Business Decision Making Report | Blackfriars
Added on 2019-12-28
18 Pages3905 Words131 Views
Business Decision Making
Table of ContentsINTRODUCTION......................................................................................................................4TASK 1......................................................................................................................................41.1...........................................................................................................................................41.2...........................................................................................................................................51.3...........................................................................................................................................62.1...........................................................................................................................................82.2...........................................................................................................................................92.3.........................................................................................................................................102.4.........................................................................................................................................11TASK 2....................................................................................................................................123.1.........................................................................................................................................123.2.........................................................................................................................................133.3.........................................................................................................................................133.4.........................................................................................................................................14TASK 3....................................................................................................................................144.1.........................................................................................................................................144.2.........................................................................................................................................154.3.........................................................................................................................................16CONCLUSION........................................................................................................................17REFERENCES.........................................................................................................................18
INTRODUCTIONDecision taken by the higher management has high level of impact on the growth andsuccess of firm. Thus, manager of the firm needs to make decision by evaluating all theinternal and external factors that affects the smooth functioning of the business operationsand functions. Along with this, consumer and market trend, behavior etc. are the main factorsthat directly impact the productivity and profitability of firm. In this regard, by makingevaluation of the each possible alternative business organization can develop suitableframework which aid in the decision making aspect. The present report is based onBlackfriars restaurant which is planning to expand its restaurant chain with the motive toenhance customer base and profitability. Hence, report will describe the extent to which planin relation opening of another restaurant is viable by using both statistical and financial toolsand techniques. TASK 11.1Primary data collection: Information which is gathered and analyzed according the researchissue or purpose is known as primary data (Sutherland and Holstead, 2014). There are severalmethods which can be undertaken by the researcher for the collection of primary data namelysurvey, observation, focus group etc. Plan Selection of method: For the collection of primary data, survey method has beenselected by the scholar. Moreover, it is one of the most effectual methods which helpsin fulfilling the aims and objectives of the study to the large extent. Such methodenables researcher to evaluate the mindset of the respondents to the large extent(Barlett, 2016). Assessment of sample size: In order to conduct survey, scholar is required to select thesuitable sample size which in turn helps in meeting the purpose of investigation.Hence, 30 respondents have been selected by the scholar by using simple randomsampling technique.
Preparation of questionnaire: At this stage, researcher will prepare questionnaire byincluding questions regarding the taste, preferences and expectation level. This in turnhelps owner of the restaurant in developing suitable product mix. Conducting survey: In the last stage, scholar will send questionnaire to all therespondents through the means of internet.Hence, by following all the above mentioned stages primary data will be gathered bythe scholar. Secondary data collection plan: Secondary data may be defined as one which is already gathered and analyzed byanother scholar in the past years (Popovič and et.al., 2012). Thus, researcher will gathersecondary data in the following way:Internet surfing: In order to analyze the trend and growth aspect of restaurant sectorresearcher will make assessment of books, journals and other articles which areavailable on internet. Thus, by taking assistance of internet researcher can makereview of the solution found by other scholars. Approaching owner of the restaurant: For getting information about the performanceaspect of existing unit of Blackfriars researcher will gather data about sales and profitaspect. In this, by applying statistical tools and techniques researcher can provideowner of the restaurant with effectual framework for decision making. 1.2Sampling frame: Probabilistic and non-probabilistic are the main two types of samplingtechnique which provides assistance to the scholar in the selection of suitable sample size.Moreover, in probabilistic technique each potential respondent gets equal chance to beingselected as sample (Craft, 2013). On the other side, in non-probabilistic technique researcherselects sample according to the research issue and convenience level. Hence, in the presentstudy simple random sampling technique has been used by the scholar. On the basis of thisaspect, researcher has randomly selected 30 people with the motive to get information aboutcustomers taste and other aspects which have influence on their dinning decision. Survey methodology: It refers to the pathway which is followed by the scholar for conductingsurvey. By preparing outline on the initial stage researcher can reduce the possibilities ofmistake to the large extent (Yu, 2013). Hence, for organizing survey researcher will get e-
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