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Business Decision Making Report - Food for Friends
Create a plan for the collection of primary and secondary data, design a questionnaire, analyze data using various techniques, and draw valid conclusions in a business context.
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Added on 2020-07-23
Business Decision Making Report - Food for Friends
Create a plan for the collection of primary and secondary data, design a questionnaire, analyze data using various techniques, and draw valid conclusions in a business context.
Added on 2020-07-23
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BUSINESS DECISION MAKING
Table of ContentsINTRODUCTION...........................................................................................................................1TASK -1...........................................................................................................................................11.1 The data collection methods.............................................................................................11.2 The survey methodology and sampling frame.................................................................11.3 Questionnaire....................................................................................................................2TASK 2............................................................................................................................................32.1 Creating information for decision making by summarizing primary data set..................32.2 Analyzing results to draw valid conclusion......................................................................62.3 Assessing data set through using measures of dispersion................................................72.4 Explaining the use of quartile, percentile and correlation co-efficient in decision making................................................................................................................................................7TASK 3............................................................................................................................................83.1 Graphical presentation......................................................................................................83.2 Forecasting through trend line........................................................................................103.3 Power point presentation................................................................................................103.4 Formal business report...................................................................................................11TASK-4..........................................................................................................................................114.1 Use of appropriate information processing tools............................................................114.2 Project plan to establish new brand of Food for Friend in London................................124.3 Using financial tools for good investment decisions......................................................14CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................15
INTRODUCTIONIn the modern times, management plays an integral part is being played by decision-making. Both organizational and managerial activities are been determined by decisions. In thesuccess of the organization the decision-making plays a vital role (Weigold,Weigold and Russell,2013). Good decision means good business. In the company or organization the efficient andeffective decision are being made by the managers in order to make use that profit is beinggained in the business.In this report, the data will be collected for the new restaurants that is“Food for Friends”. Further, different tools will be applied to the data which is been collectedregarding this new restaurant.TASK -11.1 The data collection methodsData collection – It is the process by which the data can be collected and measuresinformation on targeted variables in an established systematic fashion. The questions are beenasked in order to analyze the outcomes. For a particular purpose, the data is being gatheredsystematically. The data is being collected in order to make decision about important issues. Inall fields of research, data collection can be used. There are basically two types of data collectionmethods that is been used to collect data about the new food restaurant that is “food for friends”Primary data – In this data is being gathered for the first time and it is fresh. Under thecontrol and supervisor of an investor the data is been gathered. It is a form original data that isbeen collected for the specific purpose. The surveys, experiments, focus groups etc are sometype of primary research methods through which data can be gathered. In order to gather data forthis new restaurant a real survey of customers was conducted (Orkin, 2014).Secondary research- In this the data is being collected by someone for before. Foranother purpose, the data is being gathered in this. The time and cost and efforts that is need inthe collection of data is less in this in comparison with primary as it is taking place for the firsttime. It is being used again in different context. The some of the resources of secondary data aremagazines, the internet, newspaper, books and journals etc. For this new restaurant the secondarydata that is being used is sales, profit , history of customer for 10 years is been used.1.2 The survey methodology and sampling frameThe survey methodology examines the sampling of individual units from a populationand the associated survey techniques of data collection such as construction of questioners. In1
this the survey will be done by making questionnaire regarding the new plan of restaurant that is“food for friends”. Food for Friend must conduct survey of their existing customer base to knowtheir perception towards opening a new outlet. Moreover, survey will provide useful informationto the restaurant about their satisfaction level and helps to determine areas where restaurant needto focus to mitigate customer difficulties.Questionnaires- In the survey research the most commonly used tool is questionnaire,. Ifthe questionnaire are not written adequately the outcomes of a particular survey are worthless.The valid and reliable demographics variable measures should be produced by questioners .Inorder to collect information the series of questions are been there in questions (Litosseliti, 2017).Here, food for Friend will conduct survey of customers, in which, they will ask with a set ofquestions to find out their desires, food choices and perception toward its offerings and pricescharged to know their satisfaction level. It will help the restaurant to make solid plan for openingnew restaurant for expanding its operations. Sampling frame - In order to gather or collect information about this new restaurant thesampling frame is use randomly .As it is not possible to collect data from all the customers. So ,a random size of about 60 people is been selected randomly. The random process is been used todistribute these questions among 60 persons. Food for Friend will draw a sample of 60 customersrandomly from its large customer base. Random selection is preferred to avoid unnecessarybiasness which is helpful to generalize the results to the entire population, because all units orcustomers have equal probability of being included in the drawn sample. Selected consumerswill be asked with different kind of questions mentioned in questionnaire and they need torespond their answer through e-mail which does not takes too much time. 1.3 QuestionnaireQuestionnaire presents various set of questions that the selected customers need to replyto express their choices and preferences. In order to know customer food choices, preferences,price sensitivity and other, different kind of questions like open-ended, close-ended, rankingquestions and others is prepared. It will help Food for Friend to determine highly preferredcuisine that gains high demand in the market. Moreover, sensitivity of the customer will helprestaurant to make rationale-pricing strategy in line with the customer affordability. Besides this,location based question will enable restaurant to open the new outlet at the best location whichseems convenient for all the users. 2
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