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Black friars Restaurant | Report

Added on - 12 Feb 2020

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BUSINESS DECISIONMAKING
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Collection of primary and secondary data for given business problem................................11.2 Survey methodology and sampling frame.............................................................................21.3 Questionnaire to collect and provide justification................................................................2TASK 2............................................................................................................................................42.1 Information for decision-making with collecting data and summarising.............................42.2 Calculation of mean, median and mode with description.....................................................52.3 Analysis of collected data.....................................................................................................62.4 Calculation of quartile, percentile and correlation coefficient..............................................6TASK 3............................................................................................................................................73.1 Effectively present the findings...........................................................................................73.2 Create trend analysis to forecasting....................................................................................103.3 Business presentation.........................................................................................................113.4 Formal business report........................................................................................................11TASK 4..........................................................................................................................................124.1 and 4.2 Prepare project plan and determines activities such as right location and lay out ofrestaurant...................................................................................................................................124.3 Financial tool for decision-making.....................................................................................14CONCLUSION..............................................................................................................................16REFERENCES..............................................................................................................................17
INTRODUCTIONIn order to accomplish desire results, every business take decisions thatis the crucialelementthatdefines as the selection of the best option from various alternatives. In this aspect,goals and targets has been achieved to makechoice with conduct management functions ofdecisions (Crane and Matten, 2016).For analysis the present report,Black friars Restaurantwhich is located in London and plan for establish new venture in that area. For gaining insightknowledge of the company, report covers plan for collect primary and secondary sources forassess the business problem. Furthermore, it includes calculation of mean, median and modewhich assist to analysis useful and realistic conclusion. Moreover, it creates trend analysis graphthat helpful to forecasting business with specified information. At last, financial tools are usedthat assist to describe decision-making with calculating cash flow and NPV forrecommendations.TASK 11.1 Collection of primary and secondary data for given business problemData collection is an important element which preparing plan for research. Systematicgathering of data assist to complete purpose from various elements which organise in effectiveaspect such as observed, recording and so on. In respect to assess the business problem, there aretwo types of data can be gathered such as primary and secondary (Karmarkar, Shiv and Knutson,2015).Primary data:Primary data is collecting through control and supervision of an investigator.These are original data that has been collected first time for specific problem and purpose. Forexample questionnaire. These data collected through various resources such as survey,experiments and simulation, etc. (Bera, 2016).
Secondary data:Data gathered and recorded that are collected previously for someone elseissues or purposes. With the help of secondary data, researcher can make their findings andanalysis on less time, cost and efforts, etc. These type of data can also reused for another purposeand issue in different aspect. For example data collection from a book. Through internal andexternal sources, secondary data can be collected from different areas (Beersma, Greer and DeDreu, 2016).1.2 Survey methodology and sampling frameIn order to collect useful information for Black friars Restaurant, simple randomsampling method has been used. It will design by the cited firm for creating participation ofcustomer to fill questionnaire. After taking views of customer in term of questionnaire, theorganisation can make decision from various alternatives. With the help of the best option, thechosen enterprise can make their views from large audience (Tremblay, Sharika and Platt, 2017).For the present analysis, researcher can take sample size from age group of 20 to 40 years. In thisaspect, 100 customers are selecting from London. In this aspect, the enterprise can easily collectinformation that are related to market, taste and preference of customer for establishing newoutlet within the market. Following sample has been used in the enterprise:Method of sampleSimple random samplingSize of sample100Unit of samplingAge group of customer between 20 to 40 yearsInstrument of sampleQuestionnaireLocation of sampleLondon areaTable1: Sample table1.3 Questionnaire to collect and provide justificationIn respect to collects information, that are related to taste and preference of customer. Inthis way, simple random sampling has been used by Black friars Restaurant. Hence, followingquestionnaire considered by the company:QuestionnaireName:_________Age:_________Gender:_________1. How many times you are usually eaten in restaurant?
3 to 4 times in a week1 to 3 timesOnly one timeHardly ever2. When you are eating in Black friars Restaurant, which type food generally prefer?Fried foodDessertSandwichesOther3. What thing you prefer to eating outside in a restaurant?CostTime to serveConvenience4. Do you prefer to launching new outlet by the chosen firm?YesNoCannot say5. How are you describe the variety of foods for an offer?ExcellentGoodFairPoor6. Describe value for money in food which you are preferred in the organisation?Good value for moneyReasonableBad7. From which source you have getting information regarding this restaurant?FriendRelativeInternet8. Will you recommend your friends and relatives regarding Black friars Restaurant?
YesNoCannot say9. Are you satisfy with quality of raw-material which us used by the chosen enterprise in theirfoods?Highly satisfiedSatisfiedNeutralDissatisfiedHighly dissatisfied10. In the chosen enterprise which factor highly affect to you?HygieneCost of dishesNearness to houseAmbianceTASK 22.1 Information for decision-making with collecting data and summarisingCalculating of mean, median and mode150000260000370000465000545000655000Mean57500Median57500mode-In order to carry calculation of mean, median and mode, there are various tools that canbe used by the enterprise. Below are such descriptive tool which that are used by Black friarsRestaurant:MeanThis is important tool which demonstrate every data in scientific way that analysis byresearcher. When manager of Black friars Restaurant is trying to solve their business issue, it can
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