Business Decision Making - Blackfriars Restaurant
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Added on 2020-01-28
Business Decision Making - Blackfriars Restaurant
Added on 2020-01-28
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31.1 Data collection for establishing new branch of Blackfriars..................................................31.2 Survey methodology and sampling frame.............................................................................41.3 Questionnaire for a given business problem..........................................................................5TASK 2............................................................................................................................................62.1 Information for decision-making...........................................................................................62.2 Collected data interpretation through mean, mode and median............................................62.3 Measures of dispersion..........................................................................................................82.4 Percentile and coefficient measurement................................................................................8TASK 3............................................................................................................................................93.1 Graphs and charts for presenting collected data....................................................................93.2 Trend line for forecasting business performance.................................................................153.3 Business presentation...........................................................................................................173.4 Business report.....................................................................................................................17TASK 4..........................................................................................................................................184.1 Information processing tools................................................................................................184.2 Critical path..........................................................................................................................184.3 Financial tools for decision-making process........................................................................19CONCLUSION..............................................................................................................................19REFERENCE.................................................................................................................................202
INTRODUCTIONBusiness decision-making is a process for planning and procedures to implement ateffective business operations and proper management of organization. It is essential forenhancing efficiency of entity as well carrying on firm effectively at high level. The presentreport is based on understanding decision-making for expansion of Blackfriars Restaurantthrough operating its new branch in London. Through of this assignment, learners are able tounderstand data collection tools by conducting survey methodology. On the basis of this,different techniques for making organization customer oriented is to be recognized. In addition tothis, decision-making process by means of data interpretation and preparation of business reportas per analysis is to be expressed. Moreover, forecasting and planning procedure for operatingnew branch of restaurant is determined. Thus, by studying this project, accurate decision-makingprocess for enlargement of business entity is to obtained in systematic manner.TASK 11.1 Data collection for establishing new branch of BlackfriarsAs per the given scenario, decision-makers of Blackfriars are planning for starting up anew branch of organization in London (Davis and et.al., 2014). Therefore, planning is proceedthrough collecting data to gain customer views that presents market value of entity. It is donethrough different techniques can be described as below:-Primary data collection:- Under this process, researcher uses different methods fordetermining customer views on restaurant services and its market position. In thisprocess, data are gathered at first time through conducting survey, interview and door todoor asking questions regarding performance of entity in market. However, analystprepares questionnaire in which varieties of question lists is presented that is valuable forobtaining different opinions of buyer related to restaurant services (Deutsch and et.al.,2016). Hence, through survey and primary data data collection, sense is created forinvestment and making decisions related to enlargement of organization.Secondary data collection:- Analyst applies various techniques for collectinginformation in secondary manner. It includes gaining data from ready material such as;newspaper, analyzing last years' business performance, looking for other competitive3
entity's operations for activities and utilizing social media sites for getting comments ofcustomers on sites. Therefore, researcher of the organization gains information throughthese methods that is useful for gathering data for further business operations (García andConde, 2014). Thus, through primary and secondary data collection methods, different views ofcustomer are determined. On the behalf of which, a proper sense is emerged for enlargement ofBlackfriars through operating its new branch. In other words, planning including forecasting anddecision-making is obtained for analyzing actual market position and preparing planning forinvestment and establishing new branch of entity.1.2 Survey methodology and sampling frameResearcher of Blackfriars collects data from different methods to gain market value. Asper which, different ideas are generated for conducting research. It includes quantitative andqualitative research as well sampling to gain varieties of ideas (Goodman, Cryder and Cheema,2013). It can be expressed in brief as below:-Sampling method:- In this way, researcher selects some respondents to be conductingsurvey. It includes different methods such as; random, cluster and sample randomsampling. Therefore, selection of participants is done by choosing users randomly or inproper sequence (Hu and et.al., 2015). It is determined that for applying sampling methodto gaining customers' views selection of participants is obtained to gain varieties of ideasregarding analyzing business performance. Several sampling methods for obtainingcustomer views can be recognized as below:-Simple random sampling:- Under this sampling method, researcher chooses respondentsrandomly. He chooses sudden or random customer for analyzing their views on restaurantservices. Therefore, proper sense is created for further business operations. It is simplestmethod to conduct sample survey for asking questions to different people.Stratify sampling:- Through this sample survey, analyst chooses respondents accordingto demographic factors that includes income and education level of respondents.However, different ideas are generated to present customers' views on restaurant services(Lewis, 2015). Therefore, strategies are presented through sampling method.4
Cluster sampling:- It is similar to stratify sampling but the difference is respondents arechosen on behalf of geographical factor. Under these determinants, various tools andtechniques are obtained for investment and further business operations.1.3 Questionnaire for a given business problemAccording to given case study, Blackfriars wants to expand its business throughestablishing new branch in London. Therefore, researcher of organization prepares aquestionnaire to ask questions with respondents. Prepared questionnaire can present as follows:-Q.1 Are you familiar with Blackfriars restaurant and its food services?Yes NoQ.2 How is the food services of Blackfriars restaurant?SatisfiedHighly satisfiedDissatisfiedHighly dissatisfiedQ. 3 Which of the following service of restaurant is most attractive?Food servicesCustomer dealing servicesQ.4 How much time, you visit to restaurant?2-3 times weeklyOnce in a week3-4 times in a weekQ. 5 Is pricing for food services is adequate?YesNoQ.6 Will competitive strategies of organization enhance through opening its new branch?YesNoQ.7 Which kind of dishes are mostly demanded by users for restaurant services?Indian5
ChineseQ.8 How is the current market position of restaurant in London?GoodExcellentNormalTASK 22.1 Information for decision-makingAs per the collected data from research, manager of Blackfriars compares currentvariables to its average. Therefore, actual performance of business organization is determinedthrough this process. In this regard, mean, median and mode are evaluated can express as below:-Mean:- It is average of collected data determined by dividing sum of all values to totalnumber of values of the variable. Therefore, comparing mean to current value generatesdifferent ideas for further business activities. It is simplest form to determine businessprofile and working for next forwarded business operations (Mitchell and et.al., 2016 ). Median:- A useful term that splits all data into two segments and further determinesaverage of variables. In this process, all collected data are divided into parts. Forinstance; if there are total 9 values of any variable then the middle value of 5th subsequentwill be selected as average of the variable (Montes and Jorge, 2015). Hence, it issystematic mean determination tool for analyzing actual business performance.Mode:- Under this determination, frequency of values of any variable is selected asaverage of the variable. For example; if there are determinants as 1,1,2, 3,4 then throughmode process, frequency data as 1 will be considered as average of variable. It is mostsuitable statistical data that most of companies apply for determining performance ofbusiness organization (Pettigrew, 2014). 2.2 Collected data interpretation through mean, mode and medianS.No.Sales1320002450003450006
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