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Business Decision Making - Food and Friends

   

Added on  2020-07-23

21 Pages4283 Words25 Views
BUSINESS DECISIONMAKING
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Table of ContentsINTRODUTION..............................................................................................................................1TASK 1 ...........................................................................................................................................11.1 Plan for gathering collection of primary and secondary data for given business problem...11.2 Survey methodology and sampling frame.............................................................................21.3 Questionnaire for a given business problem.........................................................................3TASK 2............................................................................................................................................42.1 Information for decision making by summarising data using representative values............42.2 Results to draw valid conclusion in a business context........................................................62.3 Data using measures of dispersion to inform a given business scenario..............................82.4 Use of quartiles, percentiles and the correlation coefficient subject to draw usefulconclusion...................................................................................................................................8TASK 3............................................................................................................................................83.1 Graphs using spreadsheets and conclusion based on information........................................83.2 Trend lines in graphs to assist in forecasting for specified business...................................133.3 Business presentation using suitable software and techniques...........................................143.4 Business report....................................................................................................................14TASK 4..........................................................................................................................................154.1 Use of proper information as processing tool.....................................................................154.2 Project plan for an activity and evaluate the critical path...................................................164.3 Financial tools for decision making....................................................................................17CONCLUSION..............................................................................................................................18REFERENCES..............................................................................................................................19
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INTRODUTIONBusiness decision making is a process which helps to analyse the business proposals,issues and expansion plans. This process assist forecasting and decision making activities inorder to take important decisions and effective management. Success of business remains dependupon important and big decisions at right time (Yang and et. al., 2011). This report defines thathow good decisions helps to boost the structure of business at next level. Best results can only beachieved by analysing effective investment decisions. Food and friends restaurant wants toexpand the business size in the UK. Decision making process is carried out subject to analysingcustomer preferences and profitable decision. TASK 1 1.1 Plan for gathering collection of primary and secondary data for given business problemNew project proposals and investment plans are adopted by organisation to analyseeffectiveness of performance of organisation. This basically assist managers to make effectivestrategies and plans after analysing customer perspective. Food and friends is one of the popularrestaurant chain in USA. This business deals in delicious food products and dishes across variousplaces in America. Managers wants to expand the business size of organisation and open newrestaurant chain in the UK. Subject to above business expansion proposal following informationneed to analyse by different collecting methods such as:Primary Data: information and data which are collected by direct interaction withpeople and objects are considered in primary data. Primary data which are collected by personalinteraction and direct analysis of proposals, plans and problems. Information and data remainreliable and credible at initial stage. Users get accurate and relevant information through primarydata. This takes too much time to get customer perspective and reviews from respondents (Tzengand Huang, 2011). Research: this is considered as a brief analysis and study subject to analyse the futuregrowth possibilities and plans for better analysation of business problems and business plans. Itis considered one of the cost consuming and time consuming process of collecting information.This method provides accurate and more reliable aspects subject to business plans. Thismethodology basically used to analyse in-depth knowledge of subject.Questionnaire: this method helps to collect the data and information subject to analysecustomer reviews and plans for better effectiveness of tasks and projects. Users adapt this1
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method to analyse consumer and clients feedback and reviews subject to business plans andproposals. Information and data are collected by distributing questionnaire to peoples and public.Public opinion pools: this helps toevaluate the perspective and mid set of various groupof people and sections. Not all the essential aspects are analysed with in this method onlycommon facts are asked to the group. A pooling method is used to get and consolidate theresponses in single format (Sethi and Zhang, 2012). Secondary data: Figures and data are collected with the help of supporting material andaspects. Only those aspects are considered which have already analysed and researched. Thismethod is very cost effective and time saving in organisational context. Secondary data reducethe time and work load of users subject to analyse the perspective and mind set of customers. 1.2 Survey methodology and sampling frameSurvey methodology is a process which is a part of research. This is used when anorganisational wants to evaluate external aspects and facts like business expansion plans, futureinvestment and management decisions (Cosgrove and Rijsberman, 2014). Food and Friends has abusiness expansion plan which is need to analysed with survey methodology. Major elementswhich are considered in survey methodology are defined as follows: Sampling Framing: this helps to collect information by collecting reviews andfeedbacks from group of people and consumer sections. A particular section of group of peopleare taken as one sample to analyse data and information. Positive response and aspects areconsidered in this sampling framing.Random Sampling: This sampling method helps to analyse the context. This is one ofthe essential element which helps to consolidate customer reviews aspects subject to businessplans. Groups are selected subjected to determine key functional issues of tools which areconsidered important in organisational context. Different sampling methods and techniques suchas quota, stratified and cluster are used in random sampling. Quantitative and qualitative: these measurement tools are used to analyse and evaluatecritical issues and conflicts which remain associated with business plans and objectives. It isimportant for organisations to analyse information in qualitative and quantitative format (Saatyand Peniwati, 2013). 2
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Exploratory research methodology: this is also a part of survey methodology. It isimportant method which assist users to evaluate nearest results. Collection of data, designresearch structure and framing are main elements which are opted in this research method.Descriptive research: this study helps to measure the current aspects and problems. Thisresearch methodology helps to understand quality and standing facts which are currentlyadopting by organisation. Information and data which remain associated with instance aspectsand group are also defined in this context. It is conducted for problems subject to analyse andstudied to clarify and establish priorities and develop operations (Routledge, Sinha and Labi,2011). 1.3 Questionnaire for a given business problemAnalysis of expansion plan for Food and Friends restaurant QUESTIONNAIREName:Age:Gender:Occupation:Q1: Is concept of new expansion is impressive? (a) Yes(b) NoQ2: Whether the proposal be able to gain customer response? (a) Yes(b) No(c) Neutral response Q3: what is your perspective in respect of pricing policy of Food and Friends?(a) High(b) optimum (c) LowQ4: What kind of Dishes are good in Food and Friend restaurant?(d) Chinese(c) Italian(b) Thai3
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(a) othersQ5: which are the attractive and attention gaining factor of Food and Friend restaurant?(a) Environment(b) Multiple-cuisine(c) HospitalityQ6: Do you want to add modifications in Food and friends restaurant.(a) Yes (b) NoQ7: Is the standard of cookery in adequate situation and manner?(a) Yes(b) NoQ8: Do you agree that staff members are supportive to clients?(a) Agree(b) Disagree(c) Neutral responseQ9: Choose preferable restaurant location for set up new Food and friend restaurant?(a) Country side (b) Prime location(c) Shopping Mall(d) OtherQ10: Provide feedbacks, reviews and suggestions for better growth and development ?Ans.TASK 22.1 Information for decision making by summarising data using representative valuesQ1: Is concept of new expansion is impressive? ParticularRespondent in %(a): Yes 95(b): No 55Total 150Mean75Median75Mode40Q2: Whether the proposal be able to gain customer response? 4
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