Business Decision Making Report - Blackfriars Restaurant

Added on - 21 Jul 2020

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Business Decision Making
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Preparation of an action plan for collecting data through various sources.......................11.2 Use of sampling in relation to collecting information......................................................21.3 Questionnaire for gaining different aspects of business...................................................32.1 Creation of information on the basis of questionnaire.....................................................52.2 Use of mean, median and mode in decision making........................................................62.3 Use of measure of dispersion in taking beneficial judgement..........................................72.4 Quartile, percentile and correlation coefficient for decision taking purpose..................8TASK 2..........................................................................................................................................103.1 Use of graphs and charts on the basis of information....................................................103.2 Creation of trend line on the basis of information..........................................................133.3 PowerPoint presentation.................................................................................................143.4 Formal business report by dissemination of information...............................................14TASK 3..........................................................................................................................................154.1 Information processing tool for analysing the data........................................................154.2 Determination of critical path system.............................................................................164.3 Financial tools usage for decision taking......................................................................18CONCLUSION..............................................................................................................................19REFERENCES..............................................................................................................................20.......................................................................................................................................................21
INTRODUCTIONIt is said that business success is based on right and perfect decisions which take bymanagement. It enable an organisation to grow in positive direction and become prosperousaround whole world(Bhattacharya and et. al., 2015). For every business decision making, all thepeople which are related with project have to take in consideration and take their view point aswell. But before all these thing, one of a most important factor is to gather and analyse enoughdata and information which facilitate in taking suitable judgements. London is one of a mostinteresting and growth providing place in world where starting a new venture will providestrength to an organisation. Blackfriars Restaurant have to consider all such things in accountand then take a beneficial decision for such context. In this report, a major discussion will betaking place on taking an adequate decision for business which is helpful in long term context.Thus, management have to prepare a plan and select some sample of population by taking themas whole and conduct a survey by using questionnaire. Once the information get collected, byusing suitable methods will aid in analysing them in an appropriate manner. Measure of centraltendency and measure of dispersion are some beneficial tool for this concern. Investmentappraisal technique will enable in providing future benefit to hotel by identifying anticipatedreturn and pace of effect on growth and development.TASK 11.1 Preparation of an action plan for collecting data through various sourcesData collection plan are several steps and process which are detailed document whichhave to follow for gathering and collecting data(Franks and et. al., 2013). Plan enable incollecting all the information in an appropriate manner without harming its major objective andgoal. Action plan is helpful in reaching towards all goals and ascertain them in minimum timeperiod. Thus, management have to work on all targets in an appropriate manner. There aremainly two sort of data's are identify which are:Primary data: Several information are collected for the first time for a specific purpose.These data are describe as primary source of information which are more reliable innature and enable in taking beneficial decision for future perspective. Questionnaire isone of the best source through which primary data get collected.1
Secondary data: A data which is analysed in advance and helpful in taking beneficialdecision are consider under secondary source of information. This data is based onvarious authors perspective, books and internet published articles. Internet is termed asmajor source for collecting information.On the basis of this, Blackfriars Restaurant created a plan for collecting data through which theyare going to implement their project plan in an appropriate manner. Their plan is going to includeseveral number of things which are as follow(Data Collection Plan, 2017):Purpose: It should have to determine the basic purpose behind executing research.Management have to determine the applicability of project so that they can organise it inan appropriate manner.What: It states as the metrics and methods which are going to be used to conduct theresearch for Blackfriars Restaurant.Type of data:It is signifies as nature of data which will get used like discrete orcontinuous.Process: It is signifies as procedure for gathering and collecting data. Thus, managershave to consider and use adequate process for collecting information(Gaillard, 2014).Location: Another major thing for collecting data is location or place from whereinformation get collected. London is the best place to collate information throughparticular respondents.Frequency:Managers of restaurant have to settle a frequency on which research willgoing to organise. The set frequency of the table is 95 respondents which are users ofrestaurant.Display:Various graphs, charts have been used to display the data in front of authority sothat they can take appropriate decision on the basis of collecting information.1.2 Use of sampling in relation to collecting informationSampling is a process which is used by an organisation to collect and gather information.These are several respondents which provide their viewpoint and opinion for several thingswhich asked to them(Hartman and et. al., 2014). It enable in collecting specified result oroutcome from several number of people. Blackfriars restaurant select a sample of 95 respondentsfor their new restaurant opening research. This aid them in measuring the growth as well as2
quality of services by management to their target users. There are various number of samplingmethods are identify which are helpful in collecting data through various sources:Random samplingCluster samplingStratified samplingStrata samplingFor this research, simple random sampling method have been used through which managementcan collect data through various respondents. Along with this, few number of survey approachesare also have to determine which enable management to gather information from reliable andvalid sources. Some of techniques which are helpful in collection of information are;Social mediaQuestionnairePersonal interviewOut of them questionnaire is used as beneficial approach for collecting and analysinginformation(Kahraman and et. al., 2015). It is an important source or protective one whichsupport in collecting reliable information. Thus, restaurant have to use this approach at the timeof collecting and information because personal interview with this population is not possible andharm interest of research as well.1.3 Questionnaire for gaining different aspects of businessQuestionnaire is a helpful measure which enable in gaining different perspective andview of various people which enable management to take some growth related decision(Mardaniand et. al., 2014). There are various number f options are going to be provided by a researcher torespondents like open ended, close ended etc. All these are helpful in deriving an appropriateresults from project. Questionnaire for Blackfriars Restaurant are as follow:QUESTIONNAIREName:Age:Gender:Q1. Do you really like the quality of products of restaurant?a) Yesb) No3
Q2. Are our location is convenient to you?a) Yesb) NoQ3. How satisfied are you with speed of services in restaurant?ShortToo ShortRightNo opinionQ4. Do you like the server attitude?A)ExcellentB)GoodC)Need improvementQ5. Our prices and values are?AppreciableNot appreciableQ6. Do you like the atmosphere of restaurant?YesNoQ7. Which age group you belong to?1.18 – 25 years2.25 – 30 years3.More than 30Q8. Are all the things and ambience of restaurant required to get changed or some newimplementation is really needed?A) YesB) NoQ9. Food presentation is quality based or not?a)Yesb)NoQ10. Want to add some more things in restaurant? (for further suggestion)4
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