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Business Decision Making Assignment : Blackfrias restaurant

Added on - 28 Jan 2020

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BUSINESS DECISIONMAKING
INDEX OF TABLESTable 1: Mean, mode and median value of collected data...............................................................4Table 2: NPV.................................................................................................................................18Table 3: IRR...................................................................................................................................19
ILLUSTRATION INDEXIllustration 1: Formula used for calculating mean...........................................................................5Illustration 2: Median calculation formula (If number of respondents are even)...........................7Illustration 3: Formula to evaluate Standard Deviation...................................................................8Illustration 4: Example to calculate quartiles of collected data.......................................................9Illustration 5: Formula for correlation...........................................................................................10Illustration 6: Customers' satisfaction with organization's restaurant...........................................11Illustration 7: Blackfarias restaurant's reputation..........................................................................12Illustration 8: Quality services to be focused on............................................................................13Illustration 9: Customer dealing services of organization.............................................................14Illustration 10: Trend lines for forecasting....................................................................................15Illustration 11: Time schedule.......................................................................................................17Illustration 12: Critical path for project plan.................................................................................18Illustration 13: Network diagram...................................................................................................19
INTRODUCTIONDecision making in business entity is process for planning on operations that impacts onentity's effectiveness. In this regard, planning is created for management of business activitiesand increasing its efficiencies. This report is to understand business decision making process forBlackfrias restaurant. It is food and accommodation services provider organization of UK thatwants to expand its entity through establishing new branches. However, different data collectionmethods and survey methodology is to be described. Including this, various tools and techniquesfor decision making involving dispersion, trend lines can be expressed through this assignment.Moreover, some information processing and financial to be explained that affects organization'seffectiveness. Hence, learners are able to understand significance of business decision makingprocess for its expansion and improving efficiency through this report project.TASK 11.1 Data collection methodsThere are different kinds of methods are used for collecting data at primary andsecondary level. In this process, information are gathered at first time through primary datacollection while collecting data through secondary collection method are done by using readymaterials such as newspaper, government publications and so on (Anderson and et.al., 2015). Inbrief, methods for data collections can be understood as:Primary data collection:-Under this data collection method, researcher conducts surveywhich of several kinds like sample random, cluster, simple random sampling and organizinginterview regrading business performances. Thus, collected data through primary level hasneither any connection with past activities and future intentions. Therefore, current position oforganization and its market value is obtained through this process. In this process, primary datacollection is a technique for presenting actual organization's performance therefore furtherdecisions can be made in future time regarding business operations(Cleary, Horsfall and Hayter,2014).Secondary data collection:-In this regard, data are collected through prepared materialas analysing business performance by different financial and non-monetary tools. For example;recognizing profit and loss account, balance sheet, income statements for organization's1
effectiveness. Including this, he also identifies production and distribution of goods as wellinventory management functions.Thus, data are collected through theses above mentioned methods that effectorganization's effectiveness also generates various ideas for implementing plans throughforecasting and decision making process (Ford and Richardson, 2013). In addition to this,primary and secondary data collection methods are applied for analyzing business' performanceand further preparing plans. Hence, data collecting methods are useful for better quality servicesas well making decisions to improve its efficiency at high level.1.2 Survey methodology and sampling frameSurvey is primary data collection method in which researcher prepares questionnaireconsists of a list for asking views respondents related to organization's performance.In thisprocess, Blackfrias restaurant's actual performance is determined for presenting market value aswell (Blackfrias restaurant,2016). However, survey method is applied for selecting peoplerelated to business' quality services. In accordance to this, researcher of entity chooses 20respondents randomly through asking questions presented in questionnaire.Sampling frame:-From all of the people, choosing respondents through sample framingis essential for presenting actual business performance. In this regard, selecting respondentsthrough sampling and conducting survey (Goetsch and Davis, 2014). Therefore, survey isorganized through selecting sample people randomly.1.3 QuestionnaireQuestionnaire is consists of a list of questions regarding presenting business performance.For which, researcher of Blackfrias restaurant prepared following questionnaire that proceed tomaking decisions for organization's effectiveness:-Name:Q.1 In which of the following age group you are belonged to?15-2526-3536-50Above 502
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