Business Decision Making in Blackfriars restaurant : Report

Added on - 21 Jul 2020

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Business Decision Making
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Creation of plan for primary and secondary data..................................................................11.2 Survey methodology and sampling frame.............................................................................21.3 Questionnaire for data collection..........................................................................................32.1 Creation of information.........................................................................................................42.2 Analysis of mean, median and mode....................................................................................52.3 Dissemination of information with calculation of measure of dispersion............................5TASK 2............................................................................................................................................63.1 Creation of graphs.................................................................................................................63.2 Creation of trend lines...........................................................................................................83.3 Presentation for disseminate information............................................................................113.4 Report presentation for management..................................................................................11TASK 3..........................................................................................................................................114.1 Use of information processing tool.....................................................................................114.2 Project management plan for determining various activities.............................................124.3 Use of financial tools in order to take better decision......................................................12CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
INTRODUCTIONBusiness decision making is not a easy thing and it lead to consider various similarobjectives into an organisation (Ferrell and Fraedrich, 2015). There are various components areevaluated for business which need to get understand by business managers so that they becomeable to maximise their working and proficiency. Thus, it is a duty of business managers to takeappropriate decision by considering all values and factors in an appropriate frame. This project isbased on Blackfriars restaurant whom want to maximise their operations and want to openanother chain of their restaurant. Thus, for this relation they need to evaluate all customers tasteand preferences properly so that ethical working get promoted. For this, managers will have tocreate a plan and conduct a survey properly by applying relevant method for data collection.With creation of data, suitable judgement lead to get carried down for making ethical andappropriate work and present such outcomes in front of management. For determine financialcondition, it is essential to use relevant method for evaluating return.TASK 11.1 Creation of plan for primary and secondary dataPrimaryData:Apart from marketing company required to research about various data to know marketconditions , customers trends regarding those products services they are going to start up (Fordand Richardson, 2013).And for that company need to research about both primary secondary data, under primary dataresearcher wants to collect data for first time, such information are not copied but acquiredthrough travelling various explore centre where a person finds different books, journals andmagazine after analysing all these things, he or she select those contents which give profitablereturns to business. Although these data are time consuming, efforts but they are relevant,unbiased, free from controversies. Moreover, such information gather through a survey. For thisproject primary data has been used for conducting investigation in an appropriate manner.Secondary Data:-Its name clearly address the meaning of this term, these are secondary which meanscollected from primary source, somewhere else required to considered the usability of databecause these data are not original, fresh but collected from different departments I.e. humanresource,finance,marketing department. Although these are beneficial in sense of time saving,1
less efforts and cost effective but need is imposed very carefully because researcher personallynot collect information, having no personal interaction with customers so proper planning ,professional advice required before use anything in business. Their are various modes ofcollecting secondary data either through questionnaire, social media , surveys and samplings.Blackfriars restaurant need to collect primary data in consideration through whichbusiness become able to determine their customers and users point of view as well as taste andpreferences.1.2 Survey methodology and sampling frameSampling methodology:-It is descriptive appropriate manner in which sample are designed by using various modes ofsampling and main purpose behind this method is to frame samples in such way which easilyunderstand (García-Peñalvo and Conde, 2014). Following are several methods which areconsider as sampling methodologies and have to consider by Blackfriars restaurant properly:Random samplingStratified samplingconvenience samplingJudgemental samplingBlack friars Restaurant , random sampling is used in which 100 customers are selectedrandomly for which survey get designed. The sample which gather by customers have basis oftaste, preferences, choice and their opinion in respect of management of staff, menu card,customer serving ability, space, speciality of foods available in restaurant.Survey method:Survey is a process which get organise on several population with a motive to gain bestand appropriate outcome for a project so that a suitable and valid conclusion get drawn(Groebner and et. al., 2011). It is helpful in evaluating and understand a major cause so thatbetter and appropriate decision making get encourage. Several survey which can consider byBlackfriars restaurant are stated as follow:Internet sites: It is common way in which company gather the information of customersfrom social networking sites from they easily get the feedback about needs, likes,dislikesand youth trending food varieties on basis of such data they make changes in restaurant.2
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