Business Decision Making (Doc)
Create a plan for the collection of primary and secondary data, design a questionnaire, analyze data using various techniques, and draw valid conclusions in a business context.
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Added on 2020-06-05
Business Decision Making (Doc)
Create a plan for the collection of primary and secondary data, design a questionnaire, analyze data using various techniques, and draw valid conclusions in a business context.
Added on 2020-06-05
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BUSINESS DECISION MAKING
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................4AC 1.1 Primary and secondary data plan for Food for Friends..................................................4AC 1.2 Uses of Survey methodologies and sampling frame for collecting primary andsecondary data.............................................................................................................................5AC 1.3 Questionnaire for opening restaurant in London............................................................5AC 2.1 Valuable data for decision-making on the basis of questionnaire responses.................7AC 2.2 Determination of results for valid conclusion for Food for Friends through mean,median and mode........................................................................................................................8AC 2.3 Analysis of data through dispersion measurement.........................................................9AC 2.4 Calculation of quartiles, percentiles and correlation coefficient for valid conclusions..9TASK 2..........................................................................................................................................11AC 3.1 Graphical presentation on the basis of questionnaire for valid conclusion..................11AC 3.2 Creation of trend lines in future forecasting.................................................................13AC 3.3 Business presentation...................................................................................................14AC 3.4 Formation of formal business report to Management..................................................14TASK 3..........................................................................................................................................14AC 4.1 Advantages of information processing tools to benefit decision-making....................14AC 4.2 Formation of Critical Path Management model...........................................................15AC 4.3 Benefits of financial tools in relation to make decisions..............................................18CONCLUSION .............................................................................................................................19REFERENCES..............................................................................................................................20
INTRODUCTIONIt is said that success in business comes to those people who takes big decisions whichare right. Its not easy to took proper decisions (Albright, Winston and Zappe, 2010). Developingthe skills of asking right questions is necessary to build effective questionnaire.
Food for Friends restaurant is selected from the present study which was established inthe year 1995 at Chicago. Its main objective is to provide food to every person. Location whichis selected for expansion of Food for Friends is London, which is one of the most exciting anddynamic cities in the world. It is combined with commerce and culture. In this assignment, calculation of mean, median and mode will support business infinding average answers or responds received from sample. The purpose of this report is to produce a valid conclusion from various sources of dataand help Food for Friends in making appropriate decisions from conclusion. TASK 1AC 1.1 Primary and secondary data plan for Food for FriendsThere are two types of sources; Primary and Secondary which is available for researchdepartment to collect data's (Anderson, 2015). Below is the plan for collecting data for Food forFriends: Primary Data: The information collected from these sources is fresh and high, it's valueshave been evaluated (Black, 2011). It will be collected through sources such as surveys,interviews and comments. Estimated cost of collecting primary data is £ 20,000.Secondary Data: These types of data's are collected from references taken from primarysources of other companies (Caniëls and Bakens, 2012). Some of the ways by which itsecondary data would be collected is explained below: ◦It will be gathered through collecting census and geographic informations formgovernment information centers. ◦Competitors press release and research report, will be second option to collectsecondary data's for company.◦Commercial market research organisations will be considered for collectingsecondary data's for the company. These sources are paid as company has to purchasesecondary research tools.Collecting secondary data is cheaper than collecting data from primary researchbecause in this method there is no need to invest any money to hire a person to do research in themarket.
AC 1.2 Uses of Survey methodologies and sampling frame for collecting primary and secondarydataSurvey methods, tools and techniques, which study samples collected from the selectedpopulation. These methods includes questionnaire making, interviews, etc (Evans and Basu,2010). to collect samples responses. A sample frame is a process of creating a list of all the elements within the population,such as a collection of those lists of customers, who go to restaurants through bills collected. Theframes for food for friends will be sampled through various restaurants in London throughcollecting bills, including both credit card and cash payment bill.In this method, non-probability samples will be collected and used for Food for Friends,samples will be collected randomly. Here, the probability of the event is not considered. In twoforms Non-probability samples could be collected by company:Convenience Sampling: Here, customers who visit to the restaurant for regular mealswill be selected as a sample. People who travel weekly on Sunday and Saturday will beconsidered for sample collection from the population.Judgement Sampling: Here, the decision is made by the subject experts of Food forFriends who are food experts like cooks and chefs, will be considered. The waiter willalso be taken, as the waiter knows the exact preferences of consumers. Therefore, thequestionnaire will be constructed with the help of these experts.AC 1.3 Questionnaire for opening restaurant in LondonThe questionnaire is a set of relevant questions that helps in finding some validconclusions. In this questionnaire various questions such as Open Ended, Close-End, Yes-No,Multiple Choice, Ratings and Descriptive Questions have been asked to customers and theirvaluable feedback has been collected (Goetsch and Davis, 2014). Below is the format ofquestionnaire for Food for Friends:QUESTIONNAIREName:Age:Gender:Q1. Which age group are you from?18 – 20 years
20 – 30 Years40 – 60 yearsQ2. How frequently you visit the restaurant?RegularlyWeeklyMonthlySometimesQ3. Is the food price appropriate?1.Yes2.NoQ4. Which factor attracts you to visit the restaurant?LocationPartyTime spendingQ5. Choose the range which is most relevant price level.1.£10 - £152.£16 - £213.£22 - £274.£27 and aboveQ6. Is the location of restaurant feasible to you?YesNoQ7. Which transport you generally use to visit restaurant?1.Public Transport 2.Cab3.Personal Vehicle4.Other
Q8. Provide valuable rating for Food for Friends.5 – Excellent4 – Very good3 – Good 2 – Average 1 – Below average Q9. What suggestions you would like to tell us to improve our quality of food and services?________________________________________________________________________Q10. Share your overall experiences with us_____________________________________AC 2.1 Valuable data for decision-making on the basis of questionnaire responsesIn this given questionnaire, 80 people were taken as a sample from population. On thebasis of information given by questionnaire, valuable conclusion will be considered for decision-making process. Hence, below it the responses which is summarised as follows:QuestionsR1R2R3R4R5Total16015580210402828033050804355058055025328065030807102540580815302010580(* R is responses of consumers)With the above information, it can be concluded that food for friends are facingconsiderable variation in customer's taste, price adaptability and restaurant experiences.Therefore, the company needs to perform many changes in the quality and value of its product.This survey provides questionnaires as practical and appropriate results because management offood for friends knows the difference in customer's preferences.
AC 2.2 Determination of results for valid conclusion for Food for Friends through mean, medianand modeMean: It shows the average of all frequencies. Frequencies are the number of people whoparticipated in filling the questionnaire (Hartman, DesJardins and MacDonald, 2014). Forexample in Q1, the number of total frequencies is 80 and the number of responses is 3.Therefore, the meaning of the mean is 26.6. The formula for computation of calculation is notthe total frequencies / not reactions.Median: This method calculates mid value of a series. Generally it is calculated to knowexact mid point of assigned data after sorting it in ascending order (Kimmel, Weygandt andKieso, 2010). It sort data from low to high in given series. Mode: It helps researchers in knowing those values which occurs maximum time in anevent. QuestionsR1R2R3R4R5Mean MedianMode16015526.61560210402822019403305040405043550526.63550550253220145065030404050710254052017.5408153020105161530Interpretation: With the information collected by calculating mean, mean, and mode, itcan be concluded that average age between 20-30 years is average, whereas mediocrity showsthat the average people of 20 to 30 years of age By calculating the mode, it was found that themajority of people participating were between 18 and 20 years of age. After calculating the mean for price preference, it was found that the price is between £16 - £21 is the fair value for average people, therefore, to optimize a competitive pricestrategies to satisfy the customer for the food price.
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