Business Decision Making | Blackfriars Restaurant

Added on -2020-02-12

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Business Decision Making
Table of ContentsINTRODUCTION...........................................................................................................................4TASK 1............................................................................................................................................51.1 Primary and secondary data of Blackfriars Restaurant.........................................................51.2 Present the survey methodology and sampling frame used..................................................61.3 Design a questionnaire for a given business problem...........................................................6TASK 2............................................................................................................................................82.1 Create information for decision making by summarising data using representative values82.2Analyse the results to draw valid conclusions in a business context.....................................82.3 Analyse data using measures of dispersion to inform a given business scenario.................92.4 Explain how quartiles, percentiles and the correlation coefficient are used to draw usefulconclusions in a business context..............................................................................................10TASK 3..........................................................................................................................................103.1 Produce graphs using Spreadsheets and draw valid conclusions based on the informationderived.......................................................................................................................................103.2 Create trend lines in spreadsheet graphs to assist in forecasting for specified businessinformation................................................................................................................................123.3 Prepare a business presentation using suitable software and techniques to disseminateinformation effectively..............................................................................................................133.4 Produce a formal business report........................................................................................14TASK 4..........................................................................................................................................154.1 Use appropriate information processing tools.....................................................................154.2 Prepare a project plan for an activity and determine the critical path ................................154.3 Use financial tools for decision making..............................................................................16CONCLUSION..............................................................................................................................16REFERENCES..............................................................................................................................17
INTRODUCTIONBusiness decision making refers to the effective strategies to be implemented to achievethe ultimate goals of the entity and sustain in the long run. These strategies can be the effectivesolutions to the challenges faced by the organisation or the expansion to grab the currentopportunities available in the market. The present report includes the detail scenario of theinformation available to the business entity Blackfriars Restaurant which can be classifiedinto primary and secondary data. Primary data here means the data available within theorganisation through the R&D department who are continuously indulge in the collecting andstoring data so that it can be used in future adequately (Brown and et.al ., 2010). Moreover it alsosignifies the IT soft wares and spreadsheets of data analysis so that the business entity couldeasily used these information systems in future to enhance its productivity at all levels. TASK 11.1 Primary and secondary data of Blackfriars RestaurantPrimary data:Primary data collecting the process and creating the data. Data collection is input processof company. This data is original data of company. This data identify the company profile.Secondary dataSecondary data may be defined as the company's employees record . This data mentionedin the record book like journal book or employee register. Sources of primary and secondary dataThere are two sources of primary and secondary data-internal sources and externalsources. Basically primary data use external sources like journal book paper etc. and secondarydata use internal sources like rate of cost ,customer satisfaction, market research (Brynjolfsson,Hitt and Kim, 2011).Planing of primary and secondary data for restaurant
Primary data- black friars restaurant provide the veg. and non veg-food. This datarecord the how many people prefer vegetarian food and non vegetarian food .Secondary data -This data mentioned number of customers like veg and non veg foodand register employee salary. This data record the employee information. 1.2 Present the survey methodology and sampling frame usedBlackfriars Restaurant is planning to open its new restaurant chain in London, thus toensure the feasibility of his decision the owner is planning to collect the data from differentsources to understand the customers preferences, taste, habits, lifestyles and the location that isviable to open the new venture. Stakeholders of the entity are keen to know the surveys madeand sampling frame used for the same. Sampling frame is the methodology that gives the briefcriteria of the market in less time rather than the detail questionnaire with the large populationwhich is expensive too (Elango and et.al., 2010). Person to person interaction is time consumingthus sampling methodology have developed which is not too effective. Thus, BlackfriarsRestaurant have decided to conduct the quality assurance programmes that develop the specialiseattributes in all the employees rather than entire population survey like government surveys. Sampling frame is the effective tool to have online surveys to gain information regardingthe clients and customers preferences to penetrate into the new market in London. BlackfriarsRestaurant is using the online surveys to understand the demographic, cultural, social andeconomical aspects of the community to understand the habits, taste, lifestyle of the populationthere. But this method too have some limitations that this process could even be biased (Ford andRichardson, 2013). 1.3 Design a questionnaire for a given business problemThe questionnaire is the another tool to understand the market conditions to take effectivesteps to resolve such problems and penetrate into the new market easily. Blackfriars RestaurantR&D manger has decided to use the questionnaire tool to understand the new market in London. Restaurant Questionnaire Blackfriars Restaurant , British cuisine at Friars St. Newcastle in London meant for hishigh quality food and beautiful wooden décor with pleasant environment. This questionnaire has

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