Decision Making in Food for Friends restaurant - Report
Added on 2020-07-22
20 Pages5009 Words38 Views
BUSINESS DECISION MAKING
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1AC 1.1 Collection of primary and secondary data plan for Food for Friends............................1AC 1.2 Using Survey methodologies and sampling frame for collecting primary andsecondary data.............................................................................................................................2AC 1.3 Questionnaire for opening second restaurant of Food for Friends in London................3AC 2.1 Information for decision-making by summarising data from questionnaire .................5AC 2.2 Analysis of results through mean, median and mode to draw a valid conclusion forFood for Friends..........................................................................................................................5AC 2.3 Dara analysis through measurement of dispersion on the basis of standard deviation. .6AC 2.4 Uses of quartiles, percentiles and correlation coefficient for valid conclusions............7TASK 2...........................................................................................................................................9AC 3.1 Graphs presentation for valid conclusions on the basis of questionnaire.......................9AC 3.2 Creation of trend lines in future forecasting.................................................................11AC 3.3 Business presentation...................................................................................................11AC 3.4 Formation of formal business report to senior authority..............................................12TASK 3..........................................................................................................................................12AC 4.1 Information processing tools advantages to benefit decision-making..........................12AC 4.2 Formation of critical path management........................................................................13AC 4.3 Benefits of financial tools in relation to make decisions .............................................14CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................17
INTRODUCTIONIn every business, people can only get success through big decisions (Albright, Winstonand Zappe, 2010). Making good decisions is not simple task, to make better decisions forbusiness, it is necessary to discuss with employees who is going to affect by decision makingprocess. Their views will be useful to find better alternatives to make a balance between successof a company and employees satisfaction. A good decisions always gives success to a firm. Thepresent value of return on investments, expected rate of return from funds invested and effects ongrowth of business are some of the criteria which have to be considered while taking any usefuldecision for a company. Food for Friends is a family restaurant that was established in 1995 at Chicago. Its mainaim is to provide organic food to each person. In this report, various tools like mean, median andmode have been used. Critical path evaluation is used to measure estimated time to accomplishthis new project. The main objective of this report is to find valid conclusion from data's likequestionnaire, to help Food for Friends restaurant in taking good decisions for companiesgrowth. TASK 1AC 1.1 Collection of primary and secondary data plan for Food for FriendsPrimary and secondary sources are selected for collection of data for company. Below isthe plan which is described in steps for collecting valid data for firm:Primary Data: This source is useful for collecting fresh and high value data, Thismethod is used to get more accurate results from research (Yager and Kacprzyk, 2012). Primarydata's is collected through number of ways, which is Surveys, Interviews and Observations. For survey, Non-probability samples were considered for survey methodologies. In thismethod, samples were collected through convenience and judgement sampling procedures. Theoverall budget invested on primary data were £21,000.
Secondary data: Collection of data from primary sources is not enough. Past data's alsosometimes useful to get a conclusion. Because techniques like trend analysis, regression methodsand least square method is not possible on primary data. Therefore past researches were includein data collection through secondary sources. Some of methods which is used in collectingsecondary data are given below:◦Census and geographical informations has been collected from governmentinformation centres. This method is categorized under collection of data's fromgovernment sources. ◦Press release news and reports related to rival companies future strategies, policiesand regulations is considered and converted into some estimated figures.◦Some paid research firms has been approached to save time for Food for Friends.£4,000 is invested on acquisition of secondary research reports and tools. Secondary data is also good because it is cheaper than primary sources. As no extra costhas to be paid on research teams, employees and department. But alone secondary researchcouldn't give valid and feasible report. The mixture of both techniques and methods will giveexcellent results. AC 1.2 Using Survey methodologies and sampling frame for collecting primary and secondarydataSurvey methodologies are those tools and techniques which evaluates sample framecollected from selected population (Barlett, 2016). This method uses questionnaire, interviews,online surveys, etc. tools to collect live data from selected people. Sampling frame is a procedure of deciding the alternatives from where data has to becollected. Here in the case of Food for Friends, focus will be on lists of all customers whoregularly visits restaurants, there informations will be gathered through bills, credit card anddebit card payments details. Customers of Little French Restaurant and Little Persia Restaurantwill be targetted to collect samples. In Survey methodology, non-probability samples will be considered and randomlyselection of samples will be done. In this method, chances of occurrence of any event is avoided.Below are some of the ways through which Non-probability samples will be collected:Convenience Sampling: In this sampling method, customers who were regularly visitedto Food for Friends, Little French Restaurant and Little Persia Restaurants were stopped
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