Business Decision Making- Black friars restaurant

Added on - Dec 2019

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Business DecisionMaking1
TABLE OF CONTENTSIntroduction.....................................................................................................................................3Task 1...............................................................................................................................................31.1 Create a plan for the collection of primary and secondary data for Black friars restaurant.31.2 Present the survey methodology and sampling frame.........................................................31.3 Design a questionnaire for collecting a data..........................................................................42.1 Create information for decision making by collecting data...................................................52.2 Mean mode and median........................................................................................................62.3 Analyses the collected data using measure of dispersion......................................................72.4 Calculation of all measure of dispersion and useful conclusion............................................8Task 2...............................................................................................................................................83.1 Graphs using a spreadsheet and draw a valid conclusion based on information.................83.2 Create a trend line in graph..................................................................................................113.3 Covered in Ppt.....................................................................................................................123.4 Formal business report.........................................................................................................12TASK 3..........................................................................................................................................124.1 Appropriate information processing tool............................................................................124.2 critical path.........................................................................................................................134.3 Use of financial tool for decision making............................................................................15Conclusion....................................................................................................................................16Reference......................................................................................................................................172
INTRODUCTION`The process of deciding of something which is important in a group of people or in aorganization is known as decision making. It involve a selection of any action from a two ormore two possible alternative so that right solution can be get of a given problem. The presentreport is based onBlack friars restaurant, which is opening a new restaurants in London. Thepresent report a plan is created for the collection of primary and secondary data for a givebusiness problems. Along with this the survey methodology and sampling frame used isevaluated. Apart from that, a questionnaire for a given business problem is designed.TASK 11.1 Create a plan for the collection of primary and secondary data forBlack friars restaurantAccording to the given scenario, Black friars restaurant is planning to open its secondrestaurant in London. For this purpose, the shareholders are keen to understand the market. Forunderstating a market Black friars restaurant need to collect some primary and secondary data.Through this data large amount of information can be collected which help restaurant in gettingsuccess.Primary data: it is a data which is first hand and not exists until it is not collected.Primary data is collected through a survey, questionnaire, interview or by phone call. This allmethod are useful for a restaurant for gathering a information related to a customer preference(Zikmund and Griffin, 2013) . In this report primary data is collected by a questionnaire method.In this method questions are prepared and send to a customer through different mode such as byemail, face to face contact or by a social networking sites.Secondary data: it is a data which is collected form books, journals etc. in a term of costeffectiveness secondary data is very useful for a Black friars restaurant. Further restaurant cangather information related to its competitor product and services (Zikmund and Griffin, 2013).At a time of collecting a secondary data a lots of time is consume. research is carried out througha qualitative and qualitative method which is decided by a secondary research.1.2 Present the survey methodology and sampling frameBlack friars restaurant is opening a new restaurant in London because there is lots ofopportunities for business success. In order to earn profit they need to understand customer3
preferences, survey need to be conducted. Survey is a primary research techniques for collectinga data from a different type of consumer. Some of techniques which researcher used forcollecting a data is a random sampling, stratified sampling, quota sampling etc. which type ofsampling method is used is what amount of information is needed and form which sources. In asampling item sample are prepared and tested by sample group so that their opinion can bejudge. In this report information need to collect regarding consumer preferences related toopening a new restaurant. So that firm can serve products and services according to the taste andpreference of people.1.3 Design a questionnaire for collecting a data1.) How many times in a week you eat in a restaurant?Once a weekTwice a weekThree times a week2.) What time you like to visit a restaurant?Breakfast (9am to 11am)Lunch (12pm to 4pm)3.) How often you east fast food in a restaurant?WeeklyOnce in a monthEvery day3.) What are the important factor at the time of choosing a restaurant?PriceFood qualityFast servicesAtmosphere4.) What type of restaurant do you like to visit?Traditionalhomeymodern5.) Which type of food you like a most in restaurant?4
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