Business Decision Making Assignment | Food for Friends
Create a plan for the collection of primary and secondary data, design a questionnaire, analyze data using various techniques, and draw valid conclusions in a business context.
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Added on 2020-06-04
Business Decision Making Assignment | Food for Friends
Create a plan for the collection of primary and secondary data, design a questionnaire, analyze data using various techniques, and draw valid conclusions in a business context.
Added on 2020-06-04
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Business decision making
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Use of primary and secondary method of data collection.....................................................11.2 Survey methodology and sample framing.............................................................................21.3 Designing of questionnaire...................................................................................................3TASK 2............................................................................................................................................52.1 Analysis of information for interpretation of data................................................................52.2 Evaluation of the results to draw important conclusion........................................................82.3 Evaluation of data using measures of dispersion..................................................................92.4 Use of quartiles, percentiles and correlation coefficient to draw important conclusions...10TASK 3..........................................................................................................................................113.1 Creation of graphs based on the information derived.........................................................113.2 Creation of trend lines for forecasting business information..............................................153.3 Covered in PPT...................................................................................................................163.4 Formal business report........................................................................................................16TASK 4..........................................................................................................................................174.1 use of information processing tools....................................................................................174.3 Use of financial tools for decision making.........................................................................18REFERENCES..............................................................................................................................19
INTRODUCTIONDecision making is an important process which helps the managers and businessprofessionals to solve problems by analysing alternative choices and selection of the best routewhich is beneficial for organisation. Business decision making is the primary function ofmanagement which contributes in success of organisation in future. Research plays an importantrole in improving the decision making power of managers. Survey methodologies help in thecollection of feedbacks from customers regarding their products and services. Food for Friends isa restaurant which provides their services in the UK. Wide variety of food items are providedlike snacks, seafood, cheese, etc. In the present report, primary and secondary methods of data collection, surveymethodologies and sample frame which is used to conduct research, preparation of questionnaireand analysis of information to draw valid conclusion will be provided. Also, financial tools fordecision making and use of effective information processing tools will be discussed (Ariely andBerns, 2010).TASK 11.1 Use of primary and secondary method of data collectionFood for Friends is a restaurant which provides different kinds of food items in Londonlike snacks, seafood, cheese, etc. The main aim of restaurant is to open a new branch of theirrestaurant in London. For this purpose, management has decided to research about the marketand customers to see that whether their move is viable or not in the future. Primary andsecondary method of data collection are those two methods which help in the collection of viewsfrom customers. Both these methods are used by management of Food for Friends restaurant togain the views of customers regarding their move to open a new restaurant, quality of their fooditems, price, preferences and tastes of customers, etc. This helps in taking effective decisionsregarding their investment in the future project. Primary source: This is the most reliable source of data collection which providesaccurate views of respondents regarding different questions of management. There are manymethods which are included in primary source like survey, online, questionnaire, phone, etc.Data collected from this source is the most reliable and accurate and helps management of Food1
for Friends regarding taking important decisions for the expansion of new restaurant in London.Different uses of these methods are defined as below: Survey: This includes getting the response of respondents regarding different questions.This method helps in knowing the actual views of respondents in detail as it involves faceto face interaction of researcher with customers.Questionnaire: This method includes preparation of research questions regarding theirproblems. It provides opportunities in ascertaining feedbacks.Online: This is the best time efficient method which helps in collection of information inan appropriate manner.Secondary source: This is another method of data collection which helps in saving thetime and cost of management of Food for Friends. This includes collection of information fromarticles and magazines. This information is not very much accurate in comparison to primarydata (Casadesus-Masanell and Ricart, 2011).1.2 Survey methodology and sample framingMain aim behind the survey of market by Food for Friends is collection of informationregarding their existing services, preferences of customers, price and quality of their food items,etc. This helps in determination of the important data which can be used to draw importantconclusion regarding opening of a new branch in London. This will enhance the decision makingpower of management which contributes in solving problems, providence of guidance to theirstaff members and provide important solutions. This helps in accomplishment of their objectives.Survey methodologies: This includes about research of market to determine views ofcustomers regarding their services, food, price, ambience, expansion plans, etc. Two types ofmethods are present in the collection of data which are primary and secondary. Food for Friendsdecided to select primary method for determination of views of respondents regarding theirdifferent questions because it helps in collection of reliable and accurate information. For thispurpose, Questionnaire is prepared which includes questions and problems for attaining theviews of customers.Sample framework: This includes various methods of samples which help in collectionof information. These different methods which are available are cluster, random, stratifiedsampling, etc. Random sampling method is used by the management of Food for friends forselection of respondents from total population. This is the time efficient method which provides2
opportunity regarding research of market in less period of time. Random sampling method iseffective because it helps in the selection of sample without any biasness. For the purpose ofconducting research, researcher of Food for Friends has selected 80 respondents from totalpopulation (Chang, Van Witteloostuijn and Eden, 2010). The questions regarding which researchis conducted by management of restaurant are mentioned as below:PriceQuality of food itemsViability of expansion plans1.3 Designing of questionnaireQUESTIONNAIREName:Age:Gender:Q1. Did you ever visit Food for Friends?YesNoQ2. Do you think it is beneficial for Food for Friends to open a new branch in London?Highly beneficialGoodModerateQ3. What you like the most in Food for Friends?ServicesVariety of foodsAtmosphereQ4. Do you think it is the right time for expansion of restaurant business in London?AgreeDisagree3
Q5. Are you satisfied with the pricing policy of Food for friends regarding their services andfood products?Highly satisfiedSatisfiedDissatisfiedQ6. What kind of food is the best in Food for Friends?SeafoodCheeseSnacksItalianQ7. At what location you want to start new branch of Food for Friends?In city CountrysideQ8. Are you satisfied with the quality of food items?Highly satisfiedSatisfiedDissatisfiedQ9. In what function you want change for Food for Friends?Food productsInteriorServicesAmbienceQ10. What you recommend to Food for Friends regarding their expansion plan?TASK 22.1 Analysis of information for interpretation of dataQ1. Did you ever visit Food for Friends?4
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