Business Decision Making Tools : Assignment
Create a plan for data collection, design a questionnaire, and analyze data for a given business problem.
22 Pages3483 Words33 Views
Added on 2020-09-08
Business Decision Making Tools : Assignment
Create a plan for data collection, design a questionnaire, and analyze data for a given business problem.
Added on 2020-09-08
ShareRelated Documents
BUSINESS DECISION MAKING
Table of contentsIntroduction......................................................................................................................................3AC1.1: Plan to collect primary and secondary data........................................................................3AC1.2: Methodology and sampling frame.....................................................................................3AC1.3: questionnaire to identify business issue..............................................................................4AC2.1: decision making by the summarizing representative value................................................5AC2.2: analyzing of representative value along with valid conclusion..........................................6AC2.3: Analysis of collected data by measuring dispersion...........................................................7AC2.4: Value of quartile, percentile and correlation in drawing useful conclusion.......................7AC3.1: graphs drawing valid conclusions.......................................................................................8AC3.2: trend line forecasting future of business...........................................................................13AC3.3: business presentation for disseminating information........................................................17AC3.4 formal business report........................................................................................................18AC4.1: Use correct information processing tool...........................................................................18AC4.2: Establishing of project plan and determination of its critical path...................................18AC4.3: utility of financial tools to make business decision..........................................................20Conclusion.....................................................................................................................................21References......................................................................................................................................222
IntroductionThis is essential to establish effective business plan for conducting efficient and effectivebusiness, taking financial stability as the major concern by the organization taking right andeffective business decision is very crucial work to consider. For this study Food for Friends hasbeen chosen which is a restaurant situated in London. Thus, this study focuses on businessdecision-making processes for the business organization. This study further provides possiblequestionnaire based on research topic where the people’s responses are analyzed utilizing thestatistics. In addition to this, there are presentation of graphs and perfect financial tool use formaking effective business decision. AC1.1: Plan to collect primary and secondary data There are two methods to collect data for the research topic. These methods comprises ofprimary as well as secondary data collection method. The primary data are the collective ofpeople’s responses. This kind of data is gathered from people who had prior experience in usingparticular product (Zsambok, 2014). This is generally based on questionnaire, surveys andinterviews. The secondary data are the collection of information received from journals, booksand websites. These data are utilized for analyzing the previous works of different scholars torealize the concept of the chosen topic. In this study, the primary source of data collection hasbeen opted since raw data are necessary for making business decision decisions related to thepreferences of price, product quality and location of the restaurant by the customers. AC1.2: Methodology and sampling frameFor conducting survey on public responses, the researcher may use the questionnaire andinterview methods. The method of interview allows getting people’s feedbacks from talking faceto face. This process is done for managers and is basing over the qualitative method for datacollection. The questionnaire survey process is open ended which allow getting pinpointresponses of the people. The collected data in this method are used to make statistical analysis.The sampling method generally contains probability and non-probability method (García-Peñalvo, and Conde, 2014). Where the probability method enables the scope of every people thatcan be selected within the sample size. Non-probability method does select some people fromtarget sample range for conducting the survey. For the purpose of this study the open ended3
survey questionnaire has been provided towards the people for analyzing their feedbacks. Theaudience has been chosen by using non-probability techniques of sampling since the size ofsample is larger. The sample size in this study has been taken as 75 customers those visitfrequently to Food for Friends. AC1.3: questionnaire to identify business issueQuestionnaire providing understanding of the feedbacks from the customers of Food for FriendsQ1. Do you often visit Food for Friends?i.Yesii.NoQ2. What do you believe on the prices of their foods?i.Extremely expensiveii.Reasonableiii.Pocket-permittedQ3. How much pleased you are with the food quality?i.Strongly satisfiedii.Satisfiediii.Neutraliv.Dissatisfiedv.Strongly dissatisfiedQ4. Does the price go with the food quality?i.Yesii.NoQ5. Are you contented with the present location of Food for Friends?i.Yesii.NoQ6. What new food items you would akin to to bring in into the restaurant?i.Mushroom with choco pieii.Ham and Sausage rolls with saladsiii.Crispy fried mushroom tikkaiv.Tofu Steak4
Q7. What changes you would like make in the restaurant?i.Get better lightningii.Persuade the music playiii.Introduce with the facility for soft drinksiv.Make innovations to sitting arrangementsQ8. On a range of 1 to 5, how you rate Food for Friends with different vegetarian restaurants?i.One ii.Twoiii.Threeiv.Fourv.FiveQ9. Would you suggest this restaurant to your friends or families?i.Yesii.NoQ10. How extent you agree that Food for Friends serves their customers by providingcustomized food?i.Strongly agreeii.Agreeiii.Neutraliv.Disagreev.Strongly disagreeAC2.1: decision making by the summarizing representative valueFor understanding the processes of restaurant, the researcher required reading different booksand journals. This did help researcher to know with the policies that every restaurant have inestablishing brand reputation. Researcher did access restaurant websites for gaining an insight ofthe food types that restaurants serves and the feedbacks, which was provided by the customers.The secondary data analysis has helped researcher in framing research questions as well asanalyzing the feedbacks of customers in respect of Food for friends. The primary research didhelp to analyze customer responses. Based over the primary research questionnaire this can be5
found that around 66% of them often visit the restaurant. The prices of its food are quitereasonable as opined by 46% respondents. This indicates the fact that people those visit therestaurant does not have any such issue with the food. This also indicates the quality of them iseffective. The feedbacks of customers also prove the food quality of the restaurant is excellent.About 33% of the customers are much satisfied with food quantity served at the restaurant. From the primary data analysis, this can be found that prices against the food items arecompliments to each other and this was the response of about 60% of the total respondents.Around 53% respondents are not satisfied with the restaurant location. The primary data analysisoutlines the necessary changes that the customers like to find from the restaurant. Around 53% ofrespondents desire to have Tofu steak among the food items in the restaurant. They also desire toget innovation towards the sitting arrangement for the customers. Around 40% of respondentsprovided three stars for the Food for Friends. This may due to the urged innovation in therestaurant. The manager of the restaurant requires analyzing the fact clearly for making effectivedecisions related to the investment for the other projects. Around 53% of respondentsrecommended to their families and friends due to good quality of food that the restaurantprovides for the customers. This indicates positive aspect for restaurant managers since theircustomers acknowledge better serving of foods. Around 33% customers are much satisfied withcustomized services that had better quality. Hence, from the above review from customerfeedbacks this can be stated that the restaurant has mixed opinion. Customers indicated that priceand quality of foods are according to their delight. The major focus of the restaurant manager istowards the innovation that can attract more customers and earn more profits. Innovation must bein new food items and physical changes in t he restaurant that can attract more customers. Fromthe innovative changes, the restaurant can be a part of leading restaurants in London. AC2.2: analyzing of representative value along with valid conclusionThe collected data through primary research indicates the pros and cons of the Food for Friends.The restaurant is one of the best restaurants in London. The quality and prices of their offeredfoods are complimentary to each other. The customers of them are much satisfied with therestaurant. The major issues with the restaurant are their location and lack of innovation. Mostvisitors of the restaurant find this difficult in reaching the location. Thus, manager of therestaurant requires analysis of market, establish effective business strategies, and establish more6
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Unit 6 Business Decision Makinglg...
|29
|4940
|56
BUSINESS DECISION MAKING TABLE OF CONTENTSlg...
|23
|3822
|92
Business Decision Makinglg...
|32
|3823
|32
A Study on a Location for Opening the Second Restaurant in Londonlg...
|27
|2712
|59
Importance of Decisions Making in Expanding Business: Studylg...
|24
|4223
|280
Business Decision Making: Reportlg...
|14
|4015
|477