Business Decision Making in Blackfriars Restaurant
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 2020-01-28
Business Decision Making in Blackfriars Restaurant
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 2020-01-28
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Table of ContentsINTRODUCTION................................................................................................................................3TASK 1.................................................................................................................................................3AC 1.1 Creating a plan for the collection of primary and secondary data for Blackfriars Restaurant.........................................................................................................................................3AC 1.2 Survey methodology and sampling frame............................................................................4AC 1.3 Questionnaire.......................................................................................................................4AC 2.1 Summarizing of information for decision making...............................................................6AC 2.2 Analysis of results to draw valid conclusion........................................................................7AC 2.3 Analysis of data using measuring dispersion.......................................................................82.4 Quartile, percentile and correlation coefficient..........................................................................8TASK 2.................................................................................................................................................9AC 3.3 Preparing a business presentation........................................................................................9AC 3.4 Preparing formal business report to disseminate information effectively...........................9AC 3.1 Graphs with valid conclusion.............................................................................................10AC 3.2 Trend lines..........................................................................................................................11AC 4.1 Information processing tools..............................................................................................12AC 4.2 Project Plan........................................................................................................................13AC 4.3 Financial tools for decision making...................................................................................14CONCLUSION..................................................................................................................................15REFERENCES...................................................................................................................................162
INTRODUCTION Decision making is an essential and widen part of business world. From lower level tohigher level staff members, all are taking decisions to run the business in the right manner on day today basis (Arnicans, 2012). It is a process of selection of best course of actions from the availablealternatives. On every day basis, companies are facing several issues and to deal with them,responsible persons determine the various solutions. In this situation of resolve the problem, itbecomes important for the firm to chosen right action from the list of alternatives. The presentresearch is based on business decision making and to understand its importance, BlackfriarsRestaurant case study is taking into the consideration (Banerjee, 2008). As per the given casescenario, organization is planning to open its second restaurant chain in London. In this context, tomake sure about security and feasibility of investment, the stakeholders want to know that thismove of firm is viable or not. Along with this, board of directors of cited organization needs tounderstand the preferences of the customers in terms of costs, taste and location inclination basis.Objectives that will cover under the current study are use of variety of sources for the collection ofdata, both primary and secondary, range of techniques to analyse data effectively for businesspurposes and produce information in appropriate formats for decision making in organisationalcontext (Day, 2005). Along with this, this research will explain the use software-generatedinformation to make decisions in Blackfriars Restaurant. TASK 1AC 1.1 Creating a plan for the collection of primary and secondary data for Blackfriars RestaurantData collection is the process of gathering and evaluating information which enables to findthe answers of research questions in a right manner. The collected data from this method uses todevelop an understanding of subject and predict future events. There are two types of datacollection: primary and secondary (Greasley, 2004). In primary data collection, data may assembleeither from observation or direct communication with respondents. From observation, investigatorobserves respondents without asking them any question. It is free from subjective biasness andrespondents’ willingness. On the other hand, secondary data collection method, the researcherobtain data from different secondary sources such as publication of government, public records,technical and trade journals, statistical or historical documents, businesses reports etc (Jankowicz,2004). As per the given case study, it has found that Blackfriars Restaurant is a restaurant chain.Organization has planned to open its second restaurant in London. In this context, to ensure that this3
is a viable move of the company, the shareholders have needed to understand the market. Therefore,it has required carrying out a planned data collection and data analysis so that board of directors ofBlackfriars Restaurant understand the customer preferences in terms of prices, taste and locationpreferences (Kerzner, 2012). To collect the data for the following aim, primary and secondary datacollection methods will be used. In primary, a structured questionnaire will prepare that will base ondetermine and understand the consumer preferences in various ways. While, in secondary datacollection, the data will gather from Blackfriars Restaurant records, its customer reviews, marketdemand and trend etc. Therefore, from the above stated data collection plan, board of directors ofBlackfriars Restaurant can understand the preferences of its customers in a right way (Leach, 2011).AC 1.2 Survey methodology and sampling frameSurvey is a method of sociological investigation which utilizes to collect the information viaquestionnaire or statistical based methods. It helps in determine how people act and think on aparticular situation (Smit and Trigeorgis, 2011). The aim of survey research is focussing over theinterest of the population on a specific topic. In this context, survey methodology uses to study thesampling of individual units that selects from a population and the relevant data collectiontechniques. With the help of this, it becomes easy for the researcher to get the answers of questions.For this, a structured questionnaire will prepare that will contain both open and close endedquestions. It will include the questions related to the customer preferences such as taste, selection,prices etc so that it will easy for the cited restaurant to understand the service users perception andtake decision whether restaurant should be open in London or not (Carmichael, 2011). Sampling frame: In terms of statistics, sample frame can be defined as the source of material by which asample draws for the investigation. It contains the lost of population to select the sample units forthe investigation. By considering the case study of Blackfriars Restaurant in order to carry out datacollection plan, a sample frame will select. For this, random sampling method will to collectprimary data from the citizens of London. The sample unit that will represent the whole populationis 40 respondents (Little, 2010). AC 1.3 Questionnaire Demographic information Name: ________________Age: ______________Gender: ___________________Occupation: ___________________4
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