Business Decision Making Introduction

BUSINESS DECISION
MAKING

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
1.1 Create a plan for the collection of primary and secondary data............................................3
1.2 Present the survey methodology and sampling frame used .................................................4
1.3 Design a Questionnaire for a business problem....................................................................5
TASK 2............................................................................................................................................6
2.1 Create information for decision making by summarising data ...........................................6
2.2 Analyse the results to draw valid conclusions....................................................................10
2.3 Analyse the data using measures of dispersion ..................................................................11
2.4 Explain how quartiles, percentiles, and the correlation coefficient are used to draw
conclusions................................................................................................................................12
TASK 3..........................................................................................................................................12
3.1 Produce graphs using spreadsheets and draw conclusions accordingly..............................12
3.2 Create trend lines in spreadsheet graphs to assist in forecasting business information.....17
3.3 Covered in PPT...................................................................................................................18
3.4 Produce a formal business report........................................................................................18
TASK 4..........................................................................................................................................20
4.1 Use appropriate information processing tools ....................................................................20
4.2 Prepare a project plan for an activity and determine the critical path.................................20
4.3 Use Financial tools for decision making.............................................................................21
CONCLUSION..............................................................................................................................22
REFERENCES..............................................................................................................................23

INTRODUCTION
Business decision making is the essential process carried out by organisation in order to
carry out the task in effective and efficient manner. There are number of options available for
management, they have to choose from these choices and select the best out of it. These decision
helps in achieving the final objectives and aims at appropriate mode. There are number of
financial tools that aids in finding out profitability and productivity of the business enterprise.
Amongst all techniques available NPV and IRR is adopted as a most effective as it aids in
finding out the final returns of company. The company included in this report is Friends for food,
which is a well established restaurant in UK and is planning to open a branch at various places in
London. The report highlights the several sources from where data can be collected and is
utilised by company to make important decisions. There are number of information tools
available to management to carry out the research work for their restaurant. It also throw light on
framing of business report that underlines recommendation for the restaurant. Use of percentiles,
quartiles and correlation coefficient is also adopted by business firm to take feedbacks from their
clients that is beneficial in decision making process.
TASK 1
1.1 Create a plan for the collection of primary and secondary data
Food For friends is planning to open its new branch in the city, hence they require
opinions and views of clients in the market area. It is very beneficial for them to take accurate
and correct decisions in future. There may be several areas where they are lacking behind and
after considering their view points it will help them to improve their area of focus(Aharoni,
Tihanyi, and Connelly 2011). For this, they want to collect data from various sources and
majorly there are two sources available which is described below:
Primary source: it refers to collecting data or information from clients directly. As this method
delivers most reliable and authentic information to management. It helps in knowing the idea and
taste of customers in market place. The researcher directly contacts their target market and
himself take data that is required. Number of primary sources are:

 Survey: In this method the researcher approaches their clients face to face and collect
relevant data accordingly. They have set questions or scope that is included in their
survey.
 Observation: It is highly reliable method under which, perceiver observes the persons and
note down their observation and than conclude it according to their objectives and aims.
Secondary sources: in this type of source of data collection, researcher collects information or
data from already collected sources that is magazines, journals etc. it may not provide full data to
food for friends as the information is based on past period of time(Ferrell, and Fraedrich, 2015).
1.2 Present the survey methodology and sampling frame used
Research process is conducted to collect all needed things from clients in market place. It
is beneficial for Food for friends restaurant to take needful and required part that can be consider
in planning process. It is important for observer to select target people on which research process
is conducted. After this, they make certain criteria to reach final set target.
Survey methodology: It involves certain methods through which survey process is
conducted. Management of restaurant have taken decision regrading it. There are number of
ways available manager have to pick the most effective one that yields sustainable outcomes
(Zionts, 2012). Food for friends have selected primary source for collecting data especially
through questionnaire.
Sample Framework: there are several methods available for selecting sample. Methods
include stratified sampling, random sampling or cluster method. Under this certain number of
people are choose from total population, and than research process is carried out. The number of
focus group of people is 50. The major aspects included under this are:
 Find out the quality of products and services deliver by restaurant.
 It is profitable to expand their business by introducing new branch.
 To consider any recommendation from clients in order to make improvements if
necessary(Ford, and Richardson, 2013).
 Various issues related to profitability and productivity of restaurant.

1.3 Design a Questionnaire for a business problem
Questionnaire is considered as an important primary source in which, several questions
are framed and is asked to fill up by clients. There are some advantages associated with it, time
and cost effective. People fill up the form and submit it to researcher, than the process of finding
out conclusion on certain focus aspect is carried out. This helps in finding out the interests and
opinions of consumer (Vercellis, 2011).
QUESTIONNAIRE
Name of a person:
Postal Address:
Email id:
Gender:
1.) Is it beneficial to open new branch by restaurant in city?
 Yes
 No
2.) Is people satisfied with the decision?
 Yes, they are
 No, they are not
 Moderate
3.) Is Food For Restaurant is delivering good quality of services?
 Yes
 No
4.) what type of food you prefer in restaurant?
 Vegetarian
 Non vegetarian
5.) Is people satisfied with the prices offer by restaurant in different foods items?
 Yes
 No
6.) Are you pleased with the environment of restaurant?

 Yes
 No
7.) Do you think Food for Friends is doing well in food industry?
 Yes
 No
8.) Is staff members behave properly with customers?
 Yes
 No
9.) Do you think customer services of restaurant is good?
 Yes
 No
10.) what do you want to suggest for food for friends restaurant?
.........................................................................................................................................................
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TASK 2
2.1 Create information for decision making by summarising data
1.) Is it beneficial to open new branch by restaurant in city?
Particulars Respondents
Yes 30
No 20