Business Decision Making: Report

Added on - 03 Dec 2019

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Business Decision Making
TABLE OF CONTENTSINTRODUCTION............................................................................................3TASK 1.......................................................................................................31.1Create a plan for the collection of primary and secondary data for agiven business problem..........................................................................31.2Present a survey methodology and sampling frame used..................31.3Design a questionnaire for a given business problem.........................42.1 Create information for decision making by summarising data usingrepresentative values...............................................................................62.2 Analysis the results to draw valid conclusions in a business context.72.3 Analysis data using measures of dispersion to inform a givenbusiness scenario.....................................................................................72.4 Explain how quartiles, percentiles and the correlation coefficient areused to draw useful conclusions in a business context............................8TASK 2......................................................................................................103.1Produce graphs using spreadsheets and draw valid conclusions......103.2Create trend lines in spreadsheet graphs to assist in forecasting....103.4Formal business report......................................................................114.1 Information processing tools............................................................114.2 Prepare a project plan for an activity and determine the critical path...............................................................................................................11...............................................................................................................12...............................................................................................................124.3 Financial tools for decision making..................................................13REFERENCES............................................................................................15
INTRODUCTIONDecision making is an integral part of business, market and financial information isneeded to take optimal decision on a business proposal (Andaleeb, 2007).ABC is restaurantproviding services and now owners are planning to open a new chain in London city. Thereport aims to collect and analysis the internal and external information to identify thecustomer preference financial feasibility of business proposal.TASK 1Create a plan for the collection of primary and secondary data for a given business problemABC restaurant is planning to open a new unit is market of London therefore itrequires various kind of information such as customer preference over existing restaurantservices, their taste and preference, trends to acquire restaurant services and futureexpectation from restaurant (Burns and Bush, 2006). The information related to market andconsumer can be gathered through primary resources. A questionnaire will be prepared inwhich customers who are getting services from ABC restaurant will be asked to answer. Thecustomer will be interviewed over telephone to get information. To find out the financialfeasibility of business proposal decision makers will require data related to financialperformance of restaurant. To acquire such data secondary resources will be used in whichannual report of past years will be used. Various articles, magazines decisions and casestudies on preference of customer on restaurant business will also be analyzed. In this way tocollect customer preference and financial information both primary and secondary sourceswill be used.Present asurvey methodology and sampling frame usedThe purpose of conducting primary research is to identify the customer’s preference overABC restaurant services. In the used methodology customers are surveyed in various aspects.Questionnaire method has been used and the questions that have been asked are based onquality, variety of food, ambience, services and prices as so on. Almost 100 questionnairesare filled by the existing customers of restaurant. The research was conducted in posh areasof London city and nearby the exiting restaurant. The respondents were approached throughonline sources such as Facebook and companies website. The format of questionnaire is sentto the customer through email and they were asked to give their response. Simple randomsampling method is used as a sampling in which all the customer are given equal chance to beselected in the research.Target populationCustomer of XYZ restaurantSampling methodSimple random sampling3
Sampling unitAll kind of customersSample size100 samplesResearch instrumentQuestionnaireResearch locationLondon cityDesign a questionnaire for a given business problem1. Personal informationNameGenderAgeResidence AddressOccupationEmailAnnual Income:2. How often do you to visit ABC restaurant?oOnce a weakoIn every 15 daysoOnce a monthoOnce a quarteroHardly ever1Which factor attracts you most to visit ABC restaurant?oFood QualityoServicesoAmbienceoPrices of productsoVarity of menu2Choose the budget which you want to spend on meal in restaurant?o$ 50~ $100 per heado$ 100~ $150 per heado$ 150~ $ 250 per heado$ 250~ $400 per headoOver$ 400 per head4-8. Tick one from given five optionsStronglyagreeSomewhat agreeNeutralSomewhatdisagreeStronglydisagree4
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