Assignment Business Decision Making
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 2020-09-17
Assignment Business Decision Making
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 2020-09-17
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BUSINESS DECISION MAKING(Opening a new branch of Balti Palace)
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Data gathering plan................................................................................................................11.2 Survey methodology and sampling frame.............................................................................21.3 Questionnaire.........................................................................................................................2TASK 2............................................................................................................................................52.1 Creating information for decision-making purpose using representative values...................52.2 Analyzing the results to draw valid conclusion...................................................................102.3 Analyzing the results using dispersion.................................................................................102.4 Quartile, percentile and correlation to derive conclusion....................................................11TASK 3..........................................................................................................................................133.1 Graphs in MS Spreadsheet and draw useful conclusion based on information...................133.2 Trend lines in Spreadsheet graphs to assist forecasting.......................................................163.3 Preparing business presentation to disseminate information...............................................173.4 Formal business report.........................................................................................................17TASK 4..........................................................................................................................................174.1 Appropriate information processing tool.............................................................................174.2 Prepare project plan for an activity and its critical path......................................................184.3 Using financial tools for decision-making...........................................................................18CONCLUSION..............................................................................................................................21REFERENCES..............................................................................................................................221 | P a g e
INTRODUCTIONIn past few years, British restaurant sector undergone significant changes with the risingconsumer spending, competition level and other factors. Despite immense competition facing bythe restaurant operators, the market is still expected to grow and reach to the value of GBP20bnor above @ 4% annual growth rate (Mullan, 2017). Balti Palace is one of the successful andpioneering restaurant of London who is serving customers with the quality cuisine, excitingplace, modern surroundings and others. Its Eastern influence satisfy all the appetite throughquality and healthiest food choices in traditional flavors. Looking to wonderful growth, it is keento invest in one more restaurant in London. Thus, the study creates data collection plan, conductan original survey and analyze the results using distinctive statistical methods. Moreover,charting will be used to graphically present its own sales & profit performance. In addition,financial tools and MS project management will be usedfor business decision. TASK 11.1 Data gathering planData collection is a key requirement for Balti Palace before setting a new branch at anyother location in London. In order to protect reliability and credibility, it must obtain necessaryset of data using acceptable data collection techniques. Research can be defined as a scientificinvestigation to discover the hidden facts about the chosen problem. As Balti Palace is going toinvest in a new restaurant unit, thus, data can be collect from following sources:Primary research: Investigation carried out by researcher to collect fresh datasettargeting specific need is called primary research. To know consumer thinking, perspective forrestaurant, their desirable cuisine, infrastructure and others, Balti Palace can take interview andsurvey selected people (Pickard, 2012). No-doubt, it seems bit difficult to conduct a real surveyas it requires resources, time and money because it starts from scratch, still credibility andreliability is high. Secondary research: Unlike above, it is just about using available data that was earliergathered by primary research by any other scholar. Governmental association report, newsletters,1 | P a g e
journal, encyclopedia, journals are the basic and readily available sources. Balti Palace canassess their current status using sales and profitability outcome. Moreover, web resources wouldbe access to know restaurant industry growth, level of consumer spending and its future outlook. 1.2 Survey methodology and sampling frameThe essence of survey methodology can be defined as a way of questioning targetindividuals on a selected topic and then drawing useful inferences from their responses gathered.Survey will be the best method for Balti Palace to reflect people attitude towards restaurantconcept, segmentation, their desires, level of satisfaction and other success determinable factors(Pickard, 2012). Mail survey, Telephonic survey, personalized interview are several surveymethods. Here, it is decided to conduct an online mail survey of the target people that will beself-administered. It will be done through questionnaire to extract useful information within ashort time period. It is cheaper than any other source of primary data collection and selectedindividuals can also remain anonymous. As, Balti Palace is a large Indian cuisine who strongly appeal customers, thus, therestaurant has a great customer base. Therefore, it seems important to choose some group ofpeople among all for the sample selection. It will survey only the chosen individuals but theymust represent the entire universe, therefore, random sampling seems appropriate whichwithdraw some members randomly without any choices or preferences (West, 2016).Considering its large base, it is decided to choose 100 regular customers of Balti Palace, all willbe surveyed only after their voluntary acceptance that assure information credibility, reliability &authenticity. 1.3 QuestionnairePlease provide your responses, it will take few minutes, your opinion matters. Demographic details Name: ___________________________Age: ____________________________Gender: _________________________Marital status: _____________________Nationality: _______________________1. Which comes in your mind first when thinking about eating out? 2 | P a g e
Convenient than cooking Not adequately clean Variety of cuisine It doesn’t matter2. How frequently do you visit restaurant? Once in a weekTwice in a weekOnce in fortnightOnce in monthOther (Kindly specify)3. What time do you often choose to take eat out?Breakfast LunchDinnerNo matter4. What kind of food choice would you like to have in Balti Palance new restaurant?Chinese JapaneseItalian FrenchAmericanIndianContinental5. Factors do you opined the most significant while selecting a restaurant to take meal out? Price and discount Food quality and tasteServicesInterior design and surrounding Entertainment Hygiene6. When you thinks about convenience, which one you seem highly important over others?3 | P a g e
Distances to the restaurant Free of cost delivery Take-away facilitiesOnline and telephonic ordering 7. Your preferable architectural style that you like the most?Modern Baroque RomanticGothic TraditionalOther8. Which kind of extra facilities for entertainment do you expects? Live soft music Pop music Drinking bar Jazz & lounge Others (Specify)9. Which of the below medium do you inform yourself about any restaurant?Leaflet Friend recommendations Internet TV advertisement Social media Others 10. How much cost would you ready to pay for the meal?Less than £50£50 - £100£100-£150£150-£200£200-£250More than £2504 | P a g e
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