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Business Decision-making Assignment - Food for friends restaurant

Added on - 04 Oct 2020

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Business Decision-making
INTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31.1 Create a plan for gathering of primary and secondary data:............................................31.2 Survey methodology and sampling frame used:..............................................................41.3 Questionnaire....................................................................................................................5TASK 2............................................................................................................................................62.1: Designing data with the help of representative values....................................................62.2: Evaluation of data those are collected from research.....................................................92.3: Analysing measure of dispersion..................................................................................102.4: Advantages of using quartile, percentile and coefficient correlation............................11TASK 3..........................................................................................................................................113.1: Different charts and graphs.....................................................................................................113.2: Trend line......................................................................................................................183.3: Covered in PPT.............................................................................................................19TASK 4..........................................................................................................................................204.1 Appropriate information processing tools:.....................................................................204.2 Critical path:..................................................................................................................214.3 Investment appraisal method:.........................................................................................23CONCLUSION..............................................................................................................................24REFERENCES..............................................................................................................................25
INTRODUCTIONFor making an effective decisions, various managers uses diverse tools. The researcherwould do research according to the requirement of the firm. Although, by using primary andsecondary research, company could use an effective strategy that can be used by the company forachieving its pre-set targets (Yager and Zadeh, 2012). This report is based on the Food forfriends restaurant which is planning to expand its operations in central London. For expandingthe operations of food for friends, there is a strong needs to have research so that they couldform an effective decisions.TASK 11.1 Create a plan for gathering of primary and secondary data:Data is the tool which is used by the company for making an effective decisions for thefirm. Although, this can be said that the researcher can use primary and secondary methods formaking business objectives effective and efficient manner. Under this case, this can be said thatthe food for friend is going to use various data collection method in order to make decisionsregarding expansion in central London (Hastie and Dawes, 2010).Primary data: This is the technique which is used by the researcher for the first time.However, this is the time consuming process as this requires much time for gathering data viaprimary data collection methods. This can be used where the data requirement is less. In thatcase, the data can be gathered by using this tool. Although, this can be said that the food forfriends restaurant would adopt the primary methodology for collecting the data from the centralLondon. With the help of primary data, company could use an effective strategy that can be usedby the company for gaining sustainability. Here are various data collection tool under primaryresearch. Which are: questionnaire, observation, interview and case study.Secondary method: This is the method which is used by the researcher if the datarequirement is huge. There are various tools that can be used by the researcher for gatheringsecondary data method. Secondary data can be collected by way of books, articles, and any othermodes which have already been published (Zavadskas and Turskis, 2011). Secondary data isimplemented in order to enhance the sampling size of the research studies and is likewiseselected for efficiency which emerges while using already published data. Secondary data helpsthe researcher for gathering the data in a huge quantity. The most common of current secondary3
data covers data gathered by the public departments, libraries, internet. Companies implementmarket research in order to draw on the current information from social media by way ofsecondary data. Here, some of the information are gathered from secondary data tool. Such as,market information of Central London, main competitors data.1.2 Survey methodology and sampling frame used:Survey method could be elaborated as questioning individuals on a topics and thenelaborates their responses. In the business research, primary data collection is implemented inorder to test concepts which demonstrates the attitude of people, forming level of customersatisfaction, convene segmentation research and other purpose (Ghattas, Soffer and Peleg, 2014).Survey method could be used quantitative and qualitative basis.1.Survey method follows two crucial aspects or characteristic of population and2.Testing hypothesis about the nature of connection within the population.Survey method could be highly divided into three categories: Mail survey, telephonesurvey and interview. Descriptive research is mostly covers survey and organise study whichaims to identify the facts which renders state of affairs as this exist during the research. On theother hand, analytical research is based on the research practices which is differences in otherways. Under this research, researchers would implement already published data for forming vitalassessment of the material.Exploratory research tool is intended to explore survey areas which can't attempts to offerclosing answers to a research questions.Qualitative research methodology: Under this research, research is convened by usingqualitative research methodology. As this is based on the facts and figures. Although, this is amost effective tool that can be used for making business decision making (Power and Phillips-Wren, 2011).Sampling framing methodology: For aiming of identifying positive results from aresearch work, this is crucial to form similar samples from the available group of consumers.This is likewise to divided into various parts:Random sampling: This is higher effective sampling tools which is used over a selectednumber of people out of the group. Sampling method is the tool which is used while gatheringdata from the market. Under this, few respondents are selected out of the total population. Thereare few other sampling tools like Quota, stratified, cluster and others. This is the research which4
represents total 60 respondents which were chosen out of the total population. Some of the usefulaspects which are covered during convening the research. These are elaborated as under:Price which can be easy afford (Rothman, 2017).Quality in serviceService delivered by company's staff.1.3 QuestionnaireThis research is based on the research which is based and its satisfaction relating to the openingof new restaurant in Central London.QuestionnaireName:Age:Gender:Occupation:Q.1: Do you know that the idea of opening a new branch of Food for friends is the valuableone?a). Yesb). NoQ.2: Do you think that in order draw optimization concentration of regional customer?a). Yesb). Noc). Can't sayQ.3 What do you think about pricing policies of foods for friends?a). Italianb). Chinesec). Thaid). OtherQ.5 Which things attracts you the most?a). Surroundingsb). Multi-cuisinec). HospitalityQ.6 Does any facilities do you want to included?5
a). Yesb). NoQ.7 Quality of cuisine enhances satisfaction of customers?a). Yesb). NoQ.8. Do you thinks that food for friends can to draws the focus of consumers?a). Yesb). Noc). Can't sayQ.9 Which location will be highly performed or profitable for setting new restaurant?a). Country sideb). Shopping mallc). Prime locationQ.10 provide your feedback??Ans:TASK 22.1: Designing data with the help of representative valuesQ.1: Do you know that the idea of opening a new branch of Food for friends is the valuable one?ParticularsNo. ofRespondentsYes45No15Total60Mean30Median30Mode0Q.2: Do you think that in order draw optimization concentration of regional customer?ParticularsNo. ofRespondent6
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