Business Decision-Making Assignment: Restaurant
Added on 2020-06-06
25 Pages4384 Words104 Views
BUSINESS DECISIONMAKING
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31.1 Create a plan for the collection of primary and secondary data for business problem.........31.2 Present the survey methodology and sampling frame used ................................................41.3 Design a questionnaire for a business problem....................................................................5TASK 2............................................................................................................................................62.1 Create information for decision making by summarising data using representative values.62.2 Analyse results and draw conclusion..................................................................................102.3 Analyse data using measures of dispersion ........................................................................11TASK 3..........................................................................................................................................113.1 Produce graphs using spreadsheets and draw valid conclusions........................................113.2 Create trend lines to assist in forecasting business information ........................................183.3 covered in PPT ...................................................................................................................193.4 Produce a formal business report .......................................................................................19TASK 4..........................................................................................................................................204.1 Use appropriate information processing tools.....................................................................204.2 Prepare a project plan for an activity and determine the critical path................................214.3 Use financial tools for decision making .............................................................................22CONCLUSION..............................................................................................................................22REFERENCES..............................................................................................................................23
INTRODUCTIONBusiness decision making is a very important process carried out by management level tochoose among number of choices. There are number of options available in the businessenvironment, management have to make decisions to carry out scanning and select the best one.The chosen alternative should deliver final outcome or results. There are number of instrumentsavailable to study the investment premise, they are NPV and IRR. These are formulated bybusiness organisation to determine profitability and financial gains. The company which isincluded in this report is food for friends which is a established restaurant in UK and rendernumber of services to their customers. This assignment throws light on importance of collectionof data through primary and secondary sources. These are collected to produce a plan and isconcluded through help of examining of data and producing results through calculation ofcorrelation, percentiles and quartile. TASK 11.1 Create a plan for the collection of primary and secondary data for business problemFood for restaurant is among the high-grade restaurants in UK , that deliver services likehotel booking, serving variety of food to final customers. In order to open a new branch inLondon, it is very essential to take opinions from customers and take into consideration whilemaking plans and procedures (Aharoni,, Tihanyi, and Connelly 2011). The data is assembled invarious ways by mangers of organisation. Researcher have to collect data from two majorsources that is primary and secondary source. This help in finding out the tastes and preferencesof customers in market place. Two major sources of data collection which is mentioned below:Primary source: The data which is collected from these primary sources is first hand andfresh. The information collected from this type of source is authentic and reliable. The reseracherhimself take information from clients by contacting them at particular time frame. It is necessaryto know the views of clients related to food industry, as it helps them to preapre plansaccordingly. Various sources available to collect primary data is mentioned below:Observation: This is a commonly used method to collect data, in which reseracherobserve their source of people and collect data in accordance to their value points.
Questionnaire: Under this, number of questions are framed by researcher in order toknow the view points of respondents. This is how information or data is collected fromthe targeted audience. Food for friends conduct this procedure to know about interests ofpeople (Ferrell and Fraedrich, 2015). Survey: in this type of procedure, researcher ask certain questions from their clients andthan carry out process of knowing customer satisfaction. Secondary Sources: It refers to information or data collected from the sources whichhave already been accumulated for once. It is gathered from newspapers, magazines, or businessjournals. Under this process, the information which is accumulated is not useful in finding outthe interests or views of people directly. Food for friends can gain number of information fr9omthese sources but does not help in gaining direct view points of clients(Zsambok, 2014). 1.2 Present the survey methodology and sampling frame used The basic motive behind carrying out research process is to take information and datafrom the clients(Zolfani, and et. al., 2013). This is very important to select the targetted audiencein efficient manner because than only the correct and accurate information can be attained.Hence, it is the responsibility of researcher to draft plans properly and accurately. Survey Methodology: This process identifies the selection and survey methods or toolsthrough which proper outcomes or results can be attained in proper mode. The manger of Foodfor Friends chooses to carry out their research process from primary source of data collection. Inthis, questionnaire and survey methods can be used in decision making process. In this, differenttype of questions are framed that render information of their area(Ford, and Richardson 2013). Sample Framework: there are number of ways through which research can beconducted, it is up to the researcher and clients to choose that method that will yield them bestresults out of their process conducted. There are sampling methods available out of which,random sampling process is among the most efficacious way. In this, around 20 people areselected and than, series of questions are put on and their answers are recorded. The types ofquestions which can be formulated by Food For Friends restaurant can be: To find out the opinions of clients in market regarding products offered by restaurant.To record complaints of consumers that may arise(Zionts, 2012).
1.3 Design a questionnaire for a business problemQuestionnaire is used to collect data in primary mode. In this some number of questionsare included that has to be filled by target audience. The answers which are noted helps inconcluding the decision which has to be carried out. It is drawn by researcher in which 10 to 12questions are included(Gigerenzer, and Gaissmaier, 2011). QUESTIONNAIREName of candidate: Permanent Address:Email id: Gender:1.) Whether the restaurant is working hard to provide better services to customers?Yes No2.) What's the requirement to open a new branch in UK? For profit To become top restaurant first choice of customers 3.) Is Food for Friends is delivering best services?YesNo4.) Technology or tools adopted by restaurant is efficient or not?YesNo5.) Is food delivered by restaurant is healthy?YesNo6.) Is clients are happy with the decision of expanding new branch in city?YesNo
7.) Is restaurant is fulfilling the needs of people?YesNo8.) Staff members are maintaining healthy relationship with customers?YesNo 9.) Is restaurant services are perfect?YesNo10.) Any suggestions for the Food For Friends?......................................................................................................................................................................................................................................................................................TASK 22.1 Create information for decision making by summarising data using representative values1.) Whether the restaurant is working hard to provide better services to customers?Particular Respondents Yes 16No42.)What's the requirement to open a new branch in UK?Particulars RespondentsFor profit 12To become top restaurant 6mean10median 10mode0total20
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