Business Decision Making Process Assignment Sample
Create a plan for data collection, design a questionnaire, and analyze data for a given business problem.
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Added on 2020-06-04
Business Decision Making Process Assignment Sample
Create a plan for data collection, design a questionnaire, and analyze data for a given business problem.
Added on 2020-06-04
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BUSINESSDECISION MAKING
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 A plan for the collection of primary and secondary data.................................................11.2 Survey methodology & sampling frame...........................................................................21.3 Questionnaire....................................................................................................................32.1 Collection of data and summarisation of collected data...................................................42.2 Conclusion and recommendations....................................................................................72.3 Standard deviation, quartile, percentiles and the correlation coefficient.........................82.4 Conclusion through calculations....................................................................................11TASK 2..........................................................................................................................................113.1 & 3.2 Graphs and a valid conclusions based on the information derived with trend line113.3 Business Presentation.....................................................................................................183.4 A formal Business Report to disseminate information effectively which include.........18TASK 3..........................................................................................................................................194.1 Information processing tools..........................................................................................194.2 Gantt chart and critical path for project plan..................................................................194.3 Financial tools for decision making...............................................................................21CONCLUSION..............................................................................................................................21REFERENCES..............................................................................................................................23
INTRODUCTIONBusiness decision-making is not about choosing the right decision but it is making rightdecision by analysing yearly report of business. There is no consistency in the operations ofbusiness which are there while any plan is implemented in an organisation. When a companyhave has take any decision regarding its growth and development then there is a need for analysiswhich can be theoretical or practical. Interpretation of data get done by using various number ofsources like graphs, articles. A proper data interpretation will lead to aid in taking appropriatedecision for business which support in long term. This report is a complete analysis of restaurant,Food for Friends so as to take business decision in opening the another restaurant in London byconducting primary and secondary research with methodologies to support the study. TASK 11.1 A plan for the collection of primary and secondary dataIn order to collect information, there are many ways which can be utilised for the same soas to have proper collection. These ways help in the ascertainment of proper results so as to gainrelevant information on which researcher conduct appropriate investigation in relation to collectdata (Ferrell, 2015). As Food for Friends is aiming to expand its business in the areas of London,UK, in that case, it has to collect data from population which is present there so as to know thetastes and preferences. There are several methods which can be implemented for takingbeneficial decision in order to get data and these are explained as below:Questionnaire: Company can utilize this method by forming formal questions which aresummarised on a sheet of paper representing information which has to be collected by thepeople as they answer them. In order to have effectiveness in this method, questionnairemust be prepared properly so that data can be collected properly according to the needs. Feedback Forms: These are forms which are prepared in such a manner that people givetheir views with regard to services which are provided to them. This helps in knowingwhether the customers like services of restaurant or not. Personal Observation: There are many experts like auditors and researchers which canbe appointed for observing the market and trends personally so as to gain properinformation.1
In order to gain specific information for the same, Food for Friends can adopt thequestionnaire method which will support in getting the knowledge of tastes and preferences ofpeople in London with regard to hotels and restaurants (Ford, 2013). This is the most suitablemethod for obtaining accurate data but the questionnaire has to be planned and made in a properway so as to obtain success in the same method (Food for Friends, 2017). For example thequestionnaire must have:What are the likes and dislikes of people in LONDON?Food preferencesHow many already operating firms are there in the same business?What kind of food is eaten there i.e. vegetarian or non-vegetarian?What is the age?How often you visit to restaurants?1.2 Survey methodology & sampling frameSurvey methodology is a principle which consists of many methods which used by anindividual at the time of collecting relevant information for the research. When a research isconducted via questionnaires then there is a huge requirement of choosing relevant people whowill fill them. Sampling frames aim at surveying by considering various factors which are listedas follows:Population:These are the people who are present in universe from which sample of information hasto be taken (Groebner, 2011). Some of the people from this are chosen who represent whole slotof people who are there in the population as a researcher can't reach each one of them at a singlepoint of time. These help in gaining information which is necessary. Sample frame:The people who are chosen for conducting the survey are categorised under this subset.They are one by whom questionnaires will be filled which will help company to gain informationfor further expansion of business in London, UK. In other words, they are the people who arerandomly chosen for conducting survey for the research that is done to know expansionpossibilities.There are two methods of sampling probability and non-probability which help inknowing the chances of happening and misshaping of anything. In probability sampling, the data2
is collected from indigenous people who are there in the city. Non-probability sampling canwork out even when there is no sample frame (Hartman, 2014). In this research probabilitysampling has been taken to conduct the research for knowing choices with regard to restauranthabits in London for expansion of Food for Friends. 1.3 QuestionnaireFor conducting a survey, following is the questionnaire which is to be used by Food forFriends in order to gain proper information:QUESTIONNAIRENAME:AGE:SEX:Q1. Are you a non-vegetarian?a) Yesb) NoQ2. Do you visit restaurants?a) Often b) Very Oftenc) DailyQ3. How often do you visit the restaurants?a) Dailyb) On WeekendsQ4. What do you like most in restaurants?a) Ambienceb) Foodc) Serviced) HospitalityQ.5 Is the environment in hotels of London appropriate?a) Yes b) NoQ6. Is there any improvement required in the food culture of London?3
a) Yesb) NoQ7. Is the behaviour of people in restaurants good?a) Yesb) NoQ8. Do you get time to spend time in restaurants?a) Yes b) NoQ9. Does the services provided in food ventures are good?a) Yesb) NoQ10. Is there any requirement to build attractive ambience for restaurant?a) Yesb) No2.1 Collection of data and summarisation of collected dataLondon is a very vast city with a population of many people who are residing in it as it isbeautiful and developed area of United Kingdom. Food for friends wants to expand its businessin the country for which it has to take reviews from various people in order to have an idea ofdevelopment of venture in the same city. There are people residing in London amongst whommajor category belongs to non-vegetarians so, restaurant can hit these things for preparing foodand targeting the market (Kimmel, 2010). Mostly people visit to restaurant on regular basis aremore as compared to those who visit sometimes. This signifies that company render good qualityservices for procuring more and more users. At the time of weekend, sales of Food for friends ishigh because this time is of family visit. Food is the major priority of people when it comes tovisits to restaurants after that services is what matters most to the people ambience also needs tobe attractive according to most of the people. The environment of the already existing edifice is very good according to most of therespondents but some of them do not feel they are appropriate which can be taken as anopportunity by Food for friends to designs its environment for attracting those people. Thechange in food culture and not changing the food culture are on the same sides there can be a4
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