Business Decision Making- Research Plan

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BUSINESS DECISIONMAKING
TABLE OF CONTENTSINTRODUCTION.......................................................................................................................................3TASK 1.......................................................................................................................................................31.1 Plan for collection of data..................................................................................................................31.2 Sampling methods and survey methodology of research..................................................................41.3 Questionnaire for research................................................................................................................4TASK 2.......................................................................................................................................................62.1 Statistical tools for analysis of data...................................................................................................62.2 Analysis of data..................................................................................................................................72.3 Measures of dispersion......................................................................................................................8TASK 3.......................................................................................................................................................93.1 Producing graph................................................................................................................................93.2 Trend analysis chart.........................................................................................................................113.3 Covered in PPT.................................................................................................................................113.4 Formal business report....................................................................................................................11TASK 4........................................................................................................................................................124.1 Information processing tools...........................................................................................................124.2 Network diagram.............................................................................................................................134.3 Project evaluation method..............................................................................................................14CONCLUSION.........................................................................................................................................15REFERENCES..........................................................................................................................................16YFigure 1Frequency of eating food in the restaurant...................................................................................10Figure 2 Quality of services.......................................................................................................................11Figure 3Trend analysis chart.....................................................................................................................12Figure 4GANTT chart...............................................................................................................................14Figure 5Network diagram..........................................................................................................................14Figure 6Calculation of NPV......................................................................................................................15Figure 7Calculation of IRR.......................................................................................................................16Table 1 Descriptive statistics on data...........................................................................................................8Table 2Calcualtion of standard deviation..................................................................................................10Table 3 Calculation of correlation and quartile..........................................................................................10Table 4Frequency of eating food in the restaurant.....................................................................................11Table 5Quality of services.........................................................................................................................12
INTRODUCTIONStatistics is the one of the important area in which currently boom is observed. Analyticsindustry is growing at rapid rate in terms of size and more and more firms are using analytics toidentify solution of the problem. In the current report, detailed research plan is prepared and inrespect to same research methodology and sampling frame is explained in detail. In the middlepart of the report, trend analysis is done and along with this primary data is analyzed. Apart fromthis, formal business report is prepared. At end of the report, project evaluation method is used toselect most viable project for the business firm. In this way, entire research work is carried outin the report.TASK 11.1 Plan for collection of dataResearch is the one of the important tool that is used by the business firms to explore detailinformation in respect to specific research subject. In current time period competition isincreasing at rapid pace and due to this reasons it become very difficult for the firms to maintainstable position in the market. Thus, it becomes important to conduct research so that solution ofbusiness problems can be identified in order to improve business performance. In the currentreport analysis of data related to restaurant will be done. In the current time period competitorsnumber is increasing at fast speed and due to this reason it become difficult for alreadyestablished restaurants to maintain their old position in the market (Lock and et.al., 2013). Thus,it becomes very important for the restaurants to evaluate the current position so that steps inorder to improve performance can be taken on time. In this regard research is carried out and inthis regard primary and secondary data is gathered.Secondary data will be gathered from the books, journals and magazines. Apart from this,primary data will be collected by distributing questionnaire among the sample units. It can besaid that collection and analysis of both sort of data will ensured that useful results will beobtained that will help firm in formulating business strategy for growth.In the current researchsecondary data will be gathered from reliable journals and books. Journals will be selected byconsidering the lectures and authors that are famous in their domain. By doing so it will be
ensured that from relevant journals data will be gathered. This data which is gathered fromJournal will be analyzed deeply and same will be source of information in present research study.In the present research study data will be gathered from sample of 50 people will be takenin the present research. By analysis of data results will be obtained and in this way research willbe carried out. Sample units will be taken from the population by selecting appropriate sampleunits from the population.1.2 Sampling methods and survey methodology of researchIt is very important to determine the methodology that will be followed to conduct thesurvey. Sample of 50 people will be taken from the group that resides in the specific geographicarea. There are number of ways in which sample can be extracted from the population. Some ofthem are explained below.Simple random sampling:Simple random sampling is the approach under which insystematic manner by following a particular procedure units of sample are extracted fromthe population (Ranyard, Fildes and Hu, 2015). Usually, in the mentioned approachresearch analyst without giving due importance to any factor pick sample unit from groupof people. This method is used on large scale in number of research studies.Stratified sampling:Stratified random sampling method along with simple randomsampling is used at large scale in the research industry. This method is quite unique anddifferent from the above mentioned method. This is because in these methoddemographic features like income, age and religion as well as other factors are taken in toaccount to pick sample units from the population. In the present study currentlydiscussed method can be selected because by employing same in the research in propermanner data for research can be gathered.Convenience sampling:Convenience sampling is the one of the method that has highdegree of similarity with simple random sampling approach (King, 2015). This is becausein this approach also one by considering safety limit can take any individual in any wayas sample unit in the research.Cluster sampling:In this approach area like London or any borough is classified in todifferent categories and from sample units for sample is gathered by the researcher.
Cluster sampling is the method under which entire geographic area is classified in todifferent parts and from same sample units are taken by the researchers.1.3 Questionnaire for researchName...Age....Income....1. What is the frequency of eating food in the Murano restaurant from the last 6 months in thecurrent year?2( )4( )5( )Greater than 5 times( )2. Our restaurant is making available high quality of facilities to the customers in the premises?Agree()Strongly agree()Neutral()Disagree()Strongly disagree()Highly dissatisfied()3. Perception is the one of the most important factor that drives growth rate of the firm productssales. Which of below given factors play important in forming positive or negative perceptionabout our restaurant among people in your opinion?Amenities( )Closeness to house( )Price of food items( )Clean environment in premises( )4. Interior of the restaurant play a huge role in creating positive or negative image of therestaurant among the people?Yes()No()
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