BUSINESS DECISION MAKING [pic]

   

Added on  2020-06-03

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BUSINESS DECISIONMAKING
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Illustration IndexIllustration 1: Customers enjoy food................................................................................................4Illustration 2: Satisfaction level on variety of food offered.............................................................4Illustration 3: First preference of the customers..............................................................................5Illustration 4: Satisfaction level from ambience..............................................................................6Illustration 5: Column Chart............................................................................................................9Illustration 6: Bar chart..................................................................................................................10Illustration 7: Line chart.................................................................................................................10Illustration 8: Scatter diagram........................................................................................................11Illustration 9: Trend Line...............................................................................................................12Illustration 10: Gantt Chart............................................................................................................16Illustration 11: Critical path...........................................................................................................16Index of TablesTable 1: Data of sales and profits....................................................................................................6Table 2: Calculation of central tendency.........................................................................................6Table 3: Computation of standard deviation....................................................................................7Table 4: Computation of Quartiles, Percentiles and coefficient of correlation...............................8Table 5: Activities involved...........................................................................................................14Table 6: Duration of activities and slack.......................................................................................14Table 7: Computation of DCF and NPV........................................................................................16Table 8: Computation of IRR........................................................................................................17
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INTRODUCTIONDecision making is an important activity that is conducted before investing in some newbusiness. It helps to assess that whether the investment will be feasible for the entity or not (Chenand Hwang, 2012). Food for Friends is a vegetarian restaurant situated in historic South Laneswhich is planning to open its second restaurant in UK. The assignment discusses the primarydata collected to study the preferences of the customers. Further, sales and profits data is takeninto consideration to draw graphs and charts depicting the success of the restaurant. Gantt chartis prepared to analyse the activities that conducted to start the restaurant. In the end, NPV andIRR will be calculated to study the financial viability of the plan.TASK 1A.C. 1.1 Planning to collect primary and secondary dataPrimary data is the first time collected data for anything which is not used beforeanywhere. This data is the first hand data and it is specific research that is done for a specificpurpose. This can be modified according to the needs of the situation. This data can be collectedby anyone in any type like questionnaire, surveys, observation, communication i.e. direct andindirect and many more. This data helps the market as it provides the proper information. Secondary data is the second hand data as it is used by the others previously. It is aninformation that already collected by the others. This data can be in any form like census,internet searches and data are collected by the government that is used by the others according totheir needs. This data is time saving then the primary data as there is no need to research onsomething as the data already exist. If the market research is conducted by the company then they can use both type of dataaccording to the situation demands In market the primary data will give the information aboutthe new choices and the preferences of the customers and secondary data will tell about thestatus of the product in the market. It will help to understand the growth, market, price, taste andlocation preferences in order to understand that whether the decision of opening a secondrestaurant is viable or not. A.C.1.2 Survey methodology and sampling frame used The survey conducted for Food for friends will consist of to type f data collectionmethods. Primary data will be collected with the help of questionnaire, there data of 50respondents will be collected. The questionnaire will consist of 10 questions which are relevant1
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to be asked in order to understand market perspective. It will have closed ended questions inwhich respondent will require marking suitable option. The data received from theserespondents will be interpreted in order to find out the results. Random sampling method will beused where the respondents will be selected on random basis. This technique will help to getunbiased results from the population (Hacklin and Wallnöfer, 2012). Secondary data will becollected based on the information already provided by Food for friends. Data of sales revenueand profit will be taken into consideration to get valuable outcomes. It will help to understandthe historical sales and profit growth and relationship between both the figures to forecast thefuture trend. A.C. 1.3 Design of questionnaire Primary data QuestionnaireName ..........................Gender .......................Age ...........................Question 1: Do you enjoy food served by Food for Friends?YesNoNeutralQuestion 2: Are you satisfied with the variety of food offered by Food for Friends?Highly satisfiedSatisfiedDissatisfiedHighly dissatisfiedQuestion 3: While visiting in a restaurant, what is the first thing you prefer the most?AmbienceServiceHygieneVariety of menuPriceQuestion 4: Are you satisfied with the ambience provided by Food for friends?2
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Highly satisfiedSatisfiedDissatisfiedHighly dissatisfiedRate the following services of Food for Friends from 1 to 5 where,1 is very good, 2 is good, 3 is average, 4 is bad 5 is worstQuestion 5: Attentiveness of staff 12345Question 6: CleanlinessQuestion 7: Order timeQuestion 8: EnvironmentQuestion 9: Sitting arrangementQuestion 10: Location of the restaurantQuestion 11: What suggestion will you give to Food for friends restaurant?Ans...................................................................................................................................................................................................................................................................................................The questionnaire will help to assess the customer satisfaction level based on the servicesprovided by the restaurant. If the customers are not satisfied then it can raise the bar of qualitystandards for its second restaurant. It will also help to analyse the preferred areas of thecustomers and what are their expectations from the restaurant. The questionnaire contains yes orno questions, multiple choice questions, ratings question and an open ended question which willhelp to get suggestions from the customers. A.C. 2.1 Analysing the collected data and summary of representative valuesTheme 1: Majority of the customers enjoy food served by Food for friends.FactorsRespondentsYes29No12Neutral93
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