaltownsinenglandandwales/2020-10-06 (Accessed: October 26, 2022).

 

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